Question by Beth B: How do you file taxes on tips?
Best answer:
Answer by covergurl_85
you should be calming all of them at the end of the night and at the end of the year if you file 1040EZ there will be a box for it
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Question by Alili: Do I need a vendors license to sell jewelry at flea markets and small shops?
Best answer:
Answer by Ashley J
ya i think so
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If you are looking for the cheapest prices on download turbotax business click the link. Turbotax is one of the easiest way to prepare your taxes whether you are preparing personal taxes or taxes for your businessWant to buy TurboTax? Check out http://turbotax2012download.net
Question by BOB: What websites will help assist in what I can write-off?
I am an outside sales rep for my company, I need to find out what itemized deductions I can take.
Best answer:
Answer by darligraphy
Turbotax.com should be able to help you. See the links on the left of the main page that reads “Popular Tips.” I am also linking the page that I think will be the most help to you, below.
I also recommend Turbotax Home & Office computer program, runs about $ 80 but includes your state tax software download too.
The program will walk you through every step of your filing process.
Hope this helps
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Question by Wendy B: How is gross income calculated for self-employed people?
We’re doing our taxes online. Some programs list his self employment income (which was reported on a 1099MISC) as the whole amount he earned. Other sites list his gross income as the amount on his 1099 less the costs of doing business.
Obviously, this one difference makes a big difference in our taxable income. Why would it differ from service to service online and which is the correct way?
Best answer:
Answer by SmartA$ $
Many standard tax software programs do not properly handle self employment income. For example Turbo Tax deluxe does not do self employment, you have to upgrade to the “home and business” version. Its likely that you are using a lower grade software, and since it does not know how to handle self employment income, its treating the 1099 income just like a 1099-INT (or similar) which would add it to your gross income without consideration for expenses.
The correct way is to file schedule C to report self employment income, and then deduct your expenses. The net profit or loss on schedule C (after expenses) is added to your 1040 as income. Make sure your software handles self employment income and recognizes the difference between a 1099-MISC and other types of 1099 income.
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CTV Investigates: Tax Tips
Although the graphical elements of TurboTax made it the preferred option of the students – Rickert also said he'd spend extra money for it – Paley says there's nothing wrong with the cheaper, more basic options. “FutureTax (is) about $ 6 for a basic …
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Testing the TurboTax and H&R Block tax apps
As the adage goes, there's an app for almost everything, so with tax season in full swing it's not surprising that there are apps for filing taxes. Both H&R Block and TurboTax have apps that enable users to file taxes with their Apple or Android …
Read more on Los Angeles Times
TurboTax delays state tax filings
The Minnesota tax returns of thousands of TurboTax customers have been put on hold while the company tweaks its tax-preparation software, according to the Minnesota Department of Revenue. The tax-preparation software company notified the state that it …
Read more on Minneapolis Star Tribune (blog)
Taking the Fear Out of Filing Taxes: SaveUp and TurboTax Reward Financial …
SaveUp, a free, nationwide rewards program that rewards people for saving money and reducing debt, has teamed up with TurboTax, the #1 rated tax software, to add a little fun to the dull task of filing taxes. Through SaveUp, people can play for great …
Read more on PR Newswire (press release)
Tax Time Creates Important Opportunity to Save
According to research from Intuit TurboTax, 55 percent of Americans are concerned that they won't have enough money to retire. Tax refunds present these individuals with an opportunity to help meet their financial goals. Savings Bonds. A simple option …
Read more on Business Wire (press release)
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Question by Barbara H: tax time.. help!!!?
alright.. this is my first time doing taxes without my mother’s help. i thought i’d be fine.. but now it’s asking me what my “earned income” is… i don’t know… i can’t find where to find that.. is it my federal adjusted gross income.. is it my “wages, salaries, and tips” off my W2? please help!!!
Best answer:
Answer by Nedra E
some people get multiple sources of income.
your w2 (if it’s your only income) shows your gross wages. This is your “earned income”
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Question by Hummingbird: What is a good website to file both my state and federal taxes for free?
I have found some websites but one mentioned a fee for filing them online. I also found taxact.com and was curious if anyone had used it, how well you liked it, and if they charged you a fee. Also, I have never filed my taxes without using H&R block and wanted to know if it was very hard to do on your own. Thank you.
Best answer:
Answer by MAMA DON’T TAKE NO MESS
you can file for free on any of those websites by going through irs.gov website first.go to irs.gov,look on the left side of the page and you will see the words free file in blue and green letters click that and you will be able to choose what company to use from the list to file your taxes for free,then you will be directed to their website by clicking the link.
you can try your state department of revenue website to see if it allows you to file your state return for free on there(most states do)
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Question by dol1234: What’s wrong with my Child Care Credit?
Why is that when I enter Child Care Credit $ 8000 that I paid last year for day care on my tax return, the number changes from “I Owe Tax” from $ 2,443 to $ 4,087? I thought it should reduce what I owe but it went the other way. How is this possible? Am I entering this in the wrong place? Thanks.
I’m using Form 2441 to enter my child care expenses. Is this the correct form? Thanks.
He is 2 years old and go to a real day care. I have the Tax Statement that the daycare provided how much we paid for the entire year. I’m using TaxSlayer.com. When I change the daycare deduction from $ 0 to $ 8000, my calculated income increases by $ 5000 automatically. Why does it think my income increases? Any thought? Thanks for your help.
Oh.. forgot. I also have $ 5000 FSA last year.
Best answer:
Answer by rebel g
The child care credit and child care expenses are two different things.
