Taxes - October 2006

My wife worked before we had kids,and had almost all the s/s credits she needed to draw s/s when she retires. She is going back to work now,17 years later. Will she have to start from scratch,and lose all those credits? Or will she be able to pick up where she left off,and earn the few quarters of s/s that is needed?

2006-10-13 06:15:17 · 3 answers · asked by q1mixer 2 in United States

The details:
I am going to have a fairly large capital gains this year. I understand that if I am in the 15% or lower tax bracket, then my capital gains will be taxed at 5%. If I am above 15%, then my capital gains will be taxed at 15%. (I've held it for more than 1 year)

Therefore, If I can get into the 15% tax bracket, I will save 10% on my capital gains taxes. Let's say the capital gains was $200K, and my adjusted gross income looks like it will be $9K over the 15% tax bracket cutoff for my non-captial gains tax income. Therefore, if I could get in the 15% tax bracket I would save 20K on my captial gains taxes because it would only be taxed at 5%. So if I donated $9K to charity and it put me in the 15% tax bracket, I would still be $11K ahead.

However, is this possible? From looking at the IRS website and last year's Turbo Tax, it is not clear to me if charitable giving can actually put me in a lower tax bracket.

Thank you for taking the time to answer my question.

2006-10-13 04:44:48 · 6 answers · asked by quizzable 1 in United States

2006-10-13 03:06:59 · 10 answers · asked by teddy_pebbles 1 in United States

I'm doing research because I live in NY and my husband and I are tried of the ridiculously high tax rates. I just wanted to look at a list of the states from low to high as far as what their tax rates are. If anyone can help me I would greatly appreciate it.

2006-10-13 02:59:34 · 3 answers · asked by schmoopie1111 1 in United States

I just got my california real estate license. I was informed by several interviewing brokers that in addition to franchise or desk fees, i will be paying membership fees on local or national realty association as required by my state. Are these fees tax deductible? your reply is greatly appreciated.

2006-10-13 02:34:36 · 2 answers · asked by Ferdi 1 in Other - Taxes

I have a relative that is giving me approximately $225K. The relative will be cashing in savings bonds. Some of the bonds have my name on them (around $50k), the rest just have the relative's name.

How does the taxes work in this situation. What is the relative's tax burden, and mine? How do we report it? Is there any way to avoid taxes (ie: one time gift allowance)?

I am in the state of Texas, so there is no State Tax. The relative is in Louisiana, so there is a State Tax.

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

Income tax,VAT,TV licence ,council tax,fuel tax and so it goes on
Money from income ,my point is after all that tax what percentage is left that actually buys goods and service ?

2006-10-13 00:26:42 · 5 answers · asked by bob 2 in United Kingdom

Can a landlord use Water and Sewerage bill payments, and Water Heater Payments as a tax write off? I know that landlords have to claim rental income on their taxes as income, but are there any write off's? I'm thinking about buying an apartment building, but I can't find anything that says what is a deduction.

2006-10-13 00:21:35 · 5 answers · asked by Imani 5 in Canada

2006-10-12 22:58:33 · 2 answers · asked by Anonymous in United States

I am new to filing as an independant contractor. I read I will need to file quarterly but also saw this on a site:



Who Must Pay Estimated Tax

If you had a tax liability for 2005, you may have to pay estimated tax for 2006.

General Rule
You must pay estimated tax for 2006 if both of the following apply.

You expect to owe at least $1000 in tax for 2006 after subtracting your withholding and credits.
You expect your withholding and credits to be less than the smaller of;
90% of the tax to be shown on your 2006 tax return, or
100% of the tax shown on your 2005 tax return. Your 2005 tax return must cover all 12 months.


Now does this mean that if I am able to qualify for the eic that I will not have to pay quarterly because I would be owing less than $1000 in taxes? Sorry if this is a dumb question, just so lost on how to file as an independent contractor. Hope all this makes some sort of sense.

2006-10-12 19:12:14 · 6 answers · asked by Jen 1 in United States

I'm looking to download this form free of charge. Any link that would help? LOS ANGELES, CALIFORNIA.

2006-10-12 16:48:31 · 4 answers · asked by Smokey76 3 in United States

first credit card, job informatoin any other info.

2006-10-12 16:32:48 · 19 answers · asked by Guest... 1 in United States

2006-10-12 15:27:56 · 8 answers · asked by tndelger 1 in United States

state of massachusetts. 6 kids will inherit. do they pay or does dad's estate pay?

2006-10-12 15:27:21 · 8 answers · asked by guybee99 1 in United States

HOW DO I FIGURE OUT HOW MUCH MY CHECK WILL BE BEFORE I GET IT?...FOR EXAMPLE IF I GOT PAID $520.00 before taxes how much will my check be for? if i have no dependants and i live in the county of erie in ny state?...any answers?

2006-10-12 15:11:08 · 4 answers · asked by OneProudRican716 2 in Other - Taxes

What would you recommend as a software program to track my investments?

I guess i could use Excel, but are there especially good programs to track my investments?

2006-10-12 15:09:45 · 1 answers · asked by nathan_strahl 1 in United States

If I live and work in Sugarland, Texas (Fort Bent County near Houston) and make $61,000 annually, how much should I expect each pay check (bi-weekly) after all applicable taxes? I would be filing as single, with no deductions (the option that takes out the most taxes). How do you arrive at the figure and where can I get this information online?

2006-10-12 14:26:19 · 3 answers · asked by iamstidi 1 in United States

2006-10-12 14:12:20 · 2 answers · asked by Beach bum 1 in United Kingdom

IRS QUESTION! What is a W-9 used for?
a company is reimbursing me for something i paid in advance for them. now they want to pay me but want me is sign a w-9 why is that. will I have to taxes on that?

2006-10-12 13:37:48 · 8 answers · asked by Anonymous in United States

I will have paid this amount above for this year .how will that effect my taxes at the end of 2007 when I file. Im not sure how the interest is deducted. Please explain

2006-10-12 12:22:54 · 5 answers · asked by Waterworking 2 in United States

2006-10-12 11:56:52 · 1 answers · asked by corpcheck1 2 in United States

2006-10-12 11:44:17 · 3 answers · asked by jezZzca 1 in United States

HOw do i resolve this without going to jail or payin on it for the rest of my life?

2006-10-12 11:21:35 · 5 answers · asked by maverick 1 in United States

Hello,
I'd like to learn how to change my tax withholding so that I can increase my 401k contribution without seeing a change in my net income.

Thanks, in advance, for your help.

2006-10-12 11:13:44 · 6 answers · asked by Sid C 1 in United States

U have 10 choices max

2006-10-12 10:58:50 · 11 answers · asked by Q 1 in United States

2006-10-12 10:11:26 · 3 answers · asked by Ninel L 1 in United States

2006-10-12 08:32:15 · 1 answers · asked by queenvig629 1 in United States

2006-10-12 08:23:42 · 3 answers · asked by Charles N 1 in United States

2006-10-12 08:17:50 · 3 answers · asked by SoulDC 1 in United States

I have recently heard of someone who has declared himself as a natural person to avoid paying taxes. You can also avoid paying taxes by calling yourself a religious order, but I'm not interested in that. Any info on the "Natural Person" angle?

2006-10-12 07:58:15 · 5 answers · asked by seesawvan 1 in Canada