Taxes - March 2007

I am self employed and doing Turbo Tax schedule C for the first time this year.I have a cleaning business,and use my car to get me from client to client.What deductions are allowed for my car?Gas? Repairs? Milage? Please don't answer unless you are sure.Thanks alot.

2007-03-19 07:21:21 · 5 answers · asked by Cheese 5 in United States

2007-03-19 07:18:12 · 10 answers · asked by gunga2c 1 in Other - Taxes

H&R block told me that if your income is >150K you cannot claim losses

2007-03-19 07:15:09 · 3 answers · asked by dabeervikas 2 in United States

I made $177,000 last year. I don't have a mortgage and my total itemized deductions were about $9600. I use Turbo Tax. I paid in about $27k in tax and Turbo Tax says I owe about $7k more because of ATM. It won't even let me take my two kids are expemptions.

2007-03-19 07:12:49 · 6 answers · asked by Mike 3 in United States

I have noticed that on my checks the higher the check the less taxes they have taken out and the less the check the more taxes, why is that? And not only that, at all of my other jobs they have never taken out so much taxes. Whats up with that?..........this includes commission on some checks, does that make a difference?

2007-03-19 07:05:47 · 3 answers · asked by Missy 2 in United States

Are they suppose to remit sales tax to the state they operate in for the puppies that have been sold?

2007-03-19 07:04:41 · 5 answers · asked by Tina 2 in United States

2007-03-19 06:48:47 · 3 answers · asked by vicky786 1 in United Kingdom

I have noticed that on my checks the higher the check the less taxes they have taken out and the less the check the more taxes, why is that? And not only that, at all of my other jobs they have never taken out so much taxes. Whats up with that?

2007-03-19 06:27:20 · 4 answers · asked by Missy 2 in United States

I am being paid £1017.96 gross per month, on a tax code of 503L, how much tax does this work out as per month???
also i have read somewhere that its an emergncy tax code and i've been at my current job for 7 months now, so should the tax code have changed since then?

thanks in advance for the help!

2007-03-19 06:26:25 · 7 answers · asked by Ruby 2 in United Kingdom

2007-03-19 06:18:17 · 3 answers · asked by Chris M 1 in United States

I re-characterized my Roth IRA ($4000.00) to a Traditional IRA on Feb 2007 in order to qualify for my 2006 tax deductions. Based on my AGI, I do not need to file Form 8606 but I have to submit a statement concerning the re-characterization. Am I right that I should not fill in the amount re-characterized in my 2006 tax returns, and that a statement would suffice? What are the things I should include in my statement to IRS? How will I get the deduction if it is not reflected on the 2006 Tax return?

Thank you.

2007-03-19 06:11:56 · 1 answers · asked by Helen 1 in United States

I must be missing something pretty basic here, because this doesn't make sense to me....

On the PENNSYLVANIA tax form (PA-40) how does one write off capital losses?? I have made up some numbers below:

30,000 Income from working
250 Income from Interest
400 Mutual fund ordinary dividends
400 Mutual fund 'qualified' dividends
1,000 Mutual fund capital gains
-2,000 Individual Stock Capital Losses

This looks so simple but line 9 states "Add only the positive amounts repoted above. DO NOT ADD any losses"

And that's it. After line 9, I see no places to take any other deductions into account. So what happens to the losses? Can I carry them over?...can they reduce my tax liability?...do they just go to zero?...why do they ask for the losses if they don't count them?

Like I said, this has to be simple, but I'm missing something. Any help is much appreciated. Thanks

2007-03-19 05:58:39 · 1 answers · asked by Brett B 2 in United States

My boyfriend has offered to pay $20,000 of my student loan debt, which totals $25,000. If he pays directly to the lender, would either of us owe income tax for the $20,000?

2007-03-19 05:45:38 · 4 answers · asked by nrygwel 1 in United States

I started my LLC and just found out I need to file personal property form. I am a seamstress, does that mean my machines that I own and my computer?

