Taxes - January 2007

Im not sure how all the tax works, but I was told that i shouldnt be taxed on my pay until i earn more than £4,500 then i can be taxed. If thats the case then ive been taxed since day one up until now.

Im not sure if this statement is true or not. or if im entitled to tax back.

2007-01-26 09:51:02 · 8 answers · asked by Anonymous in United Kingdom

I recieved $1200.00 in long term disability this year, and also social security disability benefits. Do I have to file this year?

2007-01-26 09:49:40 · 4 answers · asked by mazey1967 2 in United States

whats the best way on filing on tax retures?

2007-01-26 09:45:12 · 5 answers · asked by yukmouth 6 in United States

2007-01-26 09:45:06 · 7 answers · asked by jen 1 in Other - Taxes

2007-01-26 09:40:12 · 7 answers · asked by freckles 1 in United States

Sould we split the interest or have just one of us claim it? Are there anyother issues related to this that I should be aware of?

2007-01-26 09:36:52 · 7 answers · asked by Jason R 1 in United States

To save on my US tax return
If I invest say 4000 in IRA now, than I get a deduction of same amount in my tax returns. So effectively as per my tax bracket I save {15% federal and 6% state tax = 21% total saving which will be around $800 savings}..

Now assume I go back to my country and break the IRA in some year when my USA income is zero. So I pay no income tax since I will fall under the limit of {standard deduction + exemption}.
The only thing I pay is 10% penalty which will be around $400.

So effectively I saved $800 - $400 = $400 by investing in to IRA and breaking it when going back.

So my question is that is this calculation correct ?? or
I will not save this amount ??

Pls advice. ??

2007-01-26 09:15:56 · 2 answers · asked by amit_L 2 in United States

2007-01-26 09:14:55 · 6 answers · asked by Jason R 1 in United States

I will be receiving a number of financial gifts over the next few years and am wondering if a gift given today (or in Feb/March?) would still be eligible for the 2006 tax year.

Much as with an IRA you can contribute money in early 2007 to reduce your 2006 income, can you use this same strategy for financial gifts?...have a gift of $10,000 today be counted towards that person's gift limit to me for 2006?

2007-01-26 09:01:32 · 9 answers · asked by Pigg 1 in United States

i am attempting to file taxes but don't know the ein number for sandia heating and plumbing in bernalillo nm....didn't want to wait till w-2's to file

2007-01-26 08:57:42 · 4 answers · asked by GLENDA P 1 in United States

Made about $75,000 last year between my husband and I.

2007-01-26 08:57:07 · 6 answers · asked by Anonymous in United States

I am a 18 yrs old, i got married december 2006, i got some scholarships last year and worked part time for almost 8 months (6.00 p/h), but my husband is thinking on claiming me as his dependent because he makes more money than he should for a one person (40 k's ). Do you think I should file for myself and the scholarships or let my husband do whatever he wants?

2007-01-26 08:50:27 · 4 answers · asked by Ruz R 1 in Other - Taxes

2007-01-26 08:47:48 · 4 answers · asked by Kea 1 in United States

2007-01-26 08:39:56 · 3 answers · asked by dragon_17745 2 in United States

I'm refering to the average amount that families deduct on thier 1040 tax form.

2007-01-26 08:37:42 · 3 answers · asked by A.T. 1 in United States

2007-01-26 08:37:33 · 9 answers · asked by last chance 1 in United States

2007-01-26 08:34:03 · 5 answers · asked by saffire277 2 in United States

IRS E-file says I make too much to file with them, any suggestions?

2007-01-26 08:32:48 · 19 answers · asked by matissebradford 1 in United States

What I am saying is if I was to not claim my RRSP's every year and cashed them in when I decide to retire, would I still have to pay taxes on them? Has anybody ever done a study to see if it is beneficial?

2007-01-26 08:28:56 · 5 answers · asked by paul_442004 1 in Canada

What forms should a 17 year old to file taxes is she worked partime as a "busgirl" and only made a few thousand dollars. Parents also want to claim her as she is still in high school.

2007-01-26 08:23:32 · 5 answers · asked by Willie 1 in United States

So, my mom got married in APRIL of 2006....So, this year when she does her taxes, she will have to do them with her new husband. He was recieving UNEMPLOYMENT from MAY 2006 until OCTOBER 2006. He just started working again at the BEGINNING of NOVEMBER.
My mom worked all of 2006!!!

She is claiming me as a DEPENDANT due to my vision impairment.

Will she get a refund????

2007-01-26 08:21:32 · 4 answers · asked by ? 6 in United States

2007-01-26 08:20:44 · 16 answers · asked by yappy 1 in United States

Workmens comp or a business license for them to do this?

2007-01-26 08:18:55 · 5 answers · asked by Sherri ptown 3 in United States

Last year I did work for this company about 4 months,and they paid me by company check without details of tax deduct. But they said all the taxes have been deducted just like yours. Now it's time to do tax returns and they haven't send me a w2-form. Left several messages but no return. Should I report to IRS? What should I do? I really need tax refund. Please help!

2007-01-26 08:07:48 · 5 answers · asked by jubalex98 1 in United States

Am I allowed to write off any out pocket medical or dental expenses?

2007-01-26 08:04:54 · 5 answers · asked by Neosamurai 1 in United States

2007-01-26 08:03:47 · 21 answers · asked by kid on the block 1 in United States

A friend of mine filed his income tax claiming 2 dependents.His tax preparer informed him that he would have to prove that he took care of these kids for the year of 2006before he can receive a return.Why is this and what's the process and length of wait time?

2007-01-26 08:03:33 · 4 answers · asked by missraynell07 1 in United States

i lost mine, and was trying to get it so i can send in for my taxes.

2007-01-26 07:48:51 · 3 answers · asked by stealmouse02 1 in United States

I have made about 37,000, i am head of household w/ 1 child. i also cashed a pension of about 3000. Not counting the pension I have paid about 4100 in federal taxes. Will I have to pay?

2007-01-26 07:46:32 · 2 answers · asked by Anonymous in United States

Hi everyone. I e-filed my tax return last night via taxact.com. My taxes are fairly simple since I just use the standardized deduction. Anyway, today I received a 1099-INT from from bank of america for $27.62. I was honestly surprised by it. I plugged the $27.62 into my original return on taxact and it reduced my federal refund about $13 and my state refund about $1, but I already submitted my return electronically last night. I don't want to get in trouble with the IRS so what do I do now? Thanks in advance.

2007-01-26 07:45:28 · 7 answers · asked by Anon 1 in United States