Taxes - March 2007

I never knew I could claim these credits and have been filing a 1040EZ forever. What year did this Lifetime Education credit begin? Can I amend my taxes as far back as 2003 to get the credit (I know I qualify for it.)? Thank you!

2007-03-08 04:48:22 · 3 answers · asked by Katiecat 5 in United States

Can a company in OK sell a piece of machinery to someone who is going to use it in TX and not have to charge sales tax? I have a stamp for farm use exemption, but this isn't farm use. What info will I need? Will I need any forms?

2007-03-08 04:41:55 · 2 answers · asked by Becky F 4 in Other - Taxes

I only made $310 this year (teenager). Do I still have to file to pay taxes?

2007-03-08 04:21:54 · 6 answers · asked by Samantha W 1 in United States

I am a Canadian citizen & resident, and have worked in US as a nonresident alien for a couple of months last year. The US employer deducted Social Security & Medicare Tax (about $2,000) from my payroll. I understand Social Security & Medicare Tax are like CPP in Canada, which I can get benefits after retire (if stay in Canada for more than 10 years).

If I don't go US later, I can't get any benefits from US after retire. Neither can I get refund my contribution according to the policy (http://www.irs.gov/publications/p519/ch08.html#d0e9552, only students can get refund). Is it fair?

Can anyone explain this?

2007-03-08 04:14:09 · 13 answers · asked by gshgsh 1 in United States

I am going to owe about $600 this year. But my wife and I are both claiming Married 0 and having an additional $30 taken out. I have heard if you take out additonal money you will always owe. Is this correct?

2007-03-08 04:03:55 · 7 answers · asked by Dallas O 1 in Other - Taxes

2007-03-08 03:56:15 · 8 answers · asked by Zachariah M 1 in United States

2007-03-08 03:18:41 · 11 answers · asked by Mike C 1 in United States

I was sent a check for a settlement on Dec 30th 2005 that was a Friday. I got it on Jan 4th and put it in the bank. Since I got it in 2006 I thought it would be for the 2006 year. Now I am getting a notice from the IRS saying I owe big time. What can I do?

2007-03-08 03:11:22 · 7 answers · asked by lorilou 2 in United States

2007-03-08 02:44:38 · 15 answers · asked by wisdom 3 in Other - Taxes

It's that time of year again... woo hoo and off we go down the long and winding road.

2007-03-08 02:34:51 · 5 answers · asked by Anonymous in Other - Taxes

This year I had to pay my old university back for the classes I took because I transfered to a new university. I could not get my transcipts sent to the new school until I sent them payment in full. I was unable to get a loan to pay for this so I cashed in some savings bonds and withdrew some money from my 401k. Is there anyway to off-set the penalties and interest that I encured since this was a school debt? I do have additional expenses for my new school already listed. Thanks!

2007-03-08 02:19:42 · 3 answers · asked by PK 1 in United States

2007-03-08 02:05:58 · 19 answers · asked by tom 1 in India

2007-03-08 02:00:04 · 7 answers · asked by Guagui 4 in United States

Does anyone know the e-mail address for the National Insurance Office in Tyne and Weir? I've googled but got boggled by all the non relevant stuff it brought up!

2007-03-08 01:51:55 · 3 answers · asked by Dr Watson (UK) 5 in United Kingdom

her income is 700.mth

2007-03-08 01:47:49 · 3 answers · asked by David w 2 in United States

2007-03-08 01:47:40 · 6 answers · asked by mixed_beauties 2 in United States

I worked near the end of last year on a one-time project and got paid for it in January of this year. I have a few tax-related questions for anyone who can help:

(1) Can I deal with all income and expenses together in my 2007 return (to be filed next year) because I only received pay in a check with this year's date? It seems illogical (I know that sounds Spock-like) to have expenses on this year's form and income on next year's when it all relates to the same work.

(2) Can I claim the taxes with my 2007 form without making quarterly payments for withholding (or whatever other taxes come from being an independent consultant) and, if so, how would I do it?

