Taxes - April 2007

Is everyone who gives someone a 1099-Misc Income suppose to file a Form 1096?

2007-04-24 13:33:15 · 2 answers · asked by Laurie S 1 in United States

Recently I made some money as a freelance real estate person. 1.) How should I pay into my social security account, and 2.) Since I live abroad, can I avoid making payments to medicare for something I will never use.?

2007-04-24 13:06:31 · 2 answers · asked by lesblane 2 in United States

In other words I am looking for a tricky way to reduce my Gross Income for taxes and save as much as possible for retirement. My thought is this: If I increase my exemptions for withholding to 8 and then I increase the percentage of money put into my 403b plan to 15% I can be putting more money into retirement and giving the government less money in taxes. Will this work?

2007-04-24 12:32:39 · 5 answers · asked by D G 2 in United States

2007-04-24 12:17:06 · 2 answers · asked by Clarom087 3 in Other - Taxes

Personally I think it is terrible to raise the sales tax for everyone so that the wealthier people in condo's and million dollar beach houses can have a tax break. I figure that if you can afford one of these dwellings you can pay the taxes. There are many in Florida on social security that can not afford this. If this passes do you foresee a mass exodus, as this will greatly effect the working class with families that are barely getting by?

2007-04-24 12:13:57 · 1 answers · asked by vivib 6 in Other - Taxes

i don't understand. Mom and dad has a child. Mom and dad have court order saying everyother year each one claims child. Regardless of whom the child lives with. Why does one parent not get the tax break? Why have it set up this way if it serves no benefit? State of wisconsin. I thought that regardless of who lives with who the purpose of claiming a dependent means that you get the EIC or tax break? What am I missing?

2007-04-24 11:57:07 · 9 answers · asked by Anonymous in United States

i have questions about how much and what taxes will be taken out if i live in new hampshire and work in maine.

2007-04-24 11:34:31 · 1 answers · asked by Sunshine 2 in United States

2007-04-24 11:22:46 · 6 answers · asked by keena 2 in United States

I'm thinking about working in Maine and i live in NH i realize i will have to pay NH taxes im guessing the same federal, social security, and medicare are taken out in nh, if i work in maine i know i will still have taxes taken out in maine too, do they take out federal, social security and medicare as well? and if so how much of a percent for each in maine? Thank you!

2007-04-24 11:08:31 · 1 answers · asked by Sunshine 2 in Other - Taxes

His taxes were about double what his neighbor's taxes were (comparable homes). Can I file for the exemption as soon as I buy the home, or do I have to wait until a certain date?

2007-04-24 10:51:29 · 4 answers · asked by Brooke B 2 in United States

How much in tax would I have to pay on $70,000 .And will I also have to pay penalitys.

2007-04-24 10:38:17 · 3 answers · asked by LONNIE J 1 in United States

Do life insurance premium, medical insurance premium and 401k plan deduction the same as medical expense?

2007-04-24 10:34:02 · 5 answers · asked by jingcong w 1 in United States

Well before I make the big plunge I am in need of some help and second opinions are always handy. I am buying a home and must pay 20K in prepayment penalties and another 17K in closing costs. To get the montlhy payment I can afford on a 440K loan I will need to withdrawl from my previous employers 401K plan. My plan is to pull out the minimum amount to cover the closing and to pay off car/visa debt that I am inheriting. If I pull out $40K (only 8K after tax) from my 401K how much will I need in mortgage interest & points to completely offset what is withdrawn from the 401K for the purposes to determine adjusted . The goal here is to NOT owe any fed/state tax. BTW I live in California. If I don't make this withdrawl for 1 I won't be able to afford the mortgage and secondtly I'll continue to pay up to 10% interest on the debt I've inherited. So if anyone has any brilliant ideas I'm all ears.

2007-04-24 10:00:22 · 5 answers · asked by verhooven01 1 in United States

now i have read i should have filed anyway,am getting two stories,what is correct?

2007-04-24 09:20:40 · 3 answers · asked by kmgabbard07 1 in United States

This company is a real estate co. it pays with 1099. I dont bring in loans, and i dont advertise for real estate. i just work in the office as the loan processor. I'm not sure what kind of deductions I can use for my taxes next year? Any idea. Anything will help.

