Thursday, March 28, 2013
Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
Question by vahiker_2000: Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
The properties are owned by an LLC and income is reported on 1065. I have been depreciating the property, and have a $ 30,00 gain over the adjusted basis. If this is capital gain, how do I show this on the 1065 and schedule K.. Ihave used turbo tax and they have put this as ordinary gain.
Best answer:
Answer by spicertax
The portion of the gain attributable to depreciation is called Section 1250 gain taxed at a maximum rate of 25%. It could be that all of your gain is Section 1250 gain depending upon depreciation claimed. If not the remaining gain due to appreciation is long term gain taxed at 15%.
What do you think? Answer below!
Tax I have a 10 rental properties, I sold one in 2006. Is the profit I made capital gain?
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Wednesday, March 27, 2013
Lastest Turbotax Business News
Minnesota Officials Advise Taxpayers Not to Use Turbotax, Intuit
Minnesota Officials Advise Taxpayers Not to Use Turbotax, Intuit. Advertisement. Details. Description. Diversified Financial Consultants founder Dominick Tavella on Minnesota officials recommending taxpayers not use certain tax preparation software.
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4 Common Tax Filing Mistakes to Avoid
According to a study by TurboTax, the IRS received 187 million returns and audited 1.7 million in 2010, with only 1% of the majority of individual earners having been audited. (http://blog.turbotax.intuit.com/2012/03/19/audit-misconceptions/). “It's …
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Lastest Turbotax Business News
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turbo tax business edition?
Question by JOJOJO: turbo tax business edition?
is it worth the extra money to buy the business edition if my husband has a small home based business. we have always used the premium one
Best answer:
Answer by Middleclassandnotquiet
Perhaps not-it depends on the business-but the tax program is deductible. You might compare some tax programs online…there are many out these days. Put in some searches “compare turbotax” or “best tax programs”
Give your answer to this question below!
turbo tax business edition?
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Seven Tips for Taxpayers with Foreign Income
Seven Tips for Taxpayers with Foreign Income
The IRS reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax in the same way as …
Read more on Oswego Daily News
Seven Tips for Taxpayers with Foreign Income
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Alabama tax preparers offer tips
Alabama tax preparers offer tips
Get help by going to a professional or just use software, like TurboTax." Last year, the Alabama Department of … The agency reports more than 1.3 million Alabama residents filed their taxes electronically in 2012. For the first time, Alabama …
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Seib & Wessel: What We're Reading Tuesday
The maker of TurboTax software and anti-tax crusader Grover Norquist have been lobbying against federal legislation that would allow taxpayers to receive a tax return that has already been filled out by the IRS (based on its records on what you were …
Read more on Wall Street Journal (blog)
Alabama tax preparers offer tips
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Tuesday, March 26, 2013
Q&A: would it be better to file my own taxes or have someone else do them?
Question by Monica: would it be better to file my own taxes or have someone else do them?
I’m not sure if i should pay someone else to do my taxes or if I should do them myself? I have moved 4 times in this past year and my husband was receiving unemployment for about 7 months. I wouldn’t even now how to file for all that…. Does any one know how or have any advice for me, I could really use it…
Best answer:
Answer by parsnipianna
Go to www.irs.gov, follow links to “free file”, pick “turbo tax”. Its really good, easy and free. Then if you can’t do it even with their help, you can pay somebody But you probably won’t need to.
Know better? Leave your own answer in the comments!
Q&A: would it be better to file my own taxes or have someone else do them?
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Q&A: How do I declare roth IRA contribution for taxes?
Question by Kai: How do I declare roth IRA contribution for taxes?
I contributed $ 5,000 to my roth IRA in 2008. How do I declare this when filing taxes? My company has not provided any 1099 or other document, are they supposed to? I plan to file my taxes using Turbo Tax, how/where should I declare the contribution?
Awesome, thanks for the answers. I knew it wasn’t tax deductible, I just thought I had to declare the contribution as income. Thanks all for the clarification.
Best answer:
Answer by chatsplas
DON’T.
It’s Post-tax dollars.
Why aren’t you contributing to a 401k or traditional IRA? Then you get tax advantages. Can make contribution to IRA up to tad date.
Know better? Leave your own answer in the comments!
Q&A: How do I declare roth IRA contribution for taxes?
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Do you have to pay taxes on commissioned earnings?
Question by sica91x: Do you have to pay taxes on commissioned earnings?
I’m a cam girl and my boss takes a percentage out of each of my payments. Right now, I get to keep up to 70% of what I make. I’m confused about why I have to pay taxes if he takes a percentage out and it’s a business online? I would be filing a 1099 next year, because they have me as an independent contractor. I don’t make that much, I don’t get to keep everything I make, and I’m wondering what is it exactly I’m paying taxes for? I don’t get health benefits or anything.
And our pays go through CCBill.
Could someone help me out and answer my questions? I really don’t understand why I’m having to take 25% out of my paycheck and set it aside for taxes when he’s already taking 30% out of what I make.
I hope you all understand my frustrations.
Thanks. 
Best answer:
Answer by Mathew
What I don’t understand is what the 30% the “boss” is taking out represents. I suspect that is some sort of commission or finders fee. If that is the case you would deduct that amount. But first I would want to know how your income is reported if it is and was the 30% included or excluded.
Really I would have more questions than answers if I would attempt to deal with your problem. I am sure that does not relieve your frustration.
Give your answer to this question below!
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 businessDo you have to pay taxes on commissioned earnings?
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Tax Tips: Changes in your W-2
Tax Tips: Changes in your W-2
Knoxville-area accountants are offering advice through our Tax Tips column, which will appear each Saturday in the Business section until the April income tax filing deadline. This week Knoxville CPAs Shirley J. Harris and Janice B. Smith answer questions.
Read more on Knoxville News Sentinel
6 tax tips for parents
In January, Ottawa paid out more than $ 2 billion in GST tax credits, child tax benefits and universal child care benefits. To ensure you get your share of those and other benefits and tax deductions, we've compiled a rundown of some of the things to …
Read more on CBC.ca
Tax Tips: Changes in your W-2
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Q&A: Is my boss screwing me over?
Question by Alejandra: Is my boss screwing me over?
My supervisor at work states that I am having pay deducted from my base pay from the tips that i make both in cash and credit form, Is this legal for them to be doing? In other words im being double taxed?
Best answer:
Answer by YES MAN
ah
What do you think? Answer below!
Q&A: Is my boss screwing me over?
