If I filed a sales tax return in January do I have to include that in my income taxes?

I did some cleaning on the side to make some extra money. I made $2400 in 6 months in 2007. I have a sales tax licsense and I filed that already. My question is do I have to bring the sales Tax Return to my tax preparer and is it going to be reflected in my return?

You have to include the income from the cleaning job. You will also be able to deduct legitimate expenses. So take all related paperwork for the cleaning job to your tax preparer.

Which tax reform do you prefer? The Obama Buffet tax increase making dividend and long term cap gain taxed at?

35% and eliminate charitable deductions and interest deduction on home loans?


Treat all income the same (dividend, cap gain, salary) and lower the top bracket to 20% while reducing Corp tax rate to 20%?


Herman Cain’s 9% Income Tax, 9% sales tax, and 9% corporate profit tax. Which is believe it or not revenue neutral.

Which one would create more jobs?

The first one is shear idiocy. The problem is that durign the clinton era, people were misinformed on what is investment. Stock market profit was meant to be from dividends, NOT SPECULATION> We need to force people to understand taht. We need to also encourage people to make long term investments rather then allow people to move assets quickly. As for interest on homes, that is why I don’t trust liberals they make promises and then steal from us latter. The people need a stable situation to make long term plans. He gave us a tax break on buying new homes, stating it’s a way for long term security and then want to take it away from us. How are we going to feel confident on our governmetn when they have no sense of fairness.

I think Hermain cain’s idea is too good to be true. It’s fairer to the middle class.

How do you calculate income tax by hand?

I have to take a math competency test as a graduation requirement and we have to calculate income tax without using a calculator.

The practice problem we have is

"Determine the Income Tax due if your gross income for last week was 88.75 claiming zero exemptions. How much less would your income tax due be if you claimed one exemption?" (Zero exemptions is $13.80 and one exemption is $11.30)


It is easy

What you earned less what you spent–send everything left to the government.

That is called "Share the Wealth" and is a major tenant of our present Administration

What is the highest corporate tax rate?

I have an on going debate about the highest Corporate Tax rate in US history. I say the highest ever imposed is 35%. I would like to know if this is correct or was it higher?

Hope your wager was small. The current peak rate is 39%. The highest in history was 53% during and after WWII though it has skirted close to that (51%) as recently as 1986.

Mitt Romney Tax Returns Breakdown

Mitt Romney released some of his Tax Returns. Was the 2012 Republican Presidential candidate concerned with reaction to his donations to the Mormon church or his incredibly low effective tax rate? Cenk Uygur breaks it down on The Young Turks.


Subscribe to The Young Turks: http://bit.ly/eWuu5i

Find out how to watch The Young Turks on Current by clicking here: http://www.current.com/gettyt

The Largest Online New Show in the World.

Google+: http://www.gplus.to/TheYoungTurks

Facebook: http://www.facebook.com/tytnation

Twitter: http://twitter.com/theyoungturks

Duration : 0:6:1

Continue reading

Technorati Tags: , , , , , , , , ,

Obama: Tax reform should follow Buffett rule

In his 2012 State of the Union Address, President Obama suggested Tax Reform should follow the Buffett rule where Americans who make more than $1 million a year should not pay less than 30 percent in taxes.

Duration : 0:4:14

Continue reading

Technorati Tags: , , , , , , , , , , , , , , , , , , ,


Joe Bannister explains in a interveiw the 2 year investigation he did, resulted in the IRS forcing him to resign.

Duration : 0:5:55

Continue reading

Technorati Tags: , , , , , , , , , , , , ,

Are Corporations People?

Students, get a full week of this at a summer seminar: http://lrnlbty.co/Hvopp9

Corporations are not monoliths — they are made up of individuals, including workers and non-wealthy shareholders. So are corporations distinct from the people that comprise them? When corporations are taxed, who pays the tax? Economics professor Steven Horwitz shows why a tax on corporations is not the equivalent of a tax on the wealthy. Instead, workers and consumers will pay these taxes. A tax on a corporation is also a tax on the workers who work at the corporation, the consumers who buy from the corporation, and the shareholders who own the corporation as part of their retirement fund.

Duration : 0:2:48

Continue reading

Technorati Tags: , , , , , , , , , ,

what is a tax return and why do we get it?

I received a letter from my bank saying that i have an important tax return document inside. What is a Tax Return thing and does it mean that i get the amount of money indicated in the letter?

A tax return indicates that you probably paid too much in your Income Tax to the government. that is why the government is giving it back to you.

What effect would tax code reform have on a tax attorney’s job stability?

Would there be less of a need for tax attorneys?

In the short term, they’ll have plenty of work dealing with the changes.

If the tax code really were to be significantly simplified, that might reduce their available work slightly in the long term.

There will still be questions that a tax attorney will need to deal with. Most of the complexities of the tax code are smaller issues that are dealt with by a CPA.