You need to fill out the child care credit worksheet using the amount you paid. After you follow all of the steps on the worksheet, you will have a correct amount to put on your return.
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Question by iris: is this tax evasion? if someone gets paid in cash do they have to file their taxes?
this person is someone i know and is worried about this. so is it tax evation?
if so what are the consequences?
Best answer:
Answer by 123456789
Technically yes. Keyword technically 
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Income-Based Program Helps You File Taxes for Free
Tax season is something many of us dread, but there is a way you can have your taxes prepared for free. The Volunteer Income Tax Assistance Program is open to residents with a household income of $ 51,000 a year or less, who do not own a business, farm, …
Read more on WSAW
Where to find free income tax preparation help
The Free File Alliance, a nonprofit coalition of tax software companies, has partnered with the Internal Revenue Service since 2003. Free file offers free online tax preparation software for 70 percent of taxpayers. This year, taxpayers with a 2012 …
Read more on Palm Beach Post
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Question by gititrt: How can I start my own crafting buisness?
Best answer:
Answer by odai_shamrouk
craft things then sell then on ebay
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Question by Helppp: EVERYONE GETTING “STILL PROCESSING” MESSAGE ON WMR! READ!?
Everyone that is getting this message:
Refund Status Results
Your tax return has been received and is being processed.
If you file a complete and accurate tax return, your refund will be issued:
within six weeks of the received date.
After you have already been issued a DD date. I just figured out this other number you can call if you e-filed.
It is 1-800-717-7228, basically asks you the same questions the IRS automated hotline asks you, SSN, Filing Status, and Exact dollar amount, and I believe it asked my zip code.
When I called,
(Im getting $ 4446 back)
It says ” An amount of $ 4446 has been sent to your tax preparer on February 2, 2012, an amount of $ 4379 will be direct deposited to your account on February 3, 2012.”
Mind you I efiled on turbotax and had them take the money it cost to file, out of my refund.
But that call kinda saved my questions about am i getting it, am i not?
So try it out and see if they tell you what they told me and maybe it can put your minds at ease.
Thanks.
Im not sure if this is only for turbotax people, i read it on another blog type thing and it worked for me. its worth a shot at least.
Best answer:
Answer by Terence Rembert
Is the number only for people who filed with turbo tax or for everyone?
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If you are looking for the cheapest prices on turbotax business 2012 download click the link. Turbotax is one of the easiest way to prepare your taxes whether you are preparing personal taxes or taxes for your businessWant to buy TurboTax? Check out http://turbotax2012download.net
Question by Jyu Lakeberg: Does having ONE exemption on the w-2 (federal) mean the tax is completely blocked?
I live with my parents in California, who claimed me as a dependent on their taxes. I just did a run through on turbo tax and h&r block. I made 17k last year, and the government took about 1300 from SS, medicare, state, and SUI/SDI. However, I paid ZERO in federal. The only exemption I claimed on my w4 was line B (single w/ 1 job). Both software says I owe 1250.
This is from my W-2 Form from the only job I worked last year:
Exemption/Allowances:
Federal: 1, Tax Blocked
State: 1
and states at the bottom: “If you are claiming exemption from Federal Withholding, you are required to file a new W-4 form by Feb 15, 2012.”
My question here is it that did i made a mistake on my 1040? Because it shows exemption as a big fat ZERO. Does this mean the 1250 I owe is waived had I entered it correctly? But at the same time, is it too late to claim it (feb 15th due date)?
Best answer:
Answer by Judy
If you owe, no it is NOT waived no matter what you entered. You still owe it. Talk to your payroll dept to be sure you have single/0 allowances on your W-4. You can claim single/1 if you want to, but might end up owing a little next year, not as much as this year. Not sure why the federal tax is blocked, it shouldn’t be if you filled out your W-4 correctly. Your payroll dept should be able to tell you. You need to get rid of that “tax blocked”. It’s too late now though to do anything about 2011.
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Question by kT: How do I answer this gross adjusted income question?
What is someone’s gross adjusted income if they recieved $ 5,047 in “wages/salaries/tips” and $ 12,306 in unemployment benefits? Do I add the two together? I am filling out the FAFSA. But then after I say what my gross adjusted income is, they want to also know what the wages/salaries/tips are. Does that mean they add that again to my total amount of income for the year?
Thankyou both
Best answer:
Answer by “A”
You pull your AGI (adjusted gross income) directly from your tax return. The FAFSA tells you what line on what form.
They ask, then, for wages to see what of that AGI is “earned”. It won’t be double added.
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Question by Pinal2: Can MBA tuition be tax deducted for a small business software IT consulting company ?
Hello Everyone,
I recently opened a software consulting company and I believe that having an MBA degree will help to grow my software busines. Can I deduct my MBA tuition (approx $ 45k per year for top 5 schools) as a business (S-Corp) expense? If not, are there any alternative way to expense the MBA tuition. I have seen many conflictive posting on the internet regarding this question. Please share your insights.
Regards
Best answer:
Answer by Karia
Yes. On tax form 1120S it can be included on line 7 “Compensation to Officer” if you are an officer in your company or line 18 “Employee Benifit Program” if you are an employee, not an officer.
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Question by JallyKC&Toby: Should I file for my tax return in my situation?
I’m 18 and I started my first job this past October. so so far I have worked for about three months. I got my tax return forms in the mail to fill out, but my parents are telling me I don’t need to do them this year because I’ve only worked for so little. I don’t know to much about tax returns, all I know is that we get back all the money we got with held from the government. Am I supposed to file or not? If yes, when should I file for my tax return? I’m new to this, tips from you people that know more than me would be helpful.
