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Whether you want to know how much your tax refund will be, how much you’ll pay in taxes, which deductions you can take or how much your home mortgage will save you in taxes, TurboTax has you covered.

Ways You Might Overpay on Income Tax

Use these free tax calculators from TurboTax to get a preview of your 2010, 2011 income taxes.

Tax Refund Estimator - How much will your tax refund be this year?

Changes in your life—like a salary or job change, new house or car, or additions to your family—might affect your refund. This tax calculator helps you determine how much you are likely to pay in taxes for 2010—or how big your refund will be. The latest changes to the Alternative Minimum Tax (AMT) are factored in for increased accuracy.

Tax Rebate Calculator - Will you get a Irs Federal stimulus tax rebate check from the U.S. government this spring?

The government will not automatically send you a stimulus check if you qualify. You must claim this rebate on your 2010 tax return. This could be a huge potential credit for many tax payers that have been laid off or hit hard by the current economic situation.

Can I Deduct My Moving Expenses on Income Taxes?

Average Tax Rate Calculator - What’s my average tax rate amount?

Want to know the average tax rate you’ll pay on your income? Plug in your income figures and this handy tax calculator will show what percentage of your income will go to taxes.

Home Loan Tax Saver - How much will my mortgage save me in taxes?

If you paid interest or points on a home loan, chances are you can deduct those payments from your income taxes. This tax calculator can help you find out how much your mortgage will save you on your taxes.

Payroll Withholding Tax Calculator for Employers

You can calculate your employees paychecks instantly. Federal & States taxes are calculated for you, then pay employees with our free direct deposit, or print checks & stubs on your own printer, directly from the Quickbooks online system.
Quickbooks Online Payroll Calculator. Try it for Free!

Paycheck Tax Withholding Calculator - How much will I take home after tax withholdings?

Are you withholding enough—or too much—from your paychecks? This valuable tool looks at your entire tax situation, including your other income and expenses, and figures out what you’ll actually owe on your taxes for the year. The calculator then determines how much you should have withheld to cover what you’ll owe for the year, without giving Uncle Sam a big loan.

How Much Can I Deduct for Child and Dependent Care Expenses?

Deduction Finder - Am I claiming all the deductions I deserve?

Are you missing out on deductions you deserve to claim? Use this tax calculator to help identify over 350 tax credits and deductions available and which ones you are eligible for.

Free Tax Return Calculators at TurboTax.

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The business structure you operate, determines which tax returns Australia you may be required to lodge. Every business person must be sufficiently aware of the requirements imposed by Australian tax law with respect to reporting and calculation requirements so as to avoid the imposition of large penalties.

Note: The information in this article is of a general nature. It’s important to consult a small business accountant before acting on any of the information in this article to ensure your specific situation is considered.

Income tax return

Sole trader: Sole traders  must lodge an individual tax return to report your taxable income or loss as well as any business income and other income in the form of salary and wages, dividends and rental income, less any allowable deductions that you are allowed to claim against these amounts.

Partnership: The entity must lodge a partnership tax return. A taxable net income figure is arrived at by first subtracting all permissible and deductible expenses. A partnership tax return will reflect the total of all income amounts reported by each partner in their own tax returns and must include all income sources such as wages, dividends and rental income.

Trust: This trust entity must lodge a trust tax return. Deducting the allowable deductions from the gross income results in the final net income. Beneficiaries of the trust, are also required to report any income or benefit received from the trust, including assessable income such as salary, wages, dividends and rental income.

Company: The company must lodge a company tax return. Calculating the net income is done simply by reducing the gross income by the total amount of all allowable deductions. Net taxable income is currently taxed at 30% from companies in Australia. The income tax of an individual is different from the company tax for which a company tax return needs to be lodged.

GST Return

Businesses with a projected annual turnover of at least $75,000 ($150,000 for non-profit organisations) are required to lodge a GST return. GST returns must still be lodged by businesses that fall below the minimum level if they have registered to participate in the GST system.

Fringe Benefit Tax Return

Benefits given by employers to employees such as company cars, low interest loans, gym membership and free tickets to concerts as entertainment benefits are usually classed as fringe benefits. Fringe Benefit Tax (FBT) is paid on these items.

PAYG

If you have employees or pay employees of another business, you are required to withhold an amount from payments you make to them and report these under the PAYG withholding system. Employers withholding Pay As You Go taxes must also report the amounts to the tax office in accordance with their requirements.

