Taxes - March 2007

When i started my job i was an independent contractor where they were not taking taxes out but then i became and employee. How do i file the 1099 and the W-2 and what is the best site to do this on? Will these be filed together? In the past i always filed my taxex online with turbotax, taxact or something like that but i didnt know if i could do that again with the 1099 now included. The 1099 stuff is new to me and i really need some help on how to do this?

2007-03-27 11:05:09 · 3 answers · asked by Thyk L 2 in United States

My husband and I were married in 6/06. We both had primary residences. I sold mine and moved to his home. Then he was promoted and transferred 800 miles away, so we had to sell his home. He also sold a rental property in Alabama for $25,000. We have figured out the primary home issue, but what do we do about this rental property?

2007-03-27 10:59:29 · 2 answers · asked by juneaulady 4 in United States

This is my first year to be married. I filed may taxes as single. WIll I be penalized for this. My wife is in the process of getting immigration papers together and was issued a tax id #. We have tried to have the employer to send her W-2 form again because it was mailed to the wrong address. We were married 3/24/2006. I have already recieved my refund which was very small. Do i need to refile or is this at all possible. I just want to do the right thing.

2007-03-27 10:48:36 · 5 answers · asked by cwright51890 1 in United States

are there any provisions in the tax code that would allow me to deduct a capital loss against a traditional ira account? say some one had purchased an american common stock at it's high's and it later became a penny stock or had depreciated 80 or 90 percent.. is that a deductible loss on a tax return. if no,. why not and if yes please give a scenario in which this would be allowed.

2007-03-27 10:29:10 · 8 answers · asked by amazed 3 in United States

What percent of federal taxes do they take out? What about state?

2007-03-27 10:26:57 · 4 answers · asked by ajhundley3 2 in United States

how do the individual states in the United States tax a persons estate when they die?? is the estate always the one responsible for paying the death tax or is the liability for such tax transfered to the heirs in some states?? what are the differences and types of death taxes (US only) i am referring to a decendents after tax assets such as a bank account,. i am NOT referring to tax advantaged or tax deferred monies such as 401k, 403b, 457plan or a traditional ira

2007-03-27 10:20:49 · 5 answers · asked by amazed 3 in United States

2007-03-27 10:15:36 · 5 answers · asked by danny 1 in United States

am buying a house need income verification.

2007-03-27 10:05:35 · 9 answers · asked by Miriam P 1 in United States

Can I fill out a form and send it in with my tax return so I don't have to pay it by the deadline or will I still be penalized? UGH!

2007-03-27 10:02:35 · 7 answers · asked by NewMommy 2 in United States

Has anyone claimed this deduction under the 50 mile limitation? Were you audited?

2007-03-27 09:37:58 · 7 answers · asked by dabozz 1 in United States

I am looking for a chart I can download and print out for my candle sales here in MN. I don't want to use a calculator, and I don't have a cell phone. Thanks.

2007-03-27 09:37:55 · 6 answers · asked by penwright_1029 2 in United States

I worked around 14 hours and I get paid 7 dollars, the owner wrote me a check for 88 dollars and i didnt say anything because I thought it was righ but whe i got home I thought about it and he owes me around 105 dollars but maby hes right because I dont know how much they tax I live in St. Louis Missouri

2007-03-27 09:27:31 · 6 answers · asked by ♠DistaUkr♠ 2 in United States

I searched answers, but nothing seemed like a good answer, so here's my question.
Let's say I start a company. I end up owning 10% of company. It gets sold. My share of the sale is $10 million. I don't have any significant write-offs to make a dent in the $10 million.

Questions:
1. Would it matter if it was paid in stock or cash?
2. Would it matter if my company was an S corp vs a C corp or LLC?
3. How much tax will I owe?
4. If I used that money to purchase a house or investment property (real estate), would I owe less taxes?

2007-03-27 09:25:38 · 3 answers · asked by D 1 in United States

I don't know how to simplify this.

2007-03-27 09:09:26 · 10 answers · asked by Jim O 1 in United States

i want to know how fast i can get it and how long it will take and how much the taxes will be

2007-03-27 08:13:47 · 6 answers · asked by milan05 1 in United States

I moved to IN on August of last year and all my earnings are from IL. There was no tax withholding from IN and I don't own a house so I have no Real Estate taxes either. Do I still file for IN even if I have no earnings, no deductions or any credits there?

