Taxes - March 2007

I have rental property (Houses) and I purchased a truck to use 100% in the business this year.
I wanted to take the 179 deduction for part of the truck but I have a loss on my rentals
because of alot of improvements I made to them.
I also work as a nurse which generates additional income.
When I subtract the rental losses from my wages as a nurse I have taxable income.
Can I take the 179 deduction based on that or because my rental property has a loss
Im not allowed to claim a 179 decuction.
Im a little confused about this and I would appreciate any help on this matter.
Thanks

2007-03-12 23:52:22 · 6 answers · asked by Ron P 1 in United States

2007-03-12 23:45:35 · 2 answers · asked by Indranil B 1 in India

i have been an independant contractor for 3 yrs and this year my CPA told me i need to make quarterly tax deposits... i am not sure what it is? how much to give? why i have to give it? why didnt i have to for the past 3 yrs? im sooo confused and have no idea what the heck i need to do... do i have to give quarterly deposits or can i just pay at the end of the year? any help would be great.. really lost here

2007-03-12 22:59:00 · 7 answers · asked by Pure Genius 3 in United States

2007-03-12 22:40:28 · 2 answers · asked by Anonymous in United States

if i am single, and i have no dependents...is it 25 percent of my check?

2007-03-12 18:57:15 · 4 answers · asked by Anonymous in United States

2007-03-12 18:52:01 · 2 answers · asked by jonkoolpe 2 in United States

On the Arkansas Vanguard Gift 529 plan, it states that contributions of 60K per child (120K if joint filing used) made in a single year allows for 5yrs worth of federal tax-free gifts at one time. This is prorated over five years. Can someone please explain the benefits (federal tax-free gifts?)

2007-03-12 18:44:43 · 4 answers · asked by BRAD W 1 in United States

2007-03-12 18:44:31 · 4 answers · asked by Johnny 1 in United States

2007-03-12 18:44:22 · 1 answers · asked by podunkassdude 1 in Other - Taxes

I think it would work too good and thats why they dont try it 10% for $100,000 or less and 25% for rich folks who can afford to pay more with no breaks and no income tax returns

2007-03-12 18:34:56 · 3 answers · asked by Anonymous in United States

And is doing it online the best way?

2007-03-12 18:21:34 · 7 answers · asked by UR_SANCHO 1 in United States

can someone explain me both, tax exempt and no exempt?

2007-03-12 18:09:01 · 3 answers · asked by Anonymous in United States

2007-03-12 17:33:58 · 11 answers · asked by Anonymous in Other - Taxes

does it show on fri that your taxes have been deposited? what about on the website..if i check on friday to make sure its all ok and everything than will it show that it will be deposited on fri?

2007-03-12 17:25:03 · 4 answers · asked by duffbitch 2 in United States

I'm afraid it will cause an audit if I don't. I mailed it from Northern Nevada to Fresno today.

2007-03-12 17:17:30 · 7 answers · asked by wow 4 in United States

A friend of mine has two daugthers (10 yr & 5 yr). Their father passed away in Dec 2005. They received their father's social security $10,852 each. Their mother doesn't work. Does the mother need to file a tax return or pay any taxes on the money her daughters received?

2007-03-12 17:17:02 · 3 answers · asked by notarypublic2004 1 in United States

2007-03-12 17:03:24 · 5 answers · asked by Nancyj1234 1 in Other - Taxes

I was the recipient of a random act of kindness from a stranger who donated $2500 to my paypal account for use for school tuition. I tracked the person down and the donation & person is legit. It's such a large sum so I worried when I go to taxes next year... do I claim it? and how?

*if I had an accountant I'd ask them but I don't know any who work for free.

2007-03-12 17:02:29 · 3 answers · asked by purpleduck16 2 in United States

2007-03-12 17:01:19 · 5 answers · asked by burley 1 in United States

everyone wants to raise taxes on cigarettes, why not increase the taxes on alcohol. It causes more deaths, than 1 smoke.
Or is it because we have an over abundance of drunks running the country?

2007-03-12 16:49:47 · 5 answers · asked by spiritwalker 6 in Other - Taxes

2007-03-12 16:28:54 · 2 answers · asked by james b 1 in United States

The tax lady I talked to told me I was liable for nothing because I earned so little. My dad says that I have to pay taxes on the interest because it is "passive income". I already filed my taxes so I'm kind of worried that I may have made a mistake AND that I will have to pay a bunch.

2007-03-12 16:27:26 · 3 answers · asked by Anonymous in Other - Taxes

If they do, can you sell the car for cash and keep the money? Can you just ignore the lien and keep on driving (insuring and registering) the car?
Thanks!

2007-03-12 16:21:26 · 2 answers · asked by Just Mee 2 in United States

2007-03-12 16:02:32 · 8 answers · asked by Anonymous in Australia

Specifically, I've been in the US for the past 2 years on a valid work visa and have earned US income. I returned to canada in mid-July and now have dual residency status and dual income sources (US and Canada). What are the critial issues/ elements/ steps pertaining to proper declaration of income and corresponding tax credits?

2007-03-12 15:53:21 · 1 answers · asked by Bryan H 1 in Canada

2007-03-12 15:53:19 · 1 answers · asked by bryan l 1 in United States

2007-03-12 15:27:20 · 5 answers · asked by Anonymous in United States

I have been making payments to the IRS for several years on back taxes from 1996 and 1997.
How can i check the remaining balance to see how much longer this torture will continue?

2007-03-12 15:11:33 · 4 answers · asked by hugeinjapan 1 in United States

Myself and three other individuals are in the planning stage of forming an LLC. However, during a background check, it was discovered that one of the prospective members has a personal tax lien. If we go ahead with the LLC, can any of the rest of us or the LLC be held responsible for the payment of that lien? The other two memebrs say yes, but the way I read it, I don't think so. Has anyone come across this situation, and if so, can you advise?

We will still do the LLC either way, but may have to wait for the lien to be satisfied prior to welcoming that individual into the organization. But we are just very unsure of how to proceed.

I appreciate any of your comments. We will probably consult a business attorney in the near future, but I feel an obligation to this individual to consult with them so they might have the opportunity to resolve the lien so that we can move forward with the LLC, including him in our venture now rather than later.

Thank you again!!

2007-03-12 15:01:23 · 1 answers · asked by drummerplummerswife 1 in United States

2007-03-12 14:15:50 · 4 answers · asked by Victorious 1 in United States