Archive for January, 2009
What Are Taxable Social Security Wages
January 20th, 2009
Question: Why do people have to pay back part of their stimulus check?
I guess the Obama supporters agree with this, too?
http://finance.yahoo.com/news/Millions-will-have-to-repay-apf-3724344310.html?x=0
WASHINGTON (AP) -- More than 15 million taxpayers could unexpectedly owe taxes when they file their federal returns next spring because the government was too generous with their new Making Work Pay tax credit.
Taxpayers are at risk if they have more than one job, are married and both spouses work, or receive Social Security benefits while also earning taxable wages, according to a report Monday by the Treasury Department's inspector general for tax administration.
The tax credit, which is supposed to pay individuals up to $400 and couples up to $800, was President Barack Obama's signature tax break in the massive stimulus package enacted in February.
read the rest on the link. What do you think?
Answer: Let's see. You make money, the government takes it away from you (taxes), then the government gives it back to you (stimulus), then the government expects you to give it back . .
Only the government could conceive of this.
The real answer is to cut taxes and let us keep our own money. Then we wouldn't need as large a government to take it and give it back and take it and give it back . . .
Tax Tips for Small Businesses
A few basic ways to stay on the IRS's good side.
Posted in 
Where To Send Irs Correspondence
January 20th, 2009
Question: Does the IRS verify documents that are sent for a correspondence audit, ie call landlord to verify lease?
My landlord and I had a falling out and, although I have a lease signed by him for the tax year I am being audited for, I am afraid that if the IRS calls to verify my lease with the landlord, he will deny my tenancy.
Answer: If the document was properly executed and legal, there's little your landlord can do to deny its existence or its terms. At most he'd say that certain terms were varied orally, but he has to prove that.
Redesigned IRS notices tidier, less 'personal'
The Internal Revenue Service is redesigning the myriad notices it sends to taxpayers to enhance their "clarity, effectiveness and efficiency." As someone who has received cryptic communications from the IRS, that sounded like a swell idea. But when the IRS... Internal Revenue Service - United States - Tax - Government - Executive Branch
What is an IRS Appeal?
How Do Tax Deductions Work
January 19th, 2009
Question: How do health insurance tax deductions work for a member managed LLC?
I own a business (LLC) with two other people. It is only us three; we do not have any additional employees. We pay for our health insurance through our business. Based on these facts, I was wondering how much I stand to save on my personal taxes. Is this a standard write off like any other business expense or does the IRS treat health insurance differently?
Answer: Multiple member LLC's can be taxed 3 different ways:
1. As a partnership
2. As a C corporation
3. As an S CorporationThe deductability of health insurance premiums for your LLC will depend on which of the 3 types of entities your LLC elected to be taxed at (the default is the partnership form of taxation).
Typically, you will be able to deduct 100% of your health insurance premiums although there are some specials considerations for owner/officers of S Corporations who own more than 2% of the company.
If you speak with a CPA or qualified tax advisor they should be able to give you plenty of good tips. One thing that you may want to mention is a medical reimbursement plan. Here is some more detail on medical reimbursement plans:
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The Non-Working Class
How to build a work-friendly welfare state.
How do Tax Deductions Work for 2009, 2010.mov
Tags: How To Calculate Irs Taxes
January 19th, 2009
Question: IRS stimulus check calculations based on 2007 or 2008?
In 2007 my son’s father (my ex-husband) claimed our son on his tax return. However for 2008 I will be claiming my son. It is my understanding that with the IRS stimulus checks they are using the information from the 2007 tax return to calculate the check amount. Does that mean that I will not be getting any type of credit toward the stimulus check for my son even though I will be claiming him on my 2008 tax return?
Answer: On your 2008 return, there will be a worksheet to determine if you have additional credit coming your direction. Because of this you MAY also receive the $300 for your son. As far as I know, the IRS has not clarified the issue of a credit being issue twice on the same child for two different parents.
If I were to bet a bag of donuts, I'd bet the IRS will come out and say that they will not issue the $300 twice on the same person (they can track it because your child's SS number is on the tax return).
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Seven ways to avoid self-employed tax penalties
When you're self-employed , you're required to send in quarterly estimated tax payments. But if your income varies from month to month or year to year, it's tough to determine the amount of taxes to pay each quarter.
Forget 'no new taxes'... how about 'NO IRS!'
When Does The Irs Deposit Refunds
January 18th, 2009
Question: what days does the irs deposit refunds?
Answer: Every day, based on when you filed and how it was submitted as well. (Even though the IRS might initiate a refund only on Fridays, it can take up to 72 hours for your bank to post it, so you'd have to look for it at the beginning of the following week!)
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Happenings, Feb. 12
Beaver Meadows - A fish fry benefit for Patsy Hoffman will be held Feb. 19 at the Beaver Meadows Deli from 5 to 7:30 p.m. Donation is $10. The meal will include breaded haddock, fries, cole slaw, coffee, soda and dessert. Interested persons can eat in or
E-file and E-sign (American Sign Language)