Taxes - March 2007

recieved it.
We have received your tax return and it is being reviewed. You will receive a notice from us requesting additional information from you. When you receive the notice, please provide the requested information within 30 days. You may not receive all or a part of your refund until we receive and review the information we requested from you. If you need more information after you receive our notice, call the number on the notice.

Please read the following information related to your tax situation:
Tax Topic 151, Your Appeal Rights
What could be the problem, it was accepted by irs.

2007-03-29 16:56:04 · 7 answers · asked by lectric lady 2 in United States

2007-03-29 16:31:00 · 3 answers · asked by Anonymous in United States

I just found out that the irs is going to take my taxes to repay a student loan, is there anyway i can still go to the student loan office to make arrangements to pay and get my refund, or is it too late?

2007-03-29 16:07:52 · 6 answers · asked by Anonymous in United States

For some strange reason it is saying I have to mail it in, it says I have used more than one form. This has never happen before. But when I tried it on Taxact I had no problem. But I want to file through turbo due to refund amount. Is anybody having this problem.

2007-03-29 16:06:51 · 4 answers · asked by ready 2 in United States

I bought a mobile last year. The taxes weren't added to the mortgage payment. I received my tax bill in dec, but was unable to make the partial payment. Now I received a letter stating my taxes are delinquent & the county is sending it to the sheriff if not paid in full by April 15. I cannot come up with $600. by then & they refuse payments. Can I lose my house if I can't pay this by April? I'm planning on having the taxes added with the insurance on my mortgage, but that won't help me this year. Any help or suggestions would be great. This is my first home & I don't want to lose it.

2007-03-29 16:03:59 · 4 answers · asked by barbara m 5 in Other - Taxes

OK!. ill keep it short. I recieved my w-2 about a week ago(finally) from a company i worked with this past year. I knew it was not correct when i noticed it only had 42.00 retained for federal tax. After contacting the payroll department this afternoon, they informed me that only my first two checks had been taxed correctly !!, now i know at the time of receiving my pay stubs every two weeks that taxes were taken out. So, here i am a few days before the cut-off to file and not quite sure what to do !!. Am I or the company held responsible ?!

2007-03-29 15:54:20 · 7 answers · asked by bhayes006 2 in United States

I took our tax returns to a CPA. Could he be wrong?

2007-03-29 15:33:25 · 8 answers · asked by Anonymous in United States

I have custody of my son and my son's father sees him only twice a month. I have always claimed my son's EIC every year. This year my son's father called and got his social security number. I had already claimed my son for the year. He says there is another way for him to claim a dependent. Is this true?

2007-03-29 15:08:11 · 10 answers · asked by greenstarz33 1 in United States

I am a 50% partner in an LLC.
When we file for taxes - I would like to find out if the passthrough expenses from the LLC on my tax return can be an amount which is different than that appears on my partners tax return?

2007-03-29 13:29:09 · 8 answers · asked by Vandana D 1 in Other - Taxes

I generally do not itemize when I file for taxes since my medical expenses are not too high. This year also, my medical expenses are not high but I've paid COBRA premium. Is that tax deductible?

Can I claim tax benefits for cobra premium whether or not I itemize? Please explain how.

When does the expenditure come into account in regards to tax accounting - the year we make the payment or the year for which we made the payment? For example, if I pay my COBRA premium for December of 2006 in January of 2007, should I account for it in 2006 or 2007?

2007-03-29 12:39:06 · 3 answers · asked by Pearl J 2 in United States

2007-03-29 12:34:24 · 4 answers · asked by sheila m 1 in United States

I remember there was somehting like a minimum yearly income required to file a tax form
After what earnings i have to file?

2007-03-29 12:28:37 · 3 answers · asked by Birsen O 2 in United States

2007-03-29 11:39:53 · 3 answers · asked by silla 2 in United States

I use a paypal accnt, and was wondering I am a minor [16] if someone sends me alot of money...like 2000 or 4000 or something in that area, do I have to show that on my taxes, that i dont even have b/c i am a minor? If i am just going to spend it, and not save it? Like straight to the mall? How does all of that work? And what if my source of this money, is just from a person not a business or anything, and from another country vs from the states?

2007-03-29 11:36:34 · 7 answers · asked by Anonymous in Other - Taxes

I live in Ca. I was rencently employed but instead of w-2 forms, instead i get form 1099. so I have to deduct my own state tax. I know self-employed tax is 15.3%
I don't know what the state tax is, nor the federal income tax, Please HELP!

2007-03-29 11:21:32 · 3 answers · asked by Anonymous in United States

I have never filed for Bankruptcy, but the IRS is doing what they call a "substitute for return" for my late return. That means no expenses go against any of my earnings. That will put me at about 400k gross and it should be around 125k net. I run a business (just for the big difference in gross and net) and if they do this I will have to file bankruptcy or other. Any good advice?

2007-03-29 11:17:14 · 10 answers · asked by attsthadams 1 in United States

I want to buy a Coach purse and it is $198. I need to know how much that would be with tax. Please Help Me!!!!! Thank You!

