Taxes - February 2007

2007-02-28 08:45:40 · 3 answers · asked by Rajan9 1 in Other - Taxes

2007-02-28 08:44:04 · 5 answers · asked by Rajan9 1 in Other - Taxes

I have always filed my own taxes, but this past year I started pursuing a graduate degree part-time as an evening student and want to ensure that I navigate all of the tax implications successfully. I have asked around for referrals from friends, but everyone either files their own taxes or works with someone who isn't a CPA. I have a friend of the family who once got burned using an account who wasn't a CPA, so I want to have the recourse of the certification.

Are there any resources you know of for finding information and/or testimonials about accountants, other than just dialing one at random from the Yellow Pages? Also, what price range should one reasonably expect to pay for preparing a 1040, married/joint, with a few educational expenses and stock investments?

Thanks!

2007-02-28 08:39:07 · 4 answers · asked by Steve 2 in United States

The donations were actually 10$ a week for the year. Of course I have no receipts to show any of it.

2007-02-28 08:36:53 · 11 answers · asked by Anonymous in United States

2007-02-28 08:27:32 · 7 answers · asked by allureconsulting 1 in United States

He is thinking about moving to Riverside county (Menifee) and we've heard of such help, but don't know where to start. He is 61.

2007-02-28 08:17:51 · 6 answers · asked by skylinefolife 2 in United States

Or is that just a threat that they don't actually follow through with?
Did it ever happen to someone in your neighborhood?

2007-02-28 08:16:03 · 5 answers · asked by Just Mee 2 in United States

All my Mother's assets were in a revocable trust. I am the trustee of what is now an irrevocable trust with an EIN. Trust had $17,700 worth of interest and dividend income in 2006. I had planned to file the 1041 but even with a $600 exemption this yields a very high tax obligation: $2,596 plus 35% of amount over $10,050 = $5,064. Advice, please.

2007-02-28 07:54:01 · 3 answers · asked by lfkestner 1 in United States

I only sell on Ebay occasionally, clearing out old stuff from the house. But a few things I sold turned out to be in demand, so I ended up making about $600. Which tax form should I use to report this? The Schedule C business form says only to use that form for business done on a regular basis, not to use that form for reporting hobby income, but to use the 'line 21 for other expenses' to report it instead. But the explanations for line 21 don't fit either. Do I need to attach a form? The IRS web site mentions ebay earnings as business expenses or capital gains...but the capital gains form doesn't look like it applies to ebay sales at all.

I just can't understand all this IRS mumbo-jumbo - can someone please help me? I can't afford to hire a CPA, but I don't want to get into trouble for not reporting income

2007-02-28 07:53:45 · 3 answers · asked by Bess2002 5 in United States

I'm so confused. When I start a job (I live in CT) I always been told to claim 1. Then when tax season comes around, I don't get crap back. Just need some advice, thank you!

PS: I'm 23 married and it's not like we make a ton of money a year. We make about 45year combined.

2007-02-28 07:36:02 · 6 answers · asked by Anonymous in United States

So when we went to file are taxes online, we weren't able to do so. I called IRS they said we will need to show proof of custody of the child which we can do with school records, doctor records and the like. Can we get a letter from the boys mother that shows we have custody of him? or, does it have to be a court document?

Anyone else have any ideas. Please help,

2007-02-28 07:32:07 · 5 answers · asked by koifishlady 4 in United States

2006 was my first year as a home daycare provider. I tried to save all my receipts and such for tax deductions. I came up with over $5000 in deductions, but still ended up paying $2300 in taxes. Everyone I talk to says that is nearly impossible. I didn't claim any mileage deductions though, but I don't drive for daycare much. Would it still be worh it to claim the few miles? Does anyone have any ideas how I can reduce what I end up paying in taxes? Am I missing something? Any ideas would be greatly appreciated. I love my job and would hate to have to quit.

2007-02-28 07:15:02 · 4 answers · asked by sassypants_911 2 in United States

Hi!

If I want to invest in the US by buying a multifamily house and renting it out but I don't live in the US, do I still have to pay Federal Taxes on my profits?

Thanks!

2007-02-28 07:06:19 · 3 answers · asked by me 1 in United States

I sold a condo.I did not live in it and it was strictly for a profit. The money went in my bank account. I did no investing.I paid the IRS upon receiving my money. Why did I get taxed again when I filled my return?
Can you get your taxes done twice in one year or at least have them checked for errors?

