The Tax Questions Blog

Archive for March, 2011

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Cupboard is Baird for new Treasurer

BARRY O'Farrell has moved to cut the legs off a future leadership rival by stripping his ambitious new Treasurer Mike Baird's department of half its powers.

Joe Hockey Address to the Liberal Party Federal Council

Question: I am a North carolina resident, but have done some contarct work in Maryland. Do i have to pay MD Taxes??

I am trying to file my taxes online myself using taxcut. My taxable income is automatically rolled over when trying to do my NC state taxes. But, i don't think i should pay NC tax on the money i earned in MD...help Please...

Answer: You're abosulutely right.

You have to do a part-year resident return for both states. You must show the money you earned while you were a resident in those states. An allocation has to be made.

Please seek out a professional to do it for you. A tax practitioner or CPA.

TC is not a good program. It has many flaws. Try using TT next year, you wont regret it.

Maryland Tax Court adopts economic substance doctrine.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA's on February 1, 2009. The length of the article is 1900 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Maryland Tax Court adopts eco...

American Philanthropy (The Chicago History of American Civilization) $9.35 In this revised and enlarged edition of his classic work, Robert H. Bremner provides a social history of American philanthropy from colonial times to the present, showing the ways in which Americans have sought to do good in such fields as religion, education, humanitarian reform, social service, war relief, and foreign aid. Three new chapters have been added that concisely cover the course of phi...

Demise of the Common Law $13.46 Demise of the Common Law exposes why America’s legislatures have descended into anarchy:- Lawyers, legislators, loopholes, and the arts of degeneracy. Ed Blanton’s memoir that reads like a novel, as the author recalls his life as both a lawyer and drafter of legislation during the last half-century. He provides a first-hand, insider account about the causes of American corruption, the forces b...

ARMOUR Residential REIT, Inc. to Transfer Listing of Common Stock to New York Stock Exchange

VERO BEACH, Fla. -- ARMOUR Residential REIT, Inc. announced today that it has received authorization to transfer the listing of its common stock from the NYSE Amex to the New York Stock Exchange.

iOwnTheWorld is NUMBER ONE 1 / iOwnTheWorld.com song

Question: Reporting a business that lies about the taxes & has employees off the books?

I heard my old employer bragg9ing that he makes $100+ a year but only pays taxes on $80,000. How can I report him? The IRS was coming there allk the time, and the department of finance, yet I do not think they know about this. He also has all his employees working off the books, including me, but he lies when he hires everyone and says that his "accountant" is working something out, then never mentions it again. I quit because I was being sexually harrassed by him and verbally abused, what should I do???

PS this is a credit repair company, owned by one guy.

Answer: Call the IRS tell them what you know as a FACT, (if anything) and what you suspect. Be clear with them if you only know these things as hearsay. If you do this, remember that you may eventually be called as a witness in court, but that should be OK if YOU did nothing wrong, fair is fair.

Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax $11.40 Loopholes of the Rich helps Americans from all walks of life use the same tax loopholes that the wealthy use to lower their tax bill. With this handy guide, you won?t need an accountant to find quick and easy ways to pay less. And there?s nothing unethical about these tax loopholes. In fact, the government wants you to take advantage of them! These tax-reducing tactics and strategies can give you ...

Small Business Taxes Made Easy, Second Edition $8.90 Pay what your really owe--and not a penny more! "This book is a must-read for anyone who is running a small business. Rosenberg lays out the steps in a simple format to get you organized and running a business smoothly." -- Layla Tusko, President, Crystal Cove Marketing Group "Rosenberg has an uncanny ability to make taxes and tax issues easier to understand, all the while keeping everything fres...

Hawaii - The Fake State: a nation in captivity $17.52 The book comes from an evaluation of findings after more than twenty eight years of political review and lawful study; investigation and determining facts of law; and, of actual events and of unlawful actions by the Federal United States Government; its deceptive and fraudulent claim over a foreign, sovereign and "neutral" nation; actual evidence of ...

Fiesta Bowl report: Lavish expenses

Fiesta Bowl investigators have found evidence of potentially illegal employee conduct and spending irregularities that could jeopardize its non-profit status and prestigious role in college football's national championship series.

Surviving an IRS Tax Audit : IRS Publication 1

Question: how do i determine the taxable amount on 1040a line 12a and 12b?

