Taxes - September 2006

Meaning if I am earning $$ and the person paying me wants to claim it for the Dependent Care Flex Plan do I then have to also claim it?

2006-09-25 11:32:25 · 6 answers · asked by Laura A 1 in United States

2006-09-25 11:08:02 · 10 answers · asked by Laura A 1 in United States

My company, in which I'm a shareholder, recently got acquired by a publicly held company. As part of the deal, in exchange for my restricted shares I get some stock in the acquiring company and cash. Most of the cash is going to be delivered in a lump sum with some money to follow after sitting in an escrow for a few months. I'm a bit concerned about what this influx of cash (about a third of my annual salary) will mean from a tax perspective. Is there a way to minimize the bite that Uncle Sam takes or am I pretty much at the mercy of the IRS? Any advice would be greatly appreciated?

2006-09-25 09:20:53 · 6 answers · asked by DotComThousands 1 in United States

So he managed to win at less than 50% odds.

I assume that in selling his USA home (or some other means?) he hopefully established no residency? or residency where there is no state or town income tax so its just federal (unless he became a canadian or something). We know that for >$5000 it would be submitted to the IRS.

So he A) spent 100k won 200k taxed on 200k B) bet 100k won 200k taxed on difference of 100k or C) bet 100k won 200k taxed on 200k and got a percentage itemized deduction on 100k loss?

If he had in addition earned $40k working that year he is in a high tax bracket. What was his net worth after taxes?

2006-09-25 08:57:47 · 2 answers · asked by grayconstruct 1 in United States

Is less than that, ur tax free. I mean cmon ppl who make minimum shouldn't have to pay tax.

2006-09-25 08:41:00 · 5 answers · asked by Brittany S 2 in United States

I donate goods to Goodwill, but at the same time, I buy goods such as books. Is the reciept I get for purchasing goods considered evidence as an additional donation (e.g. when I file my taxes)?

2006-09-25 08:28:59 · 7 answers · asked by Shades 2 in United States

2006-09-25 08:16:53 · 2 answers · asked by aintnutz 1 in United States

2006-09-25 07:40:15 · 3 answers · asked by Johanna S 1 in United States

2006-09-25 07:37:33 · 7 answers · asked by freebirdat2002 2 in United States

I have a sole proprietor business and wants to get an EIN to separate my business and personal financials. But does getting an EIN require me to file a separate tax return for my business whether I have any transactions or not for the year?

2006-09-25 06:51:29 · 5 answers · asked by Slimmy 3 in United States

I'm unmarried with a newborn. I have daycare expenses and qualify for the child care credit. I work full time, but was on unemployment where no taxes were taken out of my paycheck for 5 months. Before then I worked for 6 weeks and was claiming 0 and had an additional $15 taken out each week (in anticipation of my upcoming unemployment).

2006-09-25 04:36:56 · 12 answers · asked by CH30 1 in United States

what is the percentage of tax collected from an individual in US ...HEY BE ACCurate and exact

2006-09-25 04:03:50 · 11 answers · asked by Profe....llikr 4 in United States

Why do the society take the tax anyway when I am not due to pay tax.

2006-09-25 03:59:36 · 10 answers · asked by Anonymous in United Kingdom

2006-09-25 03:57:03 · 7 answers · asked by HEY boo boo 6 in United States

We are over the $110K limit to claim the standard deduction, but I am in a dilemna of switching from my non licensed day care provider to a licensed one and am wondering if the tax credit we would get would be significant?
I looked on irs.gov, but wasnt sure. I do know that if our joint return's AGI is over $110K (which it is) then we only get a reduced amount. Does anyone know how to calc so I could take this into consideration for switching???????

2006-09-25 02:41:27 · 3 answers · asked by Anonymous in United States

answer this with 5 years details

2006-09-24 22:23:18 · 12 answers · asked by Anonymous in India

Expenses on which FBT is levied are collective income for employees, not the employer;then what is the mischief that is desired to be corrected by FBT? Please answer giving an example.

2006-09-24 22:06:34 · 3 answers · asked by ysingla_ca 1 in India

My wife thinks an audit is possible and I'm looking for trouble. Anyone have experience with this situation.

2006-09-24 16:33:08 · 6 answers · asked by rj12 2 in United States

2006-09-24 15:44:04 · 7 answers · asked by lazy_n_spoiled 2 in United States

I wonder why stores and restaurants don't include sales taxes in their prices? Instead of tacking on the 7% sales tax (in NC) why can't they just put it on advertisements, shelves, and menus? Would you prefer a store that gave you predictable prices? For example, would you go to a restaurant that had their prices in full dollar amounts, IE $5 for hamburger & fries, instead of say,4.89?

2006-09-24 14:04:15 · 6 answers · asked by alpha10unc 1 in United States

I currently have 2 single family homes which I have been renting (and reporting as such to the IRS) for the last 8 years. I understand the gain from the sale is counted as regular income and I hear that I must also add back the depreciation amts. claimed. Are all depreciation $ from past years counted as regular income as well? Is the gain computed from the amt the home was worth at the time it was put into rental service or the amount paid for the home (since I lived in it for 4 years prior to renting out)?
Is there any way to lower the tax burden since it will not be a like kind transaction, although the funds will be used to buy a vacation home which could possibly be rented out in off season?

2006-09-24 13:31:29 · 3 answers · asked by Anonymous in United States

My husband and I got married this year. My employer payroll clerk told me in order to prevent any delays with the IRS,I would need to update my name which I did and I could still claim single and have my employer take out the highest amount taken out-which is 0
However,I think I should claim myself married and have them take out the highest single rate.
What direction should I go with in order to get the most money back as I want to update this soon.
I live in Pennsylvania if anyone would ask.

2006-09-24 12:51:51 · 7 answers · asked by wsm0628 3 in United States

For instance you bought a cell phone with a $100 rebate. If you receive that $100, does it need to go on the 1040?

What about a check from an auto insurance company for the amount over your deductible?

2006-09-24 12:27:03 · 8 answers · asked by Paper M 1 in United States

2006-09-24 11:22:38 · 6 answers · asked by Tetonka 3 in United States

Is this even legal? Non-profit meaning a High School Band. Just thought someone could get a Tax write off, and us a good used Truck to Haul our band around.

2006-09-24 09:06:31 · 2 answers · asked by tm 3 in United States

I dont know much about tax in america, but was watching a travel programme, where the presenter visited a shop where rich people donated precous items worth thousands of dollars to get a tax writeoff.

Surely the tax return will not be as much as the item donated?
So what am I missing?

2006-09-24 08:57:31 · 5 answers · asked by Darkspark88 3 in United States

2006-09-24 08:37:07 · 3 answers · asked by Anonymous in United States

my husband is a freelancer and I do not think he follows the best practices. We keep all our assets separate. NO I do not have a pre nup. What is your advice

2006-09-24 08:14:33 · 11 answers · asked by justthetwoofus 3 in United States

I received a Head of Household Audit Letter which basically is asking if I used the head of household filing status correctly. Never in my life have I received one of these letters but was wondering if I received it because someone else in my house used the same address as me when they filed their taxes and filed head of household as well. If so, what will the outcome be? The person who filed had no business using my address for their taxes much less filing for head of household. Any info. would be helpful.

2006-09-24 08:12:38 · 5 answers · asked by SoCalGal75 3 in United States

I am working as an independant contractor out of state and I am curious as to how much i can write off daily without a receipt. I was told that it was somewhere around 130-145 dollars. Anybody know?

2006-09-24 08:03:44 · 4 answers · asked by turbo_junkie_vw 2 in United States