Zondervan 2010 Church and Nonprofit Tax and Financial G

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Topeka, KS (Vocus) April 30, 2010

What if Kansas’ state sales tax went from 5.3 percent to more than 15 percent? How about paying state sales tax of 75 cents per gallon of gas instead of 25 cents? Those are among the questions being asked by the International Premium Cigar & Pipe Retailers Association as Kansas legislators consider ways to raise tax revenues instead of lowering expenditures as it seeks to close a budget gap of over $ 400 million.

The IPCPR, an association of some 2,000 small businesses, largely professional tobacconists who own neighborhood cigar stores, is battling Senate Bill 516 which would increase taxes on tobacco products by up to 300 percent, including those on premium cigars and pipe tobacco.

Well-heeled anti-tobacco forces are running an expensive newspaper and radio campaign claiming that the higher tobacco taxes will help close the budget gap.

“Everyone knows that increased taxes on tobacco products result in lower tax revenues, not higher, because they encourage illegal sales of bootlegged tobacco products and force people to cross borders and use the Internet to purchase their tobacco products. The net result is the elimination of all tobacco tax receipts from the state’s coffers,” said Chris McCalla, legislative director of the IPCPR.

McCalla said principal arguments being offered in support of higher tobacco taxes are ill-founded and misguided. He urged the public to contact members of the Kansas Senate Committee on Assessment and Taxation and tell them they are against SB516 which is currently in review.

“Such taxes never produce the kinds of new revenues that they are projected to raise. They actually cost the state revenues because people find other, non-taxable ways to get their tobacco, mainly out of state or through illicit avenues. With the tight economy, our retailers are providing jobs to their employees and paying taxes that the state needs. To tax them further will only hinder and possibly jeopardize their operations,” he said.

“Kansas residents don’t want to be forced to pay a 15 percent state sales tax or 75 cents in state sales taxes per gallon of gas. They shouldn’t have to pay taxes on tobacco that are up to three times what it is now. The last thing Kansas needs now is lower tax revenues, lost jobs and closed businesses,” McCalla said.

Contact:    

Tony Tortorici

678/493-0313

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Question by =: How do you plan to use your “Income Tax Refund” this year?

Best answer:

Answer by Wis*dumb or BUST! aka Ravencalls
paying for my ice cream habit

Know better? Leave your own answer in the comments!

Federal taxes refer to the contributions to be paid by individuals as enforced by the government; these contributions are from those who are employed. The payment of federal taxes takes place every year. The amount to be paid by an individual is determined through his or her income and each person is required to accomplish a federal tax form for the determination of the amount, primarily. The revenues collected are the funds used by the government to sustain and initiate national activities and projects like those under the military defense and some other government agencies and institutions. There are current legal tax codes which governs how the tax payers could determine if they really have to pay federal taxes. Individuals could either receive a refund or break even. Aside from individual federal tax payers, business entities are also required to do so. Meanwhile, state taxes are usually filed and paid on the same period of federal taxes.

Federal taxes could either be progressive, proportional, or regressive model. The progressive is the most common model of federal taxes. Under the progressive model, the tax rate of an individual will be based on the income earned last year. The higher the individual’s income, the higher the tax to be paid. In the United States, for instance, the federal tax rates are usually pegged at 10 to 35 percent of the taxable part of the income. Also, the determination of the tax rate also depends on the civil status and on the number of dependents that a person has. These factors are considered as “deductible claims.” Some tax deductions for children and some other expenses are usually allowed so as to alleviate the burden that the tax payers carry.

Federal tax payers commonly fill out forms also known as the 1040A or the 1040EZ. Tax payers are often told to fill out the shorter versions of the sated forms if possible to save time and paperwork. Those individuals and business entities having a complex tax return usually seek for the help of professional to check the forms that need to be accomplished. Recently, however, these individuals and big business entities are opting to file federal taxes online to save times. It is also less expensive since the available online tax filing programs come with self-guided instructions that would assure you that you will do the right procedures in filing for federal taxes. Under the said online system, accuracy is ensured and speed is guaranteed since it could be transmitted with a single click.

The law prohibits the avoidance of federal tax returns filing or even the misrepresentation of income just to avoid the burden of paying a particular amount. There are ratified fines and some enumerated penalties to be imposed against those people who will try to violate the law.

Many view tax payments as arduous; nevertheless these are essentials to keep a state up and running. Many of the things that an average citizen avails of and depends on a daily basis will not be possible without these taxes. Unfortunately, a history of crooked taxation and corruption has created apprehensive feelings among many people as to where and how their tax contributions are spent. However the rest of the citizens are honest who regularly pay their federal taxes on time.

Taking Cash Out of the Closely Held Corporation: Tax Opportunities, Strategies, and Techniques

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New York, NY (PRWEB) November 17, 2008

TitleVest today announced the launch of another free service: the preparation and filing of IRS Form 1099-S. This value-added service is available on all title insurance and coop lien search orders placed through TitleVest.

