The Tax Questions Blog

Archive for November, 2009

Question: Homework Help: Tax Yield?

A 10-year, 10% bond issued by the State of Missouri to help build a bridge to
St. Charles would have the following equivalent taxable yield if you are in the
34% tax bracket:

29.4,15.1 or impossible to determine

Answer: 1.00 * .10 = 1.00 * xxx * .34, solve for x.

Kinnear steps into income trust void with royalty vehicle for investors

CALGARY -- The search for yield started the day after the 2006 Halloween massacre, when Ottawa blocked income trusts. Now one of the best-known faces in Calgary's oil patch believes he might have the next big thing.

Question: What tax form do I need to fill out for an LLC?

My LLC used to be a partnership, but we dissolved it for 2006 filing. So it's just me now. So I'm unsure what tax form to fill out. The LLC didn't do anything in 2007 so it's going to be all $0.
I didn't file it "final report" because I still want to keep the company open. So which form then?

Answer: It depends on how you filled out the 2006 1065 return. If you marked the box "Final Return" in 2006 then the IRS will not be looking for your 2007 1065 return.

If you did not mark the "Final Return" box in 2006 - the IRS will probably be looking for your 2007 1065 so you probably should file a 1065 in 2007, mark the "Final Return" box and show the change to a single member on the K-1s.

Once you have filed your final 1065 for the partnership, as a single member LLC, the IRS treats you as a Schedule C entity...

TurboTax Home & Business Federal + E-file + State 2011 $64.50 This tax software features the EasyStep® Interview for a step by step guide to efficient calculations in deductions, investment sales history and other tax-related issues. Ideal to use if you are a sole-proprietor, consultant, 1099 contractor, self-employed or a single-owner of LLCs; this software features ItsDeductible®, Audit Risk Meter® and Cost Basis Lookup to help accurately calcu...

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Correcting misunderstandings about LLC tax

In the waning moments of the 2009 New Hampshire legislative session, the Legislature adopted a new revenue-generation measure, providing for taxation of certain distributions from limited liability companies to New Hampshire owners.

Why To Use IncNow to Form Your Delaware Corporation or LLC

Question: Is a wage continuance from a personal injury considered an income?

my husband had an accident and we lost all benefits and income We now receive wage continuance from auto insurance. (that is non taxable) Does this qualify us for government assistance with out reporting this as income? Or is this considered income?

Answer: It is considered "Unearned" income, and if your receiving it from an insurance company and not in cash, you will have to report it, if you don't the assistance program you applied for will be able to find it and you will get into trouble. Just depositing it in your account will set a red flag to investigate.

Depending on the amount received and how many members in your house hold will depend on whether you will still qualify or not.

Other things you can do...

contact your local United Way Office, for discounts on utilities, gas cards, counseling, clothes, free food, legal advice ect...

Contact local Housing Authority and be placed on their waiting list for free or low cost housing.

Apply for food-stamps AFDC/Welfare and Med-ical insurance., and IHSS (in Home Social Services) in the welfare office you need any in home care, needs or transportation.

Council will discuss business assistance program

MASON CITY — The City Council will hold a work session Monday to discuss a proposed program for offering financial assistance for business development in the downtown area.

Basement View

Question: 2008 Tax Tables: Taxable Income?

I'm looking at the 2008 New York State Tax Tables, and I'm trying to find out which tax bracket I "fall into".

It asks for taxable income. What do I subtract from my gross income to determine taxable income? My husband and I are filing "married filing joint". Again, this is for New York State.

Does anybody know? Thanks in advance

Answer: From the website, you need to have a look at the form (The correct form you need to file, if you live part-year in NY, you may need to file Form IT-201, short form IT-150 for who live in NY whole year)

Try to file till line 37; it is your taxable income. The first two pages, which end with line 37 include Federal Income and Adjustments, New York additions, New York subtractions, Standard deductions or Itemized deductions, then you come up with your taxable income on line 37. The amount on line 37 is repeated on line 38 (the first line of page 3).

Use that amount; if it is LESS than $65,000 then you use NYS tax table; if it is MORE than $65,000 then you use NYS tax rate schedule.

TRAGEDY, TURMOIL TRIUMPH: Top local stories of 2009

It was a year in local history that will not soon be forgotten.

Tax Law Changes Affecting 2008 Tax Returns

Question: Where can I find the solutions manual for the Income Tax Fundamentals 2006 by Gerald E. Whittenburg?

I need a place to get it without signing up or buying anything. A PDF or a Microsoft Word of it would be great, thanks in advanced

Answer: Try here:

http://www.amazon.com/Income-Tax-Fundamentals-Gerald-Whittenburg/dp/0324399022

http://shopping.yahoo.com/p:Income%20Tax%20Fundamentals:3000167773;_ylc=X3oDMTB1c21tcDhkBF9TAzk2NjMyOTA3BHNlYwNmZWVkBHNsawNib29rcw--

http://www.swcollege.com/BookTour/1999/whittenburg_author.html

http://www.smarter.com/income-tax-fundamentals-2006-by-gerald-e-whittenburg-martha-altus---pd--ch-1--pi-1886830.html

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