Taxes - January 2007

I started an S Corp this year that only has expenses , no profits. My husband is also employed. Do I need to do two separate files for the S Corp and personal? I thought that S Corp profits and losses pass through to the owner, so what does that mean in terms of filing taxes? Can anyone help???

2007-01-11 08:38:52 · 3 answers · asked by summer 1 in United States

2007-01-11 08:33:11 · 2 answers · asked by Chuck_ 1 in United States

For the whole year of 2005 as well as half of 2006 I worked as 1099. However, the employer I worked for demanded that I work at a specific location mon-fri from 9 to (whenever they would let me leave... sometimes 9, 10pm - sometimes i wouldn't leave).

Reading the IRS's guidelines for how to classify tax filing, they state that if you can't work when you want, where you want to accomplish a "contract," then you are not an independent contractor. You are an employee - and your employer should be withholding tax and sending that into the IRS.

My employer did not do this and I filed as an Independent Contractor. The taxes were very steep. Now I am in a pickle for 2006 because I worked for half the year also as 1099, even though technically I was an employee.

How do I:

a. Refile or Amend for 2005 - what forms, etc.?
b. File as an employee for 2006 even though I had a 1099?

Will my ex-employer be penalized? Preferably, I don't want any harsh action taken. HELP!!!!

Thank you!

2007-01-11 08:27:08 · 4 answers · asked by Heather L 1 in Other - Taxes

I need verification of the amount of taxes taken out of my buyout check from Ford Motor Co.

2007-01-11 08:23:51 · 3 answers · asked by Cal 1 in United States

2007-01-11 08:23:10 · 6 answers · asked by nani 1 in United States

My parents still claim me and they also claim my schooling. I paid like 8k in total taxes this year. So about 5k federal taxes. Any ideas if i will get a refund? and how much i will get?

2007-01-11 08:20:56 · 4 answers · asked by Drunkardsfist 1 in United States

2007-01-11 08:11:07 · 3 answers · asked by John W 3 in United States

My wife didn't work this year...should we file jointly or individually to get the best refund?

2007-01-11 08:08:45 · 5 answers · asked by Marty the One Man Party 1 in United States

I bouht my home in April 2005 and refinanced in June 2006 and took out 40K. I have a tax question: I live in California, is it ABSOLUTLY necessary to report this to my tax man? If I dont, what WILL happen? Please be honest and not exagerated.

2007-01-11 07:57:57 · 4 answers · asked by Justme 2 in United States

Since Washington, DC, is not officially a state, then shouldn't DC state tax be illegal?

2007-01-11 07:54:17 · 4 answers · asked by changa_0326 1 in United States

What exactly do the exemptions mean? Is it better to have more or fewer exemptions in our case?

2007-01-11 07:45:09 · 4 answers · asked by Beth H_13 1 in United States

I Lived in Wisconsin from January until May and now in Texas. In Wisconsin we have state taxes to file for and in Texas we do not.

2007-01-11 07:45:02 · 2 answers · asked by Anonymous in United States

2007-01-11 07:36:51 · 2 answers · asked by swtdrms81 2 in United States

2007-01-11 07:23:29 · 6 answers · asked by gigi_the_girl_anachronism 3 in Other - Taxes

I have heard for years that there is a legal stance that can be made to not pay, or deal with the IRS that is legal. If I remember correctly it had something to do with the verbage in the laws that stated ferdral taxation was a voltary program.

I'm not planning to try this, just curious if anyone had (or knew someone) whom had tried this and what the outcomes were.

2007-01-11 07:14:45 · 5 answers · asked by blisstar 3 in United States

2007-01-11 07:12:05 · 5 answers · asked by Anonymous in United States

I remember once seeing a little calendar type thing that showed if you filed by this day you would have your refund by that day (electronic filing). Does anyone know what I'm talking about?

2007-01-11 06:52:57 · 6 answers · asked by Anonymous in United States

2007-01-11 06:51:23 · 3 answers · asked by ladybugjjd 1 in United States

The business I work for has had three different owners in 2006, two of them being for only one month each (one for all of January 2006 and one for all of February 2006) Should I expect a different W2 from each owner or previous owner of the business?

2007-01-11 06:50:49 · 5 answers · asked by aly 5 in United States

It is true that all stock sales for 2005 were omitted from my 2005 taxes. Someone else did my taxes as I was too young and inexperienced to do them myself. The forms the IRS sent me are not clear about what they want me to submit to them to clear up the omitted stock sales.

Do I need to submit a schedule D? A 1099 form from my online broker? Should I pay the penalty fee just in case so interest doesn't add up while the case is being handled?

2007-01-11 06:38:53 · 5 answers · asked by rrr ttt 1 in United States

2007-01-11 06:30:04 · 8 answers · asked by lola 1 in United Kingdom

that my mother in law can file and me my husband and child on it and get money back from my child on it ... but when my husband files we can't i don't understand

2007-01-11 06:17:27 · 1 answers · asked by mojosmama24769 1 in United States

My fiance and I purchased our first home January 2006. Because we are unmarried, we can't file jointly, so I'm wondering what the best way is for us to file our taxes in terms of the mortgage interest, home expenses, etc. Who should claim it?

Someone told me that the individual who has the larger salary should claim the home. However, I make the larger salary, but he is considered the "borrower" whereas I am the "co-borrower" of the mortgage. (So, his SS# appears on all of our communications from the mortgage company.)

Does it even matter?

Thank you for your advice!

2007-01-11 05:59:50 · 4 answers · asked by Anonymous in United States

2007-01-11 05:46:10 · 3 answers · asked by babydoll 1 in United States

My kids play soccer - it's expensive. Can I deduct it?

2007-01-11 05:45:15 · 5 answers · asked by tilley 1 in United States

a creditor has threatned to take our tax refund to pay a judgment against my husband can they take the whole tax refund including state? They have already garnished his weekly check by 20%. we have four children can they take the child income tax credit too/

2007-01-11 05:40:37 · 3 answers · asked by annmariekriza 1 in United States

The constitution includes a rather confusing directive with regards to taxation:

Art. 1 Section 8: "The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States"

Art 1 Section 2: "Representatives and direct taxes shall be apportioned among the several states which may be included within this union, according to their respective numbers"

Art 1 Section 9: "No capitation, or other direct, tax shall be laid, unless in proportion to the census or enumeration herein before directed to be taken. "

A constitutional amendment, #16, was required to allow for income taxes to be levied in the U.S.

More info can be found here: http://en.wikipedia.org/wiki/Sixteenth_Amendment_to_the_United_States_Constitution#_note-2

Please try to support your case with relevant evidence.

2007-01-11 05:18:26 · 5 answers · asked by Charlie W. 2 in United States

I am a married women with three kids under 6 and have a morgage is there any web sites I can look at to make sure I am going to get the maxium refund?

2007-01-11 05:14:35 · 2 answers · asked by ompie 3 in United States

2007-01-11 05:02:49 · 3 answers · asked by Muse 1 in United States

I just filed my taxes at H&R Block and forgot I held another job for a month early in the year. I just got the W-2 mailed to me and now what am I supposed to do? Am I in trouble?

2007-01-11 05:01:26 · 8 answers · asked by El Tigre 3 in United States