Taxes - December 2006

I am transferring $2500 from my checking account to a mutual fund account (Fidelity tax-free money market fund / fidelity floating rate high income fund), since mutual fund at least gives me interest while checking account does not. But is this a smart move? Which form (checking vs. mutual fund) will allow me to pay less tax?

Could you tell me if my assumption below is correct:
(a) Checking account: More money in my checking account WILL NOT make me pay more tax, since income tax has already been deducted from my paychecks.
(b) Mutual fund: More money in my mutual fund account WILL NOT make me pay more tax. However, I will be taxed on the profit that I make from my mutual fund account. For example if I made a 6% profit on my mutual fund. The government will tax me 25% from the 6% that I made as income tax. (How about if I loss money? Will I get more tax refund?)

2006-12-21 09:43:14 · 5 answers · asked by man 1 in United States

i worked at ecko unlimited outlet in nov.2004 until 4/2005 it was then owned by casual male, i called casual male and they cannot find a record is there any other way to get my w-2 asap? my mortgage loan is being held up for this!!!! help!!!

2006-12-21 09:34:30 · 3 answers · asked by jennifer g 1 in Other - Taxes

2006-12-21 09:34:11 · 9 answers · asked by Anonymous in United Kingdom

2006-12-21 09:28:40 · 10 answers · asked by Anonymous in United States

I'm employed, 40 hr a week 9-5, but also have a Production Company. I have a ton of deductions for my Porduction Company and take them on my tax return. Do I need to register my "business" with anyone? I currently only have it registered with ASCAP, but not with any local, state, or federal agency. What is my best course of action?

2006-12-21 08:53:36 · 4 answers · asked by The Skizzanator 2 in United States

relocated from CA to SC due to cost of living. husband disabiled and was forced to retire. I also forced to retire early due to health conditions,. was in healthcare for over 25 yrs. need to know if we can deduct our moving expenses

2006-12-21 08:34:15 · 3 answers · asked by rfxdwg01 1 in United States

Hello to all!

Just one quick question. I will start working january next year (2007) and have had no income before (its my first job). Do I have to file a tax return by april 31st 2007 for the months worked (jan to april) or in my case, will it be until april 2008, covering all of 2007? How can I estimate the amount of income tax that will be taken from my paycheck? I live in NYC

Thanks to all! Happy Holidays!!

2006-12-21 08:23:47 · 7 answers · asked by Anonymous in Other - Taxes

2006-12-21 08:15:09 · 8 answers · asked by SM M 2 in United States

2006-12-21 07:55:36 · 5 answers · asked by Anonymous in Other - Taxes

2006-12-21 07:54:52 · 9 answers · asked by Xarasia 1 in United States

2006-12-21 07:53:02 · 9 answers · asked by Anonymous in United States

I need to see the formula. Show your work.

2006-12-21 07:44:38 · 7 answers · asked by klgtym 2 in United States

I just moved here and I heard you don't.

Can anyone let me know?

2006-12-21 07:41:13 · 10 answers · asked by Anonymous in United States

I bought a house and was told that my interest paid on my mortgage is tax deductable ? How does this work? What else can I claim ? Thanks

2006-12-21 07:23:20 · 5 answers · asked by Anonymous in United States

I am a single mother living at home with my mother and younger sister(12 yrs old). Due to health problems, my mother hasnt been able to work in over a year, and I am the sole sourse of income. Will I be able to claim my sister and my mother as well as myself and my son as dependants on my income taxes? And will I qualify for the earned income credit?

2006-12-21 07:21:06 · 6 answers · asked by onearkansasmommy 3 in United States

to make sure they have my right address

2006-12-21 07:16:58 · 3 answers · asked by jimmy s 1 in United States

Either increase the tax or shorten the time it is in effect?

Can you give me a source where I can the answer to this question in writing?

2006-12-21 06:56:57 · 4 answers · asked by Anonymous in United States

I'm a new parent and was wondering what are these tax breaks and exemptions that everyone keeps talking about once you have kids and are able to claim them as dependents? Are the tax breaks/exemptions better if you file jointly with your spouse rather than filing separately?

2006-12-21 06:37:24 · 5 answers · asked by Anonymous in Other - Taxes

2006-12-21 06:20:37 · 12 answers · asked by Nicole N 1 in United States

2006-12-21 06:01:56 · 4 answers · asked by juan g 1 in United States

2006-12-21 05:57:01 · 4 answers · asked by juniorramos1974 3 in United States

By changing to 1099misc. status, am I considered self-employed?

2006-12-21 05:55:30 · 6 answers · asked by Jodie G 1 in United States

2006-12-21 05:52:32 · 10 answers · asked by Anonymous in Other - Taxes

What do I file?

2006-12-21 05:48:49 · 8 answers · asked by Anonymous in United States

2006-12-21 04:58:39 · 4 answers · asked by rakesh_bhatia2607 1 in Other - Taxes

2006-12-21 04:49:44 · 10 answers · asked by whosajiggawhat? 2 in Other - Taxes

My fiance is 33 and has never filed income taxes yet. He has lived his adult life as a "dependant" in exchange for caregiving. We're getting married, he is getting a full time job, and I want to know what I have to do to make sure that when he comes up on the radar finally paying taxes, that we deal with any issues head on. What can I expect to happen with this situation? Thanks!

2006-12-21 04:26:55 · 5 answers · asked by luvgouramis 1 in United States

2006-12-21 04:15:01 · 2 answers · asked by morelia_nicewo 1 in Other - Taxes

2006-12-21 02:41:08 · 18 answers · asked by Anonymous in United States

plz give me information about it.........

2006-12-21 01:46:54 · 3 answers · asked by Bhavesh Rawal 1 in India