Taxes - January 2007

I know that in America, if you give a donation under $250 you don't need a receipt for tax purposes. Is the same true for Montreal?

IMPORTANT!!! PLEASE LET ME KNOW IF YOU HAVE ANY INFO ABOUT IT!!

2007-01-06 16:45:43 · 5 answers · asked by ~Daisy~ 1 in Canada

2007-01-06 16:34:31 · 2 answers · asked by alisha w 1 in United States

2007-01-06 16:15:08 · 7 answers · asked by bealls 1 in United States

CPAs, tax prep professionals, please, or someone who has studied this extensively and recently:

i own a few corporations. one of them is a subchapter s corporation that was not making money for a while. in 2006, it did make money, so on 3.15.07, a new income tax return must be filed. OLD INCOME TAX RETURNS for this corporation were lost.

i prepare all my corporations' returns. this corporation had depreciable assets which it still owns. in addition, i had elected the one-time option to put old unused losses (?) onto future gains.

i need to know:

how to i restart the depreciation? or can't i?

what do i do with gains that i want to offset with old losses?

any other advice?

THANKS!

2007-01-06 16:08:50 · 1 answers · asked by Louiegirl_Chicago 5 in United States

It's the part of the income tax form that you put in how much you made. Do you put in your gross or how much you got after taxes??

2007-01-06 16:07:08 · 6 answers · asked by Mandi 2 in United States

2007-01-06 16:04:43 · 4 answers · asked by shonna d 1 in United States

Also, if I made about 11,000, paid 2,000 in taxes, and claim myself, do you think I will get most of that 2,000 back??

2007-01-06 15:55:00 · 9 answers · asked by Mandi 2 in United States

What's considered cheating on taxes? And what's the harshest penalty?

2007-01-06 15:52:26 · 6 answers · asked by Anonymous in Other - Taxes

few yrs back i put like 1400k in to ameritrade i lost about 300 overall,,
today i got a letter from the irs saying i owe money like 290--
i pulled up my ameritrade account and all my sales of stock add up to the irs crap i sold xx shares for 1800 so i that is more than i had but i sold and bought a few times so my sold column adds up to 1800 so now i owe tax's on 1800 why the hell do i owe money to the irs if i lost money and i paid tax's on that money when i got paid from my employer to begin with??

if you guys do not get what i am asking please email me @ info@cometosandiego.com

thanks

2007-01-06 15:47:02 · 6 answers · asked by Anonymous in United States

I have a full-time job unrelated to the securities industry and I use a discount broker to manage my investments and would like to benefit from lower capital gains tax rates for my investment profits.

My goal is to hold about 50-70 securities (ETFs, equities) in my portfolio at any given time and I anticipate holding each security for at least 6 months before disposing/selling it. I'd like to add to my positions gradually via dollar-cost averaging and use covered calls to reduce the cost basis. My intent would be to execute about 10-20 buy transactions per month (often I'd be adding to existing positions) and perhaps about 5 sell transactions per month. Would using such a strategy put me at any risk for being flagged an active trader and subject to having gains taxed as income instead of the more favorable capital gains (w/ 50% inclusion) rate?

Furthermore, does the use of 15-20% margin significantly affect one's susceptibility to being flagged as an active trader?

2007-01-06 15:45:41 · 6 answers · asked by jthompson7804 1 in Canada

I am aware of the 10% penalty and the need to pay applicable federal and state income tax on the distribution, but I'm wondering about Medicare and Social Security taxes. Thanks.

2007-01-06 15:44:18 · 3 answers · asked by GM 3Daddy 2 in United States

2007-01-06 15:29:18 · 5 answers · asked by Anonymous in United States

Tax due date is 1/16/07, you e-file right on 11:59 pm on 1/16/07 on sites like www.taxact.com, does that meet tax due date?

I think when you e-file, it's a lot faster than mailing your tax files.

Can you also do auto-debit on taxact.com?

2007-01-06 14:32:33 · 5 answers · asked by simplyme 1 in United States

but it seems they want $20 for the same software this year.
do you know of a free tax program site?

2007-01-06 14:29:04 · 3 answers · asked by Sufi 7 in United States

2007-01-06 14:25:52 · 3 answers · asked by Anonymous in United States

My friend just got married in October, her husband does not work, did not pay child support for his two children. These are not her children, she gets back alot from taxes, is she responsible for his back child support, even thou they are not her children, and if she is, is there anything she can do so she can keep her money since she earned it. She is going to get a divorce from him, but thinks she has to wait til they file taxes.

