Taxes - February 2007

My husband and I filed jointly last year. We each had w-2's to report as well as 1099's and cash income as a result of a sole proprietary new business. This year, we both have w-2's and the same sole proprietary business plus another 1099 to report as a result of another new sole proprietary business. Are we able to file jointly again combining the profit/loss from both businesses 1040 line 12 assuming we include separate Schedule A's, Schedule C's, and Schedule SE's for each business? Or... do we need to file seperately and if so how? Please help, as your assistance will be greatly appreciated!!! Thank you in advance...

2007-02-24 03:14:01 · 5 answers · asked by HELP!! 1 in United States

2007-02-24 03:13:53 · 4 answers · asked by Anonymous in United States

We have been married 3 years and never filed jointly. We have been considering filing jointly and wonder what the benifit to that is. We don't have any property or joint accounts.

2007-02-24 03:08:33 · 5 answers · asked by Paul R 1 in United States

What form does my employer should give me at the end of the year ?
i also would like to know if you can apply for some excemptions and credits. i.e.: i need to buy a car to travel from home to my work place...is that tax deductible?

2007-02-24 02:36:12 · 3 answers · asked by Anonymous in United States

I was on my own at a young age and no one ever explained all that to me. I don't want H+R Block or Turbotax or anyone/thing where I have to pay someone to do my taxes for me, I want to fill them out myself; I just have no idea what's going on and want to know what it's all about so I know where to start. There is a federal one, and a state and local one, right? What forms should I get from the public library where they have all those stacks of tax booklets? Thanks!

2007-02-24 02:13:07 · 7 answers · asked by Xanther 2 in United States

2007-02-24 01:52:44 · 4 answers · asked by lnknoc 1 in Other - Taxes

This won't be an issue until next tax season, but I started to grade essays online for a company this year, and they consider me "contract labor." If I earn over $600, they say they will issue a 1099 form. How will I have to go about reporting this income on my 2007 tax return?

2007-02-24 01:23:29 · 3 answers · asked by waefijfaewfew 3 in United States

we were trying to file jointly but his mother claimed ho=im. can i still send my taxes as is. will she owe? or do i have to change my taxes. i live in new jersey.

2007-02-24 01:04:21 · 4 answers · asked by ASH 1 in Other - Taxes

I worked for an employer for a short time last year and they cut me a check for $660. (Nothing was held out of the check.) They sent me a 1099 showing the $660. However, they also sent me a W2 in my name showing I had received $1430.( I never received this income nor had any of the withholding for SS of FIT that it showed). I contacted them and asked them to send me a corrected w2 showing all 0's. At first they said they would. I called back after 3 weeks had passed and they told me they had would not send me a corrected w2 and wanted me to send the original one back! (As if!) Then they tried to tell me they never sent it to the IRS! I've contacted the IRS to get directions for my next step in preparing my income taxes. What I want to know - do you think it's possible they are committing some type of fraud and what all could they benefit by doing that? Also, I was an employee, not an independant contractor. Can someone help me put the pieces together here?
Thanks.

2007-02-24 00:20:06 · 1 answers · asked by holly72120 1 in United States

I am buying custom car mostly for shows, Wondering best way to pay lowest sales tax legally

2007-02-24 00:16:37 · 3 answers · asked by rich s 1 in Other - Taxes

Tax cut premium offers every thing (state+efiling+audit defence) for about $40, but for the same features Turbo tax charges $140.
Why the big difference? any ideas?

2007-02-23 23:53:00 · 7 answers · asked by Suresh C 1 in United States

I'm now employed with a private company and earning Rs 30000/ per month. what tax exemptions I 'm allowed on this income. is exemption of rs one lac permissible .

2007-02-23 23:07:12 · 6 answers · asked by Anonymous in India

When I got hired at my job and filled out the w-2 form, I wrote that for each paycheck I wanted $50 to be taken out. So where does it go or will i get it back? If I remember correctly my boss told me that when I filed my taxes I'd get that money back, but I'm not too sure. And I can't ask him because we went on vacation for 2 months. thanks for you time and help

2007-02-23 23:03:57 · 7 answers · asked by Tangerine 1 in United States

I was told that if you are on SSI you don't have to file unless you have tax deductions. Like charity donation. Is this True or false?

2007-02-23 22:54:26 · 8 answers · asked by kimrene22000 1 in United States

I received disability insurance benefits last year during my maternity leave. So does that mean I need a 1099-G form for my taxes? If so, how do I get one?