2007-03-19 05:35:47 · 5 answers · asked by gloroll 1 in United States

i am tranferring to America with work and applying for an L1 visa - what tax would i be paying if i was earning $75000 per year

2007-03-19 05:00:46 · 2 answers · asked by JDA 1 in United States

I know someone who is going to cheat on their taxes and lie about a claim that will get them money that they don't deserve. This person is a liar and a thief who constantly does things like this and it really makes me mad! Can I do anything about this? Thanks!

2007-03-19 04:58:27 · 20 answers · asked by sweet_and_fabulous_female 3 in United States

2007-03-19 04:51:47 · 8 answers · asked by cramburger 2 in United States

Typically on 1099- line 6- Foreign tax is reported which shows up as a credit in 1040. In 401 K- Brokerage house do not send 1099 or they don't report foreign tax taken out to IRS- so how do you take the credit ?

2007-03-19 04:38:34 · 3 answers · asked by Girish 1 in United States

looking for form VA Form21-8741-1 for walter r carey file number 5 333 458 for 2007

2007-03-19 04:11:19 · 2 answers · asked by Gloria 1 in Other - Taxes

My wife and I are applying for a mortgage and we were both in Grad School the last 2 years. We both had part time jobs, but didn't make enough money to file for a tax return. The loan officer would like copies of our W2's for those years for the loan.

2007-03-19 04:10:42 · 35 answers · asked by Anonymous in United States

We have yet to file our 2006 taxes, but I know I'm getting divorced. So the question is about our refund and the 1099-G for 2007 taxes (i.e. taxes I owe in 2008). We've only been married 10 months, so we've never filed married before. The house is still in my name and I've been making all the mortgage payments (all the bills actually), so the interest deduction is "mine", which is the lion share of the refund. So if I file "married joint" and am kind and give her half of the refund, what happens for my tax liability for 2007? Do I alone get the 1099-G for $7,500 in tax refund and owe (in 2008) in taxes nearly everything I got for dividing the refund? Assume I can't hit her up next year for some money to cover the taxes on the refund. Should I ask her to file "Married/Separate" or "Individual"? We may lose a little total, but I don't want to get saddled with the tax burden of the whole refund if I give her half.

Thanks in anticipation!

2007-03-19 04:00:45 · 4 answers · asked by glitch_kc 1 in United States

Does anyone know what day of the week (or how many times out of thew week) the IRS issues Refund checks?

2007-03-19 03:56:48 · 4 answers · asked by Anonymous in Other - Taxes

plz help i only have less than 7 hours left to report!!!!

2007-03-19 03:25:57 · 1 answers · asked by Anonymous in Other - Taxes

2007-03-19 03:20:58 · 3 answers · asked by SadToday22 3 in Other - Taxes

Please consider:
A) Buying the TV online
B) Drive to USA and bring the TV in with my family van.

Thanks !!

2007-03-19 03:19:19 · 2 answers · asked by kerlingong 2 in Canada

I am a Lions Club member and wondered if the money I spend on dues and auto are considered charitable contributions per IRS rules? Is Lions a 501(c)3 organization? Please give reference. Thanks.

2007-03-19 03:03:53 · 6 answers · asked by Ellie 2 in United States

There is a bill theyre trying to pass that will swap your RE taxes for higher 8.5% sales tax. If you're interested in having the bill passed, let your voice be heard on this site:
http://www.nomorepropertytax.com/

2007-03-19 03:03:16 · 4 answers · asked by mstrywmn 7 in United States

i have not receaved my pan card no.AQUPS9667B after correction.
my acknowledgment no.01930100012985

2007-03-19 02:47:28 · 3 answers · asked by kunwervikky 1 in India

2007-03-19 02:44:38 · 14 answers · asked by Bob M 1 in United Kingdom

OK, my parents house was in foreclosure, so I bought it and got a mortgage on it. After a year and a half, they bought it back from me. Part of my sale to them was a "gift of equity" of about $48,000, so that they could obtain a mortgage. Do I need to report this "gift of equity", and if so how? From what I've read, it appears I need to file a gift tax return, but (since this is my first gift, I'm well under the $2,000,000 lifetime limit) I won't need to pay any tax on this. Am I correct in my understanding of this?

2007-03-19 02:21:52 · 3 answers · asked by Charlie Brown 1 in United States