Taxes - January 2007

My wife and I work full time and I have a side business. I am using tax software to do my taxes and I am baffled as to the taxes I owe? If I do not add in my side business income I owe about $700 federal. When I add my side business income, deduct my expenses and deduct my solo 401k contribution, my net side bus income is zero, but now it says I owe over $5000 federal?
Am I missing something. If my side biz made 20k, I had 10k in expenses and I put 10k in the 401k, why am I paying any additional taxes over the $700?

2007-01-30 15:15:06 · 3 answers · asked by AVS 2 in United States

I"ve been going though turbotax and it's telling me that I can do deduction on business expensies. This was only a couple of jobs for a total of $650 and a very small amount of money. But my taxes have became very complicated now. It's asking me for vheicle use and vehicle expensies. How can I do this for only $650.00. If I start putting all the gas and repairs to my vehicle for the whole year and I only made $650 for a couple of trips. LOL. That won't sound right to the IRS.

2007-01-30 15:06:46 · 5 answers · asked by Anonymous in United States

I do not know how taxes work so I am assuming they are considered deductions.

2007-01-30 15:03:22 · 8 answers · asked by kimberley 2 in United States

2007-01-30 15:01:27 · 9 answers · asked by curious 1 in United States

We just used Turbo tax and filed seperately. I accidently forgot to delete her out of one of the profiles, and just COMPLETELY overlooked it. They have both been filed. (I was wondering why we were getting so much back!) Im scared, I dont know what to do. Is it going to send an immediate red flag to us!? aaarg. I cant beleive this is happening. Somebody PLEASE help!

2007-01-30 14:59:59 · 8 answers · asked by Ashley S 1 in United States

Hi
I am an American that has been living in Germany for three years now. I was recently told by several people that it would be possible to get my renteversicherung back when I move back to the states. Does anyone know anything about that or have any experience actually getting money back? It seems like it would be thousands of Euros. Danke!

2007-01-30 14:53:13 · 1 answers · asked by allou 2 in Germany

2007-01-30 14:52:19 · 2 answers · asked by kezj1972 1 in United States

My Wife and I just purchased a home, and the interest paid is well over 12,000 dollars. I've heard people talk (seemingly now, crap) about this huge refund........where is ours? We've paid a ton of interest last year that is all deductable. i.e; school loans, second mort., disaster stuff, prop. taxes. We are in the 25% bracket and file mar-jointly. I just don't feel like the return has been worth it. We are only getting back roughly 800 dollars more than last year when we didn't own. It really sucks!

2007-01-30 14:48:29 · 9 answers · asked by cheyguy2308 2 in United States

2007-01-30 14:47:54 · 6 answers · asked by hotness 1 in United States

My mom is going to be filing my taxes and I don't want her to know that I have almost nothing in my savings. I'm not sure if it will show up or not.

2007-01-30 14:45:42 · 7 answers · asked by halfxwayxtorn 1 in United States

2007-01-30 14:40:24 · 1 answers · asked by lolitha w 1 in United States

I am a student who recieves financial aid. the total for the year was roughly 7000. secondly I worked a little over the summer and probably earned about 1500. Do I have to pay taxes?

2007-01-30 14:38:33 · 3 answers · asked by master4g 2 in Other - Taxes

I believe I'm supposed to have my W2 forms in my possession by January 30th. Am I wrong? If she doesn't mail them to me, what should I do?

2007-01-30 14:32:53 · 8 answers · asked by Anonymous in United States

My husband and I are traveling with my husbands job and I was wondering what we can "write off". Our home town is in OR and we havent lived at home since he started this apprenticeship.

Thanks

Any recommendations on websites to check out or anything would help !

2007-01-30 14:26:47 · 1 answers · asked by CookFrNW 3 in United States

(Sorry for the repost, I had incorrect info.)

Can I claim exempt to federal tax withholding? I make about $180 a month, am living off of previous savings, and my parents are funding my education. I claimed it in 2006 because I was still dependent on them for most of the year. I moved into an apt in August. In 2005, I claimed "single" and got all of my withholding back.

I don't really understand what tax liability means if I am earning money but not much.

2007-01-30 14:18:57 · 2 answers · asked by retzy 4 in United States

he filed last year and got it all back was it because he was and is under age

2007-01-30 14:16:30 · 5 answers · asked by olampyone 4 in United States

2007-01-30 14:08:32 · 4 answers · asked by mikeygonebad07 1 in United States

In the year 2006, I had one job, but my wife had 3 different jobs, one of them didn't take any federal tax out on that one job. The amount she made was 1,521 and worked there about a month and a half. We have 2 very young kids, made about 12,000, and paid in about 400 in federal. My question is will that one job hurt our refund, or does it not matter at all. What do you suggest we do. Thank you!

2007-01-30 14:00:41 · 7 answers · asked by nystateofmind8989 2 in United States

2007-01-30 13:52:04 · 3 answers · asked by Thomas H 1 in United States

i owe the irs and i did not think to check it. this is my first real job a whole years worth of work.

2007-01-30 13:51:37 · 5 answers · asked by dodays 1 in United States

2007-01-30 13:50:22 · 5 answers · asked by sblacke 1 in United States

I have heard that you can only deduct your mortgage interest if you itemize your deductions, but am not sure if that is correct.

2007-01-30 13:32:48 · 4 answers · asked by Sunshine528 2 in United States

$4000 dollars in medical bills that i owe and 2000 from last year can i claim that too or no?

2007-01-30 13:27:58 · 1 answers · asked by LiLi 2 in United States

We own our own home. We have a mortage but the interrest in it is under $3000 per year.

We have no children.

While we give to a charity it's probably less than $300 per year.

Are there any deductions we can use?

2007-01-30 13:24:17 · 5 answers · asked by jdnmsedsacrasac1 4 in United States

Ive worked with 3 dependants, stated for work.

2007-01-30 13:21:53 · 7 answers · asked by pipito 2 in United States

2007-01-30 13:16:36 · 4 answers · asked by scott b 2 in United States

2007-01-30 13:10:52 · 1 answers · asked by Lindsay 2 in United States

would i recieve full benefits as if a child for a parent under 65 that i claim on my income taxes

2007-01-30 13:10:14 · 1 answers · asked by thomasusia 1 in United States

2007-01-30 13:00:00 · 3 answers · asked by masterchapsa 2 in United States

2007-01-30 12:53:56 · 5 answers · asked by ? 2 in United States