Taxes - March 2007

We are planning to purchase a home,and want to get the most tax benefits out of our interest deduction....when I do the planning calculators, it doesn't appear that this huge "deduction" reduces my taxes that much at all....If I switched to being a salaried employee, and not self employed, would that be better?

2007-03-14 04:13:30 · 5 answers · asked by Anonymous in United States

I recently filed my taxes but it was denied by IRS, because my dad used my s.s on his tax to claim school expenses.
Is there anyhting I can do?

2007-03-14 04:09:58 · 7 answers · asked by SarahRP 2 in United States

2007-03-14 03:54:09 · 5 answers · asked by linda s 1 in Other - Taxes

I was working in Merchant Navy for past 8 years. Since July 2006 I have taken up a job in India and drawing a net Salary of Rs. 15,000 per month in cash from my Employer. In year 2002, when I was holding my NRI status I took a NRI Loan of Rs. 800000 to buy Apartment. Since then I have been paying my EMI regularly.
But as I have started working in India at present, I have changed the status of the taken Loan from NRI to Resident Loan.and paying the calculated EMI for the remaining amount of the Loan.
I wish to seek your advice that do I need to pay Income Tax on my net Salary? I also would like to know that in case if I have to pay Tax, how will this Home Loan help me to get excemption on the Tax?

2007-03-14 03:46:43 · 5 answers · asked by SAGAR 1 in India

Do you:

-stick it on ???
-pin it on ???
-do you use a stapler ???
???????

IRS should be more specific............

2007-03-14 03:45:00 · 8 answers · asked by jonp1978 1 in United States

2007-03-14 03:22:07 · 6 answers · asked by belinda_130 1 in United States

2007-03-14 03:20:43 · 11 answers · asked by Pinky 1 in United States

I know it's not taxable, but so I have to report it?
Please advise
Thanks

2007-03-14 03:15:30 · 8 answers · asked by Anonymous in United States

Is it imperative to get a PIO card first ?

Is this a MUST for buying a residential house?

Any advice / guidance will be highly appretiated. thanks

2007-03-14 03:13:17 · 1 answers · asked by down7up 2 in India

i am having to pay way to much even with both my jobs taking additional money out, help!!

2007-03-14 02:59:58 · 4 answers · asked by kat 2 in United States

I had 401k at my job ,but got laid off I closed my 401k because i needed the money. they filed the taxtes outon meat that time do they file the extra 10% for closing it?

2007-03-14 02:54:05 · 5 answers · asked by lorriec1967 1 in Other - Taxes

My daughter will be filing an income tax return for the same period (2006). which one of us is eligible to use head of household

2007-03-14 02:50:00 · 5 answers · asked by Marilyn L 1 in United States

New home 1st year taxes (mud and property) totaled $4400. Mortgage increased $800.

2007-03-14 02:36:39 · 4 answers · asked by Carolyn F 1 in United States

2007-03-14 02:34:55 · 4 answers · asked by stewart h 1 in United Kingdom

If your illegal and have a invalid SS# on your W-2 and file for a Individual Tax Number will your tax returns have the new ITN # on it or the invalid SS#? or both?

2007-03-14 02:24:37 · 7 answers · asked by Anonymous in United States

Why not shut down government run education and turn things over to private industry. Give the people the tax dollars that are taken from them and let them decide how to educate their children.

2007-03-14 02:21:50 · 9 answers · asked by Robert and Tanya 2 in United States

I'm 28, and have been paying Social Security and Medicare taxes since I was 18. Does anyone think it will even be around when I'm 65?