Best answer:
Answer by the kid
How much tax was withheld? If you made very little, and you are a dependent., you likely are entitled to a full refund.
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Question by Its A Girl!: Starting a small cleaning business, Help with choosing the legal structure?
It will just be me cleaning offices, and I don’t know which is better to choose. I will not be hiring people, at least not now. I would like to know which one is better when it comes to taxes? I did do a lot of research on them but still don’t know which to pick. Sole Proprietorship or an LLC, also I live in NY.
Best answer:
Answer by Ghost of Zeuz
Sole Proprietorship – easiest, cheapest and most efficient by far
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Question by Jen: What do I put in the spot for “Fed Taxes Withheld”?
I don’t have mine or my husband’s W2s yet, and I’m going on H&R Block site to get an estimation of our taxes. In the blank that says “Federal Income Taxes Withheld”, do I JUST put the amount from our paystubs that say “Fed Withholding” or do I also put the amount that says “Fed MED/EE”, “Fed OASDI/EE”, “Fed Med/EE/tip”, and/or “Fed OASDItipEE”?
Best answer:
Answer by v b
only federal withholding.
Do not add in any of the oasdi numbers.
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Question by Leigh: Do I have to pay taxes for my 1099-misc as a business income?
I did collections all over the eastern part of NC for a woman (not a business). I ended up with a 1099-MISC with $ 2,200 in the #7 Non Employee Compensation Box. TurboTax told me “Congratulations, you’re a business”. I tried filling out the Schedule C questions but I don’t understand any of them. Do I fill all of the questions out in reference to myself as a business? I don’t understand this.
Best answer:
Answer by the_chef_2
Yes, 1099-misc is “your own business” income and was submitted to the IRS. You do owe taxes on this money. Turbotax (from my experience) handled this very poorly, not allowing me to write-off business expenses with a Schedule-C or even allowing me to correctly file. I had tried using the Deluxe version so that may explain it — the small business version was ridiculously overpriced. I switched to TaxAct and it worked a lot better, filing my Schedule-C and state income tax returns for $ 16. Try out this software if you’re using 1099-misc: I think you’ll be glad you did.
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Question by Bulldog mama: Looking for the best price for turbo tax “home and business,” state and federal?
Turbo tax web site has the federal version alone around $ 75. Any other suggestions?
Best answer:
Answer by RUSerious
Try one or more of the following office supply stores.
Office Depot
Office Max
Staples
Wal-Mart
Best Buy
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Three Programs, Two Ways: Test-Driving the Tax Software
I downloaded the desktop version of TurboTax Premier for $ 89.99 — though I learned later that I could have paid $ 10 less if I'd bought it on CD at my local Staples. The download took only a few seconds, as did the import of information from our 2011 …
Read more on New York Times
TRACY'S TAX TIPS: WEB OPTIONS
TurboTax has expanded its 'Ask A Tax Expert' crew, for instance, a team that can answer detailed tax questions and to walk customers through sticky problems. H&R Block has offered full audit support for years. Its service goes well beyond the advice …
Read more on FOX News Radio
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Best Tax Tip? Readers Spill
"One tax tip that I would give everyone living in a high personal income tax state is to familiarize yourself with state tax laws. I had always paid attention to federal tax laws and planned accordingly. Only within the past couple of years have I paid …
Read more on Morningstar.com
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Question by ronaldo1287: How is my subscription to PC World be tax deductible?
I get an offer from PC World and in the back page, there is a writing: “IMPORTANT: Your subscription may be tax deductible. Consult your accountant or tax professional.”
Best answer:
Answer by weezy loves me
If you use it for a home business it is deductible.
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If you are looking for the cheapest prices on turbotax business 2012 download click the link. Turbotax is one of the easiest way to prepare your taxes whether you are preparing personal taxes or taxes for your businessWant to buy TurboTax? Check out http://turbotax2012download.net
Tax Saving Tricks you don't want to miss in 2013
Raj Pradhan has come up with a new set of tax-saving tips that you and your family can use. Prakash Patel (name changed) is in his mid 40s and has been putting the maximum allowed limit in public provident fund (PPF) for over 15 years now. The tenor of …
Read more on Moneylife
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Question by CarEnsure: Tax refund from NJ and paid taxes to CA in 2005 do I still have to report the NJ tax refund?
I was a non-resident in CA and resident of NJ for 2005. I got a Tax refund of 1200 from NJ and paid additional taxes of 1800 to CA in 2005 do I still have to report the NJ tax refund for my 2006 Federal return on Line 10 “Taxable Refunds, Credits, or Offsets of State and Local Income Taxes” I got Form 1099-G from NJ but nothing from CA. Please advice.
BTW – I did itemize my deductions for 2005
Best answer:
Answer by bostonianinmo
If you itemized your deductions for 2005 and took a deduction for State Income Taxes paid on your Federal Income Tax Return, you must claim the NJ refund as income on your 2006 Federal Income Tax Return.
If you did NOT itemize on your 2005 Federal Income Tax Return, you do NOT claim the tax refund as income on your 2006 Federal Income Tax Return.
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Question by shorty: Did anyone know that if u used Turbo Tax you get mailed a check instead of direct deposit?