Payments requiring withholding tax include:

• Royalty and interest payments to foreign entities;
• if you operate a company - payments made to company directors;
• payments for invoices where there is no ABN.

In summary Australian tax return types include individual tax returns, partnership tax returns, company tax returns and trust tax returns. This summary also touched on PAYG and fringe benefits tax.

Tags: Australian Tax Return, my tax return, tax return, tax returns Australia
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Many New Zealand workers are due a Tax Return, and they dont even know it yet. Many dont apply because they arent sure how to do it.

Applying for a tax return is an easy process. Theres plenty of fish in the sea when it comes to tax agents, with lots of different ways in which they help you out.

The IRD, as the official govenrment revenue collector, takes tax off your income at various rates. Its complex what makes up your rate, however your employer is the first step if you wish to know more about your tax situation.

Generally speaking, irregular incomes or secondary incomes attract different and higher rates of tax than others. In this situation, you can be refunded the surplus that exceeds your overall tax rate.

As an idea, you might be currently paying 19% of your income as tax. A bonus might be tax deducted at a much higher rate because it isnt normal income. The rate might be 39% or sometimes close to it. When your tax position is washed up, you might then be due the difference between the 39% and the 19% you should have paid.

Refunds can come about from income rebates or family tax credits. Your employer wont do this, but can advise you if may qualify for these if you ask. You will need to seek specialised advice from the appropriate government agency if you think you qualify for family assistance.

For things like earner credits, your chosen agency can prepare this for you with a minimum of fuss and time.

Should you make a lower income in a year, this is very applicable. Perhaps you are still at school, in which case you might qualify to get all of your income tax back. Its definitely worth your while to check with a tax agent to see if this could apply to you.

When dealing with a tax refund online agent, make sure you know the information you need to give them. This might be items such as photo ID, bank statements, letters addressed to you etc.

Most reputable agents will not file the tax return unless there is a refund for that year. In other words, if you have tax to pay in a given tax year, they will not file it for you. Very handy!

It will then often be around 10-20 days before the IRD can process your refund and send a cheque out to your agent. After deducting their preparation fee, the agent sends the balance out to you, by cheque or direct deposit, and then you can spend you money.

Tags: online tax refund, tax agent, tax refund, tax return
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In a recent email news item I made the distinction that the Haiti disaster is now a qualified disaster according to the IRS (http://www.irs.gov/newsroom/article/0,,id=218615,00.html).

And I mentioned in that email, there are rumors that said people would be able to take a deduction for donations to Haiti on the current year’s (2009) tax return - instead of having to wait until you do your 2010 tax return. Obviously this could be a huge incentive for people who desired to give a part of their wealth to the victims of disaster in Haiti to assist them in getting back on their feet! Are you feeling the pressure of today’s taxes? Right now you can get $100 off your tax return for Cary NC Tax Preparation needs!

As it turns out, the rumors I was hearing and that you possibly have heard are TRUE! On January 22nd, the IRS created a special tax relief policy that allows contributions for the Haiti disaster made after January 11, 2010 and before March 1, 2010, will be taken from your 2009 tax return. Or, you can choose to put the deduction to your 2010 tax return instead, on the chance that in case you did not desire to take advantage of the great incentive to assist those in need.

The people of Haiti are hurting quite a bit. These kinds of disasters are totally unavoidable, and are well, devastating. Earthquakes and other types of natural disaster create huge levels of carnage and widespread loss of homes. Entire families are without food or clean water. In most cases these families do not even have any sort of stable living environment without the help of relief organizations (funded by donators like you!). Do your part right now and donate whatever you can to help the people of Haiti. I would certainly appreciate the extended donations, and I’m positive all of the struggling people in Haiti would appreciate it to!

Stay tuned for more articles and information regarding tax season, taxes, and Haiti!

http://www.marccpa.com

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
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W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

So the question remains, what went wrong with taxes in the US?

US tax makers have been reaping what they have sown for quite a while. Our honor system has been trumped by a monster in which all taxpayers are under watch because of the heavy inclination of evasion. Basically, consent has been replaced with compulsion. Honor has been replaced with spying on citizens. If you are feeling the pressure with today’s taxes, call a Cary NC CPA for all your tax-related needs!

