The Tax Preparation Blog

Posts Tagged ‘tools’

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: How to calculate T.d.s.on amount including service tax?

If professional fees includes service tax, on which amount T.D.S. to be deducted: on gross amount or on amount excluding service tax?

Answer: to calculate TDS on your salary

calculate
your salary x 10.33 / 100 = your TDS deduction

Senate Tax Chair Says Tax Breaks Same As Spending

The Republican chairwoman of the state Senate Taxes Committee says she views tax breaks as state spending and says they should be reviewed to see if they should stay on the books.

Professional Tax Service TV Commercial by Mpower Media

Question: SYEP job for 2009 (summer youth employment program)?

ok so i am a 14 year old teen who applied for summer youth this yeah….ive done the entire application online and i have my working papers but i have a few questions

When does the lottery begin, is it exactly after the deadline?

How will they contact me if i am selected?

My provider is a hospital…will i get at job filing papers there…OR will they direct me to some place else?

Oh yeah..is it true that if you are not selected in the lottery you can still be picked..IF those chosen do not show up?

How much will we make…i know its up to 25 hours per week, but is it 7.25 or 7.50 an hour——exactly how much will be taken off for for medical and social security tax

Thanks and good luck to all who applied

Answer: I think lottery will begin after the deadline. If you applied online you will receive a receipt.

You can check to see if your application got selected from this site, just log in with your SYEP ID. https://application.nycsyep.com/

Yes, you might get the “chance” to get selected if someone does not show up. This might happen a week after the program has already started or so.

You can earn 7.25 an hour. Not sure how much will be taken off but should be around 300-400.

Deadline looms to appeal your home’s new Mecklenburg County tax value

The deadline to appeal your home’s new Mecklenburg County tax value is March 10. Search the Observer’s databases for more info on home values on your street and beyond.

NBR | Tax Tip #9 Tax Year 2009 – Deadlines and Withholdings | PBS

Question: Relocation assistance – ordinary income or adjustment to basis?

I received relocation assistance from my employer in 2009. Included in the package was reimbursement on the loss in value of my home that I sold in my original location as well as broker fees, etc. This reimbursement will be included on my W2.

When reporting these items on my 2009 tax return, is it more appropriate to report this as ordinary income (since it is on my W2) or exclude it from ordinary income and bake it into the gain/loss on home sale calculation (adjustment to basis in home, etc.)? If you can provide an example directly from the IRS literature that addresses this, that’s an automatic best answer.

Answer: You may want to check this page at the bottom. They have some info on moving and deductions. Hope this helps!

First Thoughts: Obama’s opening bid

Presidential budgets are more political documents than anything else, and this budget is by someone who wants to win re-election in 2012. Now we wait for the GOP’s counter-offer.

Calculating Income Tax

Few extra days for your taxes

Yes, today is April 15. No, your taxes aren’t due — yet. The deadline for filing federal and state income taxes this year is Monday. The due date was moved because of Emancipation Day, a local holiday in Washington, D.C., that commemorates the day President Abraham Lincoln freed the slaves in the District of Columbia.