I called the IRS today and they said if u used turbotax “technically” u got mailed a check since they mailed it to them and then Turbotax deposited into ur bank account.
call 1-800-829-0582 x
726 for questions
i called the irs this morning and spoke with someone with and she told me i would recieve a paper check since i used turbotax. all this different information is confusing
Best answer:
Answer by Gringa_uno
I didnt use turbo tax , I used H&R Block,, thou I read if you used Turbo tax or similar programs,, you couldn’t receive your payment by direct deposit,, You will receive paper check
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2013 Tax Tips For Older Adults
If you are overwhelmed by the tax filing process, don't give up hope. You can ask a family member or friend to help you, or you can get in touch with a financial adviser who will be able to ensure you are getting the most out of your forms. Failing to …
Read more on Sunrise Senior Living Blog (blog)
Tax filing tips and what you should know
More than 90 percent of taxpayers go to a tax preparer or use tax software to file their returns, estimated Jim Buttonow, a 20-year IRS veteran who is now vice president of products for New River Innovation, a tax-technology company. • Last year, the …
Read more on The Seattle Times
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Question by ¤p¤s ±: How to fill in 1040NR-EZ Form?
I was an international worker in Washington D.C. in 2006. I got a J-1 Visa (still a student). And I am not in the States right now.
When I filled in the 1040NR-EZ Form, I had some questions.
1.) For line 3 (Wages, Salaries, tips, the Taxable Income):
I received regular salaries. But I was a waiter, so I also got tips. Could I just write down the exact amount specified on Box-1 (Wages, tips, other comp.) on my W-2 Form, or should I add my tips as well? (if yes, how much need i put in?)
2.) For line 11 (Itemized deductions):
Could I write down the amount on Box-2(Federal income tax withheld) only? Or should I add the amount on Box-2 and Box-17(State income tax) together?
3.) My W-2 Form includes copies for “Federal Filling Copy,” “D.C. Filling Copy,” and “City or Local Filling”. Should I attach all the three copies on my 1040NR-WZ Form?
I’ll truly appreciate for your help!
Best answer:
Answer by Bad Advice
Eeek!!! Call H&R Block in the morning!
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Question by the_scrapbook_factory: How can I open my own online women’s clothing store?
What type of liscenses would I need if any and where would I be able to obtain these liscenses? Could I hire designers to create clothing for me and put my own label on the clothing? Any kind of info would be helpful! Would I need my own tax number? I live in NY if it helps.
Best answer:
Answer by Samantha S
Ebay!!
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Question by ptz: are you familiar with using the TurboTax software (or similar softwares)?
If you go to turbotax.com there are options to file either through the website, or (if you scroll down the page) buy the software which is a little more expensive.
So, if you choose to buy the “software” do you NOT have to pay additional fee when you actually file a tax return? What’s the advantage of buying the software?
Also, can you buy one software and let your family use it too? Is there an additional fee for that?
Best answer:
Answer by Somethingtotry
If you buy the software, there is no fee to file your federal tax or the federal tax of anyone who uses the software on your computer. You do pay $ 19.95 to file your state tax return. I think it is the same doing it on their website, but the software is much more thorough if you have a significant number of deductions.
The advantage of buying the software is that you have everything on your computer and are not storing that type of information on someone’s website. I personally feel more secure having my information on my computer and the software can transfer common information into your next year’s return so that you do not have to reenter it all.
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Question by Ali M: Where can I investe 00 per Month?
I am able to save $ 2000 a month. Would you please tell me where can I invest my money so I can earn good money with no risk? What about banks like cd or?
Thanks for your help.
Best answer:
Answer by cory
good return with no risk is impossible, a CD will make you 1% if your lucky, and with inflation at 3% you will have less purchasing power when the CD matures. If you want no default risk buy TIPS, which are securities issued by the government that increase according to inflation to insure that you have a larger purchasing power when the security matures. There is a risk with this however, if interest rates go up the value of your bond will go down, however this risk is irrelevant if you don’t plan on selling it before it matures.
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Question by pppjd: I need turbo tax “2011″ for home and business. I can download one for .99 or?
bid on one on eBay for over $ 100. Is the download sufficient?
Best answer:
Answer by Quick Answers
Go to Turbotax and see what they are selling it for.
Buying on eBay is not a good idea–generally all the disc did was give you the right to download the software ONCE from the Turbotax website. If it’s already been used, you won’t be able to do it a 2nd time.
Give your answer to this question below!
If you are looking for the cheapest prices on turbotax home and business 2012 download click the link. Turbotax is one of the easiest way to prepare your taxes whether you are preparing personal taxes or taxes for your businessWant to buy TurboTax? Check out http://turbotax2012download.net
Question by Cool Hand Bane: What are the chances of getting my federal tax refund early?
Hello all.
I filed my tax return with turbo tax on Feburary 2nd and my return was accepted on Feburary 2nd. On IRS’s “where’s my refund”, they said i “should receive your refund by February 21, 2012.”
That is roughly on their end of their 10-21 day projection.
WHat are the odds of me getting my refund before February 21?
I e filed my taxes
Best answer:
Answer by TheTruthHurts
could happen
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Question by : Where’s My Refund has been updated. Is anyone else getting this same message?
“We have received your tax return and it is being processed. Unless there is a processing delay or you owe other taxes, you should receive your refund by January 31 2012.”
Best answer:
Answer by JR
I filed on Sunday, January 15th via TurboTax. As you may know by now, the IRS didn’t start processing until yesterday, Tuesday, January 17th. Yesterday morning at 10:39am Eastern, I received an email from Intuit informing me that my return had been accepted by the IRS and I was finished with my taxes.
It’s now 4:49am Eastern on Wednesday, January 18th, and “Where’s My Refund?” has updated my status. Last night it wasn’t showing anything, now it says “Refund Status Results: We have received your tax return and it is being processed. Unless there is a processing delay or you owe other taxes, you should receive your refund by January 31, 2012.”
