Taxes - March 2007

I have some rental properties and I have Net Income Loss after depreication.

My question is, can I use net loss from rental properties to write off my other income. So I can reduce my taxable income?

2007-03-10 08:04:17 · 2 answers · asked by jordan g 1 in Canada

4/5 time mor expen,
than belge, frany etc
etc
etc

xxx

2007-03-10 07:43:45 · 2 answers · asked by qwerty 3 in United Kingdom

My x-wife lives outside the US and doesn't work, nor files tax's. Each month I send my kids ages 12 and 17, who hold U.S. passports and are U.S. Citizens money for support. They live with me 4 or 5 months out of the year. At the moment they do not have a Social Security numbers. Can I deduct some of that support when I file tax's?

2007-03-10 07:39:43 · 4 answers · asked by orwell 1 in United States

1. If the company's contribution towards 401K is counted against yearly cap from IRS?
2. The company in which I am working only allows us to contribute only 18% of total base salary...So, if I am making $50K, I can only contribute upto $9K per year and can never reach IRS yearly cap(for example $15,500 in 2007)...Is this common for companies to have a cap? How can I save taxes on remaining amount($15,500 - $9,000 = $6,500)? This does not seem right to me as low income people with great saving tendency can not save taxes due to %cap imposed by the company? does IRS play any role in this?

2007-03-10 07:31:14 · 4 answers · asked by vipiinusa 1 in United States

What does that mean?

2007-03-10 07:28:02 · 6 answers · asked by mae_mae 2 in United States

My friends and I are going to hold a fundraiser at a local restuarant to raise money for two friends of ours who have had a string of bad luck since getting married last year. The short and sweet of it:

- Pregnant
- Hyperemesis (severe morning sickness leading to dehydration and 4 hospital stays)
- Husband has to work 3 hours away; only money coming in right now due to doctor mandated bedrest.
- Maxed out insurance last year & this year.
- Child isn't even born yet & will be taken early most likely

My question is about the money that we raise and collect:

Will my friends be required to report the "gift" on their taxes or is the money free and clear since it is donated to them?

If anyone has a website link you can post that would validate the answer to question, please be sure to include it.

Thank you!

2007-03-10 07:24:46 · 2 answers · asked by fozbend11 2 in United States

Hi all

I lived and worked for 2 months in 2006 in IL.

I was then employed by an employer in KS for 10 months and the employer paid KS taxes. I lived in IL during this time.

How do I file this tax return? Does it matter that I've lived in IL while paying KS taxes?

Thanks!

2007-03-10 07:19:58 · 3 answers · asked by SM 2 in United States

What legal recourse do I have for a company not sending my husband his 1099? He worked as a general contractor for a few months with this company...Has been assured time and time again that it has been sent, yet every time we talk to the company we get a different version of who sent it and when...Gut feeling is that they never sent it at all! We can't file our taxes til we have this info...We are already kinda stressed because we usually file during the last week of Feb...it's already March 10th! We need to be able to claim all the deductions for the money my husband spent during the time he worked there. What can we do? I thought there was a law stating all W-2's and 1099's had to be postmarked by January 31st? Who do I talk to if the company fails to send us this very important information?

2007-03-10 07:18:11 · 4 answers · asked by Angel 3 in United States

2007-03-10 07:15:29 · 4 answers · asked by Bry F 1 in United States

If we comsumers rallied together and boycotted these gas stations on a rotating schedule. As an example hit Shell stations on Mondays, Petro Can on Tuesdays and so on. Do you think these oil companies would get the message that we consumers have reached our limit of patience with the ever rising fuel prices and lame excuses.

2007-03-10 07:05:29 · 10 answers · asked by pumper 2 in Canada

My tax situation is going to be a mess this year. I got married and took on a kid in October. We also cared for another kid from June 06-January 07.

Does anyone know what the best combination would be? Can I file by myself or do I have to file jointly? Should I declare both/either of the kids as dependents or would it be better for my wife (as a single mother). Can we claim a child we cared for, for 6 months but never had any legal standing over him?

I'm definitely going to H&R Block this year!

2007-03-10 06:54:54 · 5 answers · asked by hatevirtual 3 in United States

2007-03-10 06:33:03 · 6 answers · asked by Anonymous in United States

I attempted a tax return last year, however my father listed me as a dependent student and I listed myself as independent so it did not go through. Now I am having an agency assist me to obtain that return and they have requested my last year's return. Where can I print this info?

2007-03-10 05:24:13 · 3 answers · asked by Grant J 2 in United States

I rolled money from my 401K to a roll-over IRA to be used as a down payment on my first-home purchase. I understand $10K of that will penalty free, but how/ when do I report it? Are there any special rules I'll need to follow to make sure I don't disqualify myself (i.e. monies have to be sent directly from IRA to lender). Also, I read on gov page that wife is also entitled to $10K penalty free. Does it matter if the total of $20K came from the same IRA?

