Taxes - December 2006

I've purchased a new vehicle in October for my Real Estate practice. I bought it specifically because it was needed for my Real Estate career. It will be used primarily for work (90%). If I planned to use the mileage deduction for the first 10 months of the year, what kind of tax deduction can I get for this new car purchase for the other 2 months? Do I skip the mileage deduction and write off the total purchase price of the new vehicle for a one time deduction? Do I only write off 90% of the monthly car payment for the life of the loan? How do I do this? I DO know that I can write this off as a business expense, just not sure how. I'd like to get the biggest deduction THIS year, rather than depreciate it over a few years. It would be in my business expenses (not my families itemized deductions). Also, I'm just filing as self employed; I'm not incorporated. My husband has a normal W-2 taxes taken out kinda job and we file married filing jointly.

2006-12-06 08:57:53 · 6 answers · asked by alirealtor 2 in United States

I drive about 60 miles a day, 5 days a week, 185 days a year (I'm a teacher). I drive a Ford Escape, so you can imagine the amount of money I spend!

2006-12-06 08:50:42 · 5 answers · asked by conga_rich 3 in United States

As a British citizen who is now working in the US under and American social security number...does the british goverment need a court order in order to freeze your pay as an American even though you are a British Citizen in their eyes for failure to pay tax on income earned while working in Gibralter???

2006-12-06 08:23:34 · 4 answers · asked by coaster 1 in United States

2006-12-06 07:56:08 · 9 answers · asked by Elizabeth H 2 in United States

I was wondering...

2006-12-06 07:39:36 · 4 answers · asked by mountaingurl_27 1 in United States

My friend is married filing jointly and has 3 children. She was wondering what the minimum amount of money is that you have to make in order to be able to file taxes and claim the child tax credit for her children. Thank you in advance for any answers.

2006-12-06 07:19:10 · 3 answers · asked by marcy.1982 2 in United States

Why would someone do this? What are the pros and cons of doing this?

2006-12-06 07:05:36 · 7 answers · asked by pulchritudinous 6 in United States

2006-12-06 06:58:24 · 14 answers · asked by wyorkshire35 1 in United Kingdom

2006-12-06 06:55:48 · 3 answers · asked by pulchritudinous 6 in United States

in a family husband is working and wife is a house wife. in that case which filing status is good to save money (married filing jointly or married filing singe)?

2006-12-06 06:53:58 · 4 answers · asked by sendme e 1 in United States

An employee of ours want to be exempt for the remaing 2 paychecks of the year. Can he fill out a 2007 W-4?

2006-12-06 06:44:04 · 3 answers · asked by pulchritudinous 6 in United States

Spoke to self assesment help line and they said you need to work out how much your machine uses in water and electric for washing the work towels and then work the value out from your utility bill?

2006-12-06 06:29:56 · 8 answers · asked by mundy696 1 in United Kingdom

I've missed payments to hospital, they turned over my account to collection agency. if i pay the missed amounts to collection agency, are they tax deductiable?

2006-12-06 06:24:21 · 4 answers · asked by sendme e 1 in United States

I worked for a company for 15 months as an Independent Contractor. No taxes were taken out and no insurance was offered.

In that time, I was treated and represented to everyone inside and outside of the company as an employee. I even had managerial responsibilities. Reading up on the issue, I was definitely 'a common-law employee'

I'm looking to hear from others who have successfully challenged their classification - from Contractor to Employees -by filling out the IRS SS-8 form.

How long did it take to resolve the issue? How long did it take the IRS to render a verdict? What were your next steps after the IRS ruled in your favor? Was other legal remedies considered to right this wrong?

What can I expect?

Thank You

2006-12-06 06:15:16 · 3 answers · asked by Undeniable Reality & Truth 2 in United States

I paid $17,465.65 in mortgage interest this year and paid $2,665.42 in property taxes, I make $52,000 a year.

2006-12-06 06:15:07 · 3 answers · asked by Richard B 1 in United States

The business is small, just a few thousand in sales. We have no employees but we have had a few neighbors that have really helped out. I would like to say "thank you" by giving them a small gift card. My real question is can I treat such as an expense and write it off again my yearend profit? I want to do this right. Thanks.

2006-12-06 06:06:09 · 7 answers · asked by smitha61 2 in United States

Im doing a report on where our taxes go and what we pay for though our tax pay.

