The Tax Preparation Blog

Posts Tagged ‘taxes’

Question: How much penalty will I pay since I owe about $1800 in federal taxes this year?

My husband and I do not have any additional income other then our salaried jobs. He claims 0 while I claim 1. For some reason, there was an error throughout the year in the amount that should have been taken out from my paycheck for federal. Last year we owed 1181 and paid 14 dollars in underpayment penalties and we didn’t send in estimated tax payments throughout the year for 2009, since we figured we would be okay. What kind of penalty am I looking at?

Answer: It looks like the IRS charged you interest on your underpayment last year of about 1.2%. Basically they are saying that the money should have been with them instead of with you and they charged you a fee for that privilege.

I would think that the same fee would be applied to this year’s underpayment, or about $22 on the $1800 shortfall.

CS sales tax rebates rise

The latest sales tax rebates returned to the City of College Station shows a glimmer of hope that declining revenues are beginning to flatten out. According to the latest figures from the state, which represent May sales, College Station received …

161 Federal Tax Charges, 0 Convictions

Question: I am a Dependent, help with taxes?

I am 17, I live in California and I’ve made $8700 in 2006.
My parents have me as a dependent.
I know the threshold for the dependent is $4400 in order to be tax free?

Now I have one of my payroll sheets in front of me and I remember talking to my boss back when I started working about cutting some of my taxes from my paycheck because I was expecting to earn less than the $4400 threshold. I got the “FED WT” cut out so I havent paid any of those directly from my paycheck. I have paid the FICA and CA DIS in full.

Is there a calculator or an easy way to find out how much more (or less?) I owe to the IRS?

Thanks

Answer: If you are claimed as a dependent, you must file if you earned more than $5,150.

The tax rate on the first $7,550 in taxable income is 10%. If you have no deductions for tuition, etc., your taxable income is $3,550 and your tax would be $355.00. That’s just an estimate using the tax rate schedule for 2006 at http://www.irs.gov/formspubs/article/0,,id=150856,00.html Since I don’t have all of your details I can’t be more exact that that.

You must file a tax return and pay the tax due by April 17, 2007.

Congress Approves $26 Billion in State Aid- TAXPAYER CALCULATOR

President Obama signed a bill that he says will save hundreds of thousands of teacher and other public workers from unemployment. Obama signed the measure into law just hours after the House passed it in a special one-day session during what would normally be the lawmakers’ summer break.

Question: Do I need to purchase a Tax Preparation Software every year?

If I want to do my own tax returns using the available commercial softwares, do I need to buy a new version every year or the software gets updated (free) every year once you buy a copy?

Answer: You have to buy a new one every year, but, you can do multiple returns using the same package So, you can find a couple people to chip in, and it;s not so expensive

’2012 the right time to start GST’

THE Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) says 2012 will be the appropriate time for the government to introduce the Goods and Services Tax (GST). Its deputy chairman of SMEs and Head of SMEs Survey Unit, Koong Lin Loong, said a majority of businesses felt that they should be given at least 24 months to prepare for the new tax system. Quoting the Acccim 2010 …

Tax Help : How to File Taxes for Free

Question: Filing income tax in Quebec?

Regarding filing taxes with Revenue Canada:
I’m filing my taxes online; must I enter both my T4 and Relevé 1 forms? (It asks me which forms I need; T4 and RL-1 are seperate checkboxes). I originally filed my taxes with just my T4 and ended up with a very low return, and after entering the RL-1 it more than doubled. I’m worried I’m just filling in the numbers twice.

Regarding filing taxes with Revenu Quebec:
I am a Manitoba resident living in Quebec since July 2008. Therefore, I imagine I am not yet a “QC resident” as I have not lived here for a full year. I resided here Dec 31 2008; must I file taxes with Revenu Quebec as well?

Answer: You are a resident of the province where you lived on 31 December. If you are a resident of Quebec you must file a TP-1-D-V

http://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html

“Select the province or territory in which you resided on December 31, 2008.”

T4s are given by employers outside Quebec, RL-1s are given inside Quebec. You enter both forms on your T1 AND the TP-1-D-V

Abbott takes axe to Rudd’s ‘bureaucracy’

A Coalition government would stop holding community cabinet meetings and scrap Australia’s bid for a seat on the United Nations Security Council as part of a $1.2 billion package of spending cuts announced today.

Recuperate all your Income tax money from the CRA – Tax Refund

Question: Tax deed sales in California?

O.K., hopefully someone out there will be able to clarify my understanding of Tax deed sales in California.
My understanding is that if someone has not paid their property taxes for upwards of 5 years, the assessors/tax collectors office has the right to put the property up for sale at public auction.
If property is “sold” at auction, the “winning” bidder receives a Tax Deed to the property.
That person (the winning bidder/buyer) is then the legal owner of the property and any mortgages or other liens against the property are null & void because a government sale take precedence over everything else.
So, if I understand correctly, the property now belongs to the “winning” bidder? That there is no “redemption period” in California
If that is the case, and the previous homeowner is still living there, does that mean that we would have to go through the eviction process?

Answer: You are basically right in what your saying and I believe the first answerer is confusing tax deeds sales with tax lien certificates (I’m not knocking them as they were nice enough to take the time to answer). There are differences from state to state as to what remaining debt is transferred to the the new owner. Check out these 2 articles for more info on this.

http://www.governmentauctionsitereviews.com/Tax_Lien_Article.html

http://ezinearticles.com/?Government-Auctions-For-Tax-Lien-and-Tax-Deed-Properties—Houses-For-Under-$2K?&id=1600637

Paladino plans sweeping changes

PLATTSBURGH – Carl Paladino says he would consolidate school districts at the county level and turn some minimum-security prisons into camps to give unemployed youths jobs if elected governor.

TAX Man Run down – short