Taxes - October 2006

2006-10-31 04:11:40 · 9 answers · asked by Anonymous in United States

Last year we finished our arbitration case where a house contractor walked off the job in the middle of our house renovation. In court the contractor said he became sick and ran out of money and closed the business, although he never officially put his corporation through bankruptcy, the business no longer operates. We won the arbitration case against the corporation, but have not and probably will not collect any money. Can we deduct our loss on our taxes?

2006-10-31 03:41:40 · 2 answers · asked by Anonymous in United States

2006-10-31 03:33:35 · 4 answers · asked by barbcna68 1 in United States

Im writting a paper about tax expenditures and was wondering if you guys have any ideas or topics that I might want to include in my paper. I know the subject is kind of broad but im trying to get specific on its pro and con side of tax expenditure.

Any help will be greatly appreciated

2006-10-31 03:15:56 · 2 answers · asked by Ski_Bum 3 in United States

2006-10-31 02:31:54 · 4 answers · asked by HMMR 1 in United States

2006-10-31 02:19:42 · 8 answers · asked by Anonymous in United States

Please explain. My friend makes about $34,000 annually and gets $400 a month in child support for 2 illegitimate children. She claims 11 credits on her W2 throughout the year to maximize her paycheck (which is legal) and she still gets like 4k back on her taxes. They are done legally. So it sounds like to me the EIC actually gives you money to work. She ends up with more back than she pays in. Why is that fair? It is not like she is at poverty level. Am I misunderstanding the EIC?

2006-10-31 02:06:10 · 4 answers · asked by mamatohaley+1 4 in United States

I am recently married. My new wife and I each earn significant incomes. We also have mortgages, investments, and other deductible items that reduce our tax liability. What are the best ways to complete the new W-4 so that we minimize any interest free loans to the IRS? Thanks!

2006-10-31 01:17:17 · 5 answers · asked by Jesse S 1 in United States

I might be starting work 1 day a week (i'm a mum!) and i would be earning £120 a month...anybody got any idea how much tax I would have to pay on that?

2006-10-31 01:05:28 · 5 answers · asked by Resolution 3 in United Kingdom

When a new buyer purchase a property for more price than what it was appraised, will his property tax still go up?

2006-10-31 00:59:47 · 6 answers · asked by Stone 1 in United States

2006-10-31 00:58:00 · 4 answers · asked by Eldorado-thirst 4 knowledge 1 in India

2006-10-31 00:51:15 · 2 answers · asked by Anonymous in United Kingdom

I was audited last year by the IRS, actually I can't say it was an audit per say but they noticed I made a mistake in my taxes paid on my 1040 for that year and questioned me. I paied the fines and paid the difference, My question is.. it is likely they will audit me next year too since I made this honest mistake this year? I would like answers from people who have been audited before not just people who "think" what will happen. Thank you.

2006-10-31 00:27:43 · 6 answers · asked by unhappy 1 in United States

have started doing avon and it is a 2nd job i am just currently below taxable amount this year and so know i need to pay 10% and national insurance how do i sort this out? in the UK

2006-10-31 00:20:13 · 5 answers · asked by Anonymous in United Kingdom

2006-10-30 23:25:26 · 4 answers · asked by danish i 1 in United Kingdom

2006-10-30 22:49:39 · 4 answers · asked by Hank T 1 in United States

The name green applied to the tax is just a colloquial term they've applied to it.

2006-10-30 22:39:55 · 11 answers · asked by The_Boat_of_Questions 1 in United Kingdom

2006-10-30 21:40:55 · 11 answers · asked by ? 1 in United Kingdom

I am gutted i have paid tax and NI since i was 16 through school/college then full time work so i think i have contributed to our society. But when i need help from the bloody governement to I get help jeez no so if anybody can give me an insight where our taxes and NI are MEANT to go i would be grateful. i applied for housing benefit as my husband lost his job we have worked all our lifes and they have took 2 months to get to it not good enough in my eyes. Thanks for listening to me moan so anybody got any answers would be grateful!!!

2006-10-30 20:57:48 · 4 answers · asked by jules 4 in United Kingdom

I am a US citizen beginning to earn rental income on a propert i own in India and going to pay Indian taxes. As I am suppossed to declare all my income, how can I make sure that I am not taxxed twice on the same

2006-10-30 19:20:36 · 2 answers · asked by dot 2 in India

Along long LONG time ago well in the 17th century i think well when george washington lived why did the British tax colonists so heavily and the battle of trenton how did that help?

2006-10-30 16:51:51 · 4 answers · asked by hi h 1 in Other - Taxes

I have a new 3-story townhouse. It is my primary residence and it was flooded with 2 feet of water back in Feb due to heavy rains. 11 other units in my neighborhood also looded. I went the cheapest route I could to repair everything and it cost me approx $4000 but it still isn't 100% of what it was originally. Maybe 95%. Anyway, I saw in an IRS publication that I can not deduct just my repair costs. I have to have had an appraisal and then take the difference in fair market value as the deduction? I had my home owners insurance do an appraisal of the damages but they did no pay anything to me since I did not have flood insurance. What is the right way to deduct my losses?

2006-10-30 16:27:22 · 3 answers · asked by FL_FunGuy 2 in United States

Ok basically I just became the new office manager and I have never done payroll in my life. Now my boss wants on the pay stubs for the actual Federal, Social Secuity and Medicare tax percentage to show. (We have no state tax since we are in Florida) I know that the Medicate tax is 1.45% rate but what it the S.S and Federal % rate?

Take the following paystub example which is how they are printed now

Gross Earnings is 885.88
Soc. Sec. 54.92
Medicare 12.85
Fed 20.90
Check amount 797.21

but now the boss wants it this way

Gross pay 885.88
?.??% for Soc. Sec equals 54.92
1.45 % for Medicare equals 12.85
?.??% for Federal equals 20.90
Check Amount 797.21

Can you help me fill in the missing percantages? and also how can i incorporate all this information in an excell sheet so it can calculate it atomatically by just inputting the gross pay?

2006-10-30 16:20:57 · 2 answers · asked by niwaha 2 in United States

I wanted to know, if I take up a software consultancy job with a US based company, and have to go back to India to work from there, what are the tax implications if I need to work from India in a US firm(which has no office in India). Also is it legal to carry out this job? If not, what are my options?

2006-10-30 16:20:21 · 1 answers · asked by seno 1 in India

I have taken a Home Loan for an under construction property and have been paying EMI with interest and principal payments since April 2006. Since i am yet to take possession of the House, can i claim the tax benefit on the interest and principal components in this Financial Year?

2006-10-30 16:03:28 · 3 answers · asked by Bharat S 1 in India

hi
when you pay your mortgage for the house that you purchased , the mony thet you pay for your mortgage will be deduct from your income tax and you dont pay tax on that money but how could you do the same thin for the money that you pay for the apartment that you rented?
thanks!!!

2006-10-30 16:00:24 · 7 answers · asked by AGHA D 1 in United States

2006-10-30 13:56:52 · 17 answers · asked by amb6487 2 in United States

The amount was about $90,000 in 2004. It made up about 80% of the yearly income for that year.

2006-10-30 13:47:09 · 4 answers · asked by ireallycantbelievethat 2 in United States

I'd prefer to file single to make things easier. Can I file as single for the whole year even though I got married in the last week and a half of 2006?

2006-10-30 13:07:03 · 11 answers · asked by Stuck_in_Finance 1 in United States

2006-10-30 13:02:12 · 3 answers · asked by Anonymous in United States