While the WMR cycle chart indicates that the refunds will be deposited on Wednesday, January 25 (and I’ll go based on their information), my date of deposit on WMR shows Tuesday, January 31, 2012. In previous years, the deposit cycle chart would show a Friday as the direct deposit date. The IRS would tell you to expect a refund the Tuesday after that Friday.
So while WMR, may have updated it’s information to show my direct deposit, the IRS2GO app is still showing 2010 as the filing year, even though my refund information is updated and shows a scheduled for deposit deposit. I checked the IRS WMR webpage, and it also tells me Tuesday, January 31, 2012.
Either I’m getting a refund Wednesday the 25th, Friday the 27th, or Tuesday the 31st. Who knows. lol I can only keep my fingers crossed and pray nothing delays my return past any of those dates. I promise to come back on here once I get an updated status. Good luck to you and anyone else who may stumble across this Yahoo! Answer.
JR
(1/18/2012)
PS. STOP SOPA/PIPA!!!
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2012 tax tips: Where to find paper tax forms
The tax man started processing most tax returns yesterday, and while electronically filing is the quickest way to get any refund you might be owed, not all of It's Only Money's gentle readers have Internet access. Unless, of course, you're reading this.
Read more on OregonLive.com
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Question by Some Guy: I wish to buy prepackaged software (e.g. Turbo Tax, Quickbooks, Office Suite) wholesale to resell. Where?
I am looking for true wholesale manufacturers and distributors, not discount retail businesses describing themselves as “wholesalers.”
I consulted the American Wholesalers and Distributors Directory and searched in the “Computers and Software” section. The wholesalers listed there seem to offer customized software and systems. I’m looking for prepackaged software for end users. I will now search the same directory under “Office Supplies.”
Is this the right category? Do you know of any good wholesalers? How does one go about buying such items? For example, from where does Staples or Office Depot buy their software packages? I could simply ask them but I doubt they’d be enthusiastic about helping a potential competitor.
Best answer:
Answer by furmand23
Hi! I am an internet reseller (but not of software titles). You MUST have a business license, and the only method that has worked for me to obtain products is by attending importer trade shows. I just attended one this past week in Las Vegas, and there were at least 10 software wholesalers (as nearly every software title is produced overseas). The minimum purchase for software titles was $ 20,000 worth of merchandise.
The people who sell these titles wholesale are doing so on a MASSIVE scale. You must be prepared to make a H-U-G-E investment for anything like your business idea to be profitable.
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Question by Tameka: My tax under review what that mean?
Best answer:
Answer by vang
If you google tax review you will see thousands of questions like this (especially this year). The reason is because it is not just you.The IRS and your state treasurer have an automated system that picks returns for review even when there are no red flags. You just need to wait for the letter they send you (and if they do not within 2-3 weeks of seeing that “pending review” on their web site you should contact them and ask for direction. Also keep checking sometimes pending review may mean that there has been a miscalculation or math error (which they will certainly fix–which takes time to process).
If you had your taxes prepared professionally take the letter to your preparer so they can clarify what is necessary to receive your refund (and most professional preparers use software that doesn’t allow for math errors). Now if you had your taxes prepared by someone (professionally or not) that does not necessarily mean that they did a bad job, it just means it is your time to have your money held up by the persistent stall tactic that our government agencies use (legally) to hold on to your money a bit longer.
This to me says that our BROKE state doesn’t have the funds to release for all of these returns so they are stalling. Not to mention that probably half of the people who get these letters won’t respond either in a timely fashion or at all and will forfeit their returns.
Source(s):
www.irs.gov
www.michigan.gov
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Question by La red: where do i go for a tax id #?
Best answer:
Answer by Lauren F
To the IRS – you can apply for one on their website. IRS.GOV
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Question by Michael: How to file taxes…also receipts need to be saved…but can i scan them into computer as memory?
I’m 18 and am wondering what are the basics of filing taxes. I know I need to go to an expert and give them all of my expenses for the year..and my income…what else? What are some tips for filing….where should i go to file? Where is best?
And lastly i know i’m supposed to keep my receipts for expenses. Do you think if i scan all of my reciepts into my computer….would that be ok if i am audited?
Best answer:
Answer by src50
Always keep copies of your returns with all supporting documentation. At 18, I doubt that your return will be that complicated.
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Question by D: Can I write off the cost of a Tax seminar?
I want to take a seminar to learn how to properly do my taxes. It costs $ 1,000, and includes books, cds and in-class training. I’m not running a business – yet. Can I write this cost off? Perhaps as a tax expense or something else? I live in California and I’m in the 28% bracket.
Best answer:
Answer by Mark
2 possible ways.
Will you start a business? This could be classified as start up costs is you start a business sometime the year you incur the expense.
The other would be through schedule A
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Question by Rachel: How do you calculate the amount of tax you owe on tips? 10 points!?
Something is wrong, but my husband won’t believe me unless I bring him proof, so can someone please help me!!! My husband’s business (which does tip pooling) just started taxing the tips. Of course that’s fine. The problem is, the money they are taking out for “taxes” is the SAME as he makes in tips! That alone is wrong, but unless I know what they should be taking, my husband would rather believe these jerk bosses.
I live in Colorado.
10 points!
Best answer:
Answer by Pascal the Gambler
They are taxed as regular income.
What you are seeing is them adding them tips in, then calcualting the tax, then taking the tips back out b/c he already has them (he got the tips in cash, right?). He got the tips in cash in his hand, but they have to add the amount in to figure the right tax to withhold.
