The Tax Preparation Blog

Posts Tagged ‘income’

Question: Tax Help: Refund Question?

I just checked the status of my return on IRS.gov, and it gives the following info:
We are sorry, we cannot provide any information about your refund. For more information, please continue.

Please read the following information related to your tax situation:
Tax Topic 152 – Refund Information
If you have questions or need additional information, please have the following on hand when you call:
A copy of this page.
A copy of your tax return.
The Social Security Number, Filing Status, and refund amount claimed on your return.
The date you filed electronically.
Please mention reference number 8002 to the IRS Customer Service Representative
Does anyone know what ref 8002 means? I call the IRS and they said that it would take about 3 weeks to process the return and that the website was spitting out these ref numbers…could that be right…I just want to know if I am getting audited or something.

Answer: They generally tell you if you’re being audited. But they may have pulled your return for a quick examination. 3 weeks isn’t too bad, keep checking online. The fastest way to get your refund is e-file with direct deposit into your bank account. You can try calling again, see if different answer.

The Main Street America Group Promotes Four to Executive Positions, Appoints Four New Officers

The Main Street America Group announced today that its board of directors has approved the officer-level promotions of Mike Lancashire to senior vice president, claims and integrated customer solutions; Tom Frazier to vice president, chief investment officer; Dick Schultz to vice president, chief accounting officer; and Cathy Parrish to assistant vice president, director, compensation and …

Liberty Tax Commercial

Question: How to calculate T.d.s.on amount including service tax?

If professional fees includes service tax, on which amount T.D.S. to be deducted: on gross amount or on amount excluding service tax?

Answer: to calculate TDS on your salary

calculate
your salary x 10.33 / 100 = your TDS deduction

Senate Tax Chair Says Tax Breaks Same As Spending

The Republican chairwoman of the state Senate Taxes Committee says she views tax breaks as state spending and says they should be reviewed to see if they should stay on the books.

Professional Tax Service TV Commercial by Mpower Media

Question: what will be my (income) tax rate for 401K withdrawal after retirement?

Let’s say I’m 65 years old now, not yet retiring. My current income is about $200K, so my income tax rate is the highest (state & federal.)

In a few years, I will retire and plan to withdraw about $50K per year from my tax-deferred 401K account.

What will be my tax rate then?

Answer: It is ordinary income and is taxed at the same rate as money earned at a job. It would be the same rate as having a job paying 50k a year. At 65 you get an extra exemption which lowers your tax a little.

There would not be any taxes withheld other than federal and state tax (no ss or med, etc)

If you are single a very rough estimate would be $6000 federal tax plus state tax.

ITC Holdings reports higher net income in 4th quarter, 2010

Amy Lane – ITC Holdings Corp. posted higher net income for the fourth quarter and 2010, partly because of a higher rate base at its operating companies.

Brown defends 50p income tax rate

Question: Can I get a job doing tax preparation working only on the weekends?

I live in California and am taking the CTEC course getting ready for next year. I work full time nights and might be available only on the weekends. I am wondering if tax employers hire people just for the weekends.

Answer: Maybe – you might try looking for a smaller accounting firm that needs some extra help during crunch time… My boss usually hires a newbie to work one or two days a week…

Foundation raises funds for Eureka Union schools

Walk onto the Oakhills Elementary School campus in Granite Bay and it’s clear: The budget crisis hasn’t hurt this school.

Jerry Brown speaks with Eric Schmidt

Question: Turbo Tax returns question?

I am having trouble with filing my taxes online. What do I do if I didn’t get tax returns last year? Also where can I find my AGI for the year 2009? Thanks for your time.

Answer: You didn’t file tax a return last year for your 2008 taxes?

If not, you will not have the AGI for filing your 2009 taxes (this amount would be what you need to be able to e-file online for your 2009 taxes.

Your question is a bit confusing, maybe you can clarify.

Tax year 2008 – did you file a return?

If you did file a return for 2008, you must get your return and look for the AGI which is line 37 on Form 1040 (it is the last item on the very 1st page of any tax return or the first line on page 2 of a tax return (Form 1040 line 38, 2nd page)!

Hope this helps and makes sense to you! If not, edit your post and give additional information.

Grand Rapids unveils combined income tax forms for resident and non-resident taxpayers

New forms were mailed to 17,000 taxpayers

Individual Tax Deduction Online Tips for 2010, 2011