The Tax Questions Blog

Archive for November, 2009

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

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.

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) $8.91 This classic text is annotated to update Graham's timeless wisdom for today's market conditions... The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham's philosophy of "value investing" -- which shields investors from substantial error and teaches them to develop long-term strategies -- has made The Intelligent Investor the stock ...

The Aftershock Investor: A Crash Course in Staying Afloat in a Sinking Economy $15.91 Advice on protection and profits in the short and long term future from the experts who accurately predicted the financial crisis of 2008, and who now have more detailed information about what is yet to comeFrom the authors who accurately predicted the domino fall of the conjoined real estate, stock, and private debt bubbles that led to the financial crisis of 2008 comes the definitive guide to p...

Series 7 Exam For Dummies $14.69 The fast and easy way to score high at exam timeSeries 7 Exam For Dummies, Premier Edition includes all the help you need to pass your Series 7 exam and to reach your goal of being a stockbroker and selling securities. But the road to stock broker success isn't easy. First, you must first pass the Series 7 exam—a 6-hour, 250-question monstrosity. Unlike many standardized tests, the Series 7 exa...

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...

H&R Block At Home Premium & Business 2012 Win [Download] $42.54 Guidance for corporate, partnership, and payroll business returns. The complete personal and business tax return solution from America's #1 tax preparer. Step-by-step interviews guide you through your personal and business tax situation....

TurboTax Home & Business Federal + E-file + State 2011 for PC [Download] [Old Version] $99.95 TurboTax Home & Business: For your self-employment & personal income taxes...

TurboTax Home & Business Federal + e-File + State 2010 [Download] [OLD VERSION] $94.99 If you are a sole proprietor, consultant, contractor or single-owner LLC, TurboTax Hone and Business is the right choice for bug tax savings. Includes one free state preparation and 5 free Federal e-Files—receive IRS confirmation and get your refund in as fast as 8 days. State e-File available in certain states for an additional fee....

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