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TaxACT Deluxe Tablet App (for iPad)
TurboTax Deluxe Online holds a slight edge over TaxACT Deluxe Online when it comes to desktop tax prep because of its ubiquitous, exceptional help content, so TurboTax took the Editor's Choice there. On tablet's however, it's another story. TaxACT …
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TurboTax SnapTax (for iPhone)
TurboTax for iPad. %displayPrice%%seller%. QuickBase (Jan 2013). %displayPrice%%seller%. TurboTax Deluxe Online (Tax Year 2012). %displayPrice%%seller%. Intuit Online Payroll Plus. %displayPrice%%seller%. By Kathy Yakal. More Stories by Kathy …
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Tablet a good bet for seniors new to Net
It seems that a lot of individuals are selling TurboTax programs. Do these copies work, and are they legal? A: I'm assuming you have investments and/or rental property, because if not, you don't need the Premier version of TurboTax. The cheaper Deluxe …
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Question by Steve K: What are the pros and cons of a variable annuity?
My recently-retired parents have a lump sum of money (sizable but not huge) and have been recommended a variable annuity by a financial adviser. I have heard annuities are generally a bad investment because they have high fees, but a guaranteed return for them would be desirable. Can I get some pros and cons for a variable annuity in this specific situation?
Best answer:
Answer by Net Advisor
Pros:
1. Broker usually gets 5% commission on the sale.
2. “Growth” is tax deferred until withdrawn. Taxed at ordinary income levels on withdraws. 10% IRS penalty for withdraws if under 59 1/2.
Cons:
1. Insurance Company default risk. They are all in deep ca ca right now (AIG, AXA, AZ, HIG, ING, MET, etc..). I’d avoid them.
2. Long time 8-10 years back end load. Pay a penalty if take money out or move it elsewhere.
3. NO guarantees on investment performance, except fixed account which will not keep up with inflation. The “Guaranteed return,” typically a “GIC – Guaranteed Investment Contract” is ONLY guaranteed by the full faith and credit of the insurance company – not guaranteed by any government agency. Guarantee is void if company goes under.
If they tell you there are “fine, a strong company, how long they have been in business, their credit rating, etc., run! Look at their stock price! The only solid insurance co I know of is not public traded – USAA. (member restricted).
https://www.usaa.com/inet/ent_utils/McStaticPages?key=become_member_main
4. Annual BS “contract fee” changed by insur companies in addition to the fees charged by the funds in the annuity.
5. If their F/A has less than 15 year exp, or esp under 5 years exp, find someone else.
6. If their F/A only sells, or primary sells insurance products, works for a bank or insurance company, RUN! They don’t have the training, advanced licensing, or experience necessary to understand markets.
I have been saying since 1995 that banks and insurance companies are poor money mangers. Now we all know this.
I would rather put that money in a Roth IRA if the money they have is NOT from a 401(k) or existing qualified retirement plan.
I would be looking at FDIC insured short term (under 1 year, pref 3-6 months and roll them) CD’s, or Treasury Inflation Protected Securities (TIPS).
http://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm
I was insurance licensed since 1995, “retired” from this end now.
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Seniors Should Have Received Social Security Statement for 2012; Four Tax …
19, 2013 – The Social Security Administrations says seniors should have received their benefit statements for 2012 and Public Affairs Specialist Oscar Garcia adds four tax tips for seniors and answers a key question about the agency's Retirement Estimator.
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eHealth Releases Top Health and Health Insurance Tax Tips for the 2012 Tax …
Many consumers overlook credits and deductions built into the tax code that are designed to make medical care and health insurance more affordable. Consumers who had high medical expenditures in 2012, who were self-employed or owners of small …
Read more on MarketWatch (press release)
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Question by Jesse T: Is it the more i make the more of a child tax credit I will get? Or Less? I am in Florida?
I used a tax software (Tax Act) for 2007 and just typed my stuff in and it told me i would get $ 0 for child tax credit. I am claiming 3 children. I heard the less I make the more I would get back for child tax credits
Best answer:
Answer by nascrfanz26
yes the less you make more credit you get as it is based on income check out www.irs.gov for more info.
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Question by gschulz3: Tax question: My personal business is only a name?
I am a full-time employee of a company, but I also started my own business in 2007. At this point, I have done nothing with the business other than file the “Doing Business As” (DBA) paperwork in my town (in MA). I have generated no business and, therefore, have no assets, liabilities, etc. What are my requirements for filing taxes, both federal and state? I’d like to use TurboTax, but don’t know if I need the “Deluxe” or “Home & Business” version.
Thanks for your help!
Best answer:
Answer by sciencegravy
You don’t need to have a special “business name” unless you want to.
Any income you made on the side goes on Schedule C. And expenses associated with that business are deducted there.
If you had start-up expenses, but no income yet, you can still deduct your expenses in 2007. If they were substantial, you may have to carry some of them forward to 2008. BUT – you can’t use expenses paid in 2007 on your 2008 tax return. So if you did have expenses, go ahead and report them on your Schedule C for 2007, even if you don’t show a profit.
Home & Business or Deluxe should both have Schedule C & Se and all that you;d need as a self-employed person.
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Question by Jonathan: What should I be able to get back?
I am 16 years old, live at home and go to high school, and each year my parents claim me as a dependent on their taxes.
I started working in April ’06. I got my W-2 today, under “wages, tips, other comp.” , “Social Security wages” , and “medicare Wages and tips” it says 3704.09. Under “Federal income tax withheld” it says 201.64, Social security tax witheld it says 229.65 and medicare tax withheld it says 53.71. About how much money should I get refunded and how do I do it?