I dont know how im going to be able to write a 2 page front and back report on this.

If anyone can refer me to some helpful webpages that are really detialed i would highly appreciate it.

I have been trying to search for good resources but every webpage that i go to isnt really detailed enough.

Thank You

2006-12-06 06:06:04 · 9 answers · asked by preppy_gurl101010 1 in United States

This financial instution has been trying to get us to pay for something that I thought we had paid up. We were never contacted until 3 or 4 yrs later, after this place of business either got sold or changed hands. The place called us sereval times to get their money. I told them that the bill was paid. This instution was a loan company. I told them I wanted a bill or a copy of everything that we paid. They never sent it. They called again about 6 months later and I repeated myself again about I wanted a copy of what we had paid. Now they have sent me this thing for the IRS. Something about section 6050P of the IRS code requires that they report the discharge of any debt over $600. Are they going to hijack my taxes or what

2006-12-06 05:42:47 · 4 answers · asked by Julie S 1 in United States

I work in News. I was going on a trip to a Bowl Game with my wife. now, my company has asked me to report/blog my experiences. Can I now count thia as a business trip and deduct all/some of my expenses? Thanks.

2006-12-06 05:39:32 · 5 answers · asked by ctVIP 1 in United States

Does anyone know what this is, how to apply for the credit, and what forms are needed?

2006-12-06 05:36:11 · 2 answers · asked by Lauren728 2 in United States

I am trying to find a firm to help my husband and I file our taxes this year and need some advice.

2006-12-06 05:09:14 · 7 answers · asked by Lauren728 2 in Other - Taxes

Would you have to pay bothfederal and state? of just federal?

2006-12-06 04:49:21 · 5 answers · asked by Anonymous in United States

I go to the barbershop for a weekly haircut to make myself look presentable/professional for my job. This is above my norm of a haircut every 2 or 3 weeks before I became a Police Officer. Is this legitimately tax-deductible as a business expense? Even without receipts? I average $14-17 a week on haircuts. Thanks.

2006-12-06 04:35:13 · 4 answers · asked by replay1077 1 in Other - Taxes

What do you think would happen to the individual? Does the DOJ routinely impose sentences for imprisonment? Or is it more likely that the IRS would simply fine the person and demand payment in full for all taxes, penalties and fines? If they sentence the person to prison, how likely is it that they will be able to begin paying restitution?

Of course this circumstance assumes that the person is a U.S. citizen, fully aware of the obligation to pay taxes, yet willfully neglecting to file/pay.

2006-12-06 04:24:32 · 7 answers · asked by tramari25 2 in United States

I graduated college this summer and worked a part time job before that. Is my 2006 total income small enough to get all my taxes that I paid back? (I've paid about $3000 in taxes this year). Thanks!

2006-12-06 04:22:38 · 7 answers · asked by marky p 1 in United States

I have a question for a tax class that i can't seem to find an answer to, can someone help me wit this.

Say i were to put up a 100,000$ reward for information leading the the arrest and conviction of a murderer, lets just say who killed a family member. Someone gives information and the murderer is convicted. I contribute the money to the police department, who then pays the informant. Is the 100,000$ considered an itemized deduction for me?

2006-12-06 04:12:59 · 20 answers · asked by icyblue1986 3 in United States

Hi
My residence is NC and i have short term contract in Ct
I on a w2 and i'm deducted Ct taxes
I live in a hotel room till i complet my contract.
My question is do i need to file a CT state tax form at the end of the year or i simply file a Nc and deduct what i paid in CT plus my expenses

Thanks

2006-12-06 03:02:50 · 5 answers · asked by pcc122 4 in United States

2006-12-06 03:00:45 · 11 answers · asked by Joey P 1 in United Kingdom

My company said they need to be "reinstated" then I can claim benefits. Is this bogus? Am I REALLY out of the $6400 in UI benefits that I am overdue?
Is there anyway I can collect - if anyone knows of any way, it would really be appreciated.

Can a suit be filed or would I end up spending my UI benefits in paying the lawyer's fees?

2006-12-06 02:24:37 · 3 answers · asked by Anonymous in Other - Taxes

2006-12-06 02:06:27 · 1 answers · asked by Jwalant 2 in India