In the 1950s, no bank told the IRS about customer affairs, interest rates went unreported, withdrawals of money were not reported, and not a thing that went through any account was photographed. Also, real estate transactions weren’t reported, stock transactions were not reported, dividends were not reported, income from other sources (Form 1099) was not reported, and US Customs didn’t require a declaration of the amount of money carried. Go here if you want help from a modern-day Tax Preparation in Cary, NC.

It was an honor system, and it worked. The deterioration that happened over the last fifty years to the present is that everything of any fiscal significance is now reported.

Adam Smith said that people will evade taxes and tax laws shown little respect when there is a general suspicion of much meaningless expense and great misspending of tax revenue. For example, $500 toliet seats, huge grants to study the sex lives of ants, etc.

Because the government wanted to catch a handful of tax resisters and evaders in the 1950s Congress made a tax monster of the US tax system that more and more taxpayers try to evade. As a general rule, mass tax evasion is a clear signal that a government’s tax system is bad. Citizens will pay taxes, even income taxes, if the rates are acceptable.

Thanks for reading! Stay tuned for more updates!

http://www.marccpa.com/

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
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W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

1861 - After Lincoln’s election, the South walks out of Congress and form the Confederacy with a rewritten constitution to keep the newly formed government right to tax in check.

1862 - The beginning of US income taxes is created to help finance the sudden and massive costs of the Civil War. If you’re feeling the pressure with today’s taxes, call a CPA for Tax Preparation in Raleigh, NC for all your tax-related needs!

1872 - The income tax gets struck down.

1894 - Congress creates an income tax as a result of southerners complaining that excessive reliance on tariffs pushes up the costs of imports for farmers and consumers. Go here if you want help from a modern-day CPA firm in Raleigh, NC.

1895 - The US Supreme Court holds that the 1894 income tax law is in direct conflict with the US Constitution’s bars on insituting direct taxes.

1913 - Ratification of the 16th Amendment removes that bar and Congress establishes an income tax system.

1917 - World War I revenue requirements bump up tax rates, with the largest rate reaching 77% in 1918.

1924 - Publication of the names of taxpayers and the amount of taxes they owe fails to achieve the goal of forcing payments and the practice is given up.

1942 - Prior to World War II, the lowest income level for paying income tax excluded most wage earners. However, the cost of the war bumped the threshold down the income ladder and put the top rate to ninety-four percent before the war was over.

1943 - To force compliance from the sharply increased number of taxpayers, Congress institutes tax withholding from wages, effectively turning employers into tax collectors.

In the 1940s Justice Jackson of the Supreme Court, former chief counsel of IRS, gloated about how honest Americans were in turning in their income taxes. It was an honor system - there were very few informational returns. Tax resisters were few and the underground economy was of little significance.

1962 - IRS Commissioner Caplin stated “no other nation in the world has ever equaled this record of voluntary compliance. It is a tribute to our people, their tradition of honesty, and their high sense of responsibility in supporting our government.”

1982 - Chief Justice Neely said - “cheating on federal and state income tax is all pervasive in all classes of society; except among the compulsively honest, cheating usually occurs in direct proportion to opportunity.”

Stay tuned for Part 3 of the Timeline of US Tax Policy!

http://www.marccpa.com/

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
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W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

From 1868 until 1913, about 90% of the federal government’s revenue was gotten from tax on whiskey and tobacco. During the Civil War the government instituted a short income tax, but it was not until 1913 when the sixteenth Amendment permitted Congress to tax incomes “from whatever sources attained.” The first 1040’s were due on March 1, 1914. There was not any money withheld from paychecks and no money was sent in with the return. Every taxpayer’s computations were calculated by IRS field agents and a bill sent to the taxpayer on the first of June.

1766 - Leaders of the colonies got together to protest British taxes in place by the Stamp Act. The Stamp Act Congress, as it was called, marked the start of the American independence movement and the beginning of the United States.

1782 - The first Congress under the Articles of Confederation met. This Congress didn’t have any ability to tax the people.

1789 - America gave a new Congress taxing powers. Without taxing powers, the first Congress of the U.S. scantly lasted 7 years prior to being dubbed a failure; the second Congress, granted taxation powers, is still functioning after almost 300 years. If you’re feeling the pressure with today’s taxes, call a CPA for Tax Preparation in Raleigh, NC for all your tax-related needs!

