Taxes - March 2007

Consider one's earling tis double than othere?
Example 1: one earns 100,000/Year and other earns 50,000/year.
Example 2: one earns 50,000/Year and other earns 25,000/Year

2007-03-26 08:51:28 · 5 answers · asked by stockman 2 in United States

For the year 2006, I made my full $15,000 contribution to my 401k plan. Unfortunately a couple weeks ago, my plan administrator sent me a check for a portion of that because the plan failed the "test". Since I was a highly compensated employee (HCE), they had to refund part of my contribution. I got the check, but my W2 still has the deduction for the full amount.

Where am I supposed to account for the refunded amount on my federal taxes? Also, I got the refund in March 2007 for the tax year 2006. Which year is that amount taxable in -- 2006 or 2007?

2007-03-26 08:51:04 · 2 answers · asked by NS 2 in United States

I bought a racecar last year with a partner and plan to advertise the name of my business on the side - he plans to advertise his as well. We both plan to race the car. What portion, if any, of our expenses are tax deductible?

2007-03-26 08:46:07 · 1 answers · asked by ? 2 in Other - Taxes

2007-03-26 08:44:38 · 3 answers · asked by aapril5 1 in United States

I lived in Colorado for two years in the military,but my W2's still say Ga. Can I legally file taxes in Colorado? Being that I actually lived in Colorado.

2007-03-26 08:39:16 · 3 answers · asked by tiptop24_2005 1 in United States

How long it takes to get refund of Social Security & Medicare tax witheld in error? Someone told me that it takes 1 year to get it refunded. I don't think so.

2007-03-26 08:05:18 · 3 answers · asked by vandana r 1 in United States

I own a small online business of wholesale goods. Im talking to a school now that wants to purchase around $350 worth of goods from me.

My online business is not really registered with BOE or anything like that. It is just under my name I believe.

Right now, a school wants to purchase from me.

Theyre asking me to fill up a form, which includes filling up the "Business Name" and "Tax Identification Number".

How do I deal with this, given my situation? Will there be any problems in the future, maybe with taxes or with the IRS, since the business is under my name, and I dont really submit any paperworks etc or file taxes on this business of mine.

Thanks!

Chris

2007-03-26 07:46:28 · 5 answers · asked by Black J 1 in United States

Tax! Full-time and Self-employed.

2007-03-26 07:44:36 · 2 answers · asked by lpeace 2 in United States

Hi, I was here about 5 years ago under an L-2 visa, before my parents changed to a F-1 and I became F-2, then I became a student and I took on the F-1 status. Should I be filing under resident or non?

2007-03-26 07:39:33 · 2 answers · asked by mithrilhack 1 in United States

2007-03-26 07:35:57 · 2 answers · asked by tess 1 in United States

i am 24, living with my parents, and working a part time job. i make like $10,000 gross a year. i accidentally put 2 allowances on my w4 and i wonder if i will have to pay back alot. i wish i could keep it at 2 if i can without having to owe, because i don't like getting raped on taxes. i'd rather have the money now, than get it refunded later. my parents claim me on their taxes.

2007-03-26 07:22:29 · 2 answers · asked by David F 1 in United States

So my joint tax return was accepted on march 13th and when i checked on the "wheres my refund?" at irs.gov it said i could expect my refund on march 27th. then a week later it changed the date to april 3rd. both of these dates are tuesdays.. since deposits are made on fridays should i be looking for it on march 30th? or on april 6th?

also.. since we have a larger refund this year, could that affect the date change?

2007-03-26 07:13:39 · 3 answers · asked by exwifey2007 1 in United States

I work really hard and have two jobs. Last year I have received $1500 back from my taxes. Unfortunately I have nothing to deduct (I think) and this year I am about to get $150. I paid over $12,000 in federal tax, social security and medicare and was looking to get just little bit more that $150 dollars. I do have a car (my montly payments are $500). Can I deduct these? What about gas? I do use my car to get to work. What about clothes for my job? Can I deduct my lunches?