2007-02-23 22:35:01 · 6 answers · asked by JuneBabies916 2 in United States

employer sent additional w2 after i filed tax return

2007-02-23 22:26:25 · 8 answers · asked by JOSEPH S 1 in United States

i do a considerable amount of daytrading and am seeking a professional to do my taxes this year...who is the best for this and what cost should i expect to pay?...thanks

2007-02-23 22:20:42 · 6 answers · asked by james lecroix 1 in United States

2007-02-23 21:46:09 · 6 answers · asked by vikas 1 in India

Where can refer the latest rulings and notifications about sservice tax matters?

2007-02-23 20:51:04 · 7 answers · asked by msl 1 in India

I am 69 years old and work for a Charity.

2007-02-23 20:24:35 · 5 answers · asked by alanwyle 1 in United Kingdom

I am 19 years old. My dad claims me as a dependent.

In 2006 I earned:

$3,708.17 in wages.
$2.99 in interest payments
$26.04 in dividend payments.
$608.06 in short term capital gains.

From my paychecks:

$206.22 was withheld in Federal Income Taxes.
$229.90 was withheld in Social Security Taxes
$53.77 was withheld in Medicare Taxes.
$51.01 was withheld in New Jersey State Income Taxes.
$34.31 was withheld in SUI/SDI Taxes.


Also, I don't know if this matters, but I had about $200 in gambling losses.


Can someone who is knowledgeable please tell me what I can get in refunds (if I can get part of it back in refunds or all of it), and if I have to pay short term gains tax?


Thank you so much in advance.

2007-02-23 20:23:01 · 8 answers · asked by RockiesFan 2 in United States

My girlfriend owns a home. I moved in and pay half the mortgage payment as my share of rent. Does she have to claim it as income, and can I claim it as rent paid?

2007-02-23 20:21:13 · 6 answers · asked by wintercampground 1 in United States

I haven't filed my taxes for the pass 3 years. I know for sure that I would have gotten a return. I was told that you get 3 years to file if you don't owe. Is this true?

2006 was the first year that I had allowances. I would like to file for 04, 05, and 06, but I don't know what forms to use or where to find them. Can someone give me some advice?

2007-02-23 19:51:46 · 8 answers · asked by armahd_44 1 in United States

The objective is to outline all tricks people employ in India so that Government can unearth black money.

One trick:
I have noticed vegetable vendors and furniture shops whose capital investment is billions of rupees.

Even though their sales are "nil" they need not pay income tax on the "billions of capital investment" and black money is converted into white money.

The only expense for them is "rent" they need to pay for their shops.

2007-02-23 18:54:17 · 8 answers · asked by Anonymous in India

If I paid someone to sit with my mom and got reimbursed for part of the cost from a long term care insurance. Do i deduct the reimbursement from 1099-misc. wages?

2007-02-23 18:54:11 · 4 answers · asked by big_bi 1 in United States

My daughter's father are not together as a couple anymore. My daughter lives with me and he has her two nights a week. We each pay for daycare and her other monetary expenses. We can't both claim her as a dependent, so how do we figure out how to share the refund?

2007-02-23 17:40:39 · 7 answers · asked by MoshPitGoddess 1 in United States

2007-02-23 17:30:48 · 14 answers · asked by Anonymous in United States

I earned around 12,000 dollars this past year, I always go home on the weekends, and spent the summer and Christmas break at her house.

2007-02-23 17:20:30 · 5 answers · asked by Carla B 1 in United States

Am I suppose to file my self employed taxes even though i only made 2300 dollas

2007-02-23 16:43:48 · 4 answers · asked by Crystal H 1 in United States

I just started a new job with a higher pay. I am single (now) and claimed a 1. Ouch is all I have to say! My salary is $55K and I figured out from my first pay check that I will be paying $8700 in Federal taxes to the government each year. I would rather pay each month what I owe and invest it in a tax-deffered IRA. What should I claim in order to do so? I tried the IRS web site calculator and it did not help me very much and seemed inaccurate (their numbers did not match what is being witheld).

Are there any benefits to being "Married", dual-income, no kids? We are eventually getting married and would consider doing just the legal end of it-- if it saved us a substantial amount.

Thoughts??

2007-02-23 16:42:05 · 3 answers · asked by Aimee G 1 in United States