2007-02-28 06:53:36 · 2 answers · asked by Doll D 2 in United States

For example, I did not list all of our income and I did not list our expenses for the business portion. How do I get back to those pages. The disc I bought is Turbo Tax for Home and Business Schedule C. Also, can this be used for only one return i.e. can I do other family members tax returns on this same disc. If so how do I do that. I don't see any prompt and received no instructions. If I want to speak to someone there is a $39.95 charge. I feel as if I am missing something in the line of instructions. Help. Thanks.

2007-02-28 06:49:48 · 4 answers · asked by greatest 1 in United States

If I had known I needed the money so soon I would of done the fast-check thing and paid more but is there anything online or if you call them to see how much longer it will be for your check to come in? Thanks!

2007-02-28 06:33:38 · 8 answers · asked by an1 1 in United States

I sold some property last year.I paid taxes on the sale AT THE TIME OF THE SALE. I just recently had my taxes done and had to pay sales tax again. Is it possible I had to pay the same taxes twice? Something does'nt seem right. One more question.If my tax guy made a mistake and I am owed money will the IRS let me know?

2007-02-28 06:31:50 · 5 answers · asked by Doll D 2 in United States

For both scenarios: lump-sum and annual payents? I've heard many things and am having a hard time finding straight, layman examples. Thanks!

2007-02-28 06:25:20 · 6 answers · asked by Anonymous in United States

I had a car run into my house in 2006 and opened up an insurance claim to help cover the damage. I received only a portion of my insurance deductible back - does anyone know if I can deduct the portion that I paid out of pocket on my tax returns? There was a section in Turbotax that covered accidents and expenses incurred, but I wasn't sure if the deductible was included? thx.

2007-02-28 06:25:09 · 4 answers · asked by Arleen 1 in United States

2007-02-28 06:21:18 · 1 answers · asked by pinky 1 in India

2007-02-28 06:20:25 · 9 answers · asked by od354 1 in United States

I'm 20 years old and I work full-time.. After taking a break from college I moved into my parents home last year, I lived there pretty much the entire year although they do not give me any money and I rarely even eat there. It's just where I sleep occasionally, bathe, and wash my clothes for the most part. My dad wants to claim me on their taxes and is making a big deal about it even though he doesn't really support me otherwise. My question is if I let my parents claim me instead of claiming myself what kind of difference would it make in my return and in their return? My parents have over a 6 figure income together whereas I don't bring in much over 20,000. Thanks in advance for the answers.

2007-02-28 06:19:33 · 6 answers · asked by Anonymous in Other - Taxes

2007-02-28 06:17:57 · 4 answers · asked by sandy 1 in United States

If you have Capital Loss Carryover from previous year, do you have to use it this year to extent of $3k, or can you defer it to future years?

2007-02-28 06:15:12 · 1 answers · asked by Big Daddy 3 in United States

If you make, let's say hypothetically, 5K a month, how much will the US government take as taxes? How much will you get back? Does it make a difference if you eaern that money in a job or from an investment such as stocks or real estate?

2007-02-28 06:06:56 · 3 answers · asked by Triple Nipple 1 in United States

2007-02-28 06:05:01 · 4 answers · asked by Bert B 1 in United States

2007-02-28 06:01:32 · 3 answers · asked by Eileen B 1 in United States

Last year I worked in Thailand as a teacher. I was there for the whole entire year. My employers did not give me an income statement which is common over there. I made under $6K.

I have consulted with friends that have lived and worked out there for quite sometime and they mentioned to just report the income you made on the 2555EZ (which I have already) and not worry about submitting the statements. I am wondering if this is correct? Alternatively, I could e-file where income statements are not necessary.

I would also like to know if there is a need to obtain some kind of income statement from my employers there for reference.

One more question, do I have to report this income for the State of CA? I have been told I do not need to.

Thanks

2007-02-28 05:48:38 · 1 answers · asked by Enlightenme! 2 in United States

So I E-filed my tax return through turbo tax about 13 days ago...I know it should typically only take 7-9 days to get my return deposited into my bank account. Anyone know if I should just wait longer, or should I attempt to contact the IRS and see if something happened?
~G

2007-02-28 05:47:31 · 4 answers · asked by Dorkus 4 in United States

2007-02-28 05:46:43 · 4 answers · asked by DP1981 3 in United States