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Texas State & Local Tax Law Blog
The Combs v. Chevron opinion is out, and it's big news for the Texas state tax world
Today's sales tax opinion from the Texas Third Court of Appeals in Austin, Combs v. Chevron USA, Inc., No. 03-07-00127-CV, is big news for its treatment of both substantive tax law and tax procedure....
Too much product modification could cost a seller its favorable tax rate
As mentioned in a previous post captioned "Amended Comptroller rules solve the rental income flow-through problem and make other changes," the Texas Comptroller of Public Accounts recently amended several administrative rules applicable to the revised franchise tax, or "Margin Tax." One of the amended regulations, Rule 3.584 ("Margin: Reports and...
Predicting some Texas tax developments in 2010
Now that the New Year has begun, it's time to look into our crystal ball and make some predictions about Texas tax developments during 2010. A few developments expected from the Comptroller of Public Accounts, the state Courts and the Legislature are summarized below. Future posts will cover them in...
Amended Comptroller rules solve the rental income flow-through problem and make other changes
The Texas Comptroller of Public Accounts has adopted, effective December 31, 2009, amended versions of eight administrative rules affecting the revised franchise tax or "Margin Tax." As explained below, the big news is how the Comptroller decided to amend (or not amend) Rule 3.582 ("Margin: Passive Entities"), codified at 34...
Attention Texas appliance shoppers: a rebate could be coming your way
Susan Combs, the Texas Comptroller of Public Accounts, recently announced that Texas will use approximately $23 million in federal stimulus funds for a mail-in rebate program for consumers who purchase certain energy-efficient household appliances during a 10-day period next April....
A recent franchise tax refund case is good news for transportation companies
The Comptroller of Public Accounts recently granted a refund to a railroad under the former franchise tax, and that's good news for all transportation companies under the revised version of the tax, the so-called "Margin Tax."...
About.com Tax Planning: U.S.
Deadline Approaching for 2006 Refunds
Individuals have until April 15, 2010, to file an original or amended tax return for 2006 and receive a refund from that year. The IRS says it has about $1.3 billion in reserve for people who still need to file their 2006 returns. Additionally, taxpayers had a special one-time-only tax credit...
Overview of the IRS's Whistleblower Program
The Internal Revenue Service operates a whistleblower program whereby the agency will issue monetary awards to individuals who provide information that results in the collection of significant un-reported tax dollars. This program has undergone significant changes since 2006. The agency can award commissions, so to speak, of up to 30%...
When a house is foreclosed upon by the bank, the owners typically receive Form 1099-A from the lender showing several pieces of relevant information. The information on Form 1099-A will likely be needed to report the foreclosure properly on your tax return. A foreclosure is treated as the sale of...
Using Tax Rates and the Tax Tables
Tax software is great for calculating how much taxed is owed to the government. But there's something to be said about being able to calculate the same answer by hand, just to check to see if the answer is right. For most financial situations, people can use the 2009 marginal...
Deadline for Haitian Charity Donations as 2009 Deduction
Are you considering making a donation to charity to help provide relief to Haiti? You may want to donate by February 28th, 2010. Haitian relief donations made by the end of February can be deducted either on your 2009 tax return or on your 2010 return. This is a special...
Preparing a Dependent's Tax Return
High-school and college students sometimes need to file their own tax returns based on money they've earned from part-time or summer jobs. However such students are usually dependents, and their parents claim the personal exemptions for their kids on the parents' tax returns. So how does a dependent go about...
Roth & Company, P.C.
At least it is based on this information from a taxpayer, as passed on by a colleague: As an FYI.........
Spending run through a tax return is still spending
Iowa's legislative Democrats have floated a proposal to cut back on state tax credit. Their effort, HSB 738, would lower......
Subsidize them and they will come: Sen. Herman Quirmbach, D-Ames, an Iowa State University economics professor, said he sees no......
Still futile after all these years
I'd think twice about getting tax advice from somebody whose web site looked like this: Yet people still came to......
Here are "Ten Tax Tips For Stock Options," via Kay Bell.......
That check is taxable, whether or not you cash it.
An Illinois man got a $16,987 check for doing some subcontract work for a "long-time friend and colleage" in 2006.......
THE WANDERING TAX PRO
You can help to keep THE WANDERING TAX PRO alive and well by becoming a “sponsor” of this blog.I will link to your website via a description (like “DISCOUNT CHECK PRINTING” or “BEST INSURANCE RATES”) or title (like “AMAZON” or “ENTERPRISE RENT-A-CAR”) – your choice - in a special highlighted...
THE TWELVE DAYS OF TAX SEASON!
Now it is time for what you have been waiting a year for - the February 1st tradition here at THE WANDERING TAX PRO of posting “The Twelve Days of Tax Season” -On the first day of tax season my client gave to me a Closing Statement for the purchase...
He said, Columbo-like.Just so you know, I will not be responding to, or even reading, emails from non-clients regarding my blogs during the tax season – whether they be comments on posts or appropriate, or inappropriate, tax questions. If you have a question that you need answered in order to...
SO LONG, FAREWELL, AUF WIEDERSEHEN, GOOD NIGHT!
.Joy to the world - tax season’s here.I’ll soon be flush with cash!Let every client be organized,and give me all I need, and give me all I need,and give me all I need to prepare their returns!.My 39th tax season will officially begin tomorrow - the floodgates will soon be...