Answer: You have received a 1099-R from one or more retirement plans. The short of it is that you will see the gross in Box 1 and the taxable amount in Box 3. Very nearly always, there will be a number within Box 2. Usually it will be "7". That means that your IRA, pension or annuity withdrawal is fully taxable, unfortunately. Very rarely is there an exceptoin. If there's a "2", you can look in to it, but nearly always it is taxable. The 1099-R will show the taxable amount about 2/3 of the time. Usually, there will be no doubt. You should call the toll-free number if there is. Rarely, you will not be able to get an answer, so you could call the IRS number at 1-829-3676 or 1-800-829-1954.

The nitty gritty is that the taxable amount is usually 100% of the amount of the pension or annuity. The very nature of the beast means you will have to pay tax when you receive a 1099-R. You may get Federal income tax withheld if you choose. I would send in estimated tax: a little in April and June, then a little more in Sept and enough in Dec to make I'm covered and still have some money for the bills during the year.

How to Retire Happy, Fourth Edition: The 12 Most Important Decisions You Must Make Before You Retire $11.21 The Washington Post and New York Times Business Bestseller “Everyone in the workforce today should read this book!”—HORACE B. DEETS, FORMER EXECUTIVE DIRECTOR, AARP “Want excellent insights on retirement planning from a professional who’s actually experienced retirement himself? You’ll get just that from Stan Hinden’s book.”—STEVE VERNON, COLUMNIST, CBSMONEYWATCH.COM Award-winni...

A Beginner's Guide to Investing: How to Grow Your Money the Smart and Easy Way $5.00 Whether you're a complete investing novice or just confused about all the contradictory advice out there, A Beginner's Guide to Investing is an accessible guide to growing your money the smart and easy way.Throw away the get-rich quick schemes that never work and turn off the financial news and it's constant noise. Whether your dream is protecting your assets in a turbulent market or growing your ...

Start Your Own Business, Fifth Edition: The Only Start-Up Book You'll Ever Need $15.59 Tap into more than 30 years of small business expertise as you embark on the most game-changing journey of your life – your new business. This unmatched guide - the best-selling business startup book of all time - offers critical startup essentials and a current, comprehensive view of what it takes to survive the crucial first three years, giving your exactly what you need to survive and succee...

Irrevocability rule on the option to carry over excess income tax

Under Section 76 of the Tax Code, a taxable corporation whose total quarterly tax payments during the taxable year is not equal to the total tax due on the entire taxable income of that year, shall (1) pay the balance of tax still due, (2) carry-over the excess credit, or (3) be credited or refunded with the excess amount paid, as the case maybe.

Memphis attorney Vincent Perryman discusses Estate Planning on legalease with Bill Jones part 2

Question: Is the tax law constitutional since its too complicated for the common man to understand?

Answer: It's very complicated, and many of the loopholes are there for political purposes. I wonder if a tax attorney could explain it to the common man so that he could understand it. If not, then the lawyer doesn't understand it either. Then we're all in trouble.

Tax-Exempt Organizations and Constitutional Law, + Web site: Nonprofit Law as Shaped by the U.S. Supreme Court (Wiley Nonprofit Authority) $94.57 A comprehensive guide to understanding the theory and implications of constitutional law as it relates to tax-exempt organizationsAlthough the U.S. Constitution does not make any reference to nonprofit organizations—not surprising, since the Constitution is not a framework for the structure of the entirety of U.S. society—the Supreme Court has effusively shaped nonprofit law. Now, leading nonp...

J.K. Lasser's Small Business Taxes 2013: Your Complete Guide to a Better Bottom Line $11.01 The tax facts and strategies that every small business owner needs to knowOwning a small business is a big responsibility. While all small business ownersseek to improve their bottom line, few realize all the ways that both current and newtax laws can help them do so. With J.K. Lasser's Small Business Taxes 2013,you'll quickly discover how. Written in a straightforward and accessible style, thisre...

Constitutional History of the American Revolution $13.95 Designed for use in courses, this abridged edition of the four-volume Constitutional History of the American Revolution demonstrates how significant constitutional disputes were in instigating the American Revolution. John Phillip Reid addresses the central constitutional issues that divided the American colonists from their English legislators: the authority to tax, the authority to legislate, th...

Dems: Constitutional amendment needed to protect K-12 funding

LANSING — Angered by the governor’s plan to divert nearly $900 million from a fund that helps K-12 schools, Michigan Democrats said Monday that voters should approve a constitutional amendment to ensure the fund isn’t tapped for other educational uses.

Home Ownership in America/Are Property Taxes Constitutional?