The Tax Questions Blog

Posts Tagged ‘taxes’

Question: Gst/Hst Returns in Canada can someone simplify these lines for me.?

101 Sales and revenue- I got the sales not sure what revenue means.
110 Instalments and other annual filer payments- ?.
111 Rebates-?
205 Gst/hst due on acquistion of taxable real property-?
405- Other GST/HST to be self-assessed.-?
105Total GST/HST and adjustments for period-?
108 Total ITCS and adjustments-?
109- Net Tax?
refund claimed 114-?
payment enclosed 115-?

I know when it comes to tax I'm clueless...Any help would be appreciated.

Answer: Line 101 Sales and Revenues = same thing. It's for the reporting period know much did you make

Line 110 Have you made any GST installements ?

Line 111 - Rebates - Some rebates can reduce or offset your amount owing. Those rebate forms contain a Yes/No question asking you if you want to claim the rebate amount on line 111 of your GST/HST return. If you want to offset the amount owing by the rebate, tick the Yes box on the rebate form and include it with this return. Not used often

Line 105 How much GST/HST did you charge during the period

Line 108 Total GST/HST paid for the period and adjustments

Line 109 Net of 105 and 108
If a refund (You paid more tax than charged in periond) goes to Line 114 if you have to pay (You charged more tax then paid in the period) Line 115

Line 405 Line 405 - Other GST/HST to be self-assessed
Complete this line only: if you are a registrant and have to self-assess the provincial part of HST on property or services brought into a participating province. Usually not used

Line 205 Only used if you purchased property in your business

http://www.cra-arc.gc.ca/E/pub/gp/rc4022/rc4022-e.html#P2392_230388

Workmaster appraisers and assessors manual of taxable subjects, ...

Taxable value: What's happening to the property tax base in Iowa? (Iowa government series) ...

Capping taxable value of Agricultural Property may continue under new amendment. (Tax Tidbits).(Michigan tax law)(Brief Article)(Column): An article from: Leader's Edge $5.95 This digital document is an article from Leader's Edge, published by Michigan Association of CPAs on February 1, 2002. The length of the article is 802 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitl...

The World's Best Dividend Play

Using the S&P 500's Dividend Aristocrats, this is the best dividend stock today.

Lincoln County Assessor.mp4

Question: Explain the process of paying wages via 1099 reporting. How do you determine how much tax, SS etc will be due?

Small company pays via 1099. No withholding. How do you determine how much tax is due?

Answer: If it's wages, it MUST be on a W-2.

The employer cannot cheat and claim they are a contractor and issue a 1099-Misc instead.

if they do, file form SS-8 and consider filing form 8919 with your taxes. The IRS will make a determination as to who is right. if you are found to be an employee, you only pay 7.65% payroll tax. If the payer is found to be correct, you have to pay the full 15.3%.

Cuisinart DCC-1100 12-Cup Programmable Coffeemakers This classically designed coffeemaker is accented with stainless steel for a look that is sure to enhance your countertop. The 12 cup carafe features an ergonomic handle, dripless spout and knuckle guard for comfortable, drip-free pouring. Fully automatic, the DCC-1100 has 24-hour programmability and 1 to 4 cup setting for those times you don't need a full pot of coffee. The Brew pause feature let...

Snap Capp Re-closable Can Lid, Assorted Colors, Set of 4 $13.50 Snap Capp??...Finally! A plastic re-closable top designed to snap onto virtually all 12 and 16 ounce aluminum beverage cans. It effectively converts the ordinary, messy can into an easily portable, re-closable, non-spilling, identifiable bottle. More benefits of Snap Capp?? include preventing bugs and bees from getting into your can, and keeping the fizz from getting out! Snap Capp?? will keep you...

Pampered Chef Ultimate Mandoline $57.95 Unlike any other mandoline on the market! Three interchangeable stainless blades - crinkle cutting, v-shaped slicing and adjustable slicing - remain flush until the sculpted food holder passes over a unique mechanism that exposes the blade edge. A fourth, fixed grating blade gives you added versatility. Lay the mandoline flat over a bowl or extend the easel for use on a cutting board. The ergonomi...

Adrian Day: Long on Gas, Longer on Oil

Even if the pace of China's growth slows dramatically, count on the commodities boom to continue, says the Adrian Day Asset Management chairman.

Is Your MLM 1099 What You Hoped For?

Question: NRE vs. NRO - which is better?

I am a US citizen from Indian origin and I am planning on opening a NRE or NRO account. I can't seem to figure out which one to open so I thought I check with you all for some feedback and thoughts.

The benefit I see with NRE is that everything in the account can repatriate and it is tax free but I noticed that the interest rate on fixed deposit is much lower than the NRO fixed deposit accounts. NRE is about 3.8% and NRO is around 8% for a year fixed deposit. So even though NRO is taxable, it seems like it will earn more interest rate. Am I missing something or is this an accurate assessment?