Best answer:
Answer by 3>lub koalas
go to H & R block
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Prepare your taxes for free with 4 top software providers
Less than two months remain before the April 15 deadline to file your 2012 taxes. Before you spend $ 200 on professional tax preparation or even $ 75 for a software program, take a minute to peruse the Internal Revenue Service website. There you'll find …
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Free Tax Preparation Software Available
To see if you're eligible, the I.R.S. advises, you can check your 2011 tax return for your adjusted gross income for that year. If it was $ 57,000 or less, and you didn't have any big changes in income last year, you can probably use the Free File …
Read more on New York Times (blog)
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Tax-saving Tips for Parents
Less than two months until the tax deadline, and if you're putting together all your receipts and forms, there are things parents need to remember. CBS47's Zara Arboleda is On Your Side with what moms and dads need to know before they file. Zara talked …
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Workshop offers tax saving tips for small businesses
Workshop offers tax saving tips for small businesses. Story · Comments. Print: Create a hardcopy of this page; Font Size: Default font size: Larger font size. Posted: Saturday, February 16, 2013 5:00 am. Workshop offers tax saving tips for small …
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ON THE MONEY: Educational expenses for filing taxes in 2012
Tax season is now upon us, and, as both a tax preparer and a tax consultant for a well-known tax software company, I have been involved in a good number of interesting tax scenarios that are often misunderstood by taxpayers. Educational expenses …
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7 Mistakes to Avoid on Your 2012 Tax Return
Eighty percent of taxpayers will hire someone to do the work, or buy tax software, even though 64 percent of taxpayers don't owe anything. There are six definitions of a child; more than a dozen educational credits, and 16 different types of tax …
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It's Trivia Time: Win Free Tax Software During Tax Season
eSmart Tax is Liberty Tax's online tax filing service that provides taxpayers with a convenient, easy-to-use tax filing system. Each code is good for online tax preparation and filing for your 2012 tax return using eSmart Tax's online tax prep software …
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Ten useful tips for filing your tax returns
While filing income tax returns, it is essential to disclose any significant investments made during the year, transactions of immoveable property, cash deposits and credit card expenses aggregating or exceeding certain threshold limits. For example …
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Tax Tips: Need help filing your taxes?
RSVP, as a United Way Agency, offers tax preparation services free to any age person that needs to file a 2012 individual income tax return from students with part-time jobs, to singles, young couples to older individuals. Everyone is welcome …
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Tax tips: With preparation, you can file returns from home
NATCHEZ — As tax season heats up, many folks in the Miss-Lou will look for help filing their returns. But instead of shelling out big bucks for a certified public accountant, do-it-yourself taxpayers can avoid the CPAs if they just follow a few basic …
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Question by mikeleemer2: How difficult is it “really” to do your own taxes using one of those online software programs?
I don’t really feel like paying $ 400 bucks again this year.
Isn’t it essentially just inputting your data from your W-2 form and filling out the sections for your deductions?
They make the software “dummy proof” – don’t they? Or as much as possible since the makers know that those doing their own returns are not tax professionals.
Thoughts?
Best answer:
Answer by Serge M
The software easily handles relatively complex tax returns. It is easy enough to use. All you have to do is answer questions. Of course, you also have to have the right data for answering the questions, but you need that whether you do your own return or have someone else do it for a fat fee.
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Question by sky7th_7: Do any one know how to earn extra money ?
I am a mother and cant go to work and i need some ideas about starting a small buisness or making stuff at home and selling it?
Best answer:
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Trying out 3 home programs to prepare taxes
Its desktop and online programs make doing taxes as simple as such a time-eating task can be. I downloaded the desktop version of TurboTax Premier for $ 89.99. The download took only a few seconds, as did the import of information from our 2011 return.
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Intuit previews Mint Home & Business,TurboTax CPA Select
The new Mint Home & Business (like Mint) will download online banking transactions and provide tools to automate categorization of expenses and income, and to divide a single expenditure between personal and business accounts. Unfortunately, it doesn't …
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Question by coco_puff02: What are all the benefits of purchasing turbo tax?
When you pay the $ 19 or $ 40 price for the software, what services are you getting for your money. Can you use it to file both state and federal taxes. Once you purchase this software will you be charged a fee each time you file–or does it become “free” after the purchase. Can someone please tell me the benifits and disadvantages of this software. Is it a good investment?
Best answer:
Answer by Joey K
I’ve advanced to a tax attorney now, but I highly advocate turbo tax, and get the deluxe version the top version if you can. One year I bought the cheap version and missed something obvious that the deluxe version caught every single time after.
It gives you state and federal, but it can’t give you state immediately because you have to tell it what state you live in first! It’s a great investment, and get the top version, and when you get it in subsequent years, it remembers previous information. It’s really good software.
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Question by gemini74girl: Why are my CC tips taxed and received on my paycheck?
I feel like the tips I recieve from credit cards just disappear by the time taxes come out. Also the tips are placed under a category called “unsettled tips”. Doesn’t that mean that they’re withheld and not added???
