The Small Business Tax Help Blog

Archive for June, 2009

Distance learning is a highly popular method of advancing one’s education. The primary reason is that it provides a great deal of flexibility in completing course requirements. This means that one can pursue a new career while maintaining current employment or attending to family responsibilities.

There are a number of income tax preparation courses offered online. Which one you choose will depend on costs and what you plan to do with the certificate. If you seek to enroll in a program solely to have the ability to complete your own tax returns, you may be able to locate free online courses. If however, you wish to work for a tax preparation firm or open a solo-based practice, both the breadth of topics covered and cost will be important areas for you to consider. In this latter case it will be best to stay away from any free programs as they will likely not offer all the topical areas necessary to sufficiently prepare you for entry into the field.

The process of enrollment in a program is fairly simple. Once you identify a program in which you have an interest, simply send for an informational brochure which outlines course requirements. There are three distance learning programs: private tax preparation schools, continuing education departments of local colleges, as well as tax preparation firms which offer coursework online. In all cases be sure to perform sufficient due diligence so that you can be comfortable that the program you choose is reliable and in good standing. In this regard you can ask about their graduation requirements, placement statistics, and also read the faculty biographies to determine the level of experience of those teaching the curriculum.

To enroll in a certificate tax preparation course, whether online or classroom-based, you will need to have a GED or High School diploma. While knowledge of advanced accounting and finance principles is not required, you should be comfortable with basic arithmetic, using a calculator and computer software programs as many returns are now prepared in this way.

In general, the course work can be intense as there are many tax regulations and filing requirements with which you must become familiar. You will need to structure your time in such a way as to permit you to move through the curriculum in a consistent manner so as not to lose the thread of the material. However, if you prefer to learn at your own pace rather than be restricted to a given ten week time period, it would be a good idea to research those programs which offer a more flexible structure with open-ended completion dates.

Before enrolling in any course it may also be a good idea to peruse the text of one or two courses at a college bookstore. Browse through the table of contents and subheadings of each chapter to see if this is material with which you feel you feel comfortable and able to succeed.

Additional educational options include pursuing a degree in accounting or finance at a regionally accredited college to advance your career into that of a tax advisor or tax manager. The responsibilities of these positions entail the completion of highly complicated tax returns, as well as advising clients and businesses on new tax laws.

Bankrate Unveils New Tools and Research for 2010 Tax Season

Now that the New Year is here and tax season is fast approaching, Bankrate, Inc. released its 2010 Tax Guide, filled with tips and tools to help consumers avoid frustration when filing their taxes.

Tax Law Attorney Rob Wood “IRS Speaks Out on Employment Lawsuit Settlements”

Arizona GOP lawmakers propose sweeping tax cuts

Arizona House Republicans on Tuesday proposed a sweeping package of tax cuts aimed at helping businesses, with Speaker Kirk Adams saying the incentives are needed to spur economic development and add high-paying jobs in the state.

Nova Scotia Liberal Leader Stephen McNeil on Small Business Tax Cuts

Question: Why are no federal or state taxes being taken out of my pay checks? 10 points!!?

I am in college, and I have two part time jobs. At job one, I haven’t had state or federal taxes taken out since January or February. I have been working there for about 5 years, and I have always had federal and state taxes taken out.

I started working at job two in May of 2009. Federal and state taxes were only taken out for a few months. I filled out a new W-4 form at job two a couple weeks ago, claimed zero deductions, and asked for additional money to be withheld. At job 2, that is the only money being withheld.

I still pay medicare and social security, just not federal and state taxes. According to my yearly income, I should be paying 15% in taxes. Is there some reason, that nothing but the amount I specified is being withheld from my checks?

Thanks!

Answer: Depends on how much you make at each of the jobs. The withholding for each job depends just on what you make on that job, do it might be that for each one of the jobs, you wouldn't owe any tax, especially since each is giving you credit for the $400 Making Work Pay credit even though you'll only get it once when you actually file. You did the right thing by specifying an amount to be withheld.

A look back at happenings in 2009

Jan. 8 Republican Mike Pusley is sworn into office as a member of the Nueces County Commissioners Court. Pusley's victory over Democratic incumbent Peggy Banales in the November 2008 General Election gave Republicans the majority on the Commissioners Court for the first time in Nueces County history.

Lennar Reports Fourth Quarter and Fiscal Year Results

Decreased 50 basis points from Q4 2008 Improved 330 basis points from Q3 2009 S,G&A expenses decreased $32.2 million, or 19% S,G&A expenses as a % of revenues from home sales of 16.2% – up 210…

Philadelphia Pennsylvania Law Firm Divorce Legal Help Business Law, Criminal Defense & injury

10 ways to become financially fit in 2010

Breathe a sigh of relief. The financial rocky road of 2009 is over. USE, don’t lose, those new gift cards. Most gift cards cannot have expiration dates or fees, unless clearly stated on the card itself.

Recovery: Making Work Pay (ASL, Captions & Voice Over) – June 09