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Monday, March 25, 2013
Lastest Tax Savings Tips News
Four tips for tipping
Here are four confusion-free, strife-saving tips for tipping: 1. Understand tipping. Educate yourself on why we tip and how American service workers are paid. Tips show gratitude for assistance and a job well done. They are a major source of income for …
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Boomer job seekers: Consider an online portfolio
Click to Play · What you know about the new tax law is probably wrong. From taxation of muni bond interest to rates on the gain from a home sale, taxpayers are confused about the impact of the new tax laws. MarketWatch's Robert Powell talks with three …
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Lastest Tax Savings Tips News
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CCH Provides Last-minute Tips for Taxpayers Still Looking to File
CCH Provides Last-minute Tips for Taxpayers Still Looking to File
RIVERWOODS, Ill., March 19, 2013 /PRNewswire/ — As the April 15 tax filing date draws closer, millions of taxpayers still find themselves somewhere between putting the final touches on their tax return and just starting the process. CCH, a Wolters …
Read more on DigitalJournal.com (press release)
To save or to spend: Tips for managing your tax refund
Every year when I do this, I swear that I'll do a better job of organizing tax records. But, of course, I never do. At this point, I don't know what the outcome will be but I'm hoping for a minimum payment … maybe even a refund. I can always hope …
Read more on Pegasus News
CCH Provides Last-minute Tips for Taxpayers Still Looking to File
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Minn. clears use of TurboTax again after errors
Minn. clears use of TurboTax again after errors
The department says Tuesday that tax software contractor Intuit has fixed errors with TurboTax and other online tax filing programs and that Minnesota taxpayers may start using them again. Earlier this month, the department revealed that problems with …
Read more on KARE
Manatt advertising litigation team twice defeats efforts to enjoin turbotax …
“For the second time in less than two months, the District Court of the Western District of Missouri dealt H&R Block a legal depantsing, refusing to grant injunctive relief preventing Intuit, the maker of TurboTax software, from airing commercials that …
Read more on Lexology (registration)
Minn. clears use of TurboTax again after errors
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Would this be a new tax law to consider?
Question by : Would this be a new tax law to consider?
All members of the Ways and Means committee should they be required to manually do all of their own taxes with out any outside assistance. After all, they write the law, wouldn’t they best know how to follow it with out any assistance.
Best answer:
Answer by the tax lady
I’ve always thought that if the writers of the tax bill had to do their taxes by themselves (by hand or by home computer) and then were penalized an extra $ 5 for every $ 1 they were off, we’d finally see some simplification.
Every tact the tax law takes to raise more money makes the forms that much harder. For example, passive activity losses. Not allowed to take the loss now, so you have to have a form to postpone it. You have to carry forward the data until you can take the loss. Phaseouts. More formulas. And every tax rule has a different phaseout.
Just look at the three poster children.
Geithner. Did his taxes with Turbotax and failed to pay SE tax on income from the IMF.
Daschle. Relied on 1099-Misc forms instead of his own records and missed one month of income as well as failed to realize the “free” limo was taxable income.
Rangel. Claimed he didn’t speak enough Spanish to translate the statements for his rental property in the Dominican Republic, so he left them off his tax return.
Give your answer to this question below!
Would this be a new tax law to consider?
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Reported Cash Tips Offset?
Question by william: Reported Cash Tips Offset?
On my pay stub at the top it says “Earnings and Hours” then under that “Reported Cash Tips” $ 100.00.
Then the Taxes section, and at the bottom it says Adjustments to Net Pay” and under that “Reported Cash Tips (offset)” -100.00.
I am confused as to why my tips were added in at the top then taxed then minus off in full (100%).
Am I just reading this wrong or missing something or are they really taking 100% back?
Best answer:
Answer by card-ron
Your tips were added to your gross pay so that proper taxes could be withheld from those earnings. The tips were then deducted from your gross pay because you already received that money (in cash) and your employer does not pay it to you again. Your net paycheck is then your hourly wage minus tax withholdings.
What do you think? Answer below!
Reported Cash Tips Offset?
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Is is really nasty of me to give a tip to the IRS that?
Question by Sam: Is is really nasty of me to give a tip to the IRS that?
someone isn’t paying their taxes. I really don’t like this man in any event!
Best answer:
Answer by ?
As long as you KNOW it’s true. If you’re lying you can be in serious trouble.
Know better? Leave your own answer in the comments!
Is is really nasty of me to give a tip to the IRS that?
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Q&A: Amending my 2011 taxes?
Question by shelbylovesmelby: Amending my 2011 taxes?
From what I’ve seen thus far I have to file a 1040x… I’ve uploaded the form from the IRS.GOV and the form doesn’t contain what I need to change what do I do then? I need to change capitol gains to an installment income that’s all I need to fix as turbo tax won’t allow me to proceed with this years with out amending last years taxes. I’d hate to sell my soul to a tax prep place just to fix a few lines, as the numbers are correct (which seems to be what 1040x allows you to do is to make mathematical fixes). And I know if I call the IRS they’ll tell me “we don’t know Turbo tax software” what do I do? HELP!
I had a down payment for timber given to me in 2011 I claimed that under capitol gains, however, TT tells me that because the contract was dated for 2011 I can not claim the 2nd and final payment from 2012 under 2012′s because I didn’t do it as installment income. I just need to change it from capitol gains on a schedule D to a installment income somehow. TT wants me to pay for 2011′s edition to continue. I had been on Chat to get help but was disconnected and told via e-mail I needed to make an amendment. I tried to call back and after waiting an hour to talk to someone she couldn’t help me with the edition they assigned me to and tossed me to a menu with no valid options.
Best answer:
Answer by tro
I am a bit confused, how does TT know you need to amend your 2011 tax return?
the program I use imports information from one year to the next for my clients but even as good as it is is it doesn’t know that I need to amend the previous year’s tax return
get a copy of the 1040X from www.irs.gov and enter the changes that you need to make on that form, you can only file it manually, you cannot e file it no matter what program you use
in your case, it might be prudent to actually prepare a dummy return that shows the correct reporting of your income, which you can then transfer to the 1040X where the changes apply
you will need to include the schedules required to show the changes made
Know better? Leave your own answer in the comments!
Q&A: Amending my 2011 taxes?
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Street Preforming/Busking and taxes?
Question by Christian: Street Preforming/Busking and taxes?
Does anyone know if a citizen of the U.S. in Texas would have to pay taxes on anything earned from that day? Cause they are considered “tips”, so would I have to include any profits I make, and where would I include that. I am working part time at a normal job and I am 18.
Best answer:
Answer by Quick Answers
Yes, it’s 100% taxable as self-employment income. Report it on 1040 schedule C-EZ.
Your age, your being a student and these being “tips” do not change anything.
Add your own answer in the comments!
Street Preforming/Busking and taxes?
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Lastest Business Tax Software News
Peoples Income Tax prepares for the future
The business started as a way for the company to train its tax preparers. It then became a side venture, and now it has grown into a national business that provides tax-preparation courses and software to colleges, businesses and individual tax preparers.
Read more on Richmond Times Dispatch
Centenary Frost School of Business launches annual tax program
The Centenary College of Louisiana Frost School of Business has launched its fifth annual tax program, Feb. 1–April 15. Centenary professors Helen B. Sikes, CPA, and Barbara J. Davis, CPA, manage the program, which assists members of the Centenary …
Read more on Shreveport Times
Lastest Business Tax Software News
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Lastest Business Tax Software News
Peoples Income Tax prepares for the future
The business started as a way for the company to train its tax preparers. It then became a side venture, and now it has grown into a national business that provides tax-preparation courses and software to colleges, businesses and individual tax preparers.
Read more on Richmond Times Dispatch
Centenary Frost School of Business launches annual tax program
The Centenary College of Louisiana Frost School of Business has launched its fifth annual tax program, Feb. 1–April 15. Centenary professors Helen B. Sikes, CPA, and Barbara J. Davis, CPA, manage the program, which assists members of the Centenary …
Read more on Shreveport Times
Lastest Business Tax Software News
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Tibetan mother of 4 sets self on fire, report says
Tibetan mother of 4 sets self on fire, report says
Washington Guardian. The Washington Guardian is an online newspaper committed to providing watchdog journalism from the nation's capital aimed at safeguarding everyday Americans' tax dollars, security and freedoms. WPEC :: News – Your Voice.