2007-01-06 14:24:15 · 9 answers · asked by lynnette m 2 in United States

I

2007-01-06 14:10:58 · 6 answers · asked by haptay 2 in United States

specifically on unclaimed income????

2007-01-06 14:04:48 · 4 answers · asked by starla 3 in United States

How come I had a friend go to H&R block and they told him that he owed $200 dollars for the year. He didnt like that answer so he went to someone called "the tax doctor" and he ended up getting $1,500 back! Do you think this "tax doctor" is doing something illegal? What do you think about the situation? If you were me would you go to the Tax doctor?

2007-01-06 13:52:32 · 10 answers · asked by Anonymous in United States

2007-01-06 13:45:09 · 4 answers · asked by Gordon B 5 in United States

My ex-husband & I have joint custody, although my son lives w/me, he only goes with his dad twice a wk. I do not receive child support, but my ex pays for our son's school (pre-K).

Now, when filing our taxes, may I be able to claim our son as my dependant, and then have my ex file for the child care expenses?

2007-01-06 13:38:54 · 5 answers · asked by SF 1 in Other - Taxes

If I contributed money to the IRA account and then found that I am not qualified for IRA tax deduction, what should I do? If I just leave the money there, will I be double taxed when I distribute the money when I retire?

2007-01-06 12:55:21 · 4 answers · asked by Fe 1 in United States

Got a little carried away and reconciled too much....and need to start over from the first of the year. Can't figure out how to remove the reconciliation.

2007-01-06 12:46:38 · 2 answers · asked by Linda C 2 in United Kingdom

On their website it states that you can get your refund with a money advance loan check up $2500 if you file now before you get your W2's. I have done my taxes on TurboTax.com (have not filed anything yet) and estimate that I should get back about $3800. So if I go to H&R Block and do the advance loan thing and they do determine that my refund is around $3800 do they give you a loan check for $2500 and send a check for the remainder of your refund after you take in your W2's? Any tax experts know how this would work out?

2007-01-06 12:36:06 · 3 answers · asked by october g 3 in United States

It is 1% of the gross pay for that quarter.

2007-01-06 12:30:25 · 3 answers · asked by Anonymous in United States

I am a co-trustee and a beneficiary. In 06 I was given a disbursement of money from the irrevocable trust. I have been told that I do not claim the disbursement as income taxes--as they are not income---but I would need to later claim, of course, any interest earned from that disbursement.

Is this correct?

2007-01-06 12:06:45 · 3 answers · asked by Anonymous in United States

I am confused about the child tax credit. When i used the tax caculators it says I do not qaulify for that credit. I will be filling head of household and I have 2 children age 5 and 6. My income was 11,345 dollars. It also said that I do not qaulify for the additional child tax credit. Why don't i qaulify?

2007-01-06 12:05:32 · 6 answers · asked by CHRISTY R 2 in Other - Taxes

I have no dependents, and recently I noticed that being single with one job allowed me to have up to 2 allowances. Since I've made the switch from 0 to 2, I've noticed that the amount of Federal and State taxes have almost significanlty reduced, which is a good thing, But I want to know in terms of a Refund for the year of 2007 will I inevitably owe, or will I just see a reduction in the amount of the refund I'm used to getting? Is it worth it to see the difference in my actual paycheck, or should I just let the government take what it wants and just refund me?

2007-01-06 11:49:05 · 6 answers · asked by cherripye99 2 in United States

I donated a few thousand dollars to charity this year. Some cash, some household items. How does that work for claiming it on my taxes? Will I get that money back? Or does it come off of what I earned for the year, therefore I just get taxed less?

2007-01-06 11:19:45 · 3 answers · asked by ? 6 in United States

I am 16 years old, live at home and go to high school, and each year my parents claim me as a dependent on their taxes.
I started working in April '06. I got my W-2 today, under "wages, tips, other comp." , "Social Security wages" , and "medicare Wages and tips" it says 3704.09. Under "Federal income tax withheld" it says 201.64, Social security tax witheld it says 229.65 and medicare tax withheld it says 53.71. About how much money should I get refunded and how do I do it?

2007-01-06 10:52:23 · 7 answers · asked by Anonymous in United States