Taxes - January 2007

And what if the employee has moved and his location is unknown also? What can the employer do?

2007-01-28 02:59:45 · 4 answers · asked by Anonymous in United States

I am being offered an opportunity to buy a percentage of a business. I would be required to sign a promisory note with seven equal annual payments. The money to make the payments will come from my share of the annual net profits of the business over the seven years. My question is, will I incur an income tax liability on my annual share of the profits when that money is used as the payment of the promisory note.

2007-01-28 02:58:41 · 3 answers · asked by mainlandd 1 in United States

2007-01-28 02:58:37 · 1 answers · asked by Gaffer 1 in United Kingdom

2007-01-28 02:55:44 · 6 answers · asked by Hil 1 in United States

I have a 17 yr old son who earned $1200 at a PT job in 2006. I know that I can claim him on my return as he is a FT student living with me.

Question - if I do claim him do I have to add his income to my return?

Question 2 - If he files his own return can I still claim him on mine?

Please advise.

2007-01-28 02:51:37 · 16 answers · asked by Kenny L 1 in United States

MY job that I worked for last year put me down as single with no dependants, when I had filled a second form that shows my daughter as one of my dependants and me as head of house hold. Do I contact the I R S or my old job to fix this error?

2007-01-28 02:32:31 · 3 answers · asked by Tee 1 in United States

I build new houses and remodel existing ones to own and rent out. During the construction process I have expenses uncommon to managing rentals. Even though I take no salary and do as much work as possible on each project, we still have a negative cash flow. After adding up the losses and deperciation, it offsetts my wifes income so we get all of her taxes back. Based on rental rates in our area, we calculate that it will take about 3 years for a property to break even. So we should be turning a profit in tax year 08. To take full advantage of the tax code while depreciating the buildings and then selling them in the future, Is there an advantage to holding these properties as personnel investments or should I form a business that builds and manages real estate?

2007-01-28 02:30:14 · 1 answers · asked by Clay M 2 in United States

if claiming 1 and married. I live in Texas

2007-01-28 02:11:30 · 3 answers · asked by Anonymous in United States

If i get my taxes done for free at a place like the Library, will i get more money back than a place like H&R Block.

Which one will get you more money back, a place that does it for free, H&R Block, or that program Turbo Tax

2007-01-28 02:07:37 · 5 answers · asked by Anonymous in United States

2007-01-28 02:04:15 · 4 answers · asked by projectovaltine 1 in United States

From January to August of 2006 I was on my parents' health insurance. In August I got married, went off their health insurance and moved to another state. My mom wants to claim me as a dependent in 2006 because of the health insurance; I want to claim myself as independent and married because I had a hell of a lot of financial hardship in the last half of 2006 and nobody I was "depending" on was giving me much help. What does the law say here? What should I do?

2007-01-28 01:36:29 · 5 answers · asked by Kyle W 1 in United States

2007-01-28 01:31:26 · 4 answers · asked by vanhaag 1 in United States

I have an odd question about Mortgage Interest deductions. Here's the situation:

My step-father was paying on a mortgage, but abruptly had to go abroad to care for his ailing parents.

He made no mortgage payments in 2006 at all, nor supplied any income for my mother. My mother had a couple part-time jobs, but could not pay the mortgage. Therefore, the entire year of 2006 I assumed the bill and payed all of the mortgage payments myself.

My question is, who deducts the mortgage interest paid? Should it be on her tax return since the mortgage is in her name?

Or, should it be on mine, since I obviously paid it. I worry that if I put it on hers, the IRS will wonder how she paid all that interest, when she didn't have even a third of that income.

Any thoughts?

Thanks...

2007-01-28 01:08:31 · 4 answers · asked by TECH 5 in United States

We bought a house last year (our primary residence) in the fall. We bought about halfway through a six-month property tax cycle. (I don't know how other states are, but in Minnesota, people pay property tax for the first half of the calendar year and the second half of the year.) At the closing, we reimbursed the sellers for our portion of the July-Dec 2006 property tax, which was several hundred dollars. However, besides a line on our closing forms that notes the amount paid to reimburse the sellers for property tax, I have no form that acknowledges what we paid for property taxes. So, are we legally entitled to deduct the property tax we paid? Also, does the government (state or county) need to send us a form, or is the official closing document that states the property tax reimbursed to the seller sufficient for safely itemizing that amount? (Our deductions exceed the standard deduction by several thousand dollars, so we are definitely itemizing.)

2007-01-28 01:08:09 · 3 answers · asked by Minnesota_Slinger 3 in United States

People with defaulted student loans usually have their income tax return confiscated. However, this confiscation by Sallie Mae & assorted low life collectors, are never applied to the defaulted loan. Thus, this may be the 3rd year I have not filed Federal taxes. Does anyone know a way out of this morass?

