IRS Tax Return Tips and Tricks

I’m looking into investing money for various people who have asked me to manage their money. I’m interested in doing so in a mutual fund sort of way and would like to know if anyone has recommendations as to some good software programs that will track (and keep separate) the numerous contributions and deductions by people invested in the fund. I need to be able to always know what percentage of the funds value is attributable to each investor.

On a side note: Am I wrong in thinking that I don’t need any special license in order to invest other people’s money? I would have a contract with each investor that would cover all the typical disclosures IRT “the risks of investing” and “past returns are no guarantee of future results”, etc. I plan on making this my home business for tax purposes as well. Am I missing something?

Thanks.
I realize that people “usually” have some sort of a business degree but I don’t think there’s an actual “requirement”. Besides, some of the advisor/planner “credentials” I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications…
I realize that people “usually” have some sort of a business degree but I don’t think there’s an actual “requirement”. Besides, some of the advisor/planner “credentials” I’ve seen are so easy to get that it’s a little comical when I see them listed as qualifications… Yes, I could get financial advisor and planner certifications but I really think there not worth much. I served with a guy who had a financial degree and he consistently commented as to how I knew more than he did and how I could pass the exam to be a broker if I wanted. I’m just not sure if I “have to”.

really have more advantage (in terms of accuracy and getting higher refund) than filing your own return in paper. Everybody wants to pay less tax. Do we really pay more when we do it in paper?

I’ve been doing it in paper since I arrived here in canada in 2005. I believe I’ve been doing it as accurately as I can, following the instructions diligently on the paper package. I get a few hundred dollars refund and I’m happy about that. I never get audited. I heard stories from people paying less (means getting more refund) because they use H & R bloc, turbo tax or used and accountant. What do these people know that are not mentioned in the CRA paper package?

I already have RRSP, doing donations… what else do I need to know that are not mentioned by CRA?

I think my last question was a little confusing so I am going to put up my entire delema lol.

Create a Payable interface that requres a getPaymentAmount() method. Create the following gclasses that implement the Payable interface.
PropertyTaxBill
DueByDate
TotalDue

DomainNameRegistration
feePerYear
ExpiryDate

SoftwareLicense
Determine required variables

Write getters and setters for all variables. WRite at least one constructor for each class that takes all variable. Each class hsould implement the Payable interface.

Add a toString method that will return something that is logical for that class.

In the Drive class create a collection of Payable type. Add at least one of each type of employee to the collection. Add at least one time of tax bill, software license, and domain name registration to the collection. Loop through the collection and call toString and getPayment amount and print it.

Here is my P&L Statement:

REVENUE
Gross Sales (150 Units) 6,010.00
Less Returns and Allowances (120.20)
Net Sales 5,889.80

COST OF GOODS SOLD
Merchandise Inventory, June 1 1,284.84
Purchases 2,500.00
Merchandise Freight Charges (Logistics) 320.00
Import Tarrifs 62.50
Cost of Merchandise Available For Sale 4,167.34
Merchant Account Fees 150.25
Less Ending Inventory, June 30 1,204.75
Total Cost of Goods Sold 2,962.50
Gross Margin 2,927.30

EXPENSES
Cost of Postage to Deliver Goods 735.00
Hosting 15.00
Non-Reoccurring Merchant Account Fees 20.00
Advertising –
Graphical Content –
Website Templates –
Payroll Taxes –
Salary –
Dues and Subscriptions 25.00
Repairs and Maintainance –
Licences –
Federal Income Tax –
NJ Income Tax –
Utilities 95.00
Interest Expense –
Bank Fees –
Software
Outsourcing Expense 560.00
Subcontracting Expense –
Miscellaneious 25.00
Total Expenses 1,475.00

Net Profit (Loss) 1,452.30

As you can see, I paid no salary, estimated tax, repairs, etc .. last month

So: Should i include these expense categories in my P&L? even though they have a zero balance? or should I cut them out and only display the expenses with balances, and add those exepnse categories in the future when they do occur?

Thanks for you help in advance!

