Taxes - April 2007

2007-04-17 18:23:11 · 3 answers · asked by mark 1 in United States

Is my IRS return money for this year going to be automatically applied to my installment agreement debt from last year, or will they actually give it all to me?

1. I am on an installment agreement for 2005 taxes
2. I am expecting a nice tax return back from the IRS for 2006 but wonder if they will just decide to keep it and apply it to what I owe them.

It would be an added bonus if you could provide a link to confirm your answer as I can't find anything on the IRS website, etc.

Thanks!

2007-04-17 18:10:02 · 6 answers · asked by nopers 4 in United States

Lets say I won 100 million dollars.....how much would taxes take from me?

2007-04-17 18:02:24 · 7 answers · asked by Uncle Salty 3 in United States

I have read a lot about people who say they got back more taxes than they paid. But, as I look at a 1040 form, It seems like the form makes this not happen as it replaces a negative tax due with a zero.

2007-04-17 17:36:53 · 5 answers · asked by ? 2 in United States

2007-04-17 17:31:38 · 10 answers · asked by at_a_loss4a_name 1 in Other - Taxes

I started a onsite computer repair business in Florida, what are something I should do to help with taxes and taxes deductions? Ovious anwsers and tips are welcome so I can compare to what I have done already, Thanks

2007-04-17 17:30:28 · 5 answers · asked by Anonymous in United States

Going to owe an additional 4k in taxes this year and am considering my payment options. What is the interest rate the IRS charges if you set up payments with them?

2007-04-17 17:23:09 · 4 answers · asked by Anonymous in United States

Hi. This is a pretty basic question, sorry. But I'm 18 and it's the first time I've had to worry about tax returns/extensions. I am not claimed as a dependent by anyone. I know that a deduction doesn't function the same way as a credit. But does a deduction reduce the amount of my income that is taxable, or is it only used to determine which tax bracket you fall into? I am a full time college student, and I received $5000 in 2006 from a small trust fund. Given that the standard deduction is $5150, and the personal exemption is like $3300, I owe nothing, right? Is this true for the California state taxes also? Also, if I don't owe, then I don't need to file, do I? I assume I'm not getting a refund if I never actually paid anything. Could someone let me know if I'm right about all this? I thought I didn't need to file, but then someone told me otherwise, so I'm kind of panicking. I need to do an extension really quick if I was wrong. Thanks!

2007-04-17 17:10:26 · 5 answers · asked by glitter gal 1 in United States

I have been trying to file since 9:00PM CST and keep getting the following message: <<<

The Intuit Electronic Filing Center is experiencing unusually heavy demand and is unable to accept returns at this time. It's not necessary to contact Customer Service or technical Support. Instead, please try to file you return again later. The best time to file electronically is usually between 4:00 a.m. and 4:00 p.m. Pacific time. We apologize for the inconvenience. >>>
I have all ready charged the $16.95 to my visa, but if they do not let me file until 4:00 AM PST won't my return be late?

2007-04-17 17:05:33 · 7 answers · asked by Eva H 1 in United States

2007-04-17 16:55:22 · 3 answers · asked by Iceman 1 in United States

2007-04-17 16:50:37 · 3 answers · asked by Iceman 1 in United States

I bought a new home in June 2006. I received my property tax paperwork in the mail in October 2006, and I paid it in January 2007. Can I claim this as a deduction for my 2006 taxes, or do I have to wait until next year?

If I have to wait until next year, should I pay my property tax by the end of 2007 so that I can maximize my deduction and receive a larger refund in 2008?

2007-04-17 16:30:34 · 5 answers · asked by karaoke99 3 in United States

Hi,
I want to file taxes from 2003. Where can I do this on the internet? Which website will let you file taxes from prior years? Thanks!