2007-01-28 01:07:18 · 4 answers · asked by slk6689 1 in United States

Can a truck cap that is installed on the bed of a light duty truck by clamps (used to cover and protect cargo) be deducted inaddition to the standard mileage rate?

2007-01-28 00:59:27 · 4 answers · asked by Casey H 1 in United States

Sorry, the question is pretty vague. I primarily work one job, in 2006 I took on a new job just to make a few extra bucks, I worked there for two hours then quit. After Social Security and Medicare were deducted, I made a total of 13.85 on the one paycheck I earned from them. No Federal or State taxes were deducted from my check.

The question is, do I need to report this income to the IRS? I need to file a tax return NOW and I'm tired of waiting for this W-2 to come in the mail. I have to file quickly because I am starting school and need to file a FAFSA.

2007-01-28 00:47:06 · 6 answers · asked by Thomas W 1 in United States

my daughters partner died about a year ago now since then she and her son my grandson have been living with us at home i am in rented /private housing.Now if she gave up her house and told the dhss and council she now lives with mum and dad, would we then be eligable to be put on the housing list as we now have a dependant{5yr] old or would it not be classed as our dependant, and would she loose all or part of her benifits/ also woul my tax no change as i am brining up a child again???thankyou in advance.

2007-01-28 00:40:19 · 3 answers · asked by tom9437 2 in United Kingdom

i am filing taxes thru turbo tax and need to know how much i made in the year 2005 how can i obtain this info.

2007-01-28 00:32:20 · 8 answers · asked by tankibelly 1 in United States

My husband started getting disability pay from the veterens. Everyone I have talked to says we don't have to report it as income on our taxes. I find this hard to believe, can anyone confirm?

2007-01-27 23:40:16 · 5 answers · asked by mkaustin 1 in United States

2007-01-27 23:06:24 · 1 answers · asked by Clifford 1 in Other - Taxes

Ineed to know the details with reg. to
1. Income Tax implications - with reg. to investments in Mutual funds
2. Income tax implications - with reg. to income from investments in Mutual funds
3. Wealth Tax implications with reg. to Investments in Mutual funds
4. Gift Tax implications with reg. to making gifts of Mutual fund bonds to others.

2007-01-27 22:46:21 · 4 answers · asked by varahoorrangaprasadh 1 in India

TAX, Should Taxes be the same worldwide ? TAX the rich?
Usually the riche Make the rules. Therefore IT IS VERY Unlikely that they ever will agree to Tax the Riches More>!
When THE POEPLE WILL ALL Over the WORD Say Enough IS enough, then things WILL Change.
I say: You can have Assets of 90 Millions US$ + 30 Millions in the bank and after that You Pay 90 % TAXES!!!
And WHY Not! 30 millions in the bank, you will have nothing to worry about. LET"S MAke IT a Fairer World, Use the Tax to help the economies in the strangling countries succeed, Use this money to combat the green house and train the un-employed at new skills.
I don't see the Point WHY some people want to stuck away ever more money 'Sheer Greed" Well it is only Human, but it would not be like that if these law were in place all over the world.
Globalization now Needs Global tax rates, No matter who you are or where you are.
LET’S SEE HOW MANY POEPLE WOULD SUPPORT This TAXING Proposal.
THANK YOU

2007-01-27 22:13:18 · 3 answers · asked by heretoday 1 in United States

I'm trying to file my husbands taxes and I'm very confused about our filing status. Last year we filed Married Filing Seperately (and he was able to claim me as an exemption) as I had no gross income (I go to school and babysit regularly). In 2006 I worked, but made less than $3300, which according to law I wouldn't have to file since I made so little. Could he still claim me as an exemption even though I had SOME gross income?
I'm very confused and don't want to get audited, but I also don't want to lose out on money by not being able to be claimed as an exemption when it would be perfectly legitimate to do so. Please help me! :-)

2007-01-27 21:28:26 · 8 answers · asked by rjs6281 1 in United States

paying someone under the table because there collecting ssi because they have aids. All the checks from accounts come in the owners name, but has payroll cut itself a check at 10.00 an hour to cover there but. It's not right and has been in trouble in the past for the same thing.

2007-01-27 21:03:19 · 4 answers · asked by Anonymous in United States

my company reimbursed me for education which was non taxable. on resignation, I had to pay them back some the money. since the repayment was from after tax money, I am wondering if i can claim a deduction for this?

2007-01-27 20:04:59 · 2 answers · asked by studentQuestion 1 in United States

2007-01-27 19:40:28 · 2 answers · asked by Shengwen 1 in United States

2007-01-27 19:26:35 · 3 answers · asked by peteyboy321 1 in United States

on turbotax.com, im doing my taxes, if it asks who i want to claim as a dependent, can i put myself in order to get all taxes back if i made less then 12,000 in a year?

2007-01-27 19:22:10 · 9 answers · asked by slayer123 1 in United States

2007-01-27 19:12:57 · 5 answers · asked by slayer123 1 in United States