Earl of URLs
The URL for TurboTax's Self-Employed Expenses Calculator.
The alphanumeric designation of this common automated IRS notice regarding a mismatch of income or payment information reported by third parties vs. the taxpayer on their 1040.
The number of states with no personal income tax.
Do not include New Hampshire, which does tax interest and dividend income.
Do include Tennessee.
A couple files jointly with AGI of $150,000 and are not itemizing. What is their Federal marginal income tax rate?
What is 22%?
The URL for the Quickbooks Online mileage tracker app.
This sunny state, home to Mel's Diner from the old show Alice, has a new-for-2023 flat income tax rate of THIS PERCENTAGE.
:)
What is 2.5%?
Arizona
https://taxfoundation.org/data/all/state/state-income-tax-rates-2023/
Holly Household made $65,000 on her W-2 in 2022 and is not itemizing; this is her marginal Federal income tax rate.
What is 12%?
The URL for the IRS's Interactive Tax Assistant aka ITA which answers the question Am I Eligible to Claim an Education Credit?
This is the odd name - the IRS is not a college - of the new online portal where a customer who received a notice can upload and submit their documents in response to the IRS's proposed changes.
What is
Campus Correspondence Exam
https://apps.irs.gov/app/digital-mailroom/cce/
The two community property states that start with the letter W.
What are Wisconsin and Washington?
Pradeep is self-employed with no other income and is contemplating a SEP IRA deduction. His marginal Federal income tax rate is 12%.
Approximately how much will he save on Federal taxes -- not just income tax -- with a $10,000 contribution?
Ignore effects of QBI deduction and 1/2 SE tax paid.
What is
about $2,700?
The URL for the IRS's Interactive Tax Assistant aka ITA which answers the question Do I Need to Repay the First-Time Homebuyer's Credit?
If you received a CP87A, you can prove you are entitled to claim the dependent by submitting this form.
This state has reciprocity agreements with
California, Indiana, Oregon, and Virginia.
Sam is a non-itemizing Single filer with $175,000 in AGI. What is his marginal Federal income tax rate?
What is 24%?
The alphanumeric designation of the IRS letter informing a taxpayer that their child was claimed on another return.
This great state is in the central time zone and has no state income tax but does impose a 6.25% state sales tax plus its municipalities impose up to 2% more sales tax.
So be sure to claim the state sales tax on Schedule A if your client in that state is itemizing!
What is Texas?
https://comptroller.texas.gov/taxes/sales/
Marvin is filing MFS and has $350,000 in taxable income; this is his Federal marginal income tax rate.
What is 37%?