The Tax Preparation Blog

Posts Tagged ‘taxes’

Question: I need help with tax calculations?

I need help figuring out if our family is going to owe taxes or have to pay them. I am looking for someone who is fluent in taxes. My husbands YTD income was 38,382.00. My unemployment income was 9.300 and I chose not to have taxes taken out, so I am sure I will owe that at least. We have 1 dependent under the age of 18.

His:

Federal witholding: 3,838.00
Social Security: 2,262.00
Medicare: 529.00
State:1,441.00

We bought a house in 2010 and the interest we have paid on it is 2,535.00
Also we bought a car which we paid 6% sales tax, the car was 9,740.00

Can anyone try to plug in some numbers to help me out. Times are tough and I am really worried about our taxes. Thanks and God Bless.

Answer: MFJ both over the age of 25 and under the age of 65 1 QC dependent under the age of 18 so that would mean that he is 17 and was NOT under age 17 at the end of 2010, is that correct?
If the QC was under the age of 17 at the end of the tax year 2010 you would qualify for the child tax credit amount of 1000.
Your taxes are estimated at $2,162.
This is 4.53% of your total income of $47,682. Your total tax payments and refundable credits for the year were $3,838. Your tax refund is estimated at $1,676. Your income puts you in the 15.00% tax bracket.
You should be able to use your state website and find a estimated tax calculator for your use.

http://www.dinkytown.net/java/Tax1040.html

Hope that you find the above enclosed information useful

U.S. wants states to reveal more about pension funding

A federal board will soon propose that U.S. states disclose more about their pension funding as worries grow whether states and municipalities can pay for their employees’ pensions.

Federal Withholding Tax 2010, 2011 Increase

Calendar — Tuesday, March 29, 2011

The Organize for America training seminar at the Raleigh County Public Library today has been canceled. It will be rescheduled at a later date. For more information, call 304-252-5203 or 304-673-1663.

Raleigh NC Tax Preparation Expert and CPA Marc Gilfillan’s Tax Tips #4

Question: Is State Income Tax Payments deductiable from my federal income tax?

I am new to filing taxes and I live in California.Can I deduct the total amount I have paid in state income tax from the total amount I owe in federal income tax on my tax return?

I am filing as a single person.

Answer: You can’t deduct the total paid in state income tax from what you owe in federal income taxe, but what you can do is you can deduct your state Income Tax Payments on Schedule A itemized deductions on state or sales taxes line 5. You have the choice of taking either. But you have to itemize for the state income taxes to do you any good, and if you itemize and deduct state income taxes, then if you get a refund it’s taxable to you in the next year.

Brown releases plan for Calif. pension changes

(03-31) 18:17 PDT Sacramento, Calif. (AP) — Gov. Jerry Brown released a 12-point proposal to revamp California’s public-employee pensions Thursday, drawing immediate outcry from state workers complaining that it asks…

California controller to suspend tax refunds, welfare checks

Question: I still haven’t received my federal tax refund, what does this mean?

I filed a couple weeks before the due date in april, I haven’t received any response or my refund. What gives??? They would have let me know if there was a problem, correct?
I prepared it online (turbotax I believe), but had to print it on and send it in.

Answer: Generally not getting your refund in a timely manner means one of two things. First there was a problem with the IRS receiving the return (like it got lost in the mail or their process). Secondly is the case where the IRS believes that you owe them or some other governmental agency money. You can check on your refund at the link below. You will need to know you filing status, SS number and the amount of the refund.

http://www.irs.gov/individuals/article/0,,id=96596,00.html

LifeCare Holdings, Inc. Announces 2010 Year-end Results

PLANO, Texas, March 30, 2011 /PRNewswire/ — LifeCare Holdings, Inc. (the “Company”) today announced its operating results for the year ended December 31, 2010. Three Months Ended December 31, 2010 Net Revenues Our net patient service revenue decreased by $2.3 million, or 2.5%, to $87.1 million for the three months ended December 31, 2010, as compared to the same period in 2009. Patient days in …

Canvas-CMS1500-HEALTH-INSURANCE-CLAIM-FORM Black Berry.mp4 – Mobile App – GoCanvas.com

Question: How long for tax refund after amendment?

I filled an amendment on my taxes for the Earned Income Tax Credit and will be getting money back for it, how long do you think or how long does it usually take to get the refund back?

Thanks

Answer: About 10-12 weeks,

I did my amendment in April, I got my in about the end of July.

Freeze proposed on state and local sales taxes

A proposed amendment to the state constitution prohibiting a state income tax was revised Wednesday to incorporate a ban on increasing sales taxes as well.

CA Income Tax /DT Coaching Notes – Also join for IPCC/FInal income tax amendment classes