2007-04-17 16:25:41 · 2 answers · asked by Brittany 2 in United States

2007-04-17 16:16:02 · 11 answers · asked by fighting 40s 1 in United States

We are about to file bankruptcy and my husband came up with an idea today that might save us from doing this. Here is the situation. We are losing our house, have about 20000, in credit card debt and a deliquent truck. He has about 80000, in his Ira and if we cash it out we will take home around 45000. giving us enough to pay off everything except the house. I am ok about losing the house but I don't want to pay big fees on next years taxes. I know the IRS pentalies us for the early with draw but do we have to claim the whole amount or the balance of the amount after pentalties on our taxes and is it worth it. They are wanting us to pay around 1000 per month on a chapter 13 for 5 years. I am so confused. Should we just wait it out and see what happens after the house and just take enough to pay the credit cards and truck..

2007-04-17 16:05:10 · 6 answers · asked by luv2lysalittle 2 in United States

I was wondering, how many years in the past can you file or refile taxes. I think that I would get a refund if I did this, but don't know how to go about doing it. Can I refile taxes from 3 or 5 years ago? Any advice would b e greatly appreciated!

2007-04-17 16:02:02 · 5 answers · asked by Brittany 2 in United States

I know that the giver my have to file a gift tax form for gifts over $12000, but does the RECIPIENT of a gift over $12000 have to pay normal income taxes on that gift?

2007-04-17 15:39:44 · 3 answers · asked by Michael 2 in United States

I moved last year and the relocation (paid by my company) drove our family's adjusted gross income up much higher than it normally is. This pushed us past the threshold where we no longer get a lot of deductions like the child tax credit.
We also took a $29K distribution on a 401k for our new house. SO we got hammered for $5,700 to Uncle Sam.

Now Turbo tax calculates that unless we make quarterly installments this year ,we will face penalties.

Now of course we will NOT make that kind of AGI again this year. However, I am concerned that the IRS won't care and will assume I should be making them anyways.

As long as it works out close in the end, do they care??

Thanks

2007-04-17 15:12:52 · 3 answers · asked by Anonymous in United States

2007-04-17 15:10:35 · 3 answers · asked by Anonymous in United States

School officials are asking why i didnt claim all of my children when i file this year.

2007-04-17 15:05:32 · 3 answers · asked by Anonymous in United States

Why can we not have a tax system based on net worth modified at retirement age and augmented by an energy tax?
A 3% net worth tax modified to 1% at retirement age would replace all income and sales taxes and business taxes when the business net worth is allocated to shareholders. An energy tax would redirect and discourage energy demand and encourage new energy development.

2007-04-17 14:36:03 · 7 answers · asked by Richard B 1 in United States

I have not yet completed my taxes, can I still file for an extension on line?

2007-04-17 14:33:23 · 2 answers · asked by MDJLT 1 in United States

I am a grad student and received a scholarship that I shouldn't have by mistake. The school didn't catch it but I did and I gave the money back. (yeah, stupid me for doing what's right). Anyway, I paid all of my tuition but the school's tax records still show the scholarship which isn't allowing me to claim the lifetime learning credit. I've contacted several people at the university and they said they can get the info fixed but told me to file an extension on my taxes because it'll take a while. They won't give me a figure to work with, either. As is my husband and I will owe almost $400. Claiming the lifetime learning credit, we will owe under $200. If I pay the full amount now, when the university fixes their mistake can I get reimbursed from the IRS for my overpayment or do I have to wait until next year? I really need this money b/c I am changing jobs and moving away!

2007-04-17 14:22:58 · 2 answers · asked by Jess 3 in United States

or do you

2007-04-17 14:10:54 · 3 answers · asked by fighting 40s 1 in United States

2007-04-17 14:01:43 · 3 answers · asked by Andrey S 2 in United States

how much more will i get? will the irs figure that out for me?

2007-04-17 13:50:55 · 2 answers · asked by cindy 1 in United States

based on my earnings i qualify for about 450 of earned income credit. is this all i get or is there more because of my child?

2007-04-17 13:32:00 · 2 answers · asked by cindy 1 in United States

2007-04-17 13:29:09 · 10 answers · asked by jelo925 1 in Other - Taxes

Am I supposed to mail them somewhere?

2007-04-17 13:20:42 · 5 answers · asked by Memphis Mark 1 in United States

I already filed his 2006 taxes but today he left his 2005 taxes for me to do. The 2005 taxes are from another state.

2007-04-17 13:17:20 · 6 answers · asked by taxesplayer 1 in United States