2007-03-26 07:08:53 · 4 answers · asked by Lula 1 in United States

Person A has a short-term (ST) loss in 2003 of $10,000. They reduce income by $3000 and carry over $7000 in ST losses. In 2004 they have a ST gain of $10000. With the C/O they report +$3000. In 2005 they have a LT loss of $10000 and then in 2006 a LT gain of $10000. Same carryover calculations. Net effect on income over 4 years 0. Person B starts with the same ST loss in 03 but has a LT gain in 04, then the ST gain of $10000 in 05 and the LT loss in 06. Net effect on income since the gain in 04 in LT is not offset by the ST loss carryover but the carryover is eliminated by that years net gain: +$14000 and they only have $7000 in LT carryover left! Have I gotten something wrong?

2007-03-26 06:39:11 · 2 answers · asked by lost in the woods 1 in United States

the tax forms has a mandatory field for spouse's social security number, but she is in China now, and doesn’t have one.. I support her and my daughter financially, but how do I file?

2007-03-26 06:22:21 · 5 answers · asked by Anonymous in United States

where do I mail my amended Income tax for 2004?
I am presently without telephone service. I know it is in
Atlanta,but cannot remember the P.O. box or ZIP code

2007-03-26 06:21:44 · 3 answers · asked by Anonymous in United States

If you pay your taxes late and you have to pay the penalty, will it show up on your credit reports?

2007-03-26 06:04:04 · 2 answers · asked by Test 1 in United States

IRS says someone reported income for me, but i have never worked fro the company and dont even know who they are. what can i do to dispute this.

2007-03-26 05:45:18 · 2 answers · asked by bmx21501 1 in United States

by their employers, and they have no idea when the acquired it. They sold it in 2006 and need to determine the cost basis, but we have no idea how to do it. Thanks!

2007-03-26 05:11:19 · 5 answers · asked by Emily B 1 in United States

I had taken extensions until the 10-15 deadline. Tax info was given to office 2 weeks prior to that deadline. He delayed. I assumed all was well because usually he is conscientious and takes care of things in timely way--but did inquire once or twice about the amt I owed. He is willing to refund his fee. What is his financial, legal, moral obligation, in that order. How can I most adroitly handle the issue without undo antagonism.

2007-03-26 05:07:49 · 2 answers · asked by Roger Peters 2 in United States

I just did my taxes and my maximum IRA contribution of $4,000 adds $600 onto my federal return.

If I clear out the IRA (all $4,000) tomorrow wouldn't I pay only the 10% penalty of $400? Or would I have to pay the penalty and then other taxes (capital gains?) on top of it?

Another question. I might be purchasing a house soon. So could I deposit $10,000 now: get deductions of $4,000 for 2006, $4,000 for 2007, $2,000 for 2008? Would I get those deductions even if I withdrew all $10,000 for a 1st time home purchase in May or June of this year?

Is there anything I'm missing here, or other requirements I should know about?

2007-03-26 04:54:42 · 2 answers · asked by gravvyboat 2 in United States

I'm a teacher and just turned in my tax info to the tax lady who does the taxes for our principal and about 30% of our school. I had about $12,000.00 in deductions. What kind of return might i be looking at?

2007-03-26 04:48:12 · 7 answers · asked by john d 1 in Other - Taxes

2007-03-26 04:48:05 · 10 answers · asked by septempber 1 in Other - Taxes

or are you more concerned with how interest rates, council tax and Utility bills will be changing in the next 6 months?

2007-03-26 04:36:35 · 9 answers · asked by noeusuperstate 6 in United Kingdom

If you take all 4 portions of California CPA exam and pass only 1, 2 or 3, how long do you have to pass the other portions until you have to take all 4 portions again? If you don't pass all, do you have to pay the full price again? How much is the full price?

2007-03-26 04:31:28 · 2 answers · asked by tommy 1 in United States

2007-03-26 04:24:21 · 4 answers · asked by freshstart08 1 in United States

2007-03-26 04:08:00 · 2 answers · asked by Anonymous in United States

My son recently got a job (managing a small restaurant) and the owner said he is going to be treated as a 1099 employee. I assume that means he's some sort of independent contractor, and is responsible for his own withholding of income taxes and self-employed social security and medicare, but am not familiar with the details. What taxes is he responsible for and how does he and/or boss remit?

2007-03-26 04:07:07 · 4 answers · asked by jim06744 5 in Other - Taxes

2007-03-26 04:05:16 · 2 answers · asked by Nikky T 1 in United States

2007-03-26 03:44:20 · 18 answers · asked by maryann l 1 in United States