The Small Business Tax Help Blog

Archive for December, 2007

Question: Is it too late to do the AEITC Advanced Earned Income Tax Credit for 2009? Can my employer tell me no?

I have four children, will be married filing jointly and we make about 30,000 for this year. I know we qualify, but my question is is it too late to turn in the form? does the employer have to do it or can they say no? also, if I turn it in now, how long does it take to process and how much would I even get on my paychecks between now and the end of december? I get paid biweekly so I only have 2 paydays left in 2009. any help appreciated!
well I only get 15 hours a week, so I only make 240 gross

Answer: This late in the year it is probably a waste of time but your employer can't legally refuse to take your Form W-5 (Repeat, W-5 http://www.irs.gov/pub/irs-pdf/fw5.pdf)

2009 Tax Changes for the Self-Employed

WASHINGTON, DC--(Marketwire - 01/13/10) - Prior to preparing 2009 tax forms, the self-employed and micro-businesses (fewer than 10 employees) should be aware of a few tax law changes, including changes in the standard mileage rate and the self-employment tax. "January is a great time to get a jump on your 2009 tax return," said Keith Hall, national tax advisor for the National Association for ...

Question: Has anybody ever bought a new SSN for employment due to lousy credit? Could it work?

I basically have a bad car note that is in write off, and in my industry everybody gives credit checks. I’m so good at what I do, just didn’t manage personal financing. I’m just wondering if a new SSN, and EIN or something can work?

Answer: You can obtain a new SSN but your credit score will not improve and your job will be busting rocks in San Quentin because this is illegal (fraud). You will not be a very cooulguy in prison.

I would rather see a fellow Y/A dude get his credit straightened up than go to jail.

Getting Started as a BackLinks.com Publisher

The information below will help you begin using your Publisher account and allow BackLinks.com to begin selling text links on your pages. Begin by clicking the “Add Link Page” link in your control panel.

RTL Samstag Nacht - SSN 07

Question: Georgia state Tax: F1 student capable of getting Low-Income credit ?

I am currently an international student in Georgia with F1 visa.
I have been classified as Resident-Alien instead of Non-resident alien, because I have lived here more than five years.

I was told to file the tax forms in the same manner as other Georgia residents. I used the Turbo Tax for filling the forms, and that program told me that I was eligible to get the Low-Income credit (about 50 dollars) since I have a low-income and I am not dependent on anyone. The problem is that I didn’t earn any money for the year of 2007. However, I believe that no-income meets the low-income criteria.

I would like to know if I am really eligible to get it, and if yes, then if there will be any problems in obtaining greencard in the future.

Thank you

Answer: No.

No income is NOT the same as Low-Income. You have to have earned income to qualify for the Earned Income Credit. If you have no income, this credit does not apply.

Ways to electronically file your tax return

Most taxpayers will file their returns electronically this year. Here are the ways you can be one of them.

Stimulus

Question: 401 K – How to estimate taxes?

I need to take an early 401K cash withdrawal. Im younger than 59 1/2. I want to pay my tax liability now and not April 14 of next year. How do I estimate withholding? Federal = 10% penalty + income tax rate x distribution amount? Would the state tax be similar, I live in NJ.

Answer: They will automatically take out 20% for income tax, plus a 10% penalty. Also you have to figure in your income tax bracket; ours is 28%

IRA conversion can be fraught with pitfalls

BOSTON - As years go, 2010 is on course to be a blockbuster for retirement-account owners. Starting in January, all Americans who own a traditional IRA - not just those who have modified adjusted gross income under $100,000 - will be able to convert their accounts to a Roth IRA. But don't rush for the doors. There's plenty of problems waiting for those unaware of these mistakes to avoid:

Question: I misplaced my Federal Tax ID certificate. Is there a way to contact the IRS to get a copy? Thanks?

Answer: The IRS will mail a letter containing your federal EIN to the address they have on file for you. Call them at 1-800-829-1040. They will need the name of the business the EIN is assigned to. Sometimes a DBA will be enough, but not always. They will also need the exact address, including zip code, that was on the last return the business filed.

New Laws Effective January 1, 2010

The following legislation will take effect beginning Jan. 1, 2010.

Obama Murdered 1,000 Christians P2