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Tips To Save Money After Payroll Tax Break Expires
With the social security payroll tax expired, paychecks are diminishing while bills remain the same. NY1's Tara Lynn Wagner has some tips on how to make up for lost cash. This year, you're probably finding yourself having to do more with less. That's …
Read more on NY1
Tibetan mother of 4 sets self on fire, report says
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Sunday, March 24, 2013
can i scan and email my boyfriend his tax return?
Question by Ti Amo!: can i scan and email my boyfriend his tax return?
I have my boyfriend’s tax return and he’s across the country…if I scan it and email it to him and he prints it off can he use that or does it have the be the original copy?
Best answer:
Answer by tro
is he in that much hurry? just put it in the mail and send it to him
Know better? Leave your own answer in the comments!
can i scan and email my boyfriend his tax return?
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Panasonic KV-Series Document Scanner Review
Panasonic KV-Series Document Scanner Review
Since both Bill Kuch and I were looking to reduce our paperwork clutter and organize it electronically, we both raised our hands, and thankfully they sent us each a different model for this joint review. My comments will be in normal black text and …
Read more on The Gadgeteer
Business Briefcase: March 24
Copenhaver is responsible for using various software applications to develop tracking systems, dashboards and other reports geared toward assisting Mountain-Pacific with monitoring performance and meeting contractual mandates. She will use her …
Read more on Helena Independent Record
Lansdale business urges support of online sales tax bill
Kurt Seelig, the third-generation owner of Cardinal Camera, is among the business owners across the country pushing the Marketplace Fairness Act, a federal bill that would require online sellers to collect sales tax from customers when purchases are …
Read more on Montgomery Newspapers
Panasonic KV-Series Document Scanner Review
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Tax Tips for America's Entrepreneurs
Tax Tips for America's Entrepreneurs
Tax Tips for America's Entrepreneurs image david nilssen 1024×682 As “chief cook and bottle washer,” America's small business owner has enough on its plate. Tax time only increases the workload as many frantically pull together their financial records …
Read more on Business 2 Community
Tax tips from the Better Business Bureau
Taxes are due in one month. The Better Business Bureau of Southern Arizona sent out a list of tips to help taxpayers avoid making mistakes when selecting tax preparation help to avoid costly mistakes on their returns. I thought I'd pass them along to you.
Read more on Arizona Daily Star (blog)
Tax Tips for America's Entrepreneurs
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Lastest Turbotax News
TurboTax's Ad Rating the Latest Blow to H&R Block
Politicians love to talk about taxes, but pretty much nobody else does. Except, of course, those tax-happy preparation companies, who will do anything to show you just how easy and fun they'll make the process if you want to bring your shoebox full of …
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Minnesota taxpayers advised against using Turbo Tax to file
ST. PAUL, Minn. — Minnesota taxpayers are advised not to file using Turbo Tax or other products made by Intuit until the company fixes a number of problems, said the state Department of Revenue on Friday. With taxes due in just over a month, Assistant …
Read more on Minnesota Public Radio
Lastest Turbotax News
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how much money do you need to successfully invest in mutual funds?
Question by bg91: how much money do you need to successfully invest in mutual funds?
i know there are mutual funds that dont take much money but are they worth your while? also what brokerage firm would you suggest?
Best answer:
Answer by Holy Moly
I would use Scottrade. Each fund determines it’s minimum investment
What do you think? Answer below!
how much money do you need to successfully invest in mutual funds?
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Free Tax Software Canada: How To Netfile Your Taxes On The Cheap
Free Tax Software Canada: How To Netfile Your Taxes On The Cheap
Netfiling sends your tax information directly to the Canada Revenue Agency, which means it's easier to check for errors and there's no need for waste paper or to send receipts. And the best part: your return is filed faster, which means money in your …
Read more on Huffington Post Canada
Big Data Is Opening Doors, but Maybe Too Many
That's when the federal government started putting tax returns into those giant machines, and consumer credit bureaus began building databases containing the personal financial information of millions of Americans. Many people … Today, many experts …
Read more on New York Times
Free Tax Software Canada: How To Netfile Your Taxes On The Cheap
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Saturday, March 23, 2013
Q&A: Is it too late to claim my exemption?
Question by June Bug: Is it too late to claim my exemption?
This is from my W-2 Form from the only job I worked last year. I live in California. I just did a run through on turbo tax and h&r block. I made 17k last year, and they took about 1300 from SS, medicare, state, and SUI/SDI. However, I paid ZERO in federal. Both software says I owe 1250.
Right when I was about to wrap it up, i see THIS:
Exemption/Allowances:
Federal: 1, Tax Blocked
State: 1
*****Next to it, it states “if you are claiming exemption from Federal Withholding, you are required to file a new W-4 form by Feb 15, 2012″ – But the thing is, the W-2 form is the ONLY form my company mailed me.
Does it mean the 1250 I owe is waived? But at the same time, is it too late to claim it?
Allow me to repost this with all the questions answered:
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. 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.”
The only exemption I claimed on my w4 was line B (single w/ 1 job)
Best answer:
Answer by Bella59
June Bug, How many exeptions (dependents) did you write when first hired on your W-4? Did you maybe need a bigger check ‘now’ (who doesn’t?) BUT when the Piper comes (tax time) you pay).
If not, because that’s the only thing I can think of – since you didn’t copy or save your records I’m sure your emplyoyer or former employer will produce another one for you. Or atleast a legal copy. I filed taxes that way once and they accepted it. You either need to call the IRS and work it out for an extention or payments if you don’t have it OR go to a pro and pay. They will do the right thing legally and help you too.
I am appalled at these numbers! Helping the poor and Middle Class. What a shameful example. Did you word 12 months? Wow, before the taxes you did pay and may never even receive the rewards were certainly ‘high’ enough for your income. Looks like you made about $ 146.00 weekly before the taxes you DID pay! Maybe I’m wrong but that’s what I came up with. Who can live on that? I must be wrong. Someone please help her that really knows what they’re talking about. I’m just winging it here.
Know better? Leave your own answer in the comments!
Q&A: Is it too late to claim my exemption?
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Lastest Turbotax Download News
Sallie Mae Outlines Four Tax Breaks for College Expenses
Sallie Mae customers may log in to SallieMae.com to securely download their Form 1098-E from their online account. The Tuition and … Upromise by Sallie Mae members may earn cash back for college when they use H&R Block or TurboTax to file taxes.
