Taxes - February 2007

2007-02-27 15:42:55 · 1 answers · asked by Anonymous in Australia

I'm about to start making some extra income as a guide on ChaCha.com. I'll have to deduct taxes myself though, which is something I know nothing about. What exactly do I have to do? What exactly am I responsible for? I know I'll be receiving a 1099 for Federal, but I'm clueless about the rest. I would appreciate any help.

2007-02-27 15:35:01 · 1 answers · asked by Anonymous in United States

I'm 24 years old. My mom has been trying to get disability benefits from the goverment for some time. She's on HUD , Medicare/Medicad (I think it's both), and Food Stamps. Other than that, I give her money every week, so she has spending money abd gas to get around. I also pay her phone bill and her insurance. I've been wondering if I can file her as a dependant.

According to the worksheets and everything I've read, I can file her as one, but I'm not sure if it will affect her case (She won the case, recently, btw) I know she's not going to fine, since she has no income. I also have a fear that, if I get audited for some reason, I have no real proof that I do this, cept for recipts from the insurance company, since I give her all cash besides that.

Any advice would be helpful. I've never filed a dependant before.

2007-02-27 15:29:55 · 5 answers · asked by William 2 in United States

The sales tax on a $750 computer al J&M Computers is $48.75. What is the sales tax rate? please show work so I can understand. thank you, kal

2007-02-27 15:13:22 · 1 answers · asked by Anonymous in United States

2007-02-27 15:05:30 · 2 answers · asked by Liz H 1 in United States

I thought I'd try doing our taxes this year asked DH for his W-2 and he handed me a stack from 2000 - 2006 and told me the last time he filed was 1999! Looking the W-2's over noticed one year had $0 Fed tax withholding and the rest were only a little over $1000.00 in Fed withholdings. He makes between $30 - $46 a year. He then tells me he prefiled with his employer to go tax exempt for one year and the rest of the years as having 8 dependents when there's only DH, my son and I.

#1, DH says to do nothing until we can get a tax attorney.
I want to get these things filed ASAP and see where we stand.
Which would be best?

#2, I don't work DH wants to file Married filing jointly to try and get the most to offset his owed amount. My understanding is if we file jointly I become responsible for this as well. After years of this kind of crap, divorce is afloat and I don't want to be stuck with his idiots debt. Any advice?

2007-02-27 14:55:11 · 6 answers · asked by candlesflame2 1 in United States

Well I got a form/mini postcard in the mail for the lawsuit and I lost the papers.I was getting money:) and now lost the papers:(
How can i get another one?

2007-02-27 14:19:26 · 1 answers · asked by a_friend_indeed 1 in United States

The seller sold the house without the help of a realtor. Instead, an attorney was hired to draw up the paperwork. Isn't the attorney supposed to provide the seller with a 1099? What happens if it's not reported to Uncle Sam?

2007-02-27 14:16:59 · 3 answers · asked by mollyandpenny2001 1 in United States

I donated to a charity in 2006 and forgot to list it on my taxes. Do I need to amend my return to get credit for this or can I claim it on my tax return next year?

2007-02-27 14:06:41 · 9 answers · asked by Melissa 2 in United States

worth less in 2007. How does that work, taxes and mutual funds.

2007-02-27 14:02:21 · 4 answers · asked by victorschool1 5 in United States

2007-02-27 13:48:49 · 12 answers · asked by Anonymous in United States

Me and my wife got our taxes done at the same time she got the amount back she was shown but they shorted me by 1200 less than what I was expecting ,what steps should I take to get the rest?

2007-02-27 13:41:33 · 3 answers · asked by RAYMOND H 1 in United States

2007-02-27 13:17:42 · 4 answers · asked by FREDDYJONES 1 in United States

2007-02-27 13:04:46 · 2 answers · asked by richardguitar2 1 in United States

I need the IRS 1040A or whatever (not sure exactly which form it is) to correct the info on my FAFSA and I need to have the IRS sheets faxed by March 1st, and my parents have yet to fill out their taxes.

I was wondering how much H&R Block charges, and how long they take to fill out the forms (there isn't much to my parents' W2 forms by the way, it's pretty straightforward), since there's another guy doing it for around $170 for both parents (I think).

Any info would be greatly appreciated.

2007-02-27 13:00:09 · 6 answers · asked by my nickname 2 in United States

Does anyone know what to do on Schedule D if you are unsure of the date you acquired stock and the original cost? I sold a handful of shares of stock (less than $500) which I acquired from various spinoffs from other companies.

2007-02-27 12:57:11 · 2 answers · asked by heybeerman29 2 in United States

Apparently, the guy who does income tax for my parents took me and my brother off of parents' income tax' dependent list when we became 18. Now I'm 21 and my brother 23. Recently I found out from friends that my parents can still claim me as a dependent even though I'm over 18. Can anyone help please? Who is right or wrong? Is there anything I can do for those deduction that my parents were supposed to get a few years back? Thank you, Yahoo community!

