Taxes - February 2007

2007-02-27 10:28:54 · 3 answers · asked by Yolanda M 1 in United States

They are a private company, and not the United States bank.
United States actually BORROWS money from Federal Reserver (FED) and owes them $9 trillion in debt.

Their money is not backed in gold or silver bullion.
They print money as they please.

They have been blamed for causing the depression.
They have been blamed for our high taxes.
They have been blamed for purchasing political candidates.

Since their money has no value, it can cause the collapse of all financial institutions around the globe.

Countries on both sides of a war borrow money from the Federal Reserve.

Is there truth to these alegations?
Is there a better alternative currency?

2007-02-27 10:23:03 · 7 answers · asked by cheesewhiz 1 in Other - Taxes

If I recently sold my business for 10,000, completely intangible, no inventory included. What are the tax implications, is it capital gains or ordinary income? Whart form and line, (or box), do I put this in. And likewise where does the buyer expense this purchase.

The business was a simple partnership between two people, no LLC or anything complex, and was in business for 3 years. The former partner bought out the business and is running it as a sole proprietership.

2007-02-27 10:09:43 · 4 answers · asked by jonny b 2 in United States

2007-02-27 10:07:53 · 5 answers · asked by s_stephens_2005 1 in Other - Taxes

I cashed in 25 savings bonds in 2006 and I got a receipt for them that has 3 sections.

Section 1=Customer Information
Section 2=Savings Bonds- a list of all the bonds and their values

Section 3=TIN Certification and Customer Acknowledgment of Receipt- it states the following...

"I understand that the Total Interest will be reported to the International Revenue Service for this taxable year and I acknowledge receipt of the Total Value shown above.

Under penalty or perjury, I certify that the number shown above is my correct Taxpayer Identification Number and that I am not subject to backup withholding for interest payments made to me or credited to my account"

Which I then signed and dated.

Below that it says "Please retain a copy of this form for your records. This form is not a Form 1099 INT"

My question is am I supposed to receive a 1099 INT for this interest, if not, how do I report it?

I live in Minnesota if thats important.

2007-02-27 10:04:57 · 7 answers · asked by Justaguyinaplace 4 in United States

My deposit date for my federal was feb.23 but when i asked them if it has been deposited they say it doesn't show up but she said that when the irs makes a deposit to the bank it usually takes to the next friday to post to your accout is this true or not i have been given the run around on this the whole time someone can tell me why?

2007-02-27 10:02:52 · 3 answers · asked by Anthony G 1 in United States

I have a question concerning child care and taxes. I currently am enrolled in the dependent care via my employer. Our initial thoughts were to have my mother (66 years old) watch our new baby and use the dependant care to pay for this because of the tax benefits. Since enrolling and everything my mother has informed me that she is now worried that this income $4000 (her only income) may cause a reduction in her VA benefits that she receives.

My question is how much at risk are we if she doesn’t file taxes for next year – could this result in some outrageous back taxes she would be required to pay?

2007-02-27 10:01:36 · 3 answers · asked by pramos67 2 in United States

$55 worth of cosmetics from the USA. Would you pay any taxes on them???

If so, how much?

THanks

2007-02-27 09:51:22 · 6 answers · asked by bobby t 3 in United Kingdom

I understand that Continuing Legal Education courses (CLE's) are deductible, as are professional dues and unreimbursed travel expenses...as a business deduction.

However, could you use the Lifetime Learning Credit? And would you be better off doing so?

2007-02-27 09:48:56 · 4 answers · asked by Islandkiwi 2 in United States

I had a loss of about $9000 on Google Call options which expired underwater the same month I bought them.

2007-02-27 09:45:41 · 4 answers · asked by Bruce C 1 in United States

2007-02-27 09:41:15 · 4 answers · asked by max z 1 in United States

I recently had insulation installed in my home. I need the insulation contractor to break out the material from the total bill. They said it is not possible. Do they leagally have to? Why or why not?

2007-02-27 09:30:56 · 3 answers · asked by erica_kaufmann 1 in United States

My daughter is a full time student,lives with me and has a part time job.She claimed herself on her tax return.Can I claim her at all since she didn't contribute to the household expenses?

2007-02-27 09:28:22 · 7 answers · asked by elizabeth h 1 in United States

I'm a stock broker, which means that i am an independent contractor, which means that i am on 1099. Does anybody know how i can prepare for taxes and what i can write off.

