The Tax Preparation Blog

Posts Tagged ‘taxes’

Question: Student loan interest deduction causing negative adjusted gross income?

Hi, I am in my 20′s and I’m a student first time filing my 2009 taxes. I worked one week, and earned 760. I paid 5000 in student loan interest and the IRS allows students to claim up to 2500 student loan interest deduction. So if i enter 2500, my adjusted gross income is -1740 (adjusted gross income) and my effective tax rate is 0%. If i leave out the student loan interest deduction, the effective tax rate is -7.76%. My federal tax refund is the same $186 whether i input my paid student loan interest or not. Should i take out or enter the student loan interest deduction? It doesn’t seem to look good to have a negative adjusted gross income. Any advice would be greatly appreciated. Thanks!

Also, is it better to choose Federal standard deduction or itemized deduction?

Answer: scholarships.onlinewebshop.net – it provides some tips about applying to US federal and state grants for college students.

Top tax questions for 2010

Questions about debt, starting businesses and multiple-generation households make it clear that the economy is shaping how people think about taxes.

IRS Gift Tax Limit for 2010, 2011

In brief: Tax service hosts drive for food bank – Thu, 24 Mar 2011 PST

SPOKANE VALLEY – Spokane Valley Liberty Tax Service offices, at 1506 N. Pines Road and at 11305 E. Sprague Ave., will hold a canned food drive to benefit Second Harvest Food bank, through April 2. The business will offer a discount off tax preparation for each can of nonperishable food donated. Donations without tax preparation also are welcome.

Liberty Tax Service’s Presidents Day Free Prep Giveaway

Question: housing and council tax benefit question?

Hi, me and my partner have begun claiming a small amount of housing and council tax benefit, i used to work but gave it up to home school our children and my partner works 16-20 hours a week in a social club doing bar work, what i would like to know is we have just got our award letter through from the council and it states we have to pay more than what these online benefit calculators have stated, and only because they have put down that i claim jobseekers allowance so thats an extra 65 pounds they have applied to the award. i do not and have never claimed jsa and i have told them this and they have said to me that its the law that they include jsa on the final award even tho i do not claim that extra income, does anyone know if this is right or are they trying it on. i used to work 45 hours a week up until bout 4 months ago when the kids were taken out of school, thanks in advance simon

Answer: I hope this will make sense!
Basically the council are saying that you are entitled to claim JSA and it is your fault that you are not.
As YOU are now the main carer for your children, it is your partner who will have to make a family claim to JSA. They will have to sign on at the Jobcentre Plus office every two weeks and declare the hours that they have worked. As long as they don’t go over 24 hours of work in any week, you will still have a valid claim to JSA. You may not get any benefit if their earnings are over the amount of JSA that you would get if they were not working but this info will be sent to the council and they will increase your housing and council tax benefit.

CAB are not always right with the info they give out as they have very little benefit knowledge or training

Giving yourself a raise!

How would you like to give yourself a raise, without talking to your boss! Many of you can!

Basic Explanation of W-4 tax Form : IRS Withholding Calculator & W-4 Tax Forms

Question: California Liberals have enacted the largest tax increase in history, but revenues are down $237 million?

California Revenue for August is DOWN $237 million, despite a massive tax increase.

In March 09, Liberals raised taxes a record $12Billion dollars on struggling Californians, the net result appears to be massive business defections to nearby low tax states, massive unemployment, layoffs, and plunging revenue.

California continues its downward spiral at a faster pace than pre-tax increase.

Can some SMART LIBERAL explain how raising taxes INCREASES revenue?

http://www.sco.ca.gov/eo_pressrel_6115.html

Governor Shriver (aka Arnold ) is a left wing RINO
MODE-RATE I guess you’re not smart enough to answer the question about taxes and revenue ?

LOL
Funny how no liberals can defend tax increases, guess Reagan was right – cut taxes !

Answer: California is the template of what’s in store for America as a whole.

Field Poll: Voters favor balanced approach to budget

Californians are more likely to favor extending tax increases than cutting most parts of the state budget, a recent California Field Poll found. The poll — which surveyed a random sample of 898 registered voters between Feb.

Many Banks Burning; Tax Revenue Still Crashing; Pay up or lose Health Care

North state marketplace in brief: March 23, 2011

Starting with the first quarter of 2011, employers must begin filing their payroll taxes quarterly, according to the state Employment Development Department.

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