Best answer:
Answer by goobar121
tip income is taxable according to IRS regulations and restaurants must comply
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Payroll Tax Software: EzPaycheck 2013 Updated With New Import Feature
Halfpricesoft.com is a provider of easy-to-use and affordable payroll tax software solution for accountants and small to medium size businesses. ezPaycheck 2013, the payroll and check printing software makes small business accounting a breeze with free …
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Intuit's Profit Drops 40% as US Tax Season Delayed
Intuit, the maker of TurboTax do-it-yourself tax software and QuickBooks small-business accounting software, has expanded beyond desktop software into delivering online services. It now offers 50 apps for tasks from tax preparation for households to …
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Money Quick Tips: Six tax do's and don'ts
Whether you're doing your taxes on your own or seeking professional help, here are some of the hottest topics according to the IRS and some tips from tax experts. We'll run down six do's & don'ts: 1. Look at medical deductions. You can only deduct …
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TRACY'S TAX TIPS: HEALTHCARE REFORM AND YOUR TAXES
One more healthcare act tax provision will show up on your 2012 Form W-2 that your employer is required to send to you by the end of January. I'm Tracy Byrnes with the Fox Business Network here with Tracy's Tax Tips. Okay so, in Box 12, you'll see how …
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Small business tips to sail smoothly through tax season
A common question that entrepreneurs ask in Women, Work, and Community's Tax Prep for the Self-Employed workshops is about business expenses. Small business owners want to know what they can count as legitimate business expenses. According to …
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Tax Tips: Wedding expenses not deductible, LTC benefits are
Q: I gave my daughter $ 15,000 for her wedding in 2012. Is part or all of this deductible on my 2012 return? I file a joint return with my wife. Our return shows income employment and a small business. I use Turbo Tax online. — Fred. A: A wedding is …
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Corporate Tax Tips for Small Businesses
Corporate tax day is fast approaching, so NerdWallet asked expert tax advisors for their ideas. What should small business owners know about filing corporate taxes? How can they save money and avoid penalties? How has the Affordable Care Act changed …
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Question by marieantoinette17: What do I need to do to start my own boiled peanut business?
I’ve been trying to think of ways I can earn extra money so I can go to school and selling boiled peanuts on the weekends sounds like my best bet right now. Does anyone know how much it would cost to start up? Do I need a business license to sell them on the side of the road or at a farmers market? I live in jacksonville, Fl..I’m not sure what the laws are but I’m pretty sure you have to have some sort of license.
Best answer:
Answer by Diggity
big pot + water + fire + peanuts = success!
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Paid excess tax? Tips to get a refund
Towards the end of each financial year, most of us are dogged with thoughts about filing investment declaration, filing tax returns and basically keep as much money as possible from being deducted as tax. But once all the formalities are completed, we …
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IRS Tax Tip: Safeguard Your Refund, Choose Direct Deposit
Check the instructions in your tax form for more information about direct deposit and the split refund option. Helpful tips on both are also available in IRS Publication 17, Your Federal Income Tax. Publication 17 and IRS Form 8888 are available on IRS …
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Tax return tips: 5 tips to help you maximize your tax return
WEST PALM BEACH, Fla. – From changes in the way you can file certain deductions to things you could be missing every year, these five tips will help you get the most out of your tax return. "All of this can make differences of thousands on your tax …
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Question by Rob: How much tax do you pay on tips?
I have just started working as a hairdresser in a salon. What percentage of my tips should I save for taxes?
Best answer:
Answer by Robert in Nuuanu
The best way to handle tips is to report them to your employer for inclusion in your W-2. (Your employer cannot refuse to do this.) That way the proper amount of tax is withheld in accordance with your W-4 exemptions for your salary, and Social Security and Medicare tax is also withheld correctly.
It is important for workers with occupations receiving tips to report them so they are properly credited for Social Security and can collect when they retire.
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7 Quick-and-Easy Tax Tips for First-Time Filers
By following these tips and tactics, rookie taxpayers can save time and some of their hard-earned money on their first bat: File using tax software. Let's face it: You don't know or want to know the entire tax code. Tax software makes sure you don't …
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TRACY'S TAX TIPS: FREE FILE
I'm Tracy Byrnes with the FOX Business Network, here with Tracy's Tax Tips. Check out Free File at IRS.gov. It's a free, federal income tax preparation and electronic filing program for eligible taxpayers. And since approximately 70% of all taxpayers …
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Question by Miss Olivia: Best resource for freelancers/small home business owners?
I’m starting to do freelance photography work. The marketing side I can handle, but the business/tax side is a nightmare.
What is the best resource for small business, taxes, etc.? I need something that breaks it down step by step. Seriously broken down. Something simpler than the Dummies books, lol.
Best answer:
Answer by weebler76
I don’t know if they still do, but Quickbooks did have a free bookkeeping software for small businesses with basic bookkeeping needs. They also have some good info on business.
www.sba.gov
There are a lot of freelance websites and online “communities” where you can get info.
GoSmallBiz is a good resource too. You can access info and consultants in all areas of business. Legal, insurance, tax, accounting, marketing, HR, sales, etc. There is a monthly fee for it though. Contact me if you want info on that.
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How to Save on Tax Software
I am a big fan of tax software. I use it to prepare my state and federal tax returns each year. Even if your tax situation is a little complicated, don't let that scare you away from using software. I've had household employees (babysitters for my kids …
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Oracle Debuts Foreign Tax Compliance Software
To help financial institutions prepare for Foreign Account Tax Compliance Act provisions that will begin to go into effect in 2014, Oracle (ORCL) Thursday introduced Oracle Financial Services Foreign Account Tax Compliance Act Management software.
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Bad typing, relying on tax software are just some ways to trip yourself
Mindlessly plugging numbers into tax software or an online tax site might seem like a quick-and-easy way to get your taxes done. But some days that approach can lead to a disaster. Just ask someone who has been audited or an accountant who later …
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