1792 - Alexander Hamilton persuades Congress to pass an excise tax on whiskey to increase earned income for the government and steady the increase in alcohol consumption. In the western frontier whiskey was the traditional medium of exchange, and the twenty-five percent tax was harsh. By 1794 the area was openly in rebellion. The father of the IRS was spawned to enforce the tax. Go here if you want help from a modern-day CPA firm in Raleigh, NC.

1832 - The national debt remaining from the Revolutionary War and the War of 1812 is paid off. The South sees no reason to continue high import taxes that increase prices for Southern consumers and promote industrial monopolies in the North.

1850 - John C. Calhoun of South Carolina warns Congress that the South might leave the Union due to the fact that the overly oppressive taxing of the South raised funds that were spent in the North, causing a great change in money from the South to the North.

Stay tuned for Parts 2 and 3 of the Timeline of US Tax Policy!

http://www.marccpa.com/

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
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W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

“Slavery - the one cause of the Civil War.” - John Stuart Mill, 1862

Can there be a doubtful thoughts about this topic? Certainly the American Civil War was about the slavery issue… was it not? Well actually, one of the most popular myths in our history is that the Civil War began over the slavery issue and that Lincoln, the Great Emancipator, used a terrible war to break the chains of bonding that shackled over three million black Americans. Right before the war, the South had everything its way.

In 1860, the South held the Supreme Court and Lincoln and Congress were approving a constitutional amendment to keep slavery for all time! What happened?

We should rewind the clock back to the year 1832. By that year the national debt from the War of 1812 had been paid and the South saw no need to keep up the high import taxes which appeared to only raise price tags for Southern consumers. Either the South paid high import taxes on imported goods or it purchased Northern manufactured goods at excessive prices. In either case, Southern money ended up in the North. To say the South wasn’t happy with this arrangement would be an understatement. If you’re feeling the pressure with today’s taxes, call a CPA for Tax Preparation in Raleigh, NC for all your tax-related needs!

So, in 1832 a convention was hosted in South Carolina to get rid of these federal import taxes. The convention decided the tax was unconstitutional and authorized the governor to defy the enforcing of the import taxes instituted by the national government. It seemed like a civil war was in the works. Cool heads won over, however, and the Great Compromise of 1833 lowered import taxes over the next several years to levels the South would tolerate. Go here if you want help with a modern-day Tax Return in Raleigh, NC.

Over the ensuing years, however, Northern corporate and manufacturer companies forced into Congress more taxes that once again stressed Southern planters and made Northern manufacturers become rich. In 1850, John C. Calhoun, the South’s most outstanding spokesperson, gave a speech to Congress. His speech spoke of three wrongs done to the South that could cause secession from the Union and war. The first two had to do with fears concerning the erosion of power of the South in general and the states as well.

The third, and really the only solid grievance, was about taxation. In Calhoun’s view, national import taxes was a targeted legislation against the South. Heavy taxes on the South raised money that was used in the North. The center of economic strength in the country was shifting heavily to the North. Calhoun threatened secession if the taxes weren’t lowered. But what about the slaves? Well, during his campaign for the presidency in 1860, Lincoln repeatedly said he wouldn’t interfere with slavery in the South. Actually, most Northerners didn’t care much about enslaved blacks, just as little as how much they worried about the Indian in the West or impoverished illiterate workers in factories. The majority of black slaves received better treatment and better compassion than their working-class counterparts in the North. Lincoln, actually, assured Southern plantation-owners that run-away slaves would be caught. The Congress and subsequently the Supreme Court (Dred Scott decision) further affirmed that slavery was here to stay.

But, as soon as Lincoln was elected and Congress came together in 1861, they created new high import tariffs. Slavery was not an issue - higher import taxes were. In his inaugural address Lincoln said he would go get the customs in the South even if there was a secession!

Fort Sumter, at the entrance of the Charleston Harbor, began filling with federal troops to enforce the collection of the new taxes. The Civil War started in 1861 when South Carolinians fired on the federal garrison at Fort Sumter. The conflict had been brewing for decades - but it was not about the slaves. It was over taxes.

Two years after that, Lincoln issued the Emancipation Proclamation, and then only after repeated military defeats, as a last resort to rally the North to a noble cause. With respect to the slave issue - most Northerners cared little about black people in bondage, any more than they thought about Indians in the west and the poor illiterate peasants in the factories. By and large, most black slaves got better treatment and greater compassion than their impoverished counterparts in the North.

That’s it for the History of Taxes Series!

http://www.marccpa.com/

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
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W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

1861 - After Lincoln’s election, southerners walk out of Congress and form the Confederate States of America with a rewritten constitution to sustain the new government right to tax in check.

