Taxes - April 2007

I gather I am safe because TurboTax's website says that if you are using direct debit then the payment is taken out until your return is accepted, I gather its the same for credit card payments. Further, I would hope that TurboTax would have taken this into consideration if the tax paid via this method was due then it would pay the currently estimated amount. Any insight?

2007-04-16 09:17:16 · 1 answers · asked by Dave G 2 in Other - Taxes

If I have minor errors on my 1040 form, is the IRS able to correct these mistakes or will I be penalized?

2007-04-16 09:05:48 · 7 answers · asked by Dan K 1 in United States

Can I deduct my entire home cable tv bill? It's part of my research, work, keeping up with the latest visuals. I do broadcast graphics.

2007-04-16 08:52:07 · 2 answers · asked by Stan 1 in United States

What section of the tax form does this go into

2007-04-16 08:34:56 · 7 answers · asked by Tapan D 1 in United States

Do you need income in that year equal to the amount you want to contribute, or can you make a contribution from previous years savings?

2007-04-16 08:34:07 · 4 answers · asked by Mark H 2 in United States

Hi, I heard, the mortgage interest for your second property doen't get any tax credit at all?

My situation is this; during the early Nevada boom, I've purchased a small condo over there. The mortagage payments for it has saved me quite some taxes for the past two years. Now, I'm considering purchasing a condo in the South Bay area (I'm a California resident) for myself to reside in; if i were to purchase my second property in california, for which I'll personally reside in, will it's interest payments be tax deductible?

Thanks

2007-04-16 08:31:50 · 4 answers · asked by Anonymous in United States

they used it this year but paid part of the monies in 2006

2007-04-16 08:23:32 · 4 answers · asked by luvhrlysnjager2 2 in Other - Taxes

2007-04-16 08:09:25 · 5 answers · asked by ayla243900 1 in United States

I have been waiting on the divorce to go thru since Dec. 2005, but it took a whole year and was final April 2007. If I file married, filing sep. I will owe so much, how can I file single?

2007-04-16 08:05:43 · 5 answers · asked by Amy S 1 in United States

I'm working on my private pilot's license, but am not in the airline industry. My intent is to progress the license to at least a commercial or CFI rating, so that if needed I could have a secondary source of income or minor fallback for job protection. Is the cost of obtaining this license and subsequent add-ons (i.e. instrument, multi, commercial, etc) allowable to be deducted from my taxes under the tuition deduction allowance?

2007-04-16 08:00:52 · 3 answers · asked by Fred_UD 2 in United States

I file 2006 tax thru Turbo Tax (online) and then I get thru mail another W2 that I totally forget can I file that w2 thru turbo tax or a Income tax company like H&R block or something like that ?

2007-04-16 07:53:53 · 6 answers · asked by Sergio 3 in United States

Do you have to go somewhere or is a lawyer needed?? I live in TX.

2007-04-16 07:48:44 · 5 answers · asked by Sweetheart 2 in Other - Taxes

2007-04-16 07:37:42 · 2 answers · asked by starskysthelimit 1 in United States

Tax Experts: I made 4 separate noncash charitable contributions to the same organization in 2006. The FMV of each contribution was more than $250 but less than $500. Since the total contribution to his organization exceeds $500, I understand that I must complete form 8283. However, I would like to know if I need to fill out columns D, E, F under Part I. Also for audit purposes, is the receipt that I received from the organization sufficient documentation? I didn't have to keep the original receipts and pictures, right?

2007-04-16 07:36:39 · 3 answers · asked by Is I 1 in United States

2007-04-16 07:29:53 · 2 answers · asked by Anonymous in United States

2007-04-16 07:24:34 · 2 answers · asked by mama111602 1 in United States

Could I mail my estimated 2007 payments for federal and state postmarked by April 17 to be consider on time? Or does the fund actually need to be transmitted to them for me not to pay a penalty?

2007-04-16 07:19:07 · 2 answers · asked by Christine Q 2 in United States

My fiance and I are in low tax bracket, our combined income would total about 64,000. We live in California, would it make a big difference in our taxes if we filed jointly or filed seperately?

2007-04-16 07:17:52 · 3 answers · asked by davene101 1 in United States

Can I choose to be a nonobligated spouse on my 1040's for the federal and state taxes, or is there paperwork to fill out? I'm filing online and would like to be a nonobligated spouse.

2007-04-16 07:15:09 · 2 answers · asked by Steve D 1 in United States

Since federal tax returns are not due until 4/17, does this
also apply to the 1st quarter estimated tax? I'm planning
to apply my refund towards the 1st payment.

2007-04-16 07:14:32 · 1 answers · asked by Someguy 2 in United States

Someone told me you still need to file and say you made $0 . Is that true?

2007-04-16 07:08:21 · 17 answers · asked by Mark H 2 in United States

The check from my aunt's trust was from a cashed in mutual fund. Her estate is based upon many other investments. I'm guessing this is where the schedule k-1 comes in? Do I pay taxes on any monies these investments earned from when she died until cashed in?

2007-04-16 07:07:42 · 3 answers · asked by meg e 1 in United States

They received about $2500 each. $700 interest income per kid. Their mother
died in 2006.

2007-04-16 07:02:05 · 2 answers · asked by graham w 1 in United States

What kind of paper work do I have to bring with me and what can i use as a deduction?

2007-04-16 07:01:37 · 2 answers · asked by lori3331 1 in United States

I have the following situation:

I got a refund from my 401K for contributions in 2005. I got the refund in 2006 and recently (in 2007) got a 1099R form which has a Distribution code P.

My Tax software (TaxCut from H&R Block) does not allow me to show this as an income in 2006. It tells me that I have to amend my 2005 return to show this as additional income. While it makes sense that its taxable income for 2005, I am not sure how to proceed.

Questions:
1. Is this correct? Do I have to file amendment for my 2005 taxes?

2. Should I just file 2006 return as usual without any information about this refund?

3. If I have to file an amendment for 2005, I will have to pay taxes on the refund I got from 401k. Do I have to pay any penalty/interest since I did not report or pay this earlier? (I couldn't report this earlier because I got this 1099R in early 2007)


Any other thoughts?

2007-04-16 06:59:30 · 2 answers · asked by gujju 1 in United States

I made about $13,000 last year from contracting, but only netted about $7,000 after expenses. So I am afraid the IRS will wonder how I ate unless I show that I received this gift. I have nothing to hide, but I also feel little desire to be audited.

(For those who will ask how I ate even on $12,000, the answer is: roommates. I ate my roommates. No but seriously now, folks, I have three roomies and my rent is very low. Plus one of them is lactating, so plenty of milk. NO just kidding again. Just be glad you're not one of my roommates and don't have to listen to me. Please just take pity on me and share your knowledge.)

2007-04-16 06:55:06 · 4 answers · asked by Anonymous in United States

I realize today is the day that everything is due, but I was wondering if I could still send out the 1099s at this point? I'm filing an extension and I just completely forgot to take care of the 1099s. Is there some sort of penalty I could just pay and go ahead and send them out? None of the people called to find out where their forms were.

2007-04-16 06:54:02 · 3 answers · asked by kpainter 1 in United States

2007-04-16 06:50:00 · 6 answers · asked by K R 1 in United States

I have never claimed this loss before. Can I claim it now in this year's (2006) tax return?? Thanks !!

2007-04-16 06:41:07 · 3 answers · asked by be cool 1 in United States

Eventually I will also receive a check from her estate (once settled). Will I have to pay inheritance taxes on these amounts?

2007-04-16 06:40:00 · 6 answers · asked by meg e 1 in United States