The Tax Preparation Blog

Posts Tagged ‘news’

Question: Did Mitt say his win in Utah is proof that America wants him to cut Corporate Taxes and ship jobs to China ???

Am I so disenfranchised from main stream politics that I still thing a strong America is good for all the people.

Is the New more PC America a Nation of Service Industry janitors working for China.

Answer: Whaaaa? The only reason Romney won Utah is because of religion; he is a Morman and the state of Utah is founded by (drumroll please) Mormans!
A strong America is good for everyone, but the strength comes from the many, not just the few and wealthy.

The suburban lives of the Russian spies

Investigations by the US authorities have begun to establish how the Russian sleepers arrested for spying managed to lead ordinary lives for years before their covers were blown.

Alex Details How America has Now Gone into Complete Collectivism on The Alex Jones Show 3/4

Question: Planning on claiming Hope Credit for the first time for the first 2 years of college.. HELP!? please..?

I usually do my own taxes because I thought it was easier than having professionals to do it and I just used my W-2 form to complete my taxes.

I just found out that the Hope Credit existed. I started school in Fall 2005 and graduated Spring 2009.

I’ve read that the form 8863 is the original form one uses to claim this Hope credit. How do I make a claim/amendment for my first two years of college that I never claimed? Can I even claim this credit?

I’ve never had to pay back..so I’m worried that if I claim it now that I might owe money. what is the chances that if I make the amendment that I’ll end up having to pay (not sure if it’s going to help or hurt me).

Also if I need copies of my old 1098-T forms (i threw away) how do I obtain copies of them to claim this credit.

(References to anything would help!)

Answer: Filing an amended return is not very difficult, and it’s even easier if you use software such as TurboTax. Whether you use software or pen and paper, you can complete the tax return and see whether it increases your refund before you file it with the IRS. I cannot think of any reason why claiming a tax credit would increase the amount you owe. It should decrease the amount you owe.

Here is the link to the IRS website for information on filing an amended return:

http://www.irs.gov/taxtopics/tc308.html

To get the old 1098-T forms, call the IRS toll-free at 800-829-1040. Call early before the tax season really kicks in. The closer you get to April 15, the more likely you will be to get a constant busy signal with that IRS toll-free number.

Politics, Taxes, and the Pulpit: Provocative First Amendment Conflicts $57.00 In Politics, Taxes, and the Pulpit, Nina J. Crimm and Laurence H. Winer examine the provocative mix of religion, politics, and taxes involved in the controversy over houses of worship engaging in electoral political speech. The authors analyze the dilemmas associated with federal tax subsidies benefiting nonprofit houses of worship conditioned on their refraining from political campaign speech. Th…

The Local Authorities (Calculation of Council Tax Base) (Amendment) (No. 2) Regulations 1992: Council Tax, England and Wales (Statutory instruments: 1992: 2943) …

The Personal Equity Plan (Amendment) Regulations 1993: Income Tax (Statutory instruments: 1993: 756) …

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N.J. Dems announce competing tax cap plan

Governor Christie’s proposal for a constitutional amendment to cap property tax increases at 2.5 percent a year was dealt a severe blow Saturday when the Legislature’s top Democrat announced a competing plan that could be pushed through both houses this month.

Hobbies and Small Businesses — A Tax Tip Video from Roni Deutch, A Professional Tax Corporation

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This is a Backgrounder On Education

Does Spending More on Education Improve Academic Achievement? Debates about how to improve public Education in America often focus on whether government should spend more on education.

Health Care 2009 – David Wilson, Myra Christopher, Elaine McIntosh

Question: Accounting Jobs – Big 4?

Did anyone here work for a Big 4 accounting firm (EY, KPMG, Deloitte, PricewaterhouseCoopers) upon graduating college? If so, how many hours did you work? Does it pay well compared to private accounting? What area did you work in? Could you travel as much or as little as you wanted? Any advice would be greatly appreciated…as job recruiting at my university starts next month!

Oh, and about grades…I have a 3.875, but my accounting major GPA is only about a 3.4. (I got B’s in tax and accounting information systems.) I still have several accounting courses to take this year to pull up my GPA…will firms consider this, or am I in trouble here? Thanks so much for all the help.

Answer: I have worked for KPMG and have to say that they all will hire right from school; but, you must take the courses required to gain your designation as an accountant. The pay is low while going through the program for any accounting firm. The big ones don’t pay better. It takes years to gain the salary that the big guys get. As for your grades I don’t think that they will matter as long as you can convince them if you get a interview that you can do the job. As for travel it is there but not in your first two as much as in your third year and beyond. Good luck to you.

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Tax Extenders Bill Provokes Controversy

Although we ve been waiting for an extenders bill for some time, the one now before the Ways and Means Committee contains some controversial provisions that have generated quick and vociferous opposition.

Plain English Tax Answers- Incorporation, Incorporate, LLC, S Corp, C Corp

Question: What do I file if I do not receive my 1099?

I worked for a small company last year as contract labor. The owner of that company went MIA and took all the records with him. Therefor, I have no idea how much I made working there (he paid cash sometimes) so I am unsure of what to file on my tax return. Do I file no income or guess at the amount? If I put no income or a small amount can I get in trouble? What if I put no income and he gets audited or something…what are my rights?
Tax professionals please help!
He still has a week to get me my 1099, I just want to know my options because I don’t think he even has my address to send it to me!

Additional Details

1 hour ago
From what I have found out about this man, after the fact, is that he is not very good at taking care of business. I do not think he is even going to file 1099s but I have no way to know for sure.
And when is the deadline for him to send out 1099s?
**Also, yes I should have kept detailed record of the money given t

Answer: Legally you are responsible for reporting all income you made this company. The situation sounds like he is not going to comply with tax code and issue you a 1099. In order for you to be compliant, I would suggest you piece together your records as best you can and determine the total amount paid to you in 2007. The best resource would be your own bank statements. For the cash you may just have to go off of memory or best estimate.

In the future you might want to keep some records when you work for a company like this. This will protect you and help you avoid any kind of negligence penalties.

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Tax Season is Over – Now What?

You can breathe a sigh of relief, the big push towards the April 15th tax deadline is over. Now you’ll spend the next few weeks finishing taxes for clients who filed an extension. Then, after taking a much deserved break for some rest and relaxation, what should you do next?

Tax Deduction Tips & Advice : How to Use Legal Fees as a Tax Deduction