The Tax Preparation Blog

Posts Tagged ‘Online Taxes’

Question: What do I have to pay two different state taxes for 2009?

I work a full time job in PA, and a part time job in MD. When I went to do my taxes myself online it was telling me that I owe both MD and PA taxes for my state. How is this possible? Usually on my PA taxes I break even and don’t owe anything but this year I owe PA and MD? Is this correct?

Answer: If you work (or work and live) in two different states, you will file tax return in both the states. One state is your tax home. In the state that is not your tax home, report income you earned while in that state.

If you have received only one W2 from your employer, then use simple arithmetic based on number of days spent in the state to figure our the income that you should report to this state.

In the state that is your tax home, report your worldwide income for full year. Also in this state claim credit for the taxes paid to the other state.

States push harder for online sales tax collection

SAN FRANCISCO (AP) – Tax-free shopping is under threat for many online shoppers as states facing widening budget gaps increasingly pressure Amazon.com Inc. and other Internet retailers to start collecting sales taxes from their residents. Billions of dollars are at stake as a growing number of states look for ways to …

Trouble in Fall 2009? College Graduates can’t find Jobs; States Raising Taxes; Marriage Decline

Question: Can i do my CA state taxes online for free?

I made very little this year and i was wondering if i could possibly get my state taxes done online for free?

Thanks everyone

Answer: Yes. Franchise Tax Board website has the providers participating free e-filing service.
Since you only have little incomqualifieduld be qualified for this service.

http://www.ftb.ca.gov/individuals/efile/allsoftware.shtml

Good luck

Why I Don’t Want an iPad for Christmas

Columnist Brett Arends offers 10 reasons why Apple’s iPad this year’s hottest adult toy makes a lousy gift.

2010, 2011 Tax Return Filing Online

Question: How to declare and carry foward capital loss in Canada?

Here is my situation: I lost about 1500$ in stocks this year (a stupid mistake) and I have no capital gain. My online broker told me that a receipt will be sent at the end of the year for my taxes. I don’t have a big income (8500$ this year) since I’m in college now. This means that I don’t pay any taxes.

I will get my degree in 2011 and start to have a bigger income. Until then, I won’t gain much more than 8000-9000$ in salary.

Can I carry over that 1500$ all the way to 2011 so I can deduct this amount on my bigger income? It’s not worth it for now to deduct it for 2008, since I know that 1500$ is not in credit, but in deduction. And if I can fully carry the amount to 2011, how do I fill the schedules on my tax report for this year and the following years?

Thank you.

Answer: When you fill out your 2008 tax return in April 2009, you will complete Schedule 3 Capital Gains/Losses. On this form you will list all the stocks you sold during the year showing the losses you had. Since you have no gains to apply them against the government will just keep a record of them and should it your letter of assessment.

For the following years there is nothing to do unless you want to apply these losses against investment income, then you just place the amount you want to use on line 253 as a deduction for Net Capital losses of other years.

Editorial Roundup: Excerpts From Recent Editorials

Excerpts from recent editorials in newspapers in the United States and abroad:

Tax Refund in 2 Weeks from Revenue Canada

Question: How can I file my taxes for the year of 2005? Online?

Can I file my 2005 taxes online or do I have to do it old school?

Answer: Old school You should file 2005 before 2006 though.

Property taxes due Monday for Oahu residents

A reminder for all Oahu residents. Monday is the deadline to pay your property taxes. Bills were mailed out…

How to file your taxes online using onions and electrolytes