Taxes - March 2007

I am a 24 yr. old college student, and he has supported me the last two years. He has even helped pay for my education. We are trying to figure out how to claim my school expenses as a deduction, but we don't know if he can claim it or not. I could do my taxes on my own, but it wouldn't actually get anything back as EIC cause I have no other dependents myself. Or that is what I was told anyway.

2007-03-06 01:04:53 · 5 answers · asked by Rachel A 1 in United States

2007-03-06 01:03:10 · 5 answers · asked by Anonymous in India

My partner has just started a plumbing buisiness with his dad, at the moment they are waiting for their company to go limited and for their accountants to sort their tax out, so aren't really bringing in much money at the mo. I was just wondering how long do these things take to sort out? We really want to buy our own place in June then get married but the rate things are going it feels like this is never going to happen!!! any advice please?

2007-03-06 00:56:08 · 2 answers · asked by Anonymous in United Kingdom

Which check is suppose to come first the Federal or the state?

2007-03-06 00:47:30 · 4 answers · asked by CLARISSA G 3 in United States

i have been in PT work for 20 years and payed no Nat Con, When i retire what will i be entitled to ? Income support or some sort of pension ? ( i worked before this and payed them )

2007-03-06 00:30:08 · 3 answers · asked by sp4nna 3 in United Kingdom

just curious, what's the penitly for not filing you taxes for one year?
and how do some poeple get away with not filing taxes ever.
i heard something about not having to ever pay taxes because it's a goverment thing, and it's not in the constitution.

2007-03-06 00:26:43 · 2 answers · asked by alie 2 in Other - Taxes

2007-03-05 23:56:55 · 1 answers · asked by Anonymous in Canada

Can an income tax accountant give me an estimate on how much return ($) I would get by looking at the numbers on my T4 slip????

2007-03-05 23:56:13 · 2 answers · asked by Anonymous in Canada

for non payment of tax as self employed. He has told my friend that as she is still his wife, she can also be liable to pay the debt by selling the matrimonial home. He was on mortgage BUT not on the Deeds of the house. Is this true? Can she be made to sell the house to pay her estranged husband's tax debt????

2007-03-05 23:37:33 · 7 answers · asked by Anonymous in United Kingdom

2007-03-05 23:17:33 · 3 answers · asked by Madhan G 1 in India

2007-03-05 22:59:00 · 7 answers · asked by JIMMIE S 1 in United States

2007-03-05 22:55:38 · 3 answers · asked by KP 2 in India

2007-03-05 22:41:36 · 4 answers · asked by roz 1 in United States

Just trying to file my taxes and ex wont give me my kids social number

2007-03-05 21:49:30 · 2 answers · asked by benji@kandis123 1 in United States

Say for example:
April -March - 12 months salary
Notice Period - 3 months
Notice Period not served - 2 months
so will the TDS deductible by company is for a period of (12- 2 = 10 months) or for 10 months only or
Salary received 10 months - 2 months salary withheld or paid back = 8 months
So will the taxable income is for 12 months/10 months/8 months and what is the section of the IT rule that deals with that.
Please reply immediately.
Regards,
Om

2007-03-05 21:31:37 · 1 answers · asked by Om 1 in India

2007-03-05 21:12:55 · 4 answers · asked by celeste2nd2none 1 in United States

2007-03-05 21:08:06 · 7 answers · asked by vipali g 1 in India

I worked for one company for only about a month and I can't remember their name. How do I get that information so I can get my W-2 from them for my taxes this year? I have moved and will need to contact them to get it since they don't forward W-2's. I have searched the IRS site but haven't seen anything that would help me. I know the IRS can do my taxes for me, and they will have that information, but I haven't found that option on their site yet either. Any help appreciated.

2007-03-05 21:05:29 · 3 answers · asked by mastermindme 2 in United States

2007-03-05 21:04:37 · 3 answers · asked by raushan saraf 1 in United Kingdom

Due to the fact i am just starting to repay a defaulted student loan, i have to make good faith payments in order for the IRS not to hand over my refund check to the lending institution, like they have been doing for the last five years. I am positive of a refund, do i still have to request an extension, or can i just do my return sometime in september or october with out the worry of beind fined or penalized by the IRs?

2007-03-05 19:10:55 · 8 answers · asked by tp1260 2 in United States

How do I write an annual report if I am not currently trading

2007-03-05 19:08:06 · 5 answers · asked by Sunny Ahabue 1 in United Kingdom

According to the IRS and other posts on the internet

Gains on the sale of an inherited house (we used for rent but did not live in for more than 2 years) are taxable. Losses are not deductable. To me, losses not being deductible doesn't mean you have to pay taxes on the amount that is less than FMV at the time of death.

My parents sold the house they inherited 10 years ago well below the price it was worth when my grandparents died. I'm assuming that since this is NOT a gain we don't have to pay taxes. but no one has said anything so CLEARLY. I don't understand why this is so hard a question to ask. No one is straight-forward with the answer. They just say get a professional.

My parents asked a friend (not a very knowledgeable one) who works for Jackson Hewitt if she had to pay taxes and she said yes. Now i want to know the basis. I'm going to talk to her myself but i want to make sure i have my facts right first.

Thanks!

2007-03-05 17:40:54 · 5 answers · asked by Jacob P 2 in United States

I'm 17 years old and as far as tax returns and the such go, I have no idea how to go about it. I was given my first T4 form a week or so ago, but I don't know what to do with it. It seems that th boxes applicable to me have been filled by my employer, so now what?

2007-03-05 17:39:10 · 3 answers · asked by seed 2 in Canada

2007-03-05 17:21:56 · 5 answers · asked by Michael C 1 in United States

2007-03-05 17:07:52 · 2 answers · asked by MIKE ANGEL 1 in United States

does a person who writes checks to the order of "cash" (instead of the name of the other person) have to report to the IRS about how much they spend or who they are paying? is it against the law to have checks written for "cash"? if someone writes you a check (small amount of money) and you don't declare it, is it traceable?

2007-03-05 17:05:47 · 3 answers · asked by saxoool 2 in Other - Taxes

2007-03-05 16:30:51 · 4 answers · asked by Maria G 1 in United States

I'm trying to do my T4 and on it says that my tax deducted on my T4 is $338. isn't that what i get refunded? When it's all done my refund is less, about 221. Why is that?

2007-03-05 16:18:16 · 7 answers · asked by Anonymous in Canada

I am in Canada and I have some rental properties.
I want to ask if principal in mortgage payment should be counted as net-income or taxable income?

I always think the principal part of mortgage payment is tax free income. I should only pay tax if I have positive cash flow.

But my accountant told me that even my property break even with 0 cash-flow after mortgage payment. I still have principal as income, because only Interest is expense. So my principal become net-income and it is taxable. I can only claim depreciation to defer the tax.

Is it true? It is against my knowledge that equity & principal is tax free income. Please clarify. Thanks

Jordan

2007-03-05 15:56:21 · 2 answers · asked by jordan g 1 in Canada

They gave part of my refund but say it's being reviewed and will mail notice requesting for additional information. There was no error message just gave part of refund. Gave info stating to please read following information related to my tax situation which had: look at tax topic 151, Your Appeal Rights

2007-03-05 15:50:24 · 3 answers · asked by ktd78 2 in United States