The Tax Preparation Blog

Posts Tagged ‘research’

Question: I want to Know All Tax Pymt Due Date ( Monthly )?

I want to Know Monthly due date of Pymt of Sale tax , Professional Tax, Service tax , Etc.

Answer: Sales Tax or Vat Tax or CST, 15th of every quarter, if your turnover is less than Rs15lakhs per annum and 20th of every month, if it exceeds Rs15lakhs.
Profession tax is by the end of April, every year.

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible, double-checking for accuracy and identifying missing deductions and credits. Includes free Federal E-File. Everything you need to easily do your personal and business taxes. Guides you Step by Step through Self-Employment Income, Deductions,…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 TurboTax Basic was designed to make doing your simple taxes easy, by guiding you step by step through your federal tax return. TurboTax guarantees its calculations are 100% accurate, or you’ll be paid any IRS penalties plus interest. TurboTax also double checks your return to help you get the deductions and credits you deserve. Everything you need to easily do your simple tax return. Does th…

---

Clearing clutter and saving cash

Frugal Duchess: How to get clean out clutter and avoid some of the pitfalls of getting organized.

Newswatch “Climbing Wall” 2/16/2006

Question: I’m thinking of selling a flat, can someone help me out please?

Hi, at the moment my mother has got a flat in the UK, it is not her primary residence, and is planning on selling it. It was worth 30,000 when it was bought, and is now worth 150,000.
What are the taxes that would be enforced if she goes ahead and sells it? Assuming it would be 40% of 120,000 (CGT-18% and income tax-22%?), could this tax be avoided if she gives it to me (also are there any taxes involved with gifts?), considering that it has been my main home for the last 10 years? Also are there any laws/taxes against selling gifts almost straight after they where given?
Thank You in advance

Answer: If she sells it she would pay 18% Capital Gains Tax (no Income Tax). The annual exemption for CGT is £9,600 for 2008-09 so, if the flat is her only disposal, the taxable gain would be 150,000 – 30,000 – 9,600 = £110,400. The CGT payable would be 110,400 x 18% = £19,872.

If she gives it to you it would be treated as a disposal at market value and she would have to pay CGT as above.

Has the flat ever been your mother’s main residence? That would reduce the CGT bill.

In addition, if your mother gives the flat to you and she dies within 7 years of the gift then the value of the gift will be added to the value of your mother’s estate and if this total exceeds the Inheritance Tax threshold (£312,000 for 2008-09) there may be additional Inheritance Tax to pay.

No problem with selling gifts immediately they have been received.

Property Management Kit For Dummies (Book & CD) $18.88 Thinking about becoming a landlord? Property Management Kit For Dummies, 2nd Edition gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You’ll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals. You’ll learn all the basics of …

Estate and Trust Administration For Dummies $10.19 Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one’s estate in the event that a will or trust was …

Federal Income Taxation $108.95 Integrating theory and policy throughout, this smart yet approachable casebook is distinguished, in part by a tradition of outstanding authorship, begun with original author Boris Bittker of Yale and continuing through fifteen successive editions. Generations of instructors and students have praised Federal Income Taxation for the features that make it extraordinary: problems interspersed amo…

---

Goldman Sachs Keeps UK Options Open

Goldman Sachs announced its serious consideration of various alternatives to prevent the UK’s new 50% super-tax on bonus payments of companies.

Thomas Burridge interview – UK Libertarian Party (LPUK) : part 1

Question: Quicken Online and Tax Deductions?

I know that (free online money tracking tool) Quicken Online (just like Mint.com) tracks bunch of transactions, does fancy graphs, updates amounts, etc. But I do have a question. What about tax deductions?

Would Quicken Online be able at the end of the year scan all my transaction and find all eligible ones that are potential tax deductions?

For example:
I am a self-employed. I bought a computer for my website business in summer. So, when I do my taxes (TurboTax – same company) can I integrate my Quicken Online transaction and TurboTax to find out that there was a $2,000 transaction in summer that might be eligible for tax deduction (based, of course, on my tax situation)?

Any ideas? Thanks.