Read more on EON: Enhanced Online News (press release)
Lastest Turbotax Download News
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Court Denies Second Attempt to Pull Intuit's TurboTax Ads
Court Denies Second Attempt to Pull Intuit's TurboTax Ads
SAN DIEGO–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU) responded today to a decision by the U.S. District Court for the Western District of Missouri denying, for the second time, H&R Block's attempt to stop Intuit from continuing to air two television …
Read more on Business Wire (press release)
Court Denies Second Attempt to Pull Intuit's TurboTax Ads
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Lastest Tax Return Tips News
Talking Taxes: Don't fear the tax form: Filing tips
So here are a few tips to help you minimize some of the challenge and stress of filing your tax returns. • Get the numbers right. The most frequent reason for an IRS inquiry, or even a rejection of a tax return, is an error in entering a number. For …
Read more on The Desert Sun
Lastest Tax Return Tips News
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Filing Taxes Online: Your Best Bet for a Fast Refund
Filing Taxes Online: Your Best Bet for a Fast Refund
But a big portion of the increase in filing taxes online has come from the many benefits that electronic filing has compared to using a paper return. First of all, when it comes to tax preparation, whether you use professional tax software or the IRS …
Read more on Motley Fool
TurboTax OK to use for MN taxes, state says
Intuit said its online products were automatically updated with the fixes, while desktop users will be prompted to update their software. “Intuit is continuing to work closely with the Minnesota State Department of Revenue to fully resolve any …
Read more on Minneapolis / St. Paul Business Journal
Filing Taxes Online: Your Best Bet for a Fast Refund
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Help with "Where's my refund" tracking...?
Question by AliciaVR6: Help with “Where’s my refund” tracking…?
I filed my taxes with TurboTax Deluxe on the 22nd… (they were accepted on the 22nd as well). I filed as head of household with a refund of $ 3533 (I had a baby last year). I filed my boyfriend’s taxes on the 25th in the same way (single). When I go to TurboTax “wheres my refund” page, mine says I must be entering incorrect information, but I am not. His status comes up fine! Anybody having a similar problem?
I tried clearing my cache & cookies. I also tried calling, no information. TurboTax says everything is accepted, yada yada so they cannot help. Ugh.
Called and spoke to a rep at IRS and they were able to find it and let me know the status! Thanks all.
Best answer:
Answer by Kute_N_Pretti
Yes…people say its because u are checking the status too much…i have had this problem…still having the problem…but if u call them…it will give u an accurate status…one time i called and it said i was entering my ssn wrong…i had 2 call back 3 times…it finally came up! LOL~….we’re 2 anxious!
Give your answer to this question below!
Help with "Where's my refund" tracking...?
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TIPPED EMPLOYEES...can my manager do this?
Question by Ciera: TIPPED EMPLOYEES…can my manager do this?
So I wait tables. My hourly wage is about $ 3.60, before the shift is over we get “cashed out” which means we receive our credit card tips and also trade our singles in for bigger bills.
I have been employed for this company for 7 years (TOO LONG!!) and i have never ran into this problem before but i DO NOT claim %100 of my cash tips. I claim probably %60-%70.
Well my last shift i worked my manager literally STOOD over my shoulder while i was claiming my tips on the computer while clocking out. and says “you need to claim all of your tips”
i said “i claim most of them” … so my question is…
Is it any of his business how much money i claim? it really isnt hurting my employer unless i do not claim enough to make minimum wage…am i right? because with what i claim i usually make about $ 9-10/hr
for some reason i just feel like hes invading my privacy or something..?
Best answer:
Answer by emucompboy
Are you a tax cheat?
Add your own answer in the comments!
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 businessTIPPED EMPLOYEES...can my manager do this?
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Intuit's TurboTax: File From the Bath but Not the Shower
Intuit's TurboTax: File From the Bath but Not the Shower
Over the next few weeks countless Americans will march, as they have for years, to their local Best Buy (BBY), Costco (COST), or Target (TGT) to purchase the latest version of TurboTax. They will then go home and began their miserable, annual ritual of …
Read more on Businessweek
H&R Block Losing Ad Battle Against TurboTax
Perhaps that's right Sheryl — just days after losing a — a false advertising lawsuit against Turbotax HR block appears to be losing an advertising battle against the company as well. Ace Metrix — provides television and video analytics is revealing …
Read more on Fox Business
TurboTax Bug May Delay Returns for Minnesota Residents
Minnesota taxpayers may be receiving their returns a bit late this year if they used TurboTax or other tax filing software from Intuit. The state's Department of Revenue announced last week that Intuit discovered issues with its popular programs …
Read more on Fox Business
Intuit's TurboTax: File From the Bath but Not the Shower
Want to buy TurboTax? Check out http://turbotax2012download.net
TurboTax Offers Last Minute Tax Tips to Save Time and Money
TurboTax Offers Last Minute Tax Tips to Save Time and Money
Go online: Taxpayers can avoid long lines and the hassle of making an appointment by going online to prepare their tax return. TurboTax offers the convenience of filing anytime, anywhere and can save taxpayers an average of $ 100 or more over the …
Read more on MarketWatch (press release)
TurboTax Offers Last Minute Tax Tips to Save Time and Money
Want to buy TurboTax? Check out http://turbotax2012download.net
Smart Tax Tips For Job Hunters
Smart Tax Tips For Job Hunters
This is a particularly good time to review the tax implications of unemployment. Bill Rucci, CPA and partner in the 40-person firm Rucci, Bardaro & Falzone, PC in Malden, Mass., offered important information and guidelines: 1. Get a handle on your …
Read more on U.S. News & World Report (blog)
Smart Tax Tips For Job Hunters
Want to buy TurboTax? Check out http://turbotax2012download.net
Smart Tax Tips For Job Hunters
Smart Tax Tips For Job Hunters
This is a particularly good time to review the tax implications of unemployment. Bill Rucci, CPA and partner in the 40-person firm Rucci, Bardaro & Falzone, PC in Malden, Mass., offered important information and guidelines: 1. Get a handle on your …
Read more on U.S. News & World Report (blog)
Smart Tax Tips For Job Hunters
Want to buy TurboTax? Check out http://turbotax2012download.net
What process follows after the IRS is notified they should audit someone?
Question by seamstress: What process follows after the IRS is notified they should audit someone?
The details are long, but the bottom line is we have a neighbor who is harassing the ever living daylights out of our family. This guy just does not quit. He is a self proclaimed millionaire and has bragged about how clever his hate campaigns are against his enemies that he has even driven people to commit suicide after ruining their lives. Really, he said that to me tonight. Is it true? I do not know. I do know that he is a bully and has harassed our other two neighbors so badly that they moved. Now we are his fixation and obsession in his quest to conquer. Fact of the matter is this bully is an insecure and immature coward.
At any rate, he has us in and out of court for the sole purpose to deplete our finances with lawyer fees. Now he is threatening to call the IRS to have us investigated, tax wise. This does not worry me at all because all of our tax info is in complete order. However, I have no idea how to prepare or defend myself against his threats.
My question is, how does the IRS go about following a lead after someone “tips” them off?? How long after an inquiry/complaint does the IRS follow through with such requests and do they take them all seriously? I would imagine the IRS gets hundreds of these calls a day. How do they handle such matters? I am just trying to prepare myself so I know what to expect when this idiot neighbor follows through with his threat.
And, no, I have no skeletons worth killing myself over, for sure. I live in the USA
Oh, I forgot to mention. In addition to threatening me….. My son is restoring a truck. Although this neighbor knows this is a personal project, he said he was going to tell the IRS and the Dept of Revenue Services that my son is running an illegal chop shop business. How does the IRS handle that type of call?
It is waterfront property the family has owned since 1944. We are NOT moving. Karma is a powerful thing. We are hoping he gets stuck on the train tracks in his truck.
Best answer:
Answer by Obamavenger
His tip is likely to be ignored.
Add your own answer in the comments!
If you are looking for the cheapest prices on turbotax 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 businessWhat process follows after the IRS is notified they should audit someone?