Does anyone else find it a bit outrageous that H+R Block, as per their ads, charges $68.00 to prepare a Form 1040EZ, truly the simplest of all tax returns, and the corresponding basic state tax return? And God knows how much else for a usurious Refund Anticipation Loan (RAL)!An H+R...
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
This is the last BUZZ until after the end of the tax filing season! .You can continue to get daily tax tips from my column at MAINSTREET.COM.* Did you catch Kay Bell’s “Tax Twitter Tuesday - 1.26.10” at DON’T MESS WITH TAXES? The first T3 of 2010!* Kudos to Joe...
Don't Mess With Taxes
Handy retirement plan rollover chart
Individual retirement accounts get extra attention this time of year since contributions for the previous tax year can be made until April 15. In 2010, many owners of traditional IRAs also are considering whether to convert those accounts to Roth IRAs. But moving retirement money from one plan to another...
Minnesota tax tidbit: federal add-backs
One of the challenges of filing state income tax returns is figuring out how your state deals with federal law changes. This filing season, Minnesotans need to pay close attention to such differences as they file their state taxes. Several widely publicized federal tax breaks that are sure to be...
Are you ready for a Roth conversion?
A Roth IRA is a great option for many folks looking to sock away retirement money. While you pay taxes on the money you put into the account, that's offset by no taxes due when you eventually start taking money out. A lot of folks don't have Roths, though, primarily...
D.C. tax tidbit: special tax hurdles
The Nation's Capital, although not a state, relies on much of the same revenue raising options as the country's other taxing jurisdictions. Real estate taxes account for most of the District's income, followed by individual income tax receipts and then sales tax collections. But Washington, D.C., finance officials say that...
Economy's effect on tax filing methods
The struggling economy apparently is affecting tax filing. And I'm not just talking about individuals having trouble paying what they owe Uncle Sam or their state tax collectors. The actual business of filing seems to be sensitive to these tough fiscal circumstances, with it looking like hard times help one...
Ford hybrid tax credit ends March 31
With Toyota's troubles, General Motors and Ford are hoping to get new customers who now want to give the domestic car makers another shot. And some of those who might have had their hearts set on a Prius are perhaps looking at other hybrid options. If you are a Blue...
My Journey to Millions
First the Alexa Rankings and Then The World
I recently joined a group of fellow personal finance bloggers with world domination in mind with a name that inspires war paint, dojos and loud manly screaming/grunting. The point of the group is to motivate each other to greatness which in my case means an eventual movie deal! Not everyone...
What is Wrong With Chasing Bank Rates
This is a guest post from MD of Studenomics. If you like what you see then subscribe to the RSS feed as it approaches the 1k mark. It took me forever to join ING Direct. Sure the interest rates were great at the time (definitely not now) but I simply had a...
Comparatively Speaking A Million Dollars is Still a lot of Freaking Money
I read a news story recently that reminded me that I hate when I hear, “a million dollars is not what it used to be.” Well duh! But come on it is still a lot of money, and it is hard to save and frugal yourself to a Million Dollars. Increase in...
Evan By The Numbers March 2010
One of the main reasons that I started this blog was to hold myself accountable, since I truly believe that Accountability Leads to Success when dealing with personal finance and me.. Oh so you want to question my belief? Check out my FIRST post from August 2008 it is right there...
Don’t Blame Others for Your Debt Get up and Do Something About It!
When is ignoring debt a good idea? Never. What about blaming others for a debt? Never. A buddy of mine called me today under the guise that he had a legal question. So being the good friend that I am, I said shoot. Turns out he went to a lender for promises of a personal...
Experiences with Auto Refinancing – HELP ME!
When I first decided to speed up the payments for my auto loan I didn’t want to refinance or research refinancing because my credit score wasn’t anything substantially higher than when the loan was created. However, since I am part of the TransUnion Settlement and get my credit score and report...
Let's Blog Money
Get A Jumpstart On Your 2009 Tax Return By Getting Organized Early
Another year has ended and that means it will soon be time to file your 2009 taxes. It may not be the most exciting thing that the new year brings, but it is a necessary evil nonetheless. However, tax preparation does not have to be dreadful event that most people...
Ask Questions Before Letting Someone Do Your Taxes
Yes, it’s getting close to that time again. Christmas has passed, New Years is in the rear view mirror, and pretty soon, you will be getting a bigger-than usual envelope from your employer. No, I’m sorry to say that I’m not referring to a cash bonus, although that...
One Man’s Experience With The Making Homes Affordable Program
At the end of May 2008, I was laid off from my job of 4 1/2 years due to the company’s inability to maintain it’s then-current employee base. I wasn’t too worried, as I had plenty of savings to cover almost 6 months worth of expenses in my HSBC...
The Truth Behind Tax Deduction Advice
While it may be a little early in the year for tax talk for some, I personally believe that it is never a bad time to plan or even talk about taxes. Today, I happened to see a tweet linking to an article on Kiplinger’s Website for a section...
An Open Letter To The Credit Industry
Dear credit provider, In light of the housing and credit crises of the past few years, I am left wondering about some of your practices in regard to the way you choose how to extend credit lines and how you deem certain applicants to be worthy of receiving a line of...