Taxes - March 2007

Can you turn around and sell the property, rent it, do you pay on the mortgage and what about a second mortgage?

2007-03-07 05:35:10 · 1 answers · asked by hoople96 1 in United States

I sent normal sized and weighted envelope (39cent stamp) through regular mail (dropped it off at a mail box on my street) on Sunday Febuary 25th. It is going from LA to Houston. It has not yet arrived.

What is the max amount of time it will take to get their before I should consider it lost?

2007-03-07 05:21:39 · 5 answers · asked by Anonymous in United States

Couple years ago I had a great corporate job. I was making about 44-50k per year. Today I’m making about half of what I was making before. I have over 28k in unsecured debt and over 12k owed to the IRS. I have been told, but not sure if it’s true, that I could file chapter 7 bankruptcy for both. In my conversation with this person he said if the taxes were filed over three years ago then they may, in some cases, be included in to a bankruptcy. If anyone can help with this I would greatly appreciate it.

2007-03-07 05:13:22 · 4 answers · asked by gaguyinca 1 in United States

2007-03-07 04:52:27 · 2 answers · asked by Dani 1 in United States

2007-03-07 04:48:21 · 3 answers · asked by egyptianprincess 1 in United States

Any suggestion how to fill out W-4 to avoid high tax deduction? what is a better way to fill out the form married or head of household?

2007-03-07 04:48:08 · 5 answers · asked by Gucci 2 in United States

I am going through divorce and my baby is in China. baby was not in US the whole tax year. Should i add baby (who is US citizen) in Tax returns and claim credit or not while filing as single (separated from husband)
anyone please suggest.

2007-03-07 04:39:31 · 6 answers · asked by smile 1 in United States

2007-03-07 04:38:55 · 5 answers · asked by egyptianprincess 1 in United States

how much national insurance do i have to pay i paid 12% of may wages is this right?? i get paid weekly and paid 12% i have been told this is to much i earned 414.00 and paid 49 pounds national in surance does this sound right?

2007-03-07 04:38:37 · 5 answers · asked by soinlove 2 in United Kingdom

How should my wife and I setup our W4 withholdings to minimize paying the IRS and avoiding a refund?

For tax year 2006, my wife and I both had "Married +1" on our W4s. Now after having done our taxes, we owe almost $4,000 to the IRS without considering other deductions.

Some people have suggested that I file "Married +1" and my wife file "Married +0". I have the larger annual salary than my wife.

Any thoughts would be greatly appreciated. Thanks!

2007-03-07 04:32:00 · 9 answers · asked by jaesposito 1 in United States

2007-03-07 04:31:35 · 3 answers · asked by egyptianprincess 1 in United States

My employer relocated me in 2006 and provided tax assistance. According to my moving expense information sheet, the assistance had 4 parts - federal tax, state tax, OASDI and medicare.

My understanding is, this is tax my employer paid to IRS on my behalf, similar to tax withholding on paychecks. For example, I should be able to subtract the amount of federal tax assistance from my total tax liability on 1040, because this part has already been paid. But where should I put it in 1040? Is it line 65 "2006 estimated tax payments and amount applied from 2005 return"?

2007-03-07 04:26:26 · 6 answers · asked by Enoch 4 in United States

You want to know my theory?

Because there are so many exceptions to the rules for the rich.
If we all could just pay evenly in sales tax, i think it would MUCH EASIER, AND MUCH FAIRER, AND EVERYBODY PAYS ACCORDING TO THEIR CONSUMPTION!!

what is yours? for or against the complication?

2007-03-07 04:21:05 · 9 answers · asked by Charles R 1 in United States

Went to HRBlock for 2006 taxes. They made an error and said I didn't have to pay taxes on an early IRA disbursement.(YIKES) I had them review it, and different "tax-pro" admitted the error. They say I have to wait until IRS finds the mistake & sends me a letter; or finds it & fixes it & sends me a letter; or completes my return w/out finding the error. Shouldn't we send in an amended form NOW instead of waiting?? They have me getting a large refund, which is wrong. Now my CT state return is wrong, and so are my kids' FAFSA's. I think HRBlock also made a mistake using the HOPE Credit, and on one of my deductions.

2007-03-07 04:18:58 · 8 answers · asked by ReenCT 1 in Other - Taxes

do they have a special form where you can pay your taxes on drug money

2007-03-07 04:07:38 · 5 answers · asked by Anonymous in United States

Hi- Under severely BAD advice when I was younger, I went ahead and claimed exempt. I then thought that I would not need to file, so I didn't for a while. Then I realized that I WAS supposed to have been filing all along and I got scared, and still didn't file. (Dumb, I know). Anyway, I got married last year and had a baby, so I didn't even have a job in 2006, and only half of 2005. My question is this: if my husband files a joint return, will they catch me and take away his refund or penalize HIM in any way? All of this happened before we were married. Thanks a lot and have a great day!