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Friday, March 22, 2013
how do I deselect the Turbo Tax Deluxe charge of $29.95?
Question by Raska: how do I deselect the Turbo Tax Deluxe charge of .95?
It’s supposed 2 be free and there is no state tax charge (Florida)
Only thing it shows is a link with “Enter pre-paid code” other than the “Continue” button that asks how I’d like to be charged for the $ 29.95
Is this possible or is there no escaping the “Free” charge of Turbo Tax @ $ 29.95?
Best answer:
Answer by Gaytheist Buddha
The charge is for completing your state taxes and the state filing fee.
FREE only applies to your federal return and e-file fee.
Give your answer to this question below!
how do I deselect the Turbo Tax Deluxe charge of $29.95?
Want to buy TurboTax? Check out http://turbotax2012download.net
Tax software glitch delays 660000 refunds
Tax software glitch delays 660000 refunds
14 and Feb. 22 this year are affected. Because of mistakes in Form 8863, used to claim education tax credits, the returns require additional IRS review. The IRS says that it is "working aggressively" with the involved software companies to address the …
Read more on CBS News
Startupland: Ireland Climbing out of Recession One Chip at a Time
The meltdown in the economy forces hundreds of thousands onto the unemployment rolls just as government costs are going up, tax receipts are going down, and the bank debt is slowly getting digested. To keep the books in closer …. Business software …
Read more on PBS NewsHour (blog)
Tax software glitch delays 660000 refunds
Want to buy TurboTax? Check out http://turbotax2012download.net
Has anyone used the "free session" of Turbo Tax, it's on Yahoo's homepage, If your filing the ez form???
Question by quick_sand: Has anyone used the “free session” of Turbo Tax, it’s on Yahoo’s homepage, If your filing the ez form???
How safe is that?????????
Especially typing in your social security number. When you see a “secure connection” with the little padlock on the bottom, is it really secure??? Would love to see if anyone else has used that or is just as concerned as I am….They say if it’s too good to be true, then it usually is….and “Free”, that’s what would make most of us want to use it, so “is” it safe……….
Best answer:
Answer by emanon
I used the Intuit Tax Freedom Project at..
http://turbotax.intuit.com/taxfreedom/
They offer free FEDERAL filing if..
You earned
$ 30,000 AGI
or less
(Adjusted Gross Income)
OR
You qualify for the
Earned Income
Credit
(with AGI up to $ 39,783)
OR
You served in 2007 as
Active Duty
Military
($ 54,000 AGI or less)
Plus Free STATE filing if:
You qualify for a FREE Federal return and are filing in one of the following Free File Alliance states:
AL, AR, AZ, GA, ID, IA, KY, MA, MI, MN, MO, MS, NY, ND, NC, OK,
OR, RI, SC, VT, WV
If your state does not sponsor a Free File Alliance, you can still prepare and file a state return within the Freedom Edition for only $ 9.95!*
*Credit card required.
I have used this in the past also and felt safe
Know better? Leave your own answer in the comments!
Has anyone used the "free session" of Turbo Tax, it's on Yahoo's homepage, If your filing the ez form???
Want to buy TurboTax? Check out http://turbotax2012download.net
I want to buy a house but my income looks a lot smaller than it actually is. How do I solve this problem?
Question by summer07: I want to buy a house but my income looks a lot smaller than it actually is. How do I solve this problem?
Ok yesterday I wrote a few questions on here about whether I was qualified enough to get approved for a mortgage. Most people claimed that my income of $ 32K/yr was too low, despite having great credit and longevity at my current job. Here’s the thing though: WHAT I ACTUALLY MAKE DIFFERS FROM WHAT IT APPEARS THAT I MAKE. I actually make closer to $ 46K…but $ 14K of that money is in tips, since one of my two jobs is waitressing. The only money that is definite/”guaranteed” is the $ 2.83/hr that I make, and most of the tips I make never seem to get reported(at my work, we don’t claim our tips at the end of each shift…the managers do this for us and what they claim is always less than what I seem to actually make). I am wondering if this is going to hinder me with a mortgage, since there’s a big difference in what someone making $ 32K/yr vs. $ 46K/yr can afford.
What should I do? If I report the extra tips myself, that will not look “reliable” because it wouldn’t show up on paystubs.
So what should I do? Is $ 32K/yr income really “too small” to get a $ 150K house? In reality I actually make more than $ 32K and therefore can also pay more than one would expect for a person making $ 32K/yr. Will this income disparity/lack of proof hurt me when applying for a mortgage? Is there a way that I can fix this, or does it not matter since my tips are not “verifable”(i.e., not reported on my paystubs by management)?
What is the best thing to do so that I can get a $ 150K house in 1-2yrs??? And please don’t say “just save up a large down payment” because I’m already working on doing that…I hate being told obvious info I already know.
ILoveKey: It’s not up to me to report my tips…our managers do it for us, and the amount of supposed “tips” appears on our monthly paystubs. (I suspect they’re only reporting the credit card tips, since that’s the only thing they have proof of). I have no idea how I would be able to go about reporting additional tips. At other restaurants where I worked, it was OUR responsibility to input our claimed tips amount into the computer at the end of each shift, but not at this place. So please do not put the blame on me when obviously it is not my doing.
Best answer:
Answer by A P
checkout this question i answered it might help you in one way or the other…..
http://answers.yahoo.com/question/index;_ylt=AkR_gE_cPeRsM8EAQve0aWCTxQt.;_ylv=3?qid=20080415085115AADsoWr
What do you think? Answer below!
I want to buy a house but my income looks a lot smaller than it actually is. How do I solve this problem?
Want to buy TurboTax? Check out http://turbotax2012download.net
Which "free" website is the best to use. I used to use TAXACT, but unhappy with them now.?
Question by Nick: Which “free” website is the best to use. I used to use TAXACT, but unhappy with them now.?
I my adj income is less than $ 54000
Best answer:
Answer by moira77
I would use turbotax, its free for you since your income fits the guidelines, plus some state returns are also free. I find their software very easy to use.
http://turbotax.intuit.com/
Give your answer to this question below!
Which "free" website is the best to use. I used to use TAXACT, but unhappy with them now.?
Want to buy TurboTax? Check out http://turbotax2012download.net
How do I amend my 2007 Income Tax return (Form 1040X?
Question by : How do I amend my 2007 Income Tax return (Form 1040X?
I have a problem and let’s just say that am quite out of knowledge on how to go about filling in Form 1040X from the IRS website. I need assistance here because I am so desperate like right about now.
Well, I failed to disclose my full income and federal/state/local taxes withheld for 2007. It was my very first time to file taxes and so, coming to know of the very many cases in which tax preparers trick unsuspecting tax payers out there in trying to defraud the IRS by putting in unwarranted deductions to get bigger refunds, I decided to file my taxes online by myself (I used “Intuit/Turbotax” because it’s easy to follow their instructions on filing).
Anyway, I thought that a person could file returns on every W-2 that is received from the employer and that was the grievous mistake I made. I ended up filing only once (as is the lawful case) but with only one employer in lieu of 4. Now am required by the IRS to fill in Form 1040X and it’s so confusing, I’d rather do statistics at MIT! I don’t even have a ‘hard copy’ of my 2007 return since I did it electronically and TurboTax only shows a summary of my AGI, taxes withheld and overpayment (refund) or underpayment (tax liability).