2007-03-14 02:19:26 · 4 answers · asked by Robert and Tanya 2 in United States

because it happened to my boyfriend, that he did his taxes and his mom claimed him and at the end they told him that he wasnt getting anything because his mom claimed him. so my mom did the same thing and i think i checked it down on the paper that my mom was or could claim me, they didnt ask me if my mom was going to claim me, so i didnt remember to tell them, im only getting back like $735 for federal and $59 for state, now, is it going to be a problem, for me to get my money back, i dont own a house, im not involved with the army, i dont have any student loans and my taxes this year were preety simple to do.! have never done my taxes, because this is my first year doing them, so im a bit confused, i also have a letter, for my taxes from another state that i need 2 mail out, because they couldnt do them in the state im now living in, im depositing all of this money into my bank account, so how long will it take for the money to be in there..theres like questions can you please help

2007-03-14 02:15:58 · 5 answers · asked by dat_sweetmami 1 in United States

2007-03-14 01:58:59 · 5 answers · asked by TaxHelp 1 in United States

What is the limit amount that you can claim for mileage reimbursement? If you are unemployed from 01/01/2006 to 05/16/2006 and basically Monday thru Friday you drove 32 miles roundtrip to outplacement office to search for a job can you claim the mileage?

2007-03-14 01:45:47 · 2 answers · asked by SHARON B 1 in United States

2007-03-14 01:28:04 · 6 answers · asked by Sarah Brown 2 in United States

Eg;- If the index of bse (sensex) is 10,000, how it is changing to 12000.. How the basic calculation is done?

2007-03-14 00:44:53 · 4 answers · asked by sujmagovsai 1 in India

I'm waiting for a mortgage to come through and will need a couple more days to get the money. I am willing to pay a couple of days interest at official rates but just wondered if it was something that was legally allowed in the UK.

2007-03-14 00:40:40 · 8 answers · asked by HelsWigsy 2 in United Kingdom

2007-03-13 23:09:07 · 5 answers · asked by Anonymous in Canada

I have worked in my company for a year and in that time been promoted to manageress. I work 4 days a week, 10 hour shifts as I live 30 miles away from my job. This is all agreed.
About 4 months back we had a problem where all the staff left except me and my boss replaced them. At this point he hired a person who is highly qualified but has an attertude that is less to be prized. I have on a number of occations spoke to my boss about this as he is of the opinion that qualifications are fantastic. I myself do not have them as I had to leave school and my home at a young age and never got the money or time to do them. I have been working in my feild as a manager for over 7 years and can do my job. As he could see by promoting me? Because I work 4 days not seven (40Hours) he has now talked to me about making the other highly qualified person up to manager too on the days I am not here? Over the other staff. Joined the same time. Only I know we will over lap and She will boss me around?

2007-03-13 22:54:52 · 11 answers · asked by Anonymous in United Kingdom

I work as a cashier and I was wondering if all my shortages, which are documented qualify as a write off? And who should I get in touch with if so.

2007-03-13 22:18:33 · 4 answers · asked by DiG iT 3 in United States

Have anyone heard about this Act?
I just got this information from food bank.

Basically, it said:
(1) This enhanced tax deduction is equal to the FMV or twice the taxpayer's cost or basis (whichever is lower) of the food dudection.
(2) The valuation for the deduction is either the basis of the item plus 1/2 the FMV or two times the basis, whichever is lower.
I've check IRS Code Sec. 170(e)(3). It doesn't help me.
I've read IRS Bulletin:2005-48 but it doesn't have example.

Can someone tell me the source document of this "The Federal Emerson Good Samaritan Food Donation Act".
Also, where can I find the IRS code with example.
Thank you very much.

2007-03-13 21:06:22 · 3 answers · asked by Madisoncate 1 in United States

I am a sole trader, but mainly need someone to help me sort out budgeting and paying back debts.
End of year accounts I can do myself-particuarly with online self assesment.
Am I wasting time and money going to an accountant?

2007-03-13 20:49:02 · 9 answers · asked by Anonymous in United Kingdom

hi, everyone. we have lived in our old house until March of 2006, due to the downturn of market we could not sell it, so we rented it out in october.
the question is when i was doing the tax using Turbo Tax Premium, we could only claim the 2 month interests(as loss or depreciation) while we rented out, for the remainder of the year's mortgage interest, meaning the time we actually lived in and the time it was vacant but we still paying for it, there is no where i can find the entry to claim it to take the mortgage interest deduction. i know it gotta be some where, but where?
Thanks in advance

2007-03-13 20:20:11 · 2 answers · asked by huamimi 1 in United States

2007-03-13 20:00:01 · 5 answers · asked by Praj 1 in India