2007-03-07 04:02:29 · 13 answers · asked by kendalandsam 3 in United States

I just got my taxes done yesterday at a Jackson Hewitt office and they charged me $323. I thought it was too expensive but they told me it was high because I had W2 forms from out of state. My husband and I were living in another state for a few months. In total we had 9 W2 forms, some from Cali, most from out of state. Does this sound right to you?

2007-03-07 03:25:53 · 18 answers · asked by Tuzita 1 in United States

Is there an online program that helps you file online...like telling you what box the numbers are in and so on. I don't know how to file my taxes and need something that is going to tell me exactly what numbers to put where. Or can I call a number and have someone walk me through it? I live in Pennsylvania.

2007-03-07 03:18:19 · 4 answers · asked by Willow 2 in United States

2007-03-07 03:18:00 · 2 answers · asked by tirumani 1 in India

I bought my home in 2003 and had my first tax increase in 2004. The taxes went from $1200 to $2300.

The following year my taxes were increased again by $1800.

This year I received a notice stating that the taxes were to go up again this time by $2900.

I live in a small 1000 square foot home on a small plot of land and don't understand the continous tax hikes. The first year was expected, year two okay but up $2900 in year three has me wondering if I am being taken to the cleaners.

Anyone who has faced this issue previously and won or if you know how to fight this issue, please give me suggestions. My meeting with the city is next week and I'd like to be as prepared as possible.

2007-03-07 03:01:20 · 3 answers · asked by ZB 1 in United States

Please help me...

2007-03-07 02:57:21 · 4 answers · asked by Shyness 2 in United States

We purchased a home in August 2006. At settlement we repayed the seller for the real estate taxes that they paid for the last few months of the year. Our mortgage company did not include this in our tax statement but it's on our settlement paperwork. Can we deduct that as real estate taxes paid?

2007-03-07 02:48:26 · 6 answers · asked by PK 1 in United States

I'm an independant contractor and plan on writing my gas, food, etc. However i do not have all my receipts. I printed out my bank statement for the tax year to figure out all of my deductions. Is this allowed?

2007-03-07 02:47:01 · 2 answers · asked by Dustin C 1 in United States

My uncle Charlie bought an abandoned house in Chicago 25 years ago for $10,000.
Last year he sold it to a developer for $300,000, it will be torn down and turned into a condo complex.
He is a factory worker and would rather keep the money than put it into another house which he might not be able to afford long term.
He owns another house which is his primary residence.
What are some deductions that he can use so he won't end up giving half his money away?

2007-03-07 02:35:37 · 7 answers · asked by No Picture 1 in United States

I am 36 and just recently went back to school as a full time student. My question is can I claim exempt even though I have a full time job?? I don't want to get into any trouble with the government. Also, is there an income limit to claim exempt if you are working full time?

2007-03-07 02:19:55 · 7 answers · asked by mzbrwnskin 1 in United States

2007-03-07 02:06:58 · 5 answers · asked by sun f 1 in United States

What tax form would a 16-year-old use to file his taxes when he only made about $1600 hundred dollars. His parents also claim on using him a deduction.

2007-03-07 01:20:33 · 3 answers · asked by Willie 1 in United States

I am considering selling my home but had a question about capital gains tax. I purchased and have lived in the home since last spring (about a year) and I want to sell it before the 2 year mark. I expect to make a gain of $30-$60k on the home and plan on immediately using that profit as a down payment on a new primary residence. Will that gain still be taxed if it is used entirely as a downpayment. How long do I have to buy a new home before having to pay taxes?

2007-03-07 01:09:07 · 1 answers · asked by Buff98216 2 in United Kingdom

I cashed in EE bonds totaling $480 in interest in 2006. I called the bank for a 1099 and they claim to have no record of my cashing in the bonds. I know the Federal Reserve keeps track, so I HAVE to report it. How do I explain this to the IRS? Any advice?

2007-03-07 00:57:21 · 3 answers · asked by Anonymous in United States

I have heard people say, whatever the number is, cut that amount into half, and you can figure how much is actually awarded after taxes.

But does anyone actually Know the percentages of tax that is taken out of 120 mill?

2007-03-07 00:53:15 · 7 answers · asked by Craptacular Wonderment 6 in United States