Going to Jackson Hewitt is like $ 300 (for what?) and HRBlock isn’t that cost-friendly either so I need assistance from a person who’s done an amendment before to hastily come to my aid or else the IRS will start to “breathe down my neck” and who wants that for the love of life?
Help!
- Andrew -
Best answer:
Answer by Jss
You can download Form 1040X from www.irs.gov. It can not be efiled. You must send paper return.
Read http://taxipay.blogspot.com/2008/04/list-of-articles.html
Give your answer to this question below!
How do I amend my 2007 Income Tax return (Form 1040X?
Want to buy TurboTax? Check out http://turbotax2012download.net
Kim Komando: Don't lose a PC bargain with add-ons
Kim Komando: Don't lose a PC bargain with add-ons
If you want some help, choose “Pick a Free File Company” to fill it out on sites like TurboTax, H&R Block and more. These sites will try to upgrade you to non-free versions, but you shouldn't have to bother. If you want to file your state for free …
Read more on The News Journal
Kim Komando: Don't lose a PC bargain with add-ons
Want to buy TurboTax? Check out http://turbotax2012download.net
What tax program should we use?
Question by Potterhead: What tax program should we use?
My husband is a company truck-driver. We have a lot of saved receipts and deductions to worry about. Which tax program can I use to easily itemize my deductions? This is our first year.
Best answer:
Answer by -
TurboTax works good. I’m unsure if he needs regular TurboTax or “Home and Business” version. I guess it would depend on whether or not he’s a 1099 or a W2 employee.
Add your own answer in the comments!
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 businessWhat tax program should we use?
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Lastest Professional Tax Software News
H&R Block software glitch could delay 600000 income tax refunds
While no nationwide problems have affected other tax preparation offices or professional tax software used by accountants and CPAs, problems have been reported for Minnesota taxpayers who use Intuit's consumer and professional line, which includes …
Read more on CPA Practice Advisor
Lastest Professional Tax Software News
Want to buy TurboTax? Check out http://turbotax2012download.net
Q&A: W-2 Question....?
Question by peanutstarshine: W-2 Question….?
Hi.
I like to get our taxes filed early, and so last night I started our taxes, and I noticed that my husbands W-2 seems odd to me.
His Wages and Tips box lists one amount, and then his Social Security Wages and Medicare wages list an amount $ 1000 more than the first box. He works as a Teachers Assistant in NC Public Schools.
Any idea why this would be like that?? Is there a reason or is it an error???
Any help would be super!! Thanks!
Best answer:
Answer by just me
He has to pay social security and medicare on some of his income that was tax exempt. Did he pay into a retirement, IRA or some other type of plan that would be paid with pretax money?
Add your own answer in the comments!
Q&A: W-2 Question....?
Want to buy TurboTax? Check out http://turbotax2012download.net
Q&A: W-2 Question....?
Question by peanutstarshine: W-2 Question….?
Hi.
I like to get our taxes filed early, and so last night I started our taxes, and I noticed that my husbands W-2 seems odd to me.
His Wages and Tips box lists one amount, and then his Social Security Wages and Medicare wages list an amount $ 1000 more than the first box. He works as a Teachers Assistant in NC Public Schools.
Any idea why this would be like that?? Is there a reason or is it an error???
Any help would be super!! Thanks!
Best answer:
Answer by just me
He has to pay social security and medicare on some of his income that was tax exempt. Did he pay into a retirement, IRA or some other type of plan that would be paid with pretax money?
Add your own answer in the comments!
If you are looking for the cheapest prices on 2012 turbotax 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 businessQ&A: W-2 Question....?
Want to buy TurboTax? Check out http://turbotax2012download.net
Thursday, March 21, 2013
Low and moderate-income taxpayers qualify for free tax software
Low and moderate-income taxpayers qualify for free tax software
"As April 15 approaches, low and moderate income taxpayers should be aware that free tax software is available online from the IRS. Preparing your income taxes is never the simplest of tasks, but this free software will help to make the process easier …
Read more on Norwalk Citizen
Many in Mass. stick with paper tax returns to avoid fees
The electronic filing fees, charged by the makers of TurboTax and other tax software, are creating a stubborn roadblock in states' efforts to move the income tax filing system entirely online and save millions of dollars in processing costs. The …
Read more on Bostonglobe
Low and moderate-income taxpayers qualify for free tax software
Want to buy TurboTax? Check out http://turbotax2012download.net
Wednesday, March 20, 2013
Geek deals: $100 Dell's new UltraSharp U2413 IPS monitor, Turbo Tax sale, more
Geek deals: 0 Dell's new UltraSharp U2413 IPS monitor, Turbo Tax sale, more
… get's Dell's premium panel guarantee, which ensures replacement of the panel should any bright pixels develop. Despite being a brand new model, we already found it with a hefty $ 100 discount that brings the price down to just $ 499.99 with free …
Read more on Geek
Tuesday: Our 'Ask Me Anything' on taxes
“Ask Me Anything Live” is one hour of free guidance for you, our readers, offered by a local expert. First up — online to answer your tax questions from 11 a.m. to noon Tuesday — is Hank … 2) What are circumstances under which you've seen DIY …
Read more on Berkeleyside
Geek deals: $100 Dell's new UltraSharp U2413 IPS monitor, Turbo Tax sale, more
Want to buy TurboTax? Check out http://turbotax2012download.net
Lastest Tax Deductions Tips News
Tax Tip: Deducting Medical Expenses
Travel to and from doctors, dentists, hospitals, clinics, therapists, etc. to receive medical care (see Tax Tip: Deducting Medical Travel). Health insurance premiums, whether you pay the premium directly or it is deducted from your payroll or pension …
Read more on MainStreet
Lastest Tax Deductions Tips News
Want to buy TurboTax? Check out http://turbotax2012download.net
Help!!! In trouble own 100 shares of ITMN stock @ 48.58 a share.What can I do to recover some loss?
Question by angel_1_2005: Help!!! In trouble own 100 shares of ITMN stock @ 48.58 a share.What can I do to recover some loss?
Please no critical answers. Just smart stock advice.
Best answer:
Answer by Spock (rhp)
rule number 1. ALWAYS cut your losses at the stop point you chose before you entered the trade.
rule number 2. ALWAYS choose the stop [exit] point before you enter the trade.
***
losses have a way of piling up faster than gains.
And, NO. there is no way to reduce a loss after it has already happened. What you do is cut the loss short and then go back to making intelligent trades that fit into your trading plan — and you let the plan carry you back to victory.
Give your answer to this question below!
Help!!! In trouble own 100 shares of ITMN stock @ 48.58 a share.What can I do to recover some loss?
Want to buy TurboTax? Check out http://turbotax2012download.net
Lastest Tax Savings Tips News
Inside the 22 March edition
As the Weekly went to press, the bailout plan to tax savings was rejected resoundingly by Cyprus's parliament, and it was not clear if, how or in what form it would progress. What is certain, however, is that the situation represents uncharted …
Read more on The Guardian (blog)
Lastest Tax Savings Tips News
Want to buy TurboTax? Check out http://turbotax2012download.net
Lastest Turbo Tax News
Used Turbo Tax To File? You May Have To Do It Again
MINNEAPOLIS (WCCO) — Just when you thought you were done with those tax returns, you may have to start over. The company that makes tax software like turbo tax says it messed up. The problem was reported last Friday. Experts say the total number of …
Read more on CBS Local
Lastest Turbo Tax News
Want to buy TurboTax? Check out http://turbotax2012download.net
Need help figuring out how to get my tax refund?
