Archive for January, 2010
Norbord Reports 2009 Year-End Results
Norbord Inc. today reported a 2009 loss of $58 million or $1.35 per share compared to a loss of $115 million or $7.62 per share in 2008. The Company recorded a loss of $11 million or $0.25 per share in the fourth quarter compared to a loss of $30 million or $1.88 per share in the fourth quarter last year.
S.M. Entertainment’s ’06 World Tour Audition
Question: I have formed a single person LLC. Do I have to file IRS form 941 (Federal Quarterly Tax Return)?
Answer: If you have no employees including yourself then the answer is no. 941 are used to forward the taxes you withhold from your employees wages to the IRS. If you pay yourself on a W2 then you must file a 941. if you claim all your profit on Schedule C then you will pay your self employment taxes on Schedule SE, if you owe more than $1,000 you will probably have to pay a penalty and be subject to estimated taxes.
What Records Can You Really Throw Away?
A rundown of what to toss and what to treasure — and for how long.
Financial Planning Advice : What Triggers an IRS Audit?
Question: Address change with IRS – where do I mail it?
I moved and want to change my address with the IRS. The instructions on form 8822 say to mail it to “Atlanta, GA 39901-0023.” What’s the street address? Or do I just put “Atlanta, GA 39901-0023″?
Answer: According to my Post Office, there is no address. It is a special zip code reserved for all tax documents sent.
BYU posts students’ tax forms online
Students should now access their university tax form online rather than wait for BYU to send it through the mail. The form, officially called the 1098-T, is used to report student scholarship and financial information, and can help students report certain tax credits. By making the form available online, BYU seeks to avoid identity fraud and save money. Mailing the forms, which contain …
Ron Paul: State of the Union Address Part 2 of 3
Question: When I completed my 2007 federal taxes on Turbo Tax I owed $490.?
I filed the return with a check for $490.
I later realized that I failed to report a capital loss carryover from prior year. I generated a Form 1040X and the corrected return showed I am due a refund of $410.
The 1040 X shows that I am due the $410 refund. However it isnt obvious on the form that I am due back the $490 payment I made. Does the IRS refund both the $490 payment I made and the new $410 refund for a total of $900?
Answer: I just did this the other day I could not find the place on the 1040X to account for my refund that I’d already filed for.
You are looking for the place for taxes you already paid. If you enter on Line 17 the $490, then that should cumulate to Line 18 (automatically) to show all your payments in the whole year (including what was withheld, plus that payment).
Now Line 22 should say $900.
But are you sure Turbo Tax isn’t already taking into account the payment you already made? Some softwares are smart enough to fill in Line 17 for you, in which case the net would be the $410 and not the $900.
Just check to see what’s in line 17 already, and all will be clear. I hope.
Tax Tip: 5 ways to obtain IRS forms and publications
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. If you need IRS forms, here are five easy methods for getting the information you need.
What is IRS Penalty Abatement and Penalty Forgiveness?
Question: I have investment property in Florida that I have been showing on my taxes for the past 8 years.?
If I decide to deed this property to an associate and they decide to refinance the property I gave them, will their be questions raised later on if (by chance) I am audited by the IRS? I have made NO money off the property personally. but their is value in the home. By me not selling the home will that be a red flag to the IRS???
Answer: I doubt the IRS will come after you unless you have some other reason. As long as the new owners have clear title they will be able to get refinancing
News In Kansas
WICHITA, Kan. (AP) — Jurors must decide whether a man who openly confessed to killing a Kansas abortion provider committed murder now that defense attorneys have lost their bid for a lesser charge based on the man’s belief that he was saving unborn children.