If necessary, I guess I could make quarterly payments, but this really was a one-time project and I have no anticipation of any such work this year. I have a full-time job, so I could have excess taxes taken out now, if that would help me to avoid quarterly payments.

Thank you for your help.

2007-03-08 01:36:44 · 3 answers · asked by Stuck in the Middle Ages 4 in United States

i legally have joint custody of my 2 children. my ex used both for dependants on her taxes. if i have my kids 50% of the time can i file as HOH even though she claimed them. the tax form asks for a social security number of who lived with me...please help!!

2007-03-08 01:28:00 · 4 answers · asked by thekid3477 2 in United States

For example if I lost $10,000 in stocks/options trading in 2006, for how long can I use that loss to deduct it from future tax years. Is there a limitations in the number of years to deduct that loss? If I finally make a capital gains (stock/options) of $10,000 in 2015, can I then deduct that loss from 2006.

2007-03-08 01:19:33 · 2 answers · asked by James007 1 in United States

2007-03-08 01:16:24 · 2 answers · asked by HERMAN W 1 in United States

2007-03-08 01:08:27 · 5 answers · asked by Anonymous in United Kingdom

2007-03-08 01:04:59 · 4 answers · asked by nj 1 in United States

Does any one have a clue as to how much tax i will have to pay each month for a salary of 3000 pounds ??

2007-03-08 00:58:18 · 4 answers · asked by Venkat K 1 in United Kingdom

For example, if you estimate you'll owe $5000 at year's end, can you legally have $0 withheld for the first 21 paychecks (assuming bi-weekly pay dates) and then change your W4 to $1000 withheld for the last 5?

2007-03-08 00:56:02 · 3 answers · asked by Festus22 2 in United States

on my 2006 w-2 and 1099 it has my maiden name...but i have gotten married (august 2006), and i changed my last name. when i do my taxes do i use my maiden name(that is on my tax return) or my married name?,.,,thanks for the help

2007-03-08 00:47:38 · 4 answers · asked by tekna1760 3 in United States

I am trying to figure out my taxes. I used HRBlock.com to fill out my taxes, but I'm confused. My AGI is $32,643 and I have itemized deductions of $10,498. It says my taxable income is $18,845 (I guess that includes some adjustments). But then it says that I owe $4,424 in taxes. Where does this come from? I thought taxes were figured on your taxable income. But 15% of $18,845 is $2827 and 25% of it is $4,711. And I don't know of any tax bracket between these.

Also, I'm considering contributing to an IRA if it would bring me to a lower tax bracket. What determines your tax bracket? Your AGI? Your taxable income??

Thanks

2007-03-08 00:40:05 · 6 answers · asked by Anonymous in United States

I deployed in Iraq since june 2nd of 2005 till dec.of 2006 and never claim my tax return both years 2005 and 2006 federal and state,what i need to do and which forms should i use ,how about if i make another extention,should i loose my credit and refund??.please advise me,time running out.

2007-03-07 23:37:58 · 5 answers · asked by athir7388 1 in United States

2007-03-07 23:13:45 · 4 answers · asked by Tracey p 1 in United Kingdom

2007-03-07 21:52:44 · 4 answers · asked by vinay - 1 in India

Here's the deal:

I run an LLC that has been in existence since January 2002. It originally started with two members but the other members parted ways and we made an amendment to the operating agreement to give him 0% and myself (the only existing member 100% ownership). So effectively it's a one-man LLC.

From 2002 until present, taxes haven't been filed but the business also hasn't been making any money either for these years (it has been *rough* to say the least). We are primarily into outsourcing and our revenue/expenses always lined up (barely making it).

This year, we are (finally) going to make money and I'd like to start this process of paying year-end and quarterly taxes like I should have been for the past few years.

The question I have is: how do you indicate on your tax return that you are in this position and get "cleaned up"? My intention is to stay regular from here on out but the challenge is to get started in the first place after creating such a mess.

2007-03-07 20:16:58 · 3 answers · asked by outsourcer 1 in United States