The Small Business Tax Help Blog

Archive for March, 2010

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Question: Can the increase in my pay rate this year effect my tax withholdings?

For 2009, I ended up owing the IRS $252, due to the fact that I didnt get enough wthholdings taken out. I made only 9.50/hr throughout the year and only was having less than $100 as the withholding amount. This year of 2010, my pay rate increased and so has my wthholdings. Will this increase my chances of getting something back when I file next year for my 2010 taxes? They o say the more you make, the more they take out your paycheck…

Answer: yes, it all by percentage. For example: If i make 100 this year and they with hold 10. Next year i make 1000, so they withhold 100.
The more you make, the more they take. Liekly you will be getting right around the same amount you got back this year for next year. Not unless something happen during the year, liek you loss your job, you bought a car, you go to school, or you have dependents.

Fitch Rates Philadelphia School Dist (Pennsylvania) $250MM GOs 'A+'; Outlook Stable

NEW YORK----Fitch Ratings assigns an 'A+' rating to the following School District of Philadelphia, Pennsylvania general obligation bonds based on the Pennsylvania school bond enhancement program:

Billy Bragg's No Bonus for RBS Campaign - George Galloway Jan 2010

Question: Tax Fraud??????????????????????????????/?

Can someone actually go to jail for filing head of house hold while married to gain the earned income credit. Especially if they have done it for several years?
It’s not me, it’s my soon to be ex. She did it. She recently met a guy online and after 16 yrs. of marriage left and attempted to take my 2 sons (ages14-4) with her to live wqith this guy. She mocks me and mocks God. When going over thing with my attorney, this came up as a possibility considering she’s going after custody of my sons.
Let me clarify. She just left recently. Over the years she has done this while we and our children were all living together as a family.

Answer: Yes tax fraud is minimum 7 yrs in jail. To make matters worse then you get hit with a line by line audit of all your tax returns.
Then comes paying back what you stole and add in penalties and interested and your bill could be 100k
Get a good tax lawyer quick

Funding Substance Abuse Programs

When the proposal to raise West Virginia's beer tax fizzled, it was no defeat for the bill's chief advocate.

Illegal Immigration & Earned Income Tax Fraud - Part 4

Question: Line 363 Canada Employment Amount Federal Tax Sch. 1?

okay i should probably repeat grade 7 but i’m not getting how this helps me. in the guide it states that the non refundable tax credits reduces your federal tax but if the total of these credits is more than my federal tax i will not get a refund for the difference. if i hadn’t entered the amount of $1,019 on line 363, i would be getting WAY more of a refund. as it stands, i now owe, as it’s more than the federal tax i paid. also, if you entered an income of over $1,019 (and like who wouldn’t…) on line 101 of the return, then you enter the maximum ($1,019) on line 363 of the federal tax schedule? sorry if i sound dumb, but this is the first time i’ve done my own taxes. somebody tell me how this helps me out, this line 363 amount, thanks!!
actually, i checked it over and it was just my calculater display that screwed up and missed a number….so yes, with the $1,019 included, i saved $150, wooohooo! now i only have to pay $6 instead of …. well you do the grade 5 math, lol

Answer: >>if i hadn't entered the amount of $1,019 on line 363, i would be getting
>>WAY more of a refund

This is impossible.

Either a Non-Refundable Tax Credit reduces your taxes by 15% of the line amount (in this case 15% x $1019) (see line 38 of Schedule 1), or they are more than the total tax liability, in which case they do nothing since line 23 can't be negative.

It's actually grade 5.

U.S. Census Underway; Workers Needed Locally

On Monday, some Charleston residents started to receive their 2010 Census forms, nearly two weeks in advance of the rest of the nation.

John McCain: Town Hall 04/30/08

Question: Employee NOT Independent Contractor-Employer lying?

I was classified as a IC not employee, I paid all my taxes, it was for one year. I was a manager of a business and knew the whole year I was an employee, but very scared I would be fired. I have now quit the job (they treated me terrible when I quit and withheld pay) I am thinking of filling out an SS-8 form and through my research they show what you send to the IRS they send to your former employer.So I am wondering: can’t your employer just lie and make it seem like you were an Independent Contractor? Thanks for your help….and any advice

Answer: There are specific rules as to who are independent and who are employees. If they get caught they will need to pay the SS and Medicare on your pay.
Go to IRS.Gov to see what the rules are. What I remember is you need to do less than 80% of the work for one company and hold yourself out to the public. You also can't do the normal work of the employer and they can't control your hours or have you do other duties.

Power Companies Seek 8.2 Percent Rate Hike in West Virginia

Appalachian Power and Wheeling Power say they're seeking an 8.2 percent rate increase in West Virginia

Tax Advice : Contractor tax advice

Question: 2008 IRS tax overpayment applied to 2009 tax. What date is applied for 2009 estimate requirements?

I had 2008 tax overpayment applied to 2009 taxes.

For 2009, I am required to make estimated payments. What date is the 2008 payment considered to be applied to 2009 tax?
The date the 2008 payment was originally received?
Some other date?
The 2008 overpayment applied to 2009 will be MORE (by a little) than the amount of the 2009 estimate.
I haven’t made any estimated payments this year.
I just filed 9/15/2009.

Answer: if your overpayment was greater than 1/4th of the estimated for 2009, it will apply to the April payment and possibly some to the Sept. payment
your 1040ES divides the payments more or less evenly over the 4 payments, however, if there are changes in your income during the year, you can adjust those
you want to make sure your estimated amounts to at least what your tax liability was for 2008

MBIA Inc. Reports 2009 Financial Results

ARMONK, N.Y.----MBIA Inc. today reported Adjusted Book Value per share of $36.35 as of December 31, 2009, compared with $40.06 as of December 31, 2008. ABV declined in 2009 as increased credit impairments on insured credit derivatives, insurance incurred losses and other-than-temporary impairments of invested assets outpaced earnings from all other sources.

THAKSIN SUPER HERO and his Red Shirts Supporters UDD DAAD 2008