Question by alle: Need help figuring out how to get my tax refund?
Ok. I worked as a waitress in 2009 for a company called Something I wont mention so i’m not sued. I know how much I made and how much was being taken out for taxes. (19% eeekk??) They wound up having some guy embezzling from them and using my name incorrectly on pay checks to set up something called a ghost employee. I need to know how to get my money? I have no Idea where to go from here, and I could really use some help. I’m moving soon, so I’m going to need that money.
Just so nothing is misunderstood, they were and still are a great restaurant. They just had a crappy tax/ accountant guy.
Best answer:
Answer by Quick Answers
Find an enrolled agent and get them involved.
If your W-2 is including phantom income, you will need to file by mail, use form 4852, attach copies of your paystubs AND your bank statements where you deposited the income…as you will need to create a papertrail that shows your income, not this “ghost” employee’s income.
And, get used to the idea that it will be 6 months after you file before you see any refund.
Add your own answer in the comments!
Need help figuring out how to get my tax refund?
Want to buy TurboTax? Check out http://turbotax2012download.net
Tax Tips for Small Businesses
Tax Tips for Small Businesses
The National Small Business Association reports that small-business owners are spending more time and money than ever on tax preparation and yet they often miss easy ways to save money. The American Institute of CPAs offers a few tips to owners that …
Read more on NuWire Investor
Tax Tips for Small Businesses
Want to buy TurboTax? Check out http://turbotax2012download.net
Q&A: Why is it when you order from certain resturants for delivery they charge your card an extra dollar?
Question by brownsugar: Why is it when you order from certain resturants for delivery they charge your card an extra dollar?
saying it’s processing fee. Someone else did this before however I was buying some accessories of a stand. Where do they get the right to do this, and will they ever stop. certain restaurant do it some dont.
Best answer:
Answer by dt589
Its called service/delivery charge. Its optional so some restaurants don’t have it. Its like shipping and handling.
Add your own answer in the comments!
Q&A: Why is it when you order from certain resturants for delivery they charge your card an extra dollar?
Want to buy TurboTax? Check out http://turbotax2012download.net
H&R Block At Home and TaxSlayer battle in online tax-prep face-off
H&R Block At Home and TaxSlayer battle in online tax-prep face-off
And if, like Chris, you use FreeFile, the IRS' useful portal to free tax-prep software, you won't pay anything to prepare and file your federal taxes. FreeFile is available to households with 2012 adjusted gross income of $ 57,000 or less. Your state …
Read more on ConsumerReports.org (blog)
Schneiderman warns of tax preparation scams
Consumers whose income is $ 57,000 or less may qualify for FreeFile and can use free tax preparation and free e-filing software. Information on free e-filing is available at: www.tax.ny.gov/pit/efile/freefile.htm. Attorney General Eric Schneiderman …
Read more on Rochester Democrat and Chronicle (blog)
H&R Block At Home and TaxSlayer battle in online tax-prep face-off
Want to buy TurboTax? Check out http://turbotax2012download.net
Lastest Review Tax Software News
SOFTWARE GLITCH TO DELAY SOME TAX REFUNDS
Tax refunds for about 660,000 taxpayers claiming an education credit will be delayed, the Internal Revenue Service said Wednesday, citing a software glitch at some tax-preparation companies. Refunds may be delayed four to six weeks from mid-February …
Read more on U-T San Diego
Software glitch delays 660000 tax refunds
H&R Block, the tax preparing giant, says that some of its customers were affected but the company has resolved the problem. A limited number of other software companies have also had problems, but IRS spokeswoman Michelle Eldridge declined to name …
Read more on The-review
Lastest Review Tax Software News
Want to buy TurboTax? Check out http://turbotax2012download.net
Tuesday, March 19, 2013
what is an i-bond?
Question by los ollie: what is an i-bond?
and could someone explain how to use it!
Best answer:
Answer by Marty K
I don’t know, but I’ve heard they could be not a bad investment.
Give your answer to this question below!
what is an i-bond?
Want to buy TurboTax? Check out http://turbotax2012download.net
I'll be getting paid more than $100,000 this year from a W-9 employer. What do I do for taxes?
Question by slinkey505: I’ll be getting paid more than 0,000 this year from a W-9 employer. What do I do for taxes?
I’m an independent contractor for a technology company and I’m wondering what I need to do for taxes. My employer doesn’t take out anything, and all I’ve done is submit a w-9 to them. How much should I be setting aside for tax purposes? Also, what tax software would be the best for a situation like this?
Thanks!
Best answer:
Answer by acmeraven
Since you waited until this late in the tax year you should do two things; go to IRS.GOV and download or order a free PUB 17 and Sch C plus instructions to read, then contact a licensed & registered tax preparer for a lesson in “how to”. Tax software without the knowledge necessary in the fields of accounting and taxation is just a recipe for disaster if you examine the situation? I have done taxes for 40 years now on top of three college degrees and I simply love the do it yourselfers who buy a tax program; it enables me to buy the wife her new Cadillac every year and do other fun things. I try to urge people who do not know how to cook to not even attempt to bake a cake in order to avoid headaches beyond belief.
Add your own answer in the comments!
I'll be getting paid more than $100,000 this year from a W-9 employer. What do I do for taxes?
Want to buy TurboTax? Check out http://turbotax2012download.net
What are allocated tips? Are they bad?
Question by sportman16977: What are allocated tips? Are they bad?
Best answer:
Answer by Edward G
No, they are not bad. They are one way to determine how much Federal income tax you owe on the tips you receive.
This is explained as follows at the link, below:
“All tips you receive are taxable and must be reported on your tax return. Certain employers must allocate tips if the percentage of tips reported by employees falls below a required minimum percentage of gross sales. To “allocate tips” means to assign an additional amount as tips to each employee for tax purposes whose reported tips are below the required percentage. These allocated tips will be shown in Box 8 of your Form W-2.”
Know better? Leave your own answer in the comments!
What are allocated tips? Are they bad?
Want to buy TurboTax? Check out http://turbotax2012download.net
Filing my income taxes online?
Question by Ashley: Filing my income taxes online?
So, this year I’m thinking abt going through Efile to do my taxes…Is that a good idea, bad idea or a legit way? A few people at work said “why pay sum one when you can do it for free with Efile and Turbo tax?”… Should I or should’nt I?
Best answer:
Answer by smak118
Try some online Tax software like “TAXACT Online” to see if you can do it yourself. You don’t have to pay until when you are ready to eFile or print. I did eFile for last few years. It is legit and the government will email you a confirmation once they accepted. In case of refund, the money is transfer to your account very fast.
If your income tax is complicated, I suggest you use Turbo Tax or use a Tax preparer.
Give your answer to this question below!
Filing my income taxes online?
Want to buy TurboTax? Check out http://turbotax2012download.net
Tuesday Tax Tips 3/19/13 @ 5pm
Tuesday Tax Tips 3/19/13 @ 5pm
Per IRS the average tax refund is nearly $ 3000.00. Will you spend yours on a big screen TV or a Vacation to Florida? We certainly hope you don't spend it all in one place. There are fun and responsible things you can do with your tax refund this year.