2007-03-29 11:01:27 · 3 answers · asked by Anonymous in United States

Does anyone know how far back the IRS can go to collect back taxes? Long story short, filing year 2004 refund was taken to apply to taxes from filing year 1987. Can they do that?

2007-03-29 10:53:57 · 7 answers · asked by hummingbird 3 in United States

If you go to jail because of unpaid taxes, once you are out of jail is the debt paid?

2007-03-29 10:52:24 · 9 answers · asked by alegrettt 2 in United States

In the past on years that I lost, I can only take a maximum of a 3k loss for the year. My question is, the expenses associated with trading (ie. the cost to buy and sell), can I write this off without that being associated to the profit and loss of the stock?

2007-03-29 10:46:38 · 5 answers · asked by attsthadams 1 in United States

I will have my late tax return filed by the end of april (no exceptions). The IRS says they may not accept the return. Do I have any defense against this?

2007-03-29 10:37:18 · 4 answers · asked by attsthadams 1 in United States

Update on status... finally the Advocate stated that my check was pulled before the system could update on 3/9. I haven't recieved my refund yet and now stating 1121 error. How much longer before I get my check...? I filed on 2/9 and have had my refund reduced twice and already recieved the CP12 form with the reduced amounts on the 10th and the 12th of March. My husband and I paid in 11K (way too much we know but we are only claiming the allowed amount on our W4) So we went into this tax season with 0 tax liability (4 children less then 86K in income) and ridiculous property taxes ...... anyway, I entered everything on our return legit, so why pull ours? What's the deal with such a long delay?
The advocate said it would take 10days to post a new refund date... well, no refund date has been posted and 1121 still appears. Started with 9021 error then a deposit date with a note that there were math errors and delayed until mail date 3/9 and now code 1121. ?

2007-03-29 10:19:15 · 3 answers · asked by sillynilly77 1 in United States

I have property that I am currently renting. This property is mortgaged and I am able to deduct my interest from my taxes. However, the rental income I receive does not cover the mortgage or my expenses (that is, because of the market, I charge less in rent that I pay in mortgage and maintenance each month). Is it possible to declare this loss on my taxes? I know I have to report the rental income, but it seems I should also be able to report this loss. Is it a business loss or is this considered part of my "expenses" on advertising/caring for the property? Are there specific forms to use (like form c for business loss)?

2007-03-29 10:10:28 · 6 answers · asked by doctoru2 4 in United States

I have a Texas LLC. LLC is a partnership for federal tax purposes. There are 2 members at this time - let's say member A & B. B wants to leave and a new potential member (C) wants to join. C will join before B leaves (to preserve partnership status with IRS). I know that C can purchase an interest in the LLC, but are there other ways that C can be a member? I have done a little research and it appears that the LLC can give C an interest (capital and P&L) through perhaps a "gift" or goodwill entry. Are there any other ways that C can become a member? The primary concern is the federal tax implications for the method used to add C as a member. Adding a new member is not an issue for Texas purposes.

2007-03-29 10:07:34 · 2 answers · asked by LindaM 1 in United States

In 2005 several friends started a business as a C-corporation. We got a loss about 30K and sent the return very late (we forgot it on time) when the IRS sent a letter requesting it in October 2006. In 2006 we had a net profit of 10K and we want to offset it against the NOL from 2005, but someone told us that it is not possible because we filed late and is the penalty for it. In 2007 we requested an extension and are trying to do the best that we can. The big question is: Can we offset our profit in 2006 against our loss in 2005? Or we will have to pay tax for the 2006 profit? Thank you for your help.

2007-03-29 09:52:57 · 2 answers · asked by inquirer 1 in United States

2007-03-29 09:20:03 · 3 answers · asked by Anonymous in United Kingdom

I was rencently employed by a company that doesn't give w-2 forms, instead they give form 1099. so I have to deduct my own state tax. I just don't know if is 15 or 20%
Please HELP!
♥

2007-03-29 09:15:56 · 5 answers · asked by Anonymous in United States

I have a savings related question that has some tax implications and feel like I have a couple options:

1. Sell off stock and pay capital gains tax now (long term status but significant gain) to contribute to 2 Roth IRAs. This could yield up to 2K in taxes immediately (around 15% + 10% state CA)

2. Sell and contribute to a regular IRA to offset current taxes (though all my IRAs are currently Roth).

3. Just set aside the value of stocks in a non-tax deferred account.

Does one seem obviously better or is it mostly just personal preference?

2007-03-29 08:41:02 · 5 answers · asked by BlazoBoy 1 in United States

He has worked only in the U.S. in 2006. In 2005 he worked in both countries and filed in both countries.

2007-03-29 08:33:10 · 4 answers · asked by Wayne 1 in Canada

Family of four at 24k or less pays no federal income tax and receives no credits. They still have local taxes and sales tax.

2007-03-29 08:23:26 · 4 answers · asked by Chi Guy 5 in United States