2007-03-27 08:04:34 · 5 answers · asked by Me 4 in United States

If you work two different jobs and one of them takes taxes out and the other one is 1099 (independent contractor), do you have to file the taxes for the 1099 job? If you don't file for the 1099 job then what are the risks/liabilites that you may occur?

2007-03-27 07:52:48 · 11 answers · asked by Anthony S 1 in Other - Taxes

2007-03-27 07:47:16 · 9 answers · asked by skar 1 in Other - Taxes

I re-characterized my 2006 Roth IRA contribution ($500.00) to a Traditional IRA in March 2007 when I realized I was not eligibile. I've already filed my 2006 tax return. How do I need to amend my tax return in order to reflect the recharacterization? I know I'll be receiving the 1099R and 5498 in 2008.

Do I just fill out Form 8606, since I'm not eligible to deduct the Traditional IRA? Anything else?

Thank you.

2007-03-27 07:44:44 · 2 answers · asked by Reena 1 in United States

The income that they said was not reported was a part time job and I didn't make but like $4000 with that job and about 18,000 at my fulltime job. Since I made sure that they had all income reported this time, would they not bother me about owing the money when they claimed that all my income wasn't reported for 2005 and send my whole refund to me? I also sent a paper into them and I said on their paper that I would try my best and have the taxes due by April 17th. I was wondering will they send me the refund for 2006 and then I will have to mail them a money order or will they take it right away? My friend said that if they send me the refund then I don't have to worry about it and they must have made a mistake on their part. Any advice would be greatly appreciated. Thanks.

2007-03-27 07:39:42 · 7 answers · asked by Butterfly28 1 in United States

2007-03-27 07:30:38 · 8 answers · asked by Kathy B 1 in United States

The FairTax Act:
-Repeals all corporate and individual income taxes, payroll taxes, self-employment taxes, capital gains taxes, estate taxes and gift taxes.
-Imposes a revenue-neutral personal consumption tax on all new goods and services at the point of final purchase.
-Business-to-business transactions and used products (which have already been taxed) are not subject to the sales tax.
-Rebates the sales tax on all spending up to the poverty level.

2007-03-27 07:29:54 · 6 answers · asked by sjsosullivan 5 in United States

http://www.irs.gov/pub/irs-pdf/f1040ezt.pdf

This is for the elderly and disabled who aren't normally required to file taxes.

Good Luck & Bless

2007-03-27 07:29:18 · 2 answers · asked by Wood Smoke ~ Free2Bme! 6 in United States

2007-03-27 07:10:47 · 7 answers · asked by kbos 2 in United States

For a married couple that are 68 & 64 years old and have received 24K in Social Security benefits, 3k in pension distributions, and 2K in interest income,

is it required for them to file their taxes?
It was my understanding that SS income was not taxable, but im not too sure about the pension and interest income.

2007-03-27 07:08:51 · 18 answers · asked by emjay 4 in United States

If you are under 18 and in full time education and worked in the Christmas holidays, is income tax and national insurance still deducted???

Thanks in advance : )

2007-03-27 07:00:41 · 2 answers · asked by Bo 3 in United Kingdom

My wife and I just bought our first home and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly , and have a, before taxes, combined income of roughly $70k. We have 3 kids and will also recieve the full child care tax credit. The mortgage interest and property taxes for 2007 will total around $9k. What kind of number could I roughly expect to get back in my taxes for 2007?

2007-03-27 07:00:37 · 8 answers · asked by joconn10 1 in United States

2007-03-27 06:57:24 · 4 answers · asked by spotpitcher 1 in United States

I have been offered a job and would like to know the best way to get most of my money on payday. I am a single mom of two and I want to know if I should have taxes taken now or pay taxes when I file. I don't know how this head of household or dependents thing work. Any information would be helpful. I would be making $11.00 hour, 40 hours a week. Thank You

2007-03-27 06:51:07 · 5 answers · asked by Anonymous in United States

My wife and I have 2 kids and claim 0 on our w-2's. We get approximately 2500 in tax return.

I don't want a tax return. I would rather use the money to pay off debt. I don't want to pay a tax bill either.

How much should I withold and how much should I claim?

2007-03-27 06:48:11 · 4 answers · asked by Jason L 1 in United States