1099-S is used to report the gross proceeds on the sale or exchange of real property. The person responsible for closing the transaction is required to file the form with the IRS.

TitleVest’s 1099-S preparation and filing service, accessible through www.TitleVest.com, is an enhancement to its Interactive Online Reports™. Since most of the information needed to complete a 1099-S form is already provided in connection with a pending transaction, users can have a 1099-S automatically generated and filed by supplying a few additional pieces of information.

“We have received an increasing number of requests for 1099-S preparation and filing services,” said Bill Baron, president of TitleVest. “We already offer free ACRIS E-Tax form preparation with all title and coop orders, so expanding our services to prepare and file 1099-S forms for free was a logical extension.”

TitleVest’s 1099-S preparation and filing service is the latest addition to TitleVest’s arsenal of proprietary web-based tools and services. Other offerings include ACRISasap™, ACRIStracker™, UCCtracker™ and Legal Form Generator, among others. All technologies are designed to help streamline the real estate closing process.

To learn more about TitleVest’s services, visit www.TitleVest.com.

About TitleVest

The TitleVest family of companies consists of TitleVest Agency, Inc., 1031Vest, LLC, and InsureVest Brokerage, LLC:

TitleVest (TitleVest Agency, Inc.) is a leading provider of title insurance, cooperative apartment lien searches, and related real estate services. TitleVest is a policy issuing agent for First American Title Insurance Company, Chicago Title Insurance Company, Fidelity National Title Insurance Company, Stewart Title Insurance Company, Old Republic National Title Insurance Company and Commonwealth Land Title Insurance Company.

1031Vest (1031Vest, LLC) is a leading Qualified Intermediary for IRC Section 1031 Tax-deferred Exchanges. A proud member of the Federation of Exchange Accommodators, 1031Vest is fully bonded and insured.

InsureVest (InsureVest Brokerage, LLC) is a full-service property and casualty insurance brokerage offering a full line of business and personal insurance products from its network of the leading and highest-rated insurance carriers.

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Houston, TX (PRWEB) November 16, 2005

Accountants and tax preparers often dream of owning their own business and many think that buying a tax preparation franchise is the easiest way to achieve this goal. What they don’t realize is that preparing tax returns is just a small part of running a successful tax business.

That’s the opinion of Carolyn Weaver, a Texas CPA who developed and manages a website for online continuing professional education for accountants. She is also the author of a new e-course, “10 Things that Might Surprise You About Buying a Tax Preparation Franchise,” which presents an inside look at the nuts and bolts of managing a tax prep franchise.

Selecting a tax office location

The most difficult startup decision facing new franchisees, says Weaver, is where to open the first location. Most customers for a storefront tax prep business will come from a 5 to 10 mile radius, so the office should be in a high traffic area.

“You should also take a tip from the fast food industry, and locate near one or more of your competitors,” advises Weaver. “Fast food giants Burger King and Wendy’s took full advantage of the money spent by McDonalds on site research, by building their own stores next door and across the street. You should take advantage of research by H & R Block and Jackson Hewitt and locate near them.”

Some additional insights about buying a tax prep franchise from the e-course:

Marketing effort will determine your bottom line. “Most of the CPAs and Enrolled Agents who purchase tax prep franchises concentrate on the technicalities of setting up the office and the tax software—but it is critical to focus on marketing to generate revenue,” says Weaver.

Finding and training tax preparers is not difficult. One bright spot in the tax prep business is that it is not too difficult to find good tax preparers, if you offer low-cost tax training classes to the general public and hire people from the class. “After observing students during class and seeing how they interact with the teacher and the other students,” according to Weaver, “you can select individuals that appear to have strong customer service skills.”

“10 Things that Might Surprise You About Buying a Tax Preparation Franchise” is a free 10 day e-course. The course is based on interviews with a CPA who purchased and ran multiple tax preparation franchise locations. Visit http://www.funcpe.com/1/enroll_a.htm to sign up for the e-course; CPAs can receive one hour of free CPE credit for completing the course.

About online CPE provider FunCPE

FunCPE provides online continuing education courses to CPAs, EAs and accountants using free or low cost course materials.

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Filing your income taxes 2010 is never an easy work. There is no way to pass up it, so it is good to know how to make it superior for you. A tax estimator 2010 – 2011 is a good system to use when you want to get an idea of how much you owe in taxes and any possible refunds that you can be expecting. You do not require any technical knowledge to get you started with the income tax estimator. This simple software application is designed with ease of use in mind. It is fairly easy to use an estimation table or calculator.

Now before we get into the tax calculators, and estimates, I wanted to show you should know, and look out for, before you start pumping numbers. In order to get an exact result, you’re going to require knowing your totals from the previous year. You don’t require knowing an exact number, but it doesn’t hurt to get it.