Read more on MyWabashValley
Tuesday Tax Tips 3/19/13 @ 5pm
Want to buy TurboTax? Check out http://turbotax2012download.net
Tax Tips for Gifts to Charity
Tax Tips for Gifts to Charity
Tax deductions usually aren't the driving force behind giving money to charity, but if Uncle Sam's offering a tax write-off, you might as well take advantage of it. Your generosity alone isn't enough to reap the maximum tax benefits for your donations …
Read more on Opposing Views
Self-employed can save with 9 tax tips
The trick is not to see the tax code as bureaucracy meant to confound you but a tool to give your home-grown business a leg up. You can deduct a host of expenses if you keep good records and know what to look for. TAX TIPS: Get the latest tax news and …
Read more on USA TODAY
Tax Tips for Your 2012 Return
The new law also revived the state and local sales-tax deduction for 2012 and 2013. The provision gives you the option of deducting state income taxes or state and local sales taxes. That's an easy choice for taxpayers in the nine states with no income …
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Tax Tips for Gifts to Charity
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I'm a waiter at a restaurant-- how does tip declaration affect my paychecks?
Question by Sam D: I’m a waiter at a restaurant– how does tip declaration affect my paychecks?
I’m currently employed as a server at a chain restaurant. At the end of the night, the computer system prompts me to declare my tips, which I do. When my paychecks come, however, there is a huge sum taken out of my paycheck because of these declared tips.
My gross pay is $ 1500 typically but my net pay is less than $ 400. Of the deductions, $ 150 goes to federal taxes, $ 100 to social security, $ 20 to medicare, and nearly $ 900 for “declared tips”!! My manager has told me this is normal, but it sounds absurdly high. There is no way I declare more than $ 1800 in two weeks in tips, so they automatically take away more than 50% of what I make in tips?
How does that work?!
Best answer:
Answer by Tim
Because you work at a chian, there are many factors that affect you.
The IRS requires employers to calculate your credit card tips and use that same percentage towards your cash tips. The cash and credit card tips are added together for your total tips.
The big chains also use POS terminals that tracj your sales and the credit card tips, so you can’t fudge the numbers.
The tips are then added to your paycheck to calculate the taxes. After the taxes are deducted, the tip amount is then deducted back out of your check. (you already received the tips).
It is kind of confusing, but it sounds right.
Add your own answer in the comments!
I'm a waiter at a restaurant-- how does tip declaration affect my paychecks?
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has anyone else had an absolutely HORRIBLE experience with H&R Block premium online service?
Question by applez.tafee: has anyone else had an absolutely HORRIBLE experience with H&R Block premium online service?
I am amazed at the mistakes the program made with my tax return. The mistakes didn’t cost me money, by finding them I will get a larger return, but it made me realize how awful the program is. Then the customer service is as bad or worse. Some of the employees try to help as best as they can, but most of them don’t have a clue. I talked to a supervisor who told me that I was refunded 19.95 for the program that I paid for, however I didn’t pay 19.95 for anything. He was obviously lying, but why? I highly recommend NOT using HRBLOCK premium online service. Unless you did your taxes yourself and you can check the program to confirm that it did everything correctly, which rather defeats the purpose.
I just wanted to add that I paid 30 for the premium service, then an extra 20 to have the money taken from my return rather than to give H&R my cc info. So the supervisor who said i was refunded a penny flat out lied, i never paid other than having them take it out of the refund itself.
One other thing I want to add, is that I am POSITIVE that I added all of my children and the first customer service rep. that I spoke to saw the strange error that I was reporting, even she said that she had never seen anything like it. It was the software or program, not me. As far as I was aware there was no problem until I reviewed my pdf file. So you could complete your tax return and believe all is well, only to find out after you file it that there is an error–because the program didn’t calculate something that it should have. You can see your info has been entered, its there, but the program simply disregards it. You just won’t know it.
Best answer:
Answer by hirebookkeeper
Program is only as good as the data entry. If your return is correct now, chalk it up to experience and next year buy your software and do it yourself. I use Turbo Tax since 1999 and never had any problems.
What do you think? Answer 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 businesshas anyone else had an absolutely HORRIBLE experience with H&R Block premium online service?
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reporting someone for tax fraud?
Question by Ghosts_Of_Islamorada: reporting someone for tax fraud?
1-i know someone who is not reporting income from a business
that they operate “on the side” -
which is done outside their normal work,
so if i send a letter to the irs reporting that person for tax fraud/tax evasion,
how long will it take the irs to start investigating my claim of tax evasion/tax fraud?
2-what will the investigation procedure be? will they call the person i am reporting?
will they send them a letter? will they visit the person’s home?
3-i did not have the person’s social security number so i think
i could give some addresses and a phone number that might help
them track the person along with the person’s name and the alleged activity
that is associated with the tax fraud.
4-what happens to this person if the irs finds that this person
owes the irs money? how much trouble will they get into?
i’ve recieved answers that are really not answers, but just opinions like:
You “think” you know. What is your EVIDENCE?
If you don’t have evidence, the IRS will not act on your report.
Your hunches don’t qualify as evidence.
[my answer to that is the irs is asking for "tips" on alleged fraud, not evidence]
Do yourself a big favor. Forget about it.
This is not something the IRS really like to hear.
[my answer to that is the IRS does want to hear about it cause they have a special address in fresno that deals specifically with these types of complaints, if you don't believe me go to http://www.irs.gov and click on "contact"]
Get on with your life. What goes around comes around.
This is meant as a help.
[my answer is i do not want to get on with my life]
Why would you want to try and do this without concrete proof did this person provide services to you you were unsatisfied with.
Just curious cause sometimes it is better to just leave things alone.
Probably after his drive time and gas and supplies he or she doesnt make very much.
[still, this is not an answer, it's an opinion]
also ‘answers like
“You are either on a personal vendetta against this person or you are trying to get some brownie points with the IRS.Which is it?”
[this is not an answer either, it's just an opinion, please, no opinions, just answers]
i am grateful that these folks took time out for my questions but i want real answers,not opinions
Best answer:
Answer by James
You are either on a personal vendetta against this person or you are trying to get some brownie points with the IRS.Which is it?
Give your answer to this question below!
reporting someone for tax fraud?
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Monday, March 18, 2013
Q&A: Washington, DC Taxes?
Question by Heather: Washington, DC Taxes?
I live in DC and work in VA. My company withholds VA taxes. I filed a tax return for VA and DC (through HR block on-line) and I owe money to VA and DC. I think that DC gave me credit for the VA taxes that I paid. Did I have to file in both places? Does it matter if they withhold DC taxes or VA taxes?
Best answer:
Answer by nolainkansas
Depends on the tax laws of each place but usually if you work in one state and live in another both states want a tax return filed.
.
Give your answer to this question below!
Q&A: Washington, DC Taxes?
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Twin Cities CPA offers 11 tax deduction tips
Twin Cities CPA offers 11 tax deduction tips
Kadrlik will help guide us through 11 tax tips to help you get the most out of your return. Energy Credits – New windows, doors, furnaces, if it's energy efficient and you have proof you paid for it in 2012, you can reduce your tax burden by claiming …
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