The Tax Questions Blog

Archive for November, 2008

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Question: Which Form tax my dad will be able to file?

My family has 3 members : my parents and me. We've just came from another country. My dad has work for more than 5 months in 2007 and earned about $4000. So, which kind of form tax can he be able to fill? Will it be an IRS 1040EZ? or the other one?

Answer: Do not do an ez form you can not claim any dependents on a 1040 ez you can do a 1040 short. Are you going to do your own taxes or someone like H&R block. If you have some one do your taxes they will what form to use.

U.S. Master Tax Guide (2013) - Includes Top Federal Tax Issues for 2013 CPE Course $48.97 The U.S. Master Tax Guide (MTG) provides helpful and practical guidance on today's federal tax law. This 96th Edition reflects all pertinent federal taxation changes that affect 2012 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. The 2013 MTG contains timely and precise explanations of federal income taxes for individuals, partnership...

J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return $12.96 America's number one bestselling tax guide offers the best balance of thoroughness,organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser foreasy-to-follow, expert advice and guidance on planning and filing their taxes. Written by ateam of tax specialists, J.K. Lasser's Your Income Tax 2013 includes all theoutstanding features that have made t...

The Plantagenets: The Warrior Kings and Queens Who Made England $20.92 “Outstanding . . . A thrilling history of royal intrigues, violent skullduggery and brutal warfare.” —Simon Sebag Montefiore The first Plantagenet king inherited a blood-soaked kingdom from the Normans and transformed it into an empire stretched at its peak from Scotland to Jerusalem. In this epic history, Dan Jones vividly resurrects this fierce and seductive royal dynasty and its mythic wo...

School tax-credit deadline Thursday

Individual taxpayers can contribute as much as $200 to extra-curricular or character-education programs at public charters and unified school districts for a dollar-for-dollar tax deduction on their state income taxes.

Basic Explanation of W-4 tax Form : IRS Withholding Calculator & W-4 Tax Forms

Question: 2008 Tax table VS Turbo Tax?

First year using turbo tax and they calculated my taxable income on line 43 as $ 36,079. Turbo Tax says the tax is $ 4,564 for Married file joint. The IRS book says $ 4,609. It is impossible to get an answer from Turbo with paying $ 29.95. for advice. Any help would be great.

Answer: I don't know how TurboTax computes it, but it IS $4609, according to the 2008 Tax Rate Schedules, which clearly state, for Married Filing Jointly:

15% on the income between $16,050 and $65,100; plus $1,605.00 (10% of the first $16,050).

Money Tree: Could You Be Saving TOO MUCH for Retirement?

How to avoid over saving and 6 other common mistakes when it comes to retirement planning.

Question: How is NJ and Federal Estate and Income Tax handled for annuities and life insurance?

Serving as executor - both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax - assuming there is a income tax liability.

Answer: Annuities are taxable.
Life insurance is not.
Each recipient will be responsible for any tax obligation as the amount will be added to the respective income for the current year paid.

Knight Expands U.S. Fixed Income Sales and Trading Team

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Question: l have online shopping mall, do l need to file a DBA or LLC?

I am currently running shopping mall online, l would like to knoww if l need to file for DBA or LLC? Also, if you have more than one website, should l open a parent company?

Answer: You need not make your life complicated -- at least initially

DBA or Doing Business As means you are registering a business whose name is different from your given name. Hence if you will name and operate your business as BLUE WIDGETS SHOPPING MALL, then you need to file a DBA

If you are a sole proprietor, you can simply go to your county/city clerk's office and register your business including fictitious name or DBA. It is easy to set up, and in some states can be accomplished in an hour or so, even less.

LLC works best if you are operating a business where you think you are likely to be sued, as it separates your business from your personal assets -- which a sole proprietorship does not enjoy. It is more expensive to setup, and has to be done with your Secretary of State

And if you have more than one website, you need not make your life complicated and open a parent company. One company is enough

You can perfectly start as a sole proprietorship, and when your business grows and you need to expand -- e.g. have more partners, grow into other business -- then you can change your legal structure to LLC or corporation

But as I said, you don't have to make your life complicated

Expert Oracle Database Architecture: Oracle Database 9i, 10g, and 11g Programming Techniques and Solutions $31.90 Now in its second edition, this best-selling book by Tom Kyte of "Ask Tom" fame continues to bring you some of the best thinking on how to apply Oracle Database to produce scalable applications that perform well and deliver correct results. Tom has a simple philosophy: you can treat Oracle as a black box and just stick data into it or you can understand how it works and exploit it as a powerful co...

Start Your Own Fashion Accessories Business (StartUp Series) $9.71 Design Your Future in Fashion! A billion-dollar industry, fashion accessories offer a world of business possibilities for stylish entrepreneurs like you! From jewelry and handbags to scarves and hats, Entrepreneur covers the hottest accessories businesses within the flourishing fashion industry. Learn how to create and sell your own accessories, buy wholesale accessories for resale, or establish...

Oracle Exadata Recipes: A Problem-Solution Approach $36.00 Oracle Exadata Recipes takes an example-based, problem/solution approach in showing how to size, install, configure, manage, monitor, optimize, and migrate Oracle database workloads on and to the Oracle Exadata Database Machine.  Whether you’re an Oracle Database administrator, Unix/Linux administrator, storage administrator, network administrator, or Oracle developer, Oracle Exadata Recipes pr...

Auditing made easy by Microsoft SQL Server 2008

Muthusamy Anantha Kumar aka The MAK It is one of the major tasks of the Microsoft SQL Server database administrator to enable auditing on all of the servers, secure the data collected and extract t...

File a DBA Online - Get a Federal Tax ID or EIN Number

Question: What options do I have for putting my stock earnings into a tax free account?

I am a U.S. citizen working overseas and I take the Foreign Earned Income Exclusion. This leaves me with $0 taxable income. However, I would like to put my stock earnings into a tax free account. I have been told that I cannot put the money into an IRA. Are there any other options? My total stock earnings will not be more than $5000 in any given year.

Answer: If you have stock in a taxable account, any gain is taxable.

You could establish a Health Savings Account if you have a high deductible health insurance policy. This will allow you to deduct your contribution (which depends on your policy deductible) and not pay tax on distributions for health care.

Municipal bonds and an after-tax annuity will also be tax advantaged.

Common Corporate Tax Base (CC(C)TB) and Determination of Taxable Income: An International Comparison $101.68 The study conducted by the Centre of European Economic Research (ZEW), the University of Mannheim and Ernst & Young contributes to the ongoing evaluation of the proposal for a Draft Council Directive on a Common Consolidated Corporate Tax Base (CC(C)TB) released by the European Commission on March 16, 2011. For the first time, details on the determination of taxable income under the proposed Counc...

I'm a Stranger Here Myself: Notes on Returning to America After 20 Years Away $2.10 After living in Britain for two decades, Bill Bryson recently moved back to the United States with his English wife and four children (he had read somewhere that nearly 3 million Americans believed they had been abducted by aliens--as he later put it, "it was clear my people needed me").  They were greeted by a new and improved America that boasts microwave pancakes, twenty-four-hour dental-flos...

Foreign limitations on tax loss carryovers may affect U.S. foreign tax credits.: An article from: The Tax Adviser $9.95 ...

Inter Pipeline Fund Announces January 2010 Cash Distribution

CALGARY, ALBERTA-- - Inter Pipeline Fund announced today the declaration of a cash distribution of $0.075 per unit for January 2010. This distribution will be paid on or about February 16th to unitholders of record on January 22nd, 2010.

Obama Goes After Overseas Tax Cheats