Income Tax Estimator Helps You Prepare Your Taxes, state taxes, federal taxes, withholding taxes, payroll taxes, tax refund and more. The income tax calculator is online process that can also be downloaded on to your computer to help you estimate your income taxes 2010. All you need to do while using this program is arrange your income data and then you can simply feed in the data into the software and then just sit back and relax while the income tax estimator calculates your exact tax due to the government.

Want to know of a fast way to get a preview of your tax refund for 2010?

Want to know your tax refund without actually going through the whole process of filing your tax returns?

Is there some tool that will do this for you? For Free?

Yes there is!

Its little tool called the Tax Refund Calculator 2010.

historical highest income tax rate


Image by tadfad
McCain has charged Obama with being a Socialist for proposing a top tax rate of 39.6%

Looking through historical data, I was shocked to discover that the United States has been a Socialist nation for some 60 years!

Source: Tax Policy Center
www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213

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The taxes that the state of Virginia imposes on its citizens range form 2 % to 5.75%. The taxes are levied over 4 brackets of income tax.

1. Personal income tax:

The four brackets over which taxes are levied are listed below:-
- 2% for taxable income up to .000
- 3% for taxable income greater than .000 and lesser than ,000
- 5% for taxable income greater than ,000 but lesser than ,000 and
- 5.75% for taxable income greater than 17,000$ .

For a married couple filing joint returns, rate remains the same while the brackets of income are doubled. The residents of the state of Virginia should compulsorily file Form 760 (returns on resident income tax) by the first of may each year. The forms are available on the website of Virginia taxation department.

2. Sales tax:

The taxes levied on sales are about 4%. Another 1% additional combined sales tax is levied on most items purchased within the state. The sales tax on food has dropped to 2.5% and along with combined sales tax (which is about 1%) it comes to around 3.5%. The residents are subjected to use tax if they purchase items of worth greater than 0 for which they did not pay sales tax for. Some examples for this type of tax are, purchases made on the internet or mail order catalogues or T.V shopping channels. The taxes are also applicable on tax free purchases that are made outside the state of Virginia and then shipped into the state.

3. Real property and personal taxes:

The state of Virginia does not levy any property taxes. This tax is collected by the respective local government. Any piece of real estate is taxed based on 100% of the fair market price. These taxes usually show some variations across the state as they are set by the local government. Taxes are based on the original cost. Furniture, fixtures, automobiles, trucks and machinery are taken into account as tangible personal properties. Form 762 must be filed latest by the first of may.

4. Estate and inheritance taxes:

There is no collection of inheritance taxes in the state of Virginia. The state’s estate tax laws have been separated from the existing estate tax laws.

5. Other important facts on Virginia state taxes:

Taxpayers in the state of Virginia can request for an extension file, so as to monitor their contributions. Status of refunds can also be checked online. VATAX online provides information on electronic tax options. The department of taxation of the state of Virginia publishes the names of those businesses that have tax liability towards the state.

Norwood, PA (PRWEB) January 12, 2005

Electronic Tax Systems, Inc., a leading developer of sales and use tax software, announced today that it has enhanced its product offering for tax exemption tracking and compliance. Electronic Tax Systems, Inc. (d.b.a. eTaxSys) now offers its EDDS and Azure systems both as a stand alone product as well as a web-based service to allow companies of all sizes to be able to benefit from the products. By providing a web-based solution as well as on-site solutions, eTaxSys is able to provide the greatest range of flexibility to its customers.

The EDDS and Azure products have been offered as client-server applications to larger companies with their own IT department and Database Administrators. However, according to Robert Gibbs, President and CEO of Electronic Tax Systems, the new offerings will remove the cost roadblocks typically associated with this type of application. The new products will have several versions including single user versions, web-based versions and the existing client server version.

“These solutions enable companies of any size to automate the exemption certificate tracking and decision information,” President Bob Gibbs announced. In his 15 years of experience, he has seen a number of these issues become troublesome for companies, both large and small. “These solutions will help customers to ensure that any audit is painless and simple, and it enables our users to be certain the correct taxes are being applied in their billing system.” Gibbs notes that their product pricing structure allows customers to select only the data they want, which enables the product to be affordable to all customers.

Tim DuBois, VP of Technology, added, “Our product is not tied to any particular tax calculation engine or billing system, but we provide tools to cross-reference our data with other tax engine providers. We have experienced integration specialists that are able to map our data to other providers’ formats.” In regards to the technical sophistication, DuBois answered, “From a technical perspective, our solution provides the most flexibility for integration, enables users to be able to customize their data to suit their needs, and allows the user to have the data in the format that they want.”

About Electronic Tax Systems, Inc.:

Electronic Tax Systems has worked with several Fortune 500 companies to provide them the most flexible and robust solutions to tax calculation and exemption tracking. They also offer training, integration support as well as custom software development to ensure that the product solves the customer’s problems in the best way possible. These products are available on a number of database and operating system platforms for greatest flexibility.

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www.harborfinancialonline.com Federal Income Withholding Tax Tables for 2010, 2011