Answer: you can open only NRE account. If you open NRO. it is not safe to return to US $ and it is subject to tax.

In NRO account. you cannot transfer back your Rs. to US $. once you move your money in Rs; it going to remain as Rs only.

Always save money in EURO and in FD with EURO account. If not, Rs. with FD with NRE account.

Financial checklist for home-bound NRIs

When Kartik Mehta returned to India after 15 years in Dubai, he was taken aback by the paperwork that awaited him.

Question: How do I file my tax return if my combat pay was included in box 1 wages and I am a civilian working contract?

Was my W-2 incorrect? Or is there some other line i need to fill in on my tax return to reduce this income?

Answer: No, your W-2 is correct. Only active military below a certain rank qualify for the combat pay exclusion. As a civilian employee, you aren't eligible.

The Greatest Story Ever Told (Score) $19.98 All products are BRAND NEW and factory sealed. Fast shipping and 100% Satisfaction Guaranteed....

Calculated Industries 3430 Qualifier Plus IIIFX Real Estate Finance Calculator $48.50 Advanced residential real estate finance calculator with cash flow and complete buyer qualifying.The Qualifier Plus IIIFX is the ideal tool for real estate investors agents and mortgage lenders. In addition to both common and advanced real estate finance problems it calculates multiple cash flows and internal rate of return (IRR) as well as net present and net future values (NPV/NFV). Provide f...

Remington H-2032 All That Beach Wave Rollers $35.95 Avoid importing from overseas and pay extra tax and custom duty at the time of delivery, be aware!!! We ship all of our items directly from our wearhouse located in San Francisco, CA. This items Comes with manufacturer warranty. Also comes with the 30-days money back gurantee. Please review the Return Policy for more information. Ships using FedEx within 24 hrs with the tracking#, so you can ...

Walker quickly rejects sales tax hike idea floated by transition team member

A member of Governor-elect Scott Walker's transition team is proposing raising the state sales tax to as much as 7.5% in exchange for lowering income and property taxes.

Estate Planning : When Do You Have to File an Estate Tax Return?

Question: Where on 1040, should I enter, already paid tax???

I am having a problem. I filed my taxes for 2005 and paid $450.00 by check which was cleared. Few days ago, I received a letter from IRS stating :
"Our records show credits or payments totaling $450.0 for the tax perid ending Dec. 31, 2005.
We have no records of receiving your tax return.

If you have filed, please send us a newly signed copy of your return.

If you have not filed, please do so. We have enclosed the appropriate form for your convenience. When you file, be sure to show all payments you have made on your retun."

Here is my problem. I do not know where on 1040 (which line), can I show the payments that I have already made ($450.00).

Thanks in advance.

Answer: I have been a tax accountant for 27 years. Here's what you need to do. File the very same return again, but this time, in red ink, at the top, right-hand corner in the empty space, write "POSSIBLE DUPLICATE" Those are the magic words. Attach a letter or explanation, copy of your check (front and back) to the face of the 1040 form. The IRS has this happen a lot, and if you do as I have advised, they should be able to get this all straight.

TurboTax Deluxe Federal + e-File + State 2010 - [Old Version] $5.75 The Intuit TurboTax Deluxe Tax Year 2010 Software walks you through over 350 deductions including mortgage interest, charitable contributions, education, medical expenses and more. Audit Risk Meter™ helps you reduce your chance of an audit. ItsDeductible® helps you accurately value charitable donated items. The Intuit TurboTax Deluxe Tax Year 2010 Software also guides you through changes...

TurboTax Home & Business Federal + e-File + State 2010 [Download] [OLD VERSION] $54.64 TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible, double-checking for accuracy and identifying missing deductions and credits. Includes free Federal E-File. Everything you need to easily do your personal and business taxes. Guides you Step by Step through Self-Employment Income, Deductions, an...

TurboTax Deluxe Federal + e-File + State 2010 [Download] [OLD VERSION] $57.99 TurboTax Deluxe was designed to make it easy for you to get the biggest tax refund possible, checking for accuracy and uncovering 350+ deductions and credits. Includes free Federal Efile and TurboTax State for completing your state taxes. Everything you need to do your taxes with ease. Finds All Tax Deductions and Credits You Deserve to Get Your Biggest Refund Maximizes Your Tax Deductions Asks ...

IRS seeking to return $400,000 in undeliverable Ventura County tax refunds

The Internal Revenue Service has almost $400,000 of Ventura County taxpayers¿ money that it wants to give back. IRS officials said 303 tax refund checks sent to Ventura County were returned by the Postal Service because of mailing address errors. That represents $390,576 worth of undelivered tax refunds.

GET YOUR TAX REBATE: Time Extension and Assistance (ASL, CAPTIONS & AUDIO)