The Tax Preparation Blog

Posts Tagged ‘web2.0’

Question: what to do with my fidelity account?

I never knew anything about fidelity investments and have not filled out any info. (as far as I know!) to invest money in anything. My point is, I was on a summer job program from unique hr with the city of dallas this year, and after my summer job was over. I now have gotten this retirement statement saying i have money on it and after reading the letter and stuff. I read that 20% tax will be withheld from the amount i want to receive as a check because of the amount being under 1000 bucks. I haven’t done anything yet because i don’t know anything about this or what to do. I just know that i have until dec. to make a decision, and so far i have not gotten a regular job yet. For those who know about this stuff, please help. what should i do?

Answer: The following is an educated guess. You need to call the City of Dallas Human Resources, Fidelity Investments, or the Department of the City you worked for to get a final answer.

Dallas may have a “Qualified Tax-deferred Retirement Plan.” If so, that plan deducts a certain amount of each paycheck invests it in various ways — mutual funds, money market funds, bond funds, etc. You choose how you want your money invested — i.e., which funds.

Apparently, if you have more than $1,000 in the Plan, you don’t pay taxes on it until you withdraw it. Usually, that will be when you retire and are in a lower tax bracket. However, since you have less than $1,000, they pay Income taxes on it at the 20 percent rate.

At this point, you have a couple of choices: 1. Take it all out of the plan and pay income taxes on it.
2. Let it ride until you have $1,000 or more, or make additional contributions to get it to the $1,000 level so you won’t pay taxes until you withdraw it.

If you let it ride, you can probably choose from many different investments, from very safe but low earning, to very risky put potentially high earnings. Which should you choose? If you’re young, live dangerously and go for growth investments. If you guess wrong, you have a lot of time to make up for lost earnings. If you’re older, play it safe. You don’t want to make risky choices late in the game, when you’re ahead.

But as I said, the above is just a guess based on limited information. Make some phone calls and ask questions. Don’t be afraid to sound dumb — everyone starts out dumb.

POLITICAL HOT TOPICS: Thursday, December 23, 2010

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world….

Careers at Weaver

Question: Why do the middle class in USA pay less taxes when compared to other countries?

Taxation Statistics > Statistics > Contribution by middle 40% (Latest available) by country
Rank Countries
Amount (top to bottom)

#1 Denmark:
37.2%
#2 Germany:
36.5%
#3 Netherlands:
36.1%
#4 Norway:
36.1%
#5 Sweden:
35.8%
#6 Finland:
33.4%
#7 Canada:
33.4%
#8 Belgium:
32.6%
#9 United Kingdom:
32%
#10 Australia:
31.1%
#11 Italy:
31%
#12 Ireland:
30.3%
#13 United States:
28.4%
#14 France:
23.5%

DEFINITION: Proportion of taxes paid by the broad income group – middle class 40% . Taxes include all direct income taxes, including employee social security contributions. Income groups were built on the basis of final disposable adjusted income.

http://www.nationmaster.com/graph/tax_con_by_mid_40-taxation-contribution-by-middle-40

Answer: Less socialist spending.

Economic growth resumes in Canada, but outlook clouded by high dollar, debt

OTTAWA – The Canadian economy has begun growing again, advancing by a modest 0.2 per cent in October after setbacks in two of the previous three months.

Hunters Contribute to Wildlife Refuge Habitat

Question: are online tax schools a waste of time ? Can you really obtain jobs at a tax office with an online back ground?

I took a course through an online school that did not offer any tax software practice.It was affordable since I loss my job.I have been pounding the pavement and sending out my resume.I live in California and all of my requirements have been met,but I still haven’t gotten much response.What might I be doing wrong?

Answer: the California Society of Tax Consultants, www.cstcsociety,org offer online courses and they are very good
they do not however, guarantee you any job, but you are able to prepare taxes when you register with the California Tax Education Council, www.ctec.ca.gov
taking the courses with H/R, Jackson/Hewlitt, Liberty never guarantee a job with them they simply don’t have spaces for all the people taking the courses

A salve for California’s financial woes — if voters will buy it

The public might approve a tax extension if the money went to local governments instead of Sacramento. The spending lobby, the tax haters and a ticked electorate all fouled up in 2009. But Gov.-elect Jerry Brown may give everyone a chance to redeem themselves next year.

YES on Proposition 8 California

Question: Buying from a UK retailer, living in Canada.?

Looking to see if anyone has any info on what I can expect relating to buying from a UK retailer who would be sending my package through Royal Mail’s signed for service. Does anyone know if the package would be sent directly to my home? To my local Canada Post office ( Toronto, Ontario Canada)? Other than Duty taxes, would I be looking at other charges. I have bought things from the US in the past who used UPS. They hit me for a temporary import number fee in addition to the duty. It was like an extra $20 that I wasn’t expecting? Would this be the case with Royal Mail? Thanks very much.

Answer: I’m a Royal Mail postman, so I can help.
For a while, I actually used to work in the section of Royal Mail that processes international mail arriving and leaving the UK, so I know about how Royal Mail’s International operations work.

Fedex and UPS aren’t technically postal services, they are actually courier services, and there are lots of crucial differences between the two.

Royal Mail is the UK’s national postal service, and therefore, under the terms of the Universal Postal Union, they will use their Canadian equivalent.

Your item will be delivered by Canada Post, and it will be treated in the same way as your mail. “Signed For” means that the item is “Registered” and a signature or other confirmation of delivery is required by Royal Mail.

Regarding Customs Duty and charges, whether the item is coming by UPS, FedEx or Canada Post is irrelevant. ALL international items will be screened by the Canadian Customs authorities, so if there is anything you’ll have to pay, you’ll still have to pay, regardless of the shipping firm.
There should be no extra charge from Royal Mail or Canada Post, although I expect that Canada Post will process any Customs charges on your behalf and pass the cost onto you.

Enjoy!

No intention of toning down in 2011, Ford says

Toronto mayor predicts auditor’s report will be ‘pretty earthshaking’

Liberty Tax Service Franchise The Best in USA and Canada

Question: Federal Tax ID numbers.?

I know that businesses need to have them listed in some form or the other because it is part of the public forum. Some are much easier to find then others. Are there any online sources for Fed Tax ID listings that anyone knows of, (I found an official on last year but got a new computer).

Answer: you can apply for an fed id number through irs.gov. they are not really public. although they are included on w-2′s, 1099′s, etc.

Fuse 8 PLC – Interim Results

Fuse 8 PLC – Interim Results

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