Tax Blog

I filed tax married separately. But I am not sure I get the stimulus tax rebate or not if my husband is an nonresident and has no Social Security number? How much will I got?

Alex welcomes back to the show James Traficant, a former Democrat Representative from Ohio. Traficant was railroaded and imprisoned for seven years after a tax battle with the IRS. He was featured as a guest speaker at a Tea Party Protest in Ohio and is currently planning to run for Congress as an independent in either the 6th or 17th districts of Ohio. www www.prisonplanet.tv

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Tax Blog

I currently sell wallets and handbags on my website www.luxaccessories.net. Right now I pay taxes through my wholesaler, but I want to get my own tax ID and do them myself. I tried to register on irs.gov but it says halfway throught the form that I need my certificate number. I am not sure how to obtain one or get registered with the state since it is an online business. Does anyone have any suggestions?

City plans tax abatement
The Fort Payne City Council is expected to approve a 10-year tax abatement on an almost $15 million investment by AP Plasman Corp. at its regular meeting today.

Read more on The Times-Journal

State taxes usually come in three forms:

Property tax, Sales tax and Income tax.

Many business owners and real estate investors get into trouble by not even realizing they aren’t complying with the state tax laws.

The First Step to turning your state tax exposure into opportunity is to identify the states you or your entities may be required to file state tax returns.

To do this, make a separate list for you and each of your entities. On each list include the states that you or your entities do business. This includes states where you or your entities:

1. Have employees

2. Have inventory

3. Own or lease real estate

4. Own or lease other property, such as vehicles or storage units

Next, add to your list any states not already listed where you and each of your entities:

5. Have independent contractors

6. Have sales representatives

7. Have sales

The Next Step

Just because you have a state on your list doesn’t necessarily mean that you or your entities are responsible for taxes in those state. But, here are some guidelines you can follow to clarify your tax obligations.

Items #1-4 are good indicators that state tax obligations do exist. Any states you listed as a result of items #1-4 are states that you or your entities most likely have state tax obligations for property tax, sales tax and/or income tax.

If you are not already filing state tax forms for each of these taxes, then be sure to research your filing requirements immediately.

Items #5-7 are indicators that state tax obligations may exist. Research any states you listed as a result of #5-7 to determine if you or your entities are required to file property, sales or income tax forms in any of these states.

Check ALL the Types of Taxes

The state tax requirements not only vary by state but by the type of tax within the state. Don’t make the assumption that just because you don’t have to file one type of tax that you don’t have to file any type of state taxes.

For example, a business may be required to file sales tax returns in a certain state but not be required to file property taxes in that same state.

Be sure to check each type of tax to make sure your state tax exposure is minimized!

Where to Start Your Research

Most states provide good basic information on their websites. This can be a great starting point to gather information and make some initial decisions about your filing requirements.

A state tax study is a great option for businesses that operate in several states because there is greater potential for exposure and opportunity – both of which can justify the cost of a tax study.

No matter which approach you use to do your research, I always recommend running your findings by a CPA who is well versed in this tax. Discovering that you have new state tax filing requirements is not necessarily a bad thing. In fact, many state tax savings opportunities only exist when multiple states are involved. This is why it is so important to discuss your specific findings with a CPA who knows this information well enough to know that what appears to be exposure is really an opportunity to minimize state taxes.

www.mifairtax.org – Michigan FairTax Presentation by Roger Buchholtz, Director of MFTA. Presentation of the current state of Michigan’s economy and tax system, along with the solution to these current struggles, the Michigan FairTax. The Michigan FairTax is a proposal that would remove the Michigan current 6% sales tax on goods, the Michigan personal income tax, the Michigan Single Business Tax, the Business Personal Property Tax, the 6 mill State Education Tax on business, and Sales tax on business purchases. This would all be replaced by a 9.75% sales tax on all goods and services. This sales tax would be paid by all residents of Michigan, including illegal aliens, pimps, gamblers and drug dealers. It would strongly encourage businesses to come to the state of Michigan, since they would be able to build and grow their business in Michigan state tax-free. The Michigan FairTax significantly lowers the cost of goods and services produced in Michigan by removing the cost of business taxes that are hidden in today’s prices. Also, a Prebate is provided to all legal households in Michigan so that they have in advance a refund of the tax they would pay on the necessities of life. For more information, please visit www.mifairtax.org

Howard Dean and Ken Langone discuss how the state budget crisis may force states to raise taxes. Is there a lesson that should be learned here? This video will be one of two videos discussed on Common Sense Capitalism on April 12, 2010. For more, go to commonsensecapitalism.blogspot.com

Truth of taxation part 2

Tax Blog

I usually get about $3,000.00 total for state and federal tax returns. I bought my first home in 2009 so I am eligible for the federal tax credit being offered. Just wondering roughly how much extra I can expect in my tax return in 2010. Anyone know?