Tax Blog

Client purchases land that has been severely eroded. He plans to fill the holes caused by the erosion with waste material. Can recovery deductions be claimed on this property?

That is the only information given and I am required to use the following:
- 2 Tax Rulings
- Tax Court Case
- Tax Court Memo
Correction: 2 REVENUE Rulings; not tax rulings.

Tax Blog

I am in the process of buying my first home, and I am wondering how the $8000 tax credit will help me if at all. I have never owed anything on my taxes, I have always got a refund. Someone told me that if you didn’t owe anything on your taxes that you would actually get a check for $8000 but I am very skeptical. Has anyone out there been in this situation?

How to combine the Federal and California Tax Credits for tax credits of up to $18000 Distributed by Tubemogul.

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Tax Blog

I am trying to calculate how much tax I need to be paying each year. I was looking at the IRS website at the income tax rates. It says filing as married, jointly for 2007 is $1,565.00 plus 15% of the amount over 15,650 for incomes between $15,650 and $63,700. Does income tax refer to only the federal withholding or everything combined (federal + state + medicare + oasdi + etc..)? If I anticipate making $63000 for 2007 in the state of Texas, how much total taxes should I expect to pay (this includes federal withholding, oasdi, medicare, and any other applicable taxes)? I want to know exactly how much I should expect per pay check (bi-weekly) if I have the exact amount of taxes withheld per paycheck so that at the end of the year I neither owe the IRS or have a refund.

It’s tax scam season
Saturday update It’s tax season, and the Internal Revenue Service might not be the only one trying to collect. An IRS-themed phishing scam has appeared in at least one Napa e-mail inbox, but is likely widespread, said Napa County Deputy District Attorney Daryl Roberts.

Read more on The St. Helena Star

Tax Blog

The 17yo will check on his taxes that someone else can claim him. The parents of the 17yo will claim him on their taxes. Who gets the tax rebate? The 17yo filing as an individual, the parents claiming the child, or both?
Okay, so let me explain. He is working part time. He can file a return and check the box that says someone else is claiming him. He gets back the little bit he paid to federal and state. The parents claim him as the exemption.

Tax Blog

I am operating a fireworks stand this summer. I am payed a commission from the company that hired me. I hire individuals to work at my tent. They are paid by me, from my commission check. Any idea of what tax form they need?
Thank You!
I really appreciate all the info! Lots of great help.
Any idea on how to know how much withold?

Tax Blog

there are two choices when selecting the payroll deduction on my companies 401k – pre-tax basic and pre-tax supplemental. When selecting a percentage of my pay that I want to contribute, which one do I choose?

Paying taxes and filing returns is a duty of all Americans. Filing taxes and returns is a daunting task for many taxpayers. April 15 is the last date for filing the State Taxes. This is a dreaded time of the year for many individuals, as they have to complete the forms by the deadline and send it to the revenue department of the state. With the help of the Internet, it is very easy to file the tax returns online. A number of websites provide this facility and you can obtain the required forms for tax filing on the site itself. However, there are a few things to be kept in mind before deciding to use a website to file your State tax Returns.

1. Make sure that the website is approved by the state government for tax filing. Very often, the sites claim to be approved but they may not be. You can verify this fact by obtaining a list of approved websites form the government.
2. The website should be able to provide you all the necessary forms for online tax filing. If all the required forms are not available on the site, it would be best to look for another site that has all the forms.
3. The site should also provide detailed instructions on the filing of the returns. Most of the websites do provide instructions, except for the simple forms, that may be easy to complete.

It is essential to find a site that is legitimate and approved by the state government. While filing your taxes online, you are providing a lot of personal information in the forms. Identity theft is a genuine concern these days, so one must be very careful while choosing the right website that will maintain the security of the information provided.

Filing the State Tax returns online is quite easy as the websites provide step-by-step instructions. This method of filing tax returns is becoming very popular with taxpayers, as it is very convenient and fast. However, it is important to verify the website to find out if it is a government approved one, before deciding to make use of it. If you are not sure about the efficacy of the online method of filing State Tax Returns, then it is advisable to send the returns the old-fashioned way, which is by mail. This may be time-consuming, but you are assured that the tax filing has been done on time, and has reached the State Revenue Department.