2007-03-10 05:12:36 · 3 answers · asked by BustedDreams 3 in United States

I've never filed before. Do I just send my W-2 and the form somewhere?

2007-03-10 04:31:42 · 2 answers · asked by slowmoser 2 in United States

In a will it is stated that someone is being left...All appliances,Furnature & household goods, What would these things be? Thanks

2007-03-10 04:28:11 · 3 answers · asked by dreammaster_silvershadow 1 in United States

I'm 21 and live in Massachusetts. I'm a fulltime student at a community college receiving no finicial aid or anything like that. I also live at home so my parents are claiming me. I'm trying to figure out what tax form I need to use. I know the 1040EZ is the standard but I also heard that you can deduct your school tuition (which i received a 1098t for) and I also have a 1099 from a company I worked with briefly. Will I still be using the 1040EZ or do i now have to use another form?

2007-03-10 04:26:50 · 2 answers · asked by TGBoston 3 in United States

my question is: if i am a full time student and i worked all year around full time. I am only 18 and i was able to clear about $15,000. I claimed S/0 on my taxes. what does that mean exactly. My main concern is will i receive most of my taxes back? also an added factor is that my parents are not able to claim me b/c i made 15,000, but i didn't know that until we took my taxes to the lady who prepares them for us.

2007-03-10 04:19:29 · 5 answers · asked by pisces_dreamer06 2 in Other - Taxes

Im trying to get a broad definition of some terms on my paycheck because i feel somethings are phishy.
On my current check under the Federal Allowances theres 0 and under GA Allowances theres 0...what do these numbers me...if there were a 1 there what would that mean...Also, what does it mean to have exempt in those boxes?

2007-03-10 04:18:53 · 2 answers · asked by jluster05 2 in United States

And is it the same for every state, too?

2007-03-10 04:17:23 · 2 answers · asked by Anonymous in United States

I paid my income tax 4 times last year because i had 4 jobs. I want to sit down and file my taxes online in the next few days and was wondering what other people who had found themselves in the same or similar situation did.

I read somewhere that I'm also entitled to receive money back for paying extra Social Security. Is this true?

Are there any other refunds I'm entitled to that I should look for for having 4 jobs? (3 were at the same time)

Since I'm filing online I assume they figure this all out automatically, but I wanted to doublecheck.

Also, my full time job is working for a nonprofit museum. Does that matter in any way? I know that people who buy things from us or donate to us can get tax write offs. I don't know if working for one means anything or gets you anything special.

One more thing. I filed my taxes online last year but never received my refund check. Who should I report that to?


Help answering ANY of these questions would be great.
Thank you!

2007-03-10 03:59:33 · 4 answers · asked by Anonymous in United States

It showed no difference when I put in my tuition deduction and when I didn't. It still showed that I owed the same amount.

2007-03-10 03:57:36 · 1 answers · asked by G 2 in United States

walking out of economic activities which it was engaged previously.but why tax to gdp
ratio has not fallen?atleast why an attempt to reduce tax is not even considered?is an era of low taxation inconsistent with era of liberalisation?

2007-03-10 03:53:46 · 2 answers · asked by Anonymous in Other - Taxes

Also does anyone know their fees?

2007-03-10 03:44:51 · 5 answers · asked by G 2 in United States

I hope it has dawned on retailers that they should be paying parking charges they make all the money, after all no customers no profits

2007-03-10 03:42:02 · 6 answers · asked by diablo.x 2 in United Kingdom

from 1099B have a few $ gain from probably
a partial sale...not sure
stock name & cash/lieu of few $ listed, no
share amount
in the past i would list 1 share & a reasonable buy value, and + the gain value to obtain a sell value
such that the difference would agree with the
1099B gain
i was afraid that leaving the share # and buy $
omitted would "tilt" the return
appreciate any comments
thanks

2007-03-10 03:39:30 · 4 answers · asked by luckyhenry 1 in Other - Taxes

I started my work since last april and last in october and then I am not working. Can I claim tax refund this year and what is the process and when can I apply?
Please help..

2007-03-10 03:39:15 · 8 answers · asked by Anonymous in United Kingdom

2007-03-10 03:31:52 · 3 answers · asked by DiiVa36 1 in United States

will i get in trouble if i claim losses on a business i do not have just to get some tax money back?? i did it last year i got 5k back a lot of ppl tell me i will get into a lot of trouble what should i do??? will the irs found out if they do what is the penalty? please help

2007-03-10 03:14:51 · 5 answers · asked by PILOT 1 in United States

2007-03-10 03:03:17 · 5 answers · asked by Katiecat 5 in United States