Taxes - April 2007

Social Security payments limits or max to recieve when retired?

2007-04-15 20:47:08 · 2 answers · asked by RAUL N 1 in United States

I need to know what happens if you do not pay what you owe when you turn in your tax forms since an extension doesn't help that. I don't owe very much but I have absolutely no form of income and don't have any money to pay. Don't say its because I'm lazy either, I have a panic disorder that keeps me from holding a job. Please, any advice on what to do? Thank you guys!

2007-04-15 20:36:20 · 7 answers · asked by shedevilnotunknown 3 in United States

The 1099 from my broker shows the "cost basis summary" for these municipals. The paragraph heading reads "THIS IS NOT A 1099 FORM AND IS NOT REPORTED TO THE IRS". The dividends (short term) for these muni`s is shown under another paragraph titled "DIVIDEND INCOME -TAX EXEMPT".

This question is related to a recent notice that I received from the IRS asking me to provide the cost / sale information for these muni`s that another party had provided to them (I assume that was my broker supplying them the same 1099 that I received). This IRS notice is related to my 2005 1040 which did not include a Schedule D ( Capital Gains and Losses).

The "notice" is asking me to provide a Schedule D showing the cost/sale information. There is only about $91.00 difference.

The IRS says that I owe a large amount ( over 5k) because they took the sales price and added interest and penalties going back to 2005.
Is my broker to blame,should I send money along with copies of the 1099 to the IRS ? ?

2007-04-15 19:14:23 · 3 answers · asked by Bill D 1 in United States

I found one form but all it speaks about is if you owe money what form do I fil out if I am getting money back?
Thanks,
Jax

2007-04-15 19:12:21 · 2 answers · asked by JAX 1 in United States

they asked me to contact the couriere service for the prize because i am working oversease and they will take money

2007-04-15 18:39:35 · 6 answers · asked by jana e 1 in United Kingdom

I've heard that you can claim up to $500. with out having to show reciepts for giving to charities. Is this true or is there another amount if at all?

2007-04-15 18:38:27 · 5 answers · asked by talken_to_you 2 in United States

2007-04-15 18:27:14 · 19 answers · asked by Anonymous in Other - Taxes

Can I file as head of household if mother is living with me?

She receives my dad's pension after he passed, so I cannot claim her as a dependent because the pension is about $25,000 per year. But I pay all the living expenses including mortgage payment and food. She cannot take care of herself or live alone. I don't spend her money in case I need it for long term care or medical expenses in the future. I am single.

2007-04-15 18:23:46 · 2 answers · asked by violetkites 3 in United States

I need to show an expense on my personal taxes: $5k investment into my S Corporation, but do not know where in my tax return this should be displayed. (BTW, the S Corp made has no revenue yet). I am filing the S Corp as a Schedule C and i'm using turbo tax business version to file the taxes.

2007-04-15 18:07:43 · 4 answers · asked by george 1 in United States

I am going to be graduating at the end of this year with my Bachelors in Accounting, and I will be CPA-eligible, and I want to explore options other than public accounting.

Serious answers only, please!

2007-04-15 18:03:23 · 2 answers · asked by The JZA 2 in United States

Before I left my previous job, I got money from the companies pension plan. I need to know what tax form to use. I have been using 1040ez.

2007-04-15 17:52:14 · 2 answers · asked by cat21159 2 in United States

I did get a state AND federal refund last year, and I should this year, but am not itemizing. Can I just use the figures from my last tax return and not worry about the actual form? Or can I find it online somewhere?

2007-04-15 17:34:08 · 5 answers · asked by Christina G 1 in United States

2007-04-15 17:28:59 · 1 answers · asked by Anonymous in United States

For the past 5 years on my taxes, I have checked my status as "single", when I actually qualify for "head of household". This equates to more money!
Can I go back and ammend my previous returns to file as "head of household" and get the extra money I could have gotten?

2007-04-15 17:17:55 · 6 answers · asked by Janelle B 2 in United States

2007-04-15 17:17:41 · 4 answers · asked by scarlettohh 1 in United States

If I purchased a home and closed escrow in October, could I claim the taxes for October - December along with interest paid on my 2007 income taxes? What is the cutoff date in order to claim?