I have never filed any tax returns myself not on line not even offline.How easy is if decided to use Tax act software?Will I be able to file both State and Fedreal Returns for free?Confused here.Please let me know if anyone have detailed answer.Thank you.
Forgot to mention that I am in New Jersey.

About four years ago I was lent a computer from my grandma that was my brothers. The computer was bought in 2001, so it is over nine years old. During that time my brother personally told my mom the computer belonged to me. It has been in my possession for three to four years now and I also had to spend a few hundred dollars to buy new parts. I had to get a new keyboard, mouse, and speakers (all the originals broke over time from being so old). I also had to pay geek squad service fees and the price of a new internet part that had to be installed. When I got it I also had to do computer restores. Part of the reason the computer came in to my possession to begin with was in fact, because they stated that they thought it was already broke.

For the last 3-4 weeks it was at my grandma’s house for the time being because she said my brother needed a computer to use when he was visiting. But now, my grandma gave it to my uncle about 2 days ago. She already gave him a computer and he has no use for this one either. She gave it to him to use for turbo tax but that software doesn’t work on that computer. I tried last year to install it for him and it didn’t work, so I know that for a fact. I believed that the computer was going to be returned and had NO intention of giving it back. Is it legally mine now?

Side note:
I’m not sure if this helps, but my mom has paid my grandma well over four thousand dollars in labor since then. She cleans her house everyday, runs errands, and more. She gets nothing in return and does not do this because she wants to but because no one else will do it.
That is just it though. During that time my brother did say it was mine now. And it was at the Grandma’s house because she raised him and that’s where he lived. So that is the MAIN reason i feel it is mine, because he said it was mine. I tried to get his help now but he doesn’t want to get involved and think it should just go to whoever can use it. Which even though I have a brand new computer, I still need it so my boyfriend can use it because he is currently living with me and we both need a computer.
It has already become a fight, why I need to figure out how I can get it back because I still need it. I don’t know if I should have said lent in the beginning though. I said that because that is what they think now that they were doing. Even though at the time what they really did was give it to me since they thought it was broke anyways.

I filed our Federal returns through Turbo Tax and now I need to get a refund for state taxes paid to another state (we live in a state with no state returns). I have tried to do them by hand, but the info is not computing properly on the state forms I downloaded.

So, can I download state after already doing the E-file already for the Federal part? I hate that I have to spend more money on tax software.
I would like to say, that I went through Turbo Tax chat session and the guy I was chatting with, gave me the State for FREE, instead of having to pay the $39.95 cost! What a wonderful and nice thing to do for me. I had the state completed in less than 2 minutes! I will submit by mail, since it costs $19.95 to e-file. I hate paying more fees, when I can just wait on the check from them! A+ for TURBO TAX – I have used it since their inception of the product! Thanks for your reply posts!

For my disabled brother (age 61 in 2009):

Social Security Benefits $14,969.
Medicare Part B premiums $1,157.
Interest income $11
Dividends $1,445 ($471 in qualfied dividends)
Other income $139

On the tax software, coming up with tax of $46. Is this about right?

The problem is that someone else prepared my bother’s tax return for 2008, and they came up with zero Pennsylvania tax with similar numbers. Am I missing something, or did they do it wrong for 2008. (Unfortunately, nobody seems to have a copy of the 2008 returns).

I’m trying to figure out what I have to do now to amend my tax return. I already sent in my federal income tax return and I have received what was owed to me. But due to a lazy ex-employer I didn’t receive a 1099-Misc wages form until after I had already done all of this. I’m trying to figure out what I need to do to fix this problem. Also, I checked the wrong box for filing status and put single instead of Head of Household (which I qualify for). I haven’t yet sent in my state tax return. I used the online ez-tax return software to send in my federal income tax return.

What would be the next step in correcting this problem and figuring out what I owe back to the government or how much more they owe me? And would any of this effect my state income tax return?

I live in Illinois and 23 years old. I just started a new job so I only made about $8k in 2009 and paid $232 in state income tax and $830 in federal. I plan on filing a federal return, but the tax software asks if I want to file a state return for an extra charge. Do I have to file a state return and is it worth it since I didn’t pay much state taxes?