Taxes - January 2007

do i have to file this with my other job which i had for 6 months when i do my taxes

2007-01-15 15:06:01 · 4 answers · asked by kahlien05 1 in United States

According to someone I know who does accounting, they said that the money I invested in my business this year is not taxable. They said that since I loaned the money to the business as start up capital, it's not taxed if the business shows it as a loan repayment. So basically all the money I collected from the business last year would make my yearly income = $0 The business also had a net loss. So am I to understand that the IRS is not going to raise a huge red flag that I am claiming to have made no money in 2006? They said if I consider the money compensation then it would be taxed and the business would still owe me the start up cash. If it's shown as a debt repayment, it's not taxable.

2007-01-15 15:03:45 · 2 answers · asked by That Guy 4 in United States

i live in ny me and my husband made probably around 33,000$gross for the year we have 3 children and we rent our house?does any1 know?

2007-01-15 14:52:57 · 2 answers · asked by kahlien05 1 in United States

2007-01-15 14:51:59 · 4 answers · asked by Wilochka 4 in United States

Hi there. I have unfortunately come to the conclusion that my spouse and I are no longer able to remain married. My question is this, he has a large amount of money in a 403b I think it is. He is fully vested, and all of this money was earned during the marriage. In my state I understand that I am entitled to at least a portion of it, if not half. Does that mean that the account will be liquidated and I will recieve cash? I will need it to establish a new place to live. Thank you.

2007-01-15 14:46:35 · 5 answers · asked by whissp_4u 1 in United States

I lived in Illinois, and made about $100 in W-2 wages in January 2006. I permantely moved to Florida in February 2006. Do I need to file an IL state income tax return?

2007-01-15 14:42:26 · 6 answers · asked by jeremy283 2 in Other - Taxes

Celine is going to be subject to the AMT in 2005. She owns an investment building and is considering disposing of it and investing in other realty. Based on an appraisal of the building’s value, the realized gain would be $85,000. Ed has offered to purchase the building from Celine with the closing date being December 29, 2005. Ed wants to close the transaction in 2005 because certain beneficial tax consequences will result only if the transaction is closed prior to the beginning of 2006. Abby has offered to purchase the building with the closing date being January 2, 2006. The building has a $95,000 greater AMT adjusted basis. For regular income tax purposes, Celine expects to be in the 25% tax bracket in 2005 and the 28% tax bracket in 2006. What are the relevant tax issues that Celine faces in making her decision?

2007-01-15 14:36:15 · 1 answers · asked by bueyes67 2 in Other - Taxes

Although Vicki is entitled to four withholding allowances, she claimed just one on her Form W–4.

a. Why would Vicki claim fewer allowances than she is entitled to?

b. Is this procedure permissible?

c. Will this affect the number of personal and dependency exemptions Vicki can claim on her Federal income tax return?

2007-01-15 14:33:00 · 2 answers · asked by bueyes67 2 in Other - Taxes

Would an individual taxpayer receive greater benefit from deducting an expenditure or from taking a credit equal to 25% of the expenditure? How would your response change if the item would only be deductible from AGI?

2007-01-15 14:30:54 · 1 answers · asked by bueyes67 2 in Other - Taxes

I am new to this tax stuff and usually my aunt does them for me, but she is no longer around to do them. Any help is greatly appreciated.

2007-01-15 13:54:16 · 4 answers · asked by logan6847 2 in United States

2007-01-15 13:47:29 · 3 answers · asked by kandis j 1 in United States

This may be the worst place to ask this. I hope there are willing professionals available. I have rental property in Michigan, I live in San Diego. I have a property manager renting the property. However, she has called me for approval on every repair, and asked me to offer approval tenants for lease agreements. She also asked me to set terms for rental for those things legally flexible, but she wrote the contract using her templates. I owe 100% of the property. Am I considered 'Active participator' for the purposes of writing off the $2265 in losses I have on this property, or must I only use this against other passive activity?

2007-01-15 13:35:39 · 3 answers · asked by Ryan W 2 in United States

claiming dependants who never lived with you for more than 6 months.

2007-01-15 13:24:16 · 7 answers · asked by redbird1999_26 1 in United States

2007-01-15 13:07:08 · 4 answers · asked by Gmoney 1 in United States

2007-01-15 13:05:41 · 3 answers · asked by mrkqql15 1 in United States

I'm starting a new job and would like to have the smallest amount withheld from my checks as possible for now - I will settle up when I pay my taxes at year's end. Can I put 9 allowances/dependents? Higher?

2007-01-15 13:03:03 · 10 answers · asked by gamesandtheory 2 in United States

I've already filed but now it's asking for a promo code.

2007-01-15 12:20:17 · 2 answers · asked by brinkmont 5 in United States

can i put my laptop on my taxes if i use it for school??? and also i donated toys for tots but never recived a donation slip what do i do about that

2007-01-15 12:05:49 · 2 answers · asked by Anonymous in United States

If a small business (partnership) is depreciating equipment using 5-year DDB, can they take less than the allowed amount one year and make it up in a later year?

2007-01-15 11:52:24 · 3 answers · asked by Fix My PC Mike 5 in United States

Can I claim some of that car tax money when I fill my tax forms in April?

2007-01-15 11:51:27 · 2 answers · asked by helixical 1 in United States

I need to get my W-2's for my taxes how can I get them?

2007-01-15 11:50:25 · 3 answers · asked by Anonymous in United States

Hi, many sites as Ebay dont charge me with taxes , my questions is = Do I have to pay taxes in internet purshases , and/or , If after a specific amount I have to pay taxes.

Thanx

2007-01-15 11:14:52 · 4 answers · asked by Desde La Usa 1 in United States

They charge $14.95 for "Basic" Turbotax plus an additional charge to get your refund back faster, but they don't tell you how much it will cost until you give them your credit card info.

2007-01-15 11:09:39 · 6 answers · asked by Cheryl A 1 in United States

2007-01-15 11:02:18 · 5 answers · asked by moses2br 1 in United States

2007-01-15 10:54:44 · 8 answers · asked by Anonymous in United States

2007-01-15 10:52:56 · 5 answers · asked by Anonymous in United Kingdom

2007-01-15 10:52:10 · 3 answers · asked by madscidoc 1 in Other - Taxes

This year, my family moved from Michigan to San Diego. We knew, when taking the new job, that we'd have a tough time selling the house. We'll we failed and in November, to avoid continuing to have to shell out all the mortgage and those heavy Michigan winter heating bills, we turned it into a rental. We still lose $300 per month but it's better than losing all the mortgage. So this year I will only post $2,365 loss mostly due to cost to get it in service, but this will likely be a loss of at least $4K until I can pay off the mortgage, or refinance. What should I do? I don't care about the loss due to my high salary in San Diego, but I don't want the loss + an audit. Should I take the loss, but not put it as a loss against my salary? I read a little about this 'passive loss rule', but I hardly understand all the consequences. I don't have any other passive income to write it off against? Should I start some other passive income to write off this loss against? Thoughts would be great.

2007-01-15 10:51:17 · 2 answers · asked by Ryan W 2 in United States

And about how much do you think i'll get back. I only worked part time, about 26 hours a week at about 8 hr. for like 2 months this year.

2007-01-15 10:48:59 · 21 answers · asked by season_leigh 2 in United States

i am trying to do my UK self assessment tax return self employment pages

2007-01-15 10:01:18 · 3 answers · asked by paul p 1 in United Kingdom