Taxes - December 2006

If the government really wanted to help low and middle income earners, the tax free threshold should be raised and then indexed to the Consumeer Price Index.Something to look for in the next budget?

2006-12-28 16:13:51 · 2 answers · asked by emyadeno 1 in Australia

A friend and I had a joint bank account reporting under my SSN. However, I did not contribute any funds to the account. He wanted to put me on the account to avoid going over the FDIC insurance limit at his bank. Is it considered a taxable gift to me under IRS rules?

2006-12-28 16:13:31 · 3 answers · asked by PC 1 in United States

2006-12-28 15:33:55 · 4 answers · asked by Sudha 1 in India

2006-12-28 15:29:23 · 7 answers · asked by RICK 1 in United States

i have heard that you get $1000.00 for each qualifying child

2006-12-28 15:20:47 · 7 answers · asked by cmrosier6 1 in Other - Taxes

But till today I don't get my PAN card. So please provide me PAN card as early as possible.

2006-12-28 15:12:30 · 5 answers · asked by parjanya d 1 in India

2006-12-28 14:56:06 · 18 answers · asked by suzyq 2 in United States

Im pretty sure you cant have 2 head of households in one house, but what would be the most benefical means of tax preparation? i have made a little bit over 6000 and i have a new son and i am not married, what forms should i file? i used the 1040ez last tax season, and what would be my best interest with tax preparers businesswise?

2006-12-28 14:46:44 · 7 answers · asked by emo_rox12 1 in United States

wat dose pre tax deductions mean i think that means no tax) not sure
and what dose total tax deductions also mean?

2006-12-28 14:35:11 · 3 answers · asked by kate c 1 in United States

Right now I am a sole proprietor business and my spouse is also the same business, because we can do that in this state. We both earn. I have a self-employed 401(k). Can my spouse also?

Should we become two sole proprietorships? What would be the best reason to incorporate instead?

2006-12-28 14:10:10 · 5 answers · asked by ? 1 in United States

How do I avoid the $25/day penalty for goofing and not filing my self-employed 401(k) form for six months? I didn't realize I was supposed to.

2006-12-28 14:01:24 · 5 answers · asked by ? 1 in United States

I had my pwn bussiness and now owe money for taxes becuase i went out of bussiness do to lack of income. I need to figure out what i am going to do so that i dont get in trouble. I already lost everything so they cant take anything from me.

2006-12-28 13:22:54 · 2 answers · asked by Anonymous in United States

any last minute ideas to reduce possible tax owed or would this be a waste of time?

2006-12-28 13:12:09 · 3 answers · asked by bacchus_blue 1 in United States

2006-12-28 13:06:56 · 5 answers · asked by wickedladyredd 2 in United States

I am single, no children, no house, live in CA. i put 2k a year into 401k. They have taken 7,500 out of my paychecks for federal taxes. I will not be claimed by anyone else. THanks for the help!

2006-12-28 12:48:40 · 3 answers · asked by brad_allyn 2 in United States

I do research for, and give presentations in, the public and private sector, and have created a consulting firm (LLC) through which to run expenses and to have a business "front" to what I do. I have looked at the IRS Schedule A Itemized Deductions documents, and the Jackson-Hewitt deductions pages online. I have also searched through Yahoo Answers. I'm curious if anyone has created an Excel spreadsheet or if there is another web resource out there that itemizes the tax deductions I would typically be able to make each year. Of course, flights, hotels, gas involved in travel related to the consulting would be deducted, as would computer software and hardware that is needed for the business. It would be fantastic if there was some kind of list out there for consultants who do this type of thing. Thanks in advance for your advice and help.

2006-12-28 12:24:37 · 3 answers · asked by ibeinc 1 in United States

I have been providing receipts for my clients and have given them their end of year receipt tallying their totals. But I had heard if my income was under $8000 I didn't have to claim it...obviously I would still be filing my income tax but was just uncertain about what the maximum amount is that you can make when doing daycare without having to claim it. Thanks a lot!

2006-12-28 11:57:13 · 7 answers · asked by hasgr8boyz 3 in Canada

2006-12-28 11:10:07 · 2 answers · asked by labeba2520 1 in United States

can i file an income tax return without a w2 form?

2006-12-28 11:08:32 · 6 answers · asked by lorlormaro 1 in United States

Nobody should be except from paying property taxes. They reap the benefits when the property value goes up, so they should pay the taxes like everybody else. If Churches don't pay taxes, then neither should bars. I get more value from the bar than the church.

2006-12-28 10:36:55 · 8 answers · asked by ? 3 in United States

I'm interested in tax-deductable donations. I used to think that you could just reduce the amount you donated from your taxes due. (For instance, if I donated $50 to a charity, and I owed $500 in taxes that year, my tax bill would be reduced to $450). But from what I'm reading now, it looks like your donation is subtracted from your adjusted gross income. That lowers your income for the year, and so lowers your tax rate. But this doesn't work out nearly as beneficial as I thought. As a rough estimate, it looks like a $100 dollar donation would lower my bracket to the point where I would only save about $20 on my taxes. Do I have it right?

2006-12-28 10:35:19 · 8 answers · asked by mattloaf1 2 in United States

Last semester I took a real estate class at the local college and the teacher discussed some people buying real estate as an investment and for a tax deduction. I run a small business unrelated to real estate but recently purchased a $40K home as a project/fixer-upper. I am unsure whether I will live in it after it is done or sell it. I currently live with my parents. Both the home and I are in Illinois and I paid cash for the house.

2006-12-28 10:33:53 · 5 answers · asked by jeepsusa82 1 in United States

I understand that I am required to report gambling winnings and that I am allowed to deduct gambling losses. But I do I determine gambling losses? Specifically, if over the course of a year I fund an online poker account with $3,000, cash out winnings for $5,000, and have $1,000 remaining in my account, can I deduct $3,000 in losses or am I limited to $2,000 in losses?

2006-12-28 10:01:20 · 5 answers · asked by Jason 2 in United States

2006-12-28 09:59:41 · 5 answers · asked by snowrose54 1 in United States

Asuming your Corp intends to resell the vehicle immediatley in 07 will the title transfer need to be finallized before year end or can you hold the title open until the vehicle is resold to avoid sales tax and still take the lump sum deduction for 06.

2006-12-28 09:58:44 · 2 answers · asked by Anonymous in United States

owe over $25000.00

2006-12-28 09:41:21 · 2 answers · asked by Anonymous in United States

I currently have bought very expensive purchases from National Sport (My Friend I mean) and they applied the taxes incorrectly and would not refund our tax as they claim it is correct. I have looked over it twice and read Retail Sales Tax Act and it was still incorrect.

2006-12-28 08:58:57 · 2 answers · asked by Dieagain 1 in Canada

Ok so i worked part time at fed-ex through about half the year, maybe a little more.

How do you know if you have to file for income tax ? isnt there something about if you dont make so much then you dont have to file ?

im just thinking that if my mom claims me we would get more money back than i would if i filed.

2006-12-28 08:49:01 · 9 answers · asked by etreum_rlt 1 in United States

2006-12-28 08:46:45 · 6 answers · asked by Anonymous in Other - Taxes

2006-12-28 07:44:56 · 2 answers · asked by sbrow 1 in United States