Answer: The Quicken programs are great, but they don’t read your data- they keep track of it and the better you set it up, the better it will perform for you at tax time.
For example, there is an option to link the various categories from Quicken to the Schedule C of the tax program- when done correctly, at tax time all you would need to do is print the tax summary report to complete your taxes or with Turbo Tax, it will import the data to complete your returns.
But if you haven’t set it up with all the categories, at tax time, the various tax programs will interview you with questions meant to assist you in answering the things that might be tax deductions- there is a question related to purchases of equipment for business use.
It really comes down to regular bookkeeping throughout the year to insure that you get all the deductions you have coming.
Ultimately, you might benefit from having someone assist you in getting your Quicken set up to properly categorize your expenses the first time. Good luck!!

Autonet Mobile KT-ANMRTR-04 CarFi Router $289.99 CarFi is the latest Wi-Fi hotspot from Autonet Mobile. It is smaller and sleeker, and even sits on a docking station, making it easy to transfer from the work car to the family car. It’s a great way to have Internet in all your vehicles without adding an additional subscription. All you need to do is add a docking station in all of your vehicles so you can easily transfer CarFi to the car, boat, o…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

Adobe CS5.5 Design Premium Student and Teacher Edition [Mac] $1,899.00 Deliver eye-catching designs for print, web, and devices such as tablets, e-readers, and Smartphones using Creative Suite 5.5 Design Premium. Create striking images and graphics, design high-impact print and digital publications (including eBooks), construct standards-based HTML5/CSS3 websites, and craft interactive content that displays consistently across screens of all sizes. CS5.5 Design Premi…

---

Capitola city attorney questions medicinal pot deliveries

CAPITOLA — City Attorney John Barisone has questions about Capitola Cannabis, an online outfit started by a Los Angeles man asserting he makes home deliveries of medical marijuana in compliance with state law.

Cash Gifting? Free Online cash System ? My Story…..google

Question: Income tax in case of deferred salary paid in 2009?

I have changed two jobs during 2008-2009. So I have form-16 from two companies. One of my companies cleared my Dec,2008 salary and other dues in Jun,2009.
Some how the TDS deducted is not enough and my current employer also has not taken my past salary into account.
Since the deferred salary was credited in Jun2009, Am I liable to pay tax in this financial year or the next year.

Any help in this regard would be appreciated.

Answer: Sec 15 clarifies that Year of chargeability of salary:

The following income shall be chargeable to income-tax under the head “Salaries” :-

(a) Any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not;

(b) Any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due or before it became due to him;

(c) Any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to income-tax for any earlier previous year.

Explanation 1 : For the removal of doubts, it is hereby declared that where any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due.

Explanation 2 : Any salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as “salary” for the purposes of this section.

HMT

Successful QuickBooks Consulting: The Comprehensive Guide to Starting and Growing a QuickBooks Consulting Business —Ideal for Bookkeeping or Bookkeepers, Accounting or Accountants, or Consultants $15.06 This book will help you start earning money in your OWN business with the wealth of information it provides. It includes steps to start your own business (and estimated start up costs); how to define your services and set billing rates (includes average billing rates); how to improve your knowledge and experience; obtain new clients and effective marketing ideas; details about websites, client eng…

Property Management for Dummies $21.99 You’ll need to wear many hats in the business of property management: advertiser/promoter (in seeking tenants), host (in showing your property), handyman (in keeping up with and arranging repairs), bookkeeper (in maintaining records), and even counselor (in dealing with tenants and their problems). But Property Management For Dummies will help you maintain your sense of humor – and your sanity â…

Sports Finance and Management: Real Estate, Entertainment, and the Remaking of the Business $43.00 The sports business landscape has changed dramatically in the past two decades. Teams and facilities have become integral parts of the businesses of real estate and development, entertainment, and the media. While an understanding of core financial management issues specific to the sports industry is still mandatory, a greater appreciation of financial and management issues that link teams to the …

---

Grand School District to sell building, layoff 50 employees

Left with $2 million in debt due to accounting errors, Grand School District plans to sell its district office building and…

Tax Managers – I’ll show you the $$

Tough legislative session ahead

Dan Jackson | The Daily World Senate Minority Leader Mike Hewitt, R-Walla Walla, right, and House Minority Leader Richard DeBolt, R-Chehalis, left, listen to Hoquiam Democrat and House Majority Leader Lynn Kessler during a leadership press conference Wednesday in Olympia.

Life Changes