2007-04-24 09:14:45 · 8 answers · asked by Anonymous in United States

Is this true? How does it work? How far back will they go, as in years?Can they really throw a person in jail for not fileing?

2007-04-24 09:11:31 · 6 answers · asked by rockpendragoon 2 in United States

I'm technically an "independent contractor" but I didn't keep any reciepts last year. I received the advice to just write stuff off anyway (my write-offs are definitely unsubstantiated, I pretty much guessed because I didn't keep records, and I filed already). I'm realizing that I'm really worried about an audit and this isn't worth it- I would rather re-state my expenses (decrease them a lot) and get on a payment plan with the IRS. Does anyone have any advice of what I can do? If I file a 1040X, will that trigger an audit anyway? And can I get on a payment plan if I file a 1040X? Or should I just not do anything and hope I don't get audited? What will happen to me if I get audited don't have reciepts to back anything up? I know this is stupid and I should have thought about it before, but this is my first year as an independent contractor...

2007-04-24 09:10:23 · 4 answers · asked by Erin N 1 in United States

2007-04-24 09:02:07 · 5 answers · asked by ashley m 1 in United States

2007-04-24 07:36:33 · 4 answers · asked by Hawkeye 1 in United States

My sister is out of the country. Her state and NY income check arrive and I want to cash them for her.
She had a bank account which was frozen 5 month ago.
I have my account and we both have the same last name.
I have a citibank account.
My brother's check ($143- NY) was deposited as well on my back account and I din't not have a problem
Somehow I am afraid with this state refund ($2000). can someone tell me if i could proceed the same way for her checks?

PLEASE HELP!! she really needs this money

2007-04-24 07:23:57 · 6 answers · asked by V BEBE 1 in United States

My mother has a cleaning business and was wondering what exactly would the percentage of federal taxes should be withheld from each employee? Thank You!!!

2007-04-24 07:18:47 · 4 answers · asked by luvvleey_l 1 in United States

Right now my husband and I live in Germany, but we're trying to get back to the United States. If we stayed until December we would qualify for the the Foreign Income Exclusion. My question is, if we leave early (say July) what would our repurcussions be tax-wise? Thank you.

2007-04-24 07:14:36 · 2 answers · asked by Kristen 2 in United States

I work for the City of Philadelphia and I truly find it hard to believe they do not offer the Avacned Earn Income Credit Payment to their employees that make less than what they should. I qualify for this advance payment, I already checked with the IRS.

Please help

2007-04-24 06:12:52 · 3 answers · asked by Kinda S 1 in United States

2007-04-24 05:57:02 · 4 answers · asked by tonya v 1 in United States

My friend's father died when she was 11 she is know 31 .Her father was in the process of getting his citizenship .He worked and payed his taxes like everyone else .The thing is she doesn't have the same last name as him .

2007-04-24 05:33:35 · 2 answers · asked by nicole 3 in United States

i also need to know if the democratic and republicans agree on this

2007-04-24 05:28:59 · 3 answers · asked by kogas1chick 1 in Other - Taxes

2007-04-24 05:21:17 · 4 answers · asked by rio180 1 in United States

I sent my taxes by mail one month ago... I want to call somewhere to find out if they received them.Does somebody know a number phone where I can find out about them?

2007-04-24 05:13:33 · 5 answers · asked by mica1969us 1 in United States

Where is my return

2007-04-24 05:02:40 · 1 answers · asked by Carol D 1 in United States

This is because I did not report my stock trades for year 2005.
I actually had shor term loss. I was a day trader and did not feel like entering 150 transaction into tax file. Now IRS sent me a error report saying that I did not report my sale of stocks.

IRS asks me to confirm the sale of the stocks for year 2005. No purchase information has been asked by IRS. Shoudn't I enter both purchase and sale?

If I just report sale of stocks, will I be paying taxes for those sale? I did not hold any stocks for more then couple months.

Please suggest what should I do.

2007-04-24 04:55:16 · 4 answers · asked by It's me 1 in United States