1862 - The first US income tax is instituted to assist the financing of the rising massive costs of the Civil War. If you are feeling the pressure with today’s taxes, call a CPA for Tax Preparation in Raleigh, NC for all your tax-related needs!

1872 - The income tax gets struck down.

1894 - Congress creates an income tax in response to southerners complaining that large reliance on tariffs skyrockets the costs of imported goods for farmers and consumers. Go here if you want help from a modern-day CPA firm in Raleigh, NC.

1895 - The US Supreme Court holds the idea that the 1894 income tax law is in direct conflict with the US Constitution’s bars on insituting direct taxes.

1913 - Ratification of the sixteenth Amendment takes that bar away and Congress creates an income tax system.

1917 - World War I financial needs push up tax rates, with the largest rate reaching 77% in 1918.

1924 - Publication of the names of taxpayers and how much they owe fails to complete the task of enforcing paying the taxes and the practice is given up.

1942 - Prior to World War II, the lowest income level for paying income tax left most working people out. However, the war’s cost pushed the threshold down the income ladder and sent the top rate to ninety-four percent prior to the war being over.

1943 - To enforce compliance from the hugely increased number of taxpayers, Congress creates tax withholding from wages, effectively turning employers into tax collectors.

In the 1940s Justice Jackson of the Supreme Court, former chief counsel to the IRS, gloated about how honest Americans were in turning in their income taxes. The system was based on the user’s honesty - there were only a few informational returns. Tax resisters were few and the underground economy was of little significance.

1962 - IRS Commissioner Caplin said “no other nation in the world has ever equaled this record of voluntary compliance. It is a tribute to our people, their tradition of honesty, and their high sense of responsibility in supporting our government.”

1982 - Chief Justice Neely said - “cheating on federal and state income tax is all pervasive in all classes of society; except among the compulsively honest, cheating usually occurs in direct proportion to opportunity.”

Stay tuned for Part 3 of the Timeline of US Tax Policy!

http://www.marccpa.com/

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
Posted in Uncategorized | | No Comments »

W. Marc Gilfillan, CPA, NC, individual and business CPA and Tax expert, shares about the history of taxes…

Between 1868 to 1913, about 90% of the national government’s income was derived from tax on alcohol and tobacco. During the Civil War the government instituted a short income tax, but it was not until 1913 that the sixteenth Amendment was passed and enabled Congress to tax incomes “from whatever sources derived.” The initial 1040’s were due on March 1, 1914. No money was withheld from paychecks and none was sent away with the return. Each taxpayer’s taxes were checked by IRS field agents and a bill mailed to the taxpayer on the first of June.

1766 - Colony leaders met to protest British taxes in place by the Stamp Act. The Stamp Act Congress, as it was called, marked the start of the American independence movement and the beginning of the United States.

1782 - The first Congress under the Articles of Confederation met. This Congress had no ability to tax the people.

1789 - Americans granted a newly formed Congress the ability to tax. Without taxing powers, the initial Congress of the U.S. scantly survived 7 years before being declared a failed attempt; the 2nd Congress, granted taxation powers, is currently going strong after more than two hundred years. If you’re feeling the pressure with today’s taxes, call a CPA for Tax Preparation in Raleigh, NC for all your tax-related needs!

1792 - Alexander Hamilton coerces Congress to pass an excise tax on whiskey to increase revenue and curb drinking. In the western frontier whiskey was the basic mode of exchange, and the twenty-five percent tax was a bit difficult to deal with. By 1794 the area was openly in rebellion. The father of the IRS was created to enforce the tax. Go here if you want help from a modern-day CPA firm in Raleigh, NC.

1832 - The national debt that remained after the Revolutionary War and the War of 1812 is finally accounted for and paid. The South does not see any reason to continue high import taxes that raise prices for Southern consumers and increase the number of industrial monopolies in the North.

1850 - John C. Calhoun of South Carolina warns Congress that the South might leave the Union due to the fact that the overly oppressive taxing of the South raised funds that were spent in the North, causing a great shift in money from the South to the North.

Stay tuned for Parts 2 and 3 of the Timeline of US Tax Policy!

http://www.marccpa.com/

Tags: accountant, bookkeeping, cpa, income tax, marc gilfillan, NC, raleigh, tax, tax preparation, tax return, taxes
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