Tax Blog

I’m thinking about turning my online selling into a business, and I’m trying to get a feel for the tax-related pros and cons of making it official.

Here are 2 questions:
(1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I’ve never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do?

(2) If I make my online selling into an official business, will I have to pay extra business-related taxes?

Tax Blog

My boyfriend and I just closed on a home together. We want to file an amended tax return for the first time home buyers tax credit. How would we go about both filing an amended tax return. I know we need a certain form to amend and a certain form for the first time home buyers tax credit, but do we need to mail them in together, or just separately? Thanks in advance.

www.taxfoundation.org New Year’s Day seems like an awfully long time ago. So it’s pretty alarming that we’ve been working for the government this whole time! Tax Freedom Day, on April 23rd, marks the day we stop earning money for the government and finally start to keep the money we earn. Are you troubled by this too? If so, pass this video on! To learn more about Tax Freedom Day, or to see more videos like these, check out www.taxfoundation.org

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Tax Blog

When someone gets their income taxes done (specifically in Ohio) is there a sales tax that is added to the cost of the preparers fees. If so is it charged on the total amount due/refunded or on the charge for the tax preparation itself?

Austria’s government wants to implement a bank tax
Austria’s government wants to introduce a bank tax, the chancellor said Monday. Werner Faymann said details still have to be worked out, but expects that Austria’s financial institutions could be asked to pay a total of about euro500 million per year.

Read more on AP via Yahoo! Finance

Tax Blog

I’m a small contractor in Texas. I’m bidding on a project for a Church that is Tax Exempt. I won’t charge the tax to perform the project, but what about the materials I buy? Will the tax exempt form clear me from having to pay for taxes on them, and how what type of paper work in involved when doing the books? Thanks.

The following are the taxes charged b the PA State Taxes department-

1. Personal Income Tax

Pennsylvania is the only state in the United States of America to have a flat rate of tax of about 3.07% on individual income without any personal exemptions. Taxes are collected for municipal, county and school district. In spite of all this, the people of Pennsylvania, who thrive on a very modest income, qualify for the Tax Forgiveness Credit. April 15 or the next weekend is the last date for all the returns in the PA state.

2. Sales Tax

Sales taxes, too, are as high as 6% in Pennsylvania on taxable services and goods. One percent of sales tax is collected for taxable services and goods from the states of Allegheny and Philadelphia. Items like apparels, textbooks, drugs, raw food, residential heating fuels and sales for resale are the major ones exempted from sales taxes.

3. Personal and Real Property Taxes

Usually, the state of Pennsylvania does not impose taxes on personal properties or real estates. These kinds of taxes are meant for counties, school districts and municipalities normally. These districts impose taxes on personal property and real estate so it is better to know what school district or county you live in.

Municipalities are allowed to impose taxes on the real estates which do not cross 30 mills on the stipulated value of property and without the special allowance of the court. To know more about this you must visit the Pennsylvania Department of Education website.

Qualified seniors and disabled persons are eligible for the State Property Rent/Tax rebate program. The PA department of Revenue administers this while it is helped by Pennsylvania Lottery. Taxpayers are allowed to reimburse amounts up to a $650 a year. This is for the money they had earlier paid for rent or property taxes the previous year. The employers are expected to withhold this amount of money from the employees which they get from their municipal services and emergency imposed by the school districts and municipalities.

4. Estate Taxes and inheritance

Inheritance taxes are collected by the state of Pennsylvania. These taxes have an estate taxes based on decedent’s gross estate and confined to the credit of the state death taxes which is allowed on federal tax return. However, the Keystone state’s estate taxes are not imposed on this since federal credit for all these state estate taxes have been phased out completely.

5. Few more Facts on PA State Taxes

The facility of checking the status of all the refunds oh the PA state taxes in the website is provided to all the taxpayers. The department of Pennsylvania has a list of employers with stagnating tax accounts to collect heir respective state taxes which are yet to be paid. Anything earned outside the state of Pennsylvania is not taxable with respect to active full time military pay.

Bob Williams discusses the underlying desire by the legislature and Gov. Gregoire to institute tax increases and even an income tax could cost this state dearly.

Here is the results that one of my clients got back from Equifax (July 23 2009) With this particular investigation. I was able to challenge and have deleted a Chapter 7 Bankruptcy, State Tax Lien and Repossession deleted. Their was also a UNPAID collection that was deleted as well. If you have any questions, please feel free to contact me at goodcreditllc@gmail.com or call 804-925-4199. Visit my website at www.fixyourhorriblecredit.com