2007-02-27 09:19:29 · 2 answers · asked by nugs 2 in United States

We currently have a tax system that basically is tax rate by reproduction. Have more kids and pay no taxes. If a person has a fertility problem and needs to save the $40,000+ it costs to adopt they still have to pay far more in taxes then their peers who have no medical problems. I for one can't wait for this to be challenged as a constitutional issue. It is patently unfair to tax someone at a higher rate due to medical problems yet that is what is happening.

2007-02-27 09:17:52 · 4 answers · asked by youarewrongbobisright 5 in Other - Taxes

If not, what is a real estimated time they should arrive by?

2007-02-27 09:07:42 · 3 answers · asked by NestleGirl 2 in United States

are there options for filing last years taxes online? or is there a web sight containing printable forms?

2007-02-27 09:06:09 · 12 answers · asked by ? 1 in United States

2007-02-27 08:54:39 · 5 answers · asked by s_stephens_2005 1 in Other - Taxes

What is the current:

1. U.S. federal income tax?

2. California income tax?

2007-02-27 08:51:13 · 4 answers · asked by bpark73 1 in United States

2007-02-27 08:46:51 · 3 answers · asked by sheane561973 1 in Other - Taxes

I know the income limit for 2007 before SS/ Medicare stops being deducted from payroll is $97,500. If someone maxes their amount out every year, will they eventually be exempt from contributing?

2007-02-27 08:37:42 · 3 answers · asked by Erin N 1 in United States

My fiance and I have been living together all of part of 2005 and all of 2006. His two sons moved in June 1, 006. My fiance is the "stay at home dad" taking care of the boys and I have supported him and the boys completely with him having no income at all. So I would think I could claim them as dependetns as their mother doen't work (she gets welfare for the boys (which she keeps) and that is what she lives off of. I have reported her to Welfare many times telling them that she is still collecting welfare for the kids and they are not in her custody, but tthey don't do anything about it.

But I want to claim the kids as I have provided ALL of their support since June, but reading the publication in the IRS book it looks like I can't because they are not my kids. Does this sound right to any of you professionals out there? What about the child tax credit, can I get that too?

I really need some good advice or else I will owe them big time, I went exempt for the whole year!

2007-02-27 08:33:34 · 4 answers · asked by hargonagain 4 in United States

2007-02-27 08:17:24 · 12 answers · asked by Anonymous in United Kingdom

For the last couple of years I didn't file my federal income taxes because it was figured out that I owe and I wasn't able to pay at that particular time. How do I go about rectifying this with the IRS and will the penalties be real expensive.? I owe approx. 3,000..and that's not including taxes for 2006. Should I call the IRS?

2007-02-27 08:12:04 · 4 answers · asked by stella 2 in United States

I live in Virginia but own land in Arizona that I would like to sell. I plan to use the sale of the land to pay off the existing mortgage on my primary residence in Virginia. Will I still pay capital gains? I have owned the land for three years and it has appreciated quite a bit. Thanks.

2007-02-27 08:09:58 · 4 answers · asked by spelldine43 2 in United States

I need to file my taxes for years 2001 through 2005. Is there a place online to do this for free?

2007-02-27 08:03:59 · 1 answers · asked by UBigDummie 1 in United States

I moved from Indiana to Illinois in the middle of 2006, but worked in Illinois all of 2006. I know I have to file both state taxes, but my illinois refund is really high, and I owe Indiana a lot more, why? Is there something wrong with my w-2, did my employer mix up the numbers? Or is this normal?

2007-02-27 08:01:55 · 3 answers · asked by Roz 4 in United States

I sent my taxes in the mail about a month ago. Any idea how long it takes until i receive my check

2007-02-27 08:00:26 · 2 answers · asked by dlnmllr 3 in United States

I'm 30yr old student in college w/o a job. Can my retired mom claim me as a dependent on her taxes? Can she take the standard deduction of $3.3k for me?

2007-02-27 07:46:30 · 5 answers · asked by yah27 2 in United States

Say, for example, I get a loan from a private investor in the amount of $50,000, and deposit that into a bank checking account under a multi-owner LLC (I am part owner). To pay myself a salary/wage, should the LLC just write me a check from the account on a bi-monthly basis? How would I be classified for tax purposes? (Employee?/ Self-Employed?, Etc.) I know this is a complex question; any contribution is much appreciated?

2007-02-27 07:20:26 · 2 answers · asked by Anonymous in United States