2007-04-15 17:13:05 · 6 answers · asked by josenspencer 1 in United States

2007-04-15 17:09:18 · 12 answers · asked by mr. 1 in Other - Taxes

Can anyone think of a legal, yet effective, way of showing our disgust with the oil prices? Currently, I'm paying $2.84/gal. This time last month, the price was hovering around $2.25/gal.

It's time we stop buying in to the "We're switching to our summer blend" excuse and do something about it. Start boycotting oil companies, support public transportation, write a congressman, anything. We need to do something. This is getting downright ridiculous. I'm not a political person, so I could care less about contacting congress. By the time someone actually looked at a bill about gas prices, it'd either be shoved in with an abortion bill, or a bill about immigrants, so as to get vetoed. This is ridiculous people, lets think of a way to let the oil companies know we are fed up with this crap.

2007-04-15 17:04:36 · 8 answers · asked by dietdewdude887 1 in Other - Taxes

I paid a foreign contactor to do software testing. All software testing was done outside of the US. How do I report the amount paid to the contractor to the US Govt? I believe I am suppose to file a 1099-Misc and put the amount in box 7? What do I use for the recepients identification number?

2007-04-15 16:48:42 · 1 answers · asked by Richard S 2 in United States

My daughter goes to kindergarten in a public school. It is only half day, but the parents can choose full day service for a fee to the school district. So her class lasts the whole day. It is this fee that I am not sure if deductible.

2007-04-15 16:43:49 · 4 answers · asked by Alan G 1 in United States

Should I file seperately or what?

2007-04-15 16:42:52 · 9 answers · asked by Morris Technologies & Gift Shop 2 in Other - Taxes

I earned a lot less than $600 as a subcontractor at tutoring, do I still have to file a schedule C with my other W-2 type salary.

2007-04-15 16:41:36 · 4 answers · asked by buckeye217 1 in United States

2007-04-15 16:29:02 · 1 answers · asked by David 1 in United States

Ok, Im a little confused. Apperently I must not be reading something right. But on “state and local general sales tax” publication 600. I seem to get a tax credit of $372. So where do I put this on my 1040? All the info I seem to find is pointing to put it in the income section that makes no sense.

2007-04-15 16:28:57 · 3 answers · asked by techgeek 1 in United States

What percentage (approximately)does the government take out of the salary of 35,000? I mean federal taxes , state and ss.....no kids , married but husband makes less than a 1000 a year....

2007-04-15 16:11:10 · 1 answers · asked by Anonymous in United States

I'm going to be starting my first job in a couple of weeks, and i wanted to know how much i'll "really" be making... before tax i should clear about $580 ( 20 hours a week and 4 weeks a month at $7.25 an hour) How do i calculate the tax on that?

2007-04-15 16:07:07 · 3 answers · asked by Anonymous in United States

My sister was working while going to school so she barely made any money in 2006, roughly about 1500 over the summer. she can not find one of her W2's and only has one that she worked for $600. She is refusing to file because she can not find the other W2 and that she barely made any money.. what can happen if she doesnt file even though she barely made any money and that she lost her w2? and how much money would she make if she did file?

2007-04-15 16:03:41 · 4 answers · asked by finallyamommy 3 in United States

If a family member likes to give you let's say 50,000$ is a personal gift better or investing in your corporation? As I started a company, what way is better & less tax costly? Thanks.

2007-04-15 16:03:24 · 7 answers · asked by Stella V. 1 in United States

In tax year 2006, Since I am over 50 years old, I contributed $5,000 to a traditional IRA because I wanted to reduce my taxable income. My 401k contributions brought my income just a little over $50,000 so I was able to reduce my income by most of $5,000. Is there a limiy as to how much I can have my employer deposit into my 401k account? My income will increase a little and want to be able to contribute more so that my 2007 taxes can be reduced by a $5,000 traditional IRA contribution.

2007-04-15 16:01:00 · 4 answers · asked by wizeman 2 in United States

2007-04-15 15:48:55 · 1 answers · asked by Abhijit C 1 in Other - Taxes