2007-02-27 12:45:57 · 6 answers · asked by NNU 2 in United States

what infor do i need 2 get this refund

2007-02-27 12:23:46 · 3 answers · asked by Jeannette M 1 in India

So this person paid me interest on a personal loan and on the unpaid balance of their debt to me for work done as an indepenedent contractor. I know how to report the interest as income for myself, but don't I need to file something so they can prove they paid me interest? Some sort of 1099?

2007-02-27 12:23:11 · 2 answers · asked by Jen626 3 in United States

I filed chapter 7 bankruptcy and when i had the meeting of creditors the trustee handed me a note about my 2006 income tax return. What it said is that i would have to submit a copy of this tax return and the refund check to her. I dont have a problem turning over a copy of the taxes, but the refund check? I dont know why they would need that if it is chapter 7 and all debt was erased, nothing is being paid back. And this was understood by my lawyer as well. So we are both puzzled to why they need this check. has anybody else seen or had to do this?

2007-02-27 12:21:10 · 1 answers · asked by magickitty0621 3 in United States

I wrote covered call options which I was assigned. I understand that I should add the premium received to the proceeds from the associated stock sale and report that on Schedule D on the line for the stock itself.

Do I report the option anywhere on the tax form or does the one line for the sale of the stock cover it all? If it does, how does the IRS match up that one line on my tax return with the numbers reported to them by my brokerage firm? All I see on the 1099 is the sale price of the stock itself, not the call option price.

2007-02-27 11:57:44 · 4 answers · asked by Dave W 6 in United States

My husband owns a house. He owned the house prior to our marriage. He paid a substantial amount of interest on the house in 2006. He did not work in 2006 so we are using my W2 to get back the interest he paid in 2006 on our joint tax return. Does this legally bind me to this house in any way? I am not on the bank note or deed and do not want to be legally tied to the house. Can you include your sources when answering please? Thank you.

2007-02-27 11:57:26 · 4 answers · asked by curious22707 1 in United States

I was going to have my taxes done by a local taxes service, but decided against it because they seemed to be were not giving me the best service. So I cancelled their service.I had also the next day had them put a stop on my RAL.They said nothing was put through so the process was stopped on anything going through. I took back my W-2 and the woman I talk to said I did not owe them anything because I stopped their services before anything could be processed. Now a week and a couple of days later, I have a credit in my bank account from a tax refund. The tax service had put it through anyway, and they have taken out their processing fee. Because the refund cam back this late(RAL is 48 hours right), I think they processed after I this week without my permission. Now I have other deductions to be added and I was going to use another more reliable service, but how do I give the IRS the money back, with out just making admendments to my taxes. Also what do I do about this bad tax company.

2007-02-27 11:56:46 · 5 answers · asked by kenbfos 2 in United States

please include your State if answering seriously

2007-02-27 11:43:23 · 5 answers · asked by Anonymous in United States

My friend hasn't lodged a tax return since 2001. she has been overseas during that time for 18 months.
If there is any penalties how much would the penalty be?
we come from Australia.

2007-02-27 11:41:36 · 2 answers · asked by Anonymous in Other - Taxes

I hadnt filed my state taxes for '05 and I am doing it late now. Its ok since i only had a refund due to me of a small amount and had filed my fed returns..
Do I use my current address (which is in a different state than the state that i am filing my returns for)?

2007-02-27 11:26:04 · 4 answers · asked by Anonymous in United States

My husband started a new job early in 2006 and they did not withold taxes. We received 1099-misc for the job. When I put in his salary (significantly less than the year prior), it requires the Schedule C - which "double whammys" us. It is input as non-employee comp. He doesn't have any expenses per se. We have always gotten a return....and this has us paying over $10,000. What am I doing wrong here?
Oh, I'm using TurboTax to calculate it, by the way.

2007-02-27 11:24:26 · 6 answers · asked by princesspeapot 1 in United States

2007-02-27 11:12:49 · 6 answers · asked by Rasheed F 1 in United States

i put the wrong routing number on my e file. it was supposed to be direct deposited in my account on february 16, but it wasn't. does anyone know how long it will take to get my check or has anyone out there done the same thing and finally received their check?

2007-02-27 11:02:58 · 3 answers · asked by Anonymous in United States

I claim my mother as a dependent, she has no income and does not yet receive social security. I do not live with her, but every month I give her an alloted amount of money to pay for Mortgage, untilities, food and other misc things. I do pay for over 50% of her household fee's but i give her cash and she writes the checks (the untilities are in her name). Does this qualify me as HOH? Will a written afadavit from my mother stating that I pay for the household fee's suffice as proof?

2007-02-27 10:55:44 · 4 answers · asked by kfay 1 in United States