Taxes - April 2007

I'm a recent college graduate who electronically filed my taxes early this year. I did not claim myself as a dependant and filled out my forms as such. However, after e-filing my tax returns, my parents found out that they can still claim me as a dependant for 2006. So I mailed a 1040X to amend my federal return.

In my original tax return as a non-dependant, I was supposed to get X value back. Now that I'm being claimed as a dependant, I'm supposed to get a lesser value back.

However, this past weekend, I got my refund back (via direct deposit) from the original return that I had sent through. That means the IRS gave me back more money than they were supposed to.

Does this mean I need to send a check back before April 17? Or should I wait for a notice from the IRS after they've processed my 1040X?

2007-04-15 15:42:44 · 7 answers · asked by Ness 1 in United States

In the past 2 years, I have lost more than $180,000 in the stock market. In order for me to claim the loss in my tax return, I can only do $3,000 a year. So it will probably take me 60 years, if I make no more gains nor losses.
I wanted to know if I have a S-Corp, will my profit (as a shareholder) be claimed as capital gains that I can claim against my $180,000 stock market loss.

So for example, if my S - Corporation makes profit of $100,000 after paying my normal salary, will this $100k go against the $180k, leaving me with $80,000 of losses to claim for the next few years?????

I have asked a few accountants that questions and none of them have an answer.

I guess it's a good question

2007-04-15 15:24:42 · 4 answers · asked by princemo4 2 in United States

I made $350 on a small gig and haven't received a 1099 from them. Will it be okay to not report it? Or am I playing russian roulette?

2007-04-15 15:20:54 · 7 answers · asked by Stan 1 in United States

I should have made 218.72 minus taxes, however I only have recieved 122.03. I'm trying to figure out how much, if anything, my employer owes me. I live in Bloomington, Indiana, USA, and earn approx 26k per year at 23 years old. Not enrolled in college at this point.

2007-04-15 15:09:45 · 8 answers · asked by farfrumpukin01 1 in United States

I just finished filing my 2006 tax return. I wasn't able to file my 2005 tax return year last year. So I want to go ahead and do that too, since I read that you only have 3 years to file a return. My 2006 tax return was just accepted (I don't owe money by the way, I get a refund for both Federal and State) - will the IRS reject my 2005 return or will they give me a refund on both returns?

I'm just confused because I also heard you can only do one return per year...

2007-04-15 15:07:49 · 5 answers · asked by fallen_confused 2 in United States

I am trying to figure out my sisters taxes and her employer has her down as box 7 nonemployee compensation, and due to this it requires that she fill out a Schedule C, C-ez, or a Schedule F which all is about a business which she is not. First question is... is she able to even fill out these forms when she isn't a business?? Second question... Shouldn't these wages be under box 3 (Other income)... She is talking to the accountant for the business but has been getting the run around, so Question three... How do I file for her??? ANY HELP!

2007-04-15 15:07:39 · 3 answers · asked by Jay P 2 in United States

2007-04-15 15:04:30 · 3 answers · asked by Darlene F 1 in United States

I am an Australian resident and recently on a trip to America I had a win at the Casino and they took tax out and I got a Form 1042-S. Can I get the tax taken out of my winnings back? If I can how do I go about it.

2007-04-15 15:01:51 · 0 answers · asked by Anonymous in United States

2007-04-15 14:57:17 · 3 answers · asked by Darlene F 1 in United States

2007-04-15 14:52:39 · 3 answers · asked by Sherry H 1 in United States

I usually purchase items on iOffer.com and re-sell them on eBay.

So, I usually make around $20-$25 profit per item sold

But, when I go on paypal, click history, it shows me the GROSS and the NET AMOUNT of around $60 (the amount I sold the item at BUT I ONLY GAINED $20 PROFIT)

So, when I fill out my taxes, do I specify the amount of PROFIT or the SELLING AMOUNT?

*If your anwer is profit, how will I get the $20 profit I made onto my paypal account since currently it says $60* Since I buy things from iOffer and then sell on eBay with a PayPal account.

Also, should I specify THE GROSS amount or THE NET AMOUNT DURING TAXING?

2007-04-15 14:34:53 · 4 answers · asked by twist 3 in United States

just buy everything they need and put it in storage while the rest of us who live paycheck to paycheck have to start paying the tax imediately?

2007-04-15 14:26:42 · 4 answers · asked by Anonymous in Other - Taxes

My husband hasn't file his taxes for years and owes money,anyway we live in a small town and I keep seeing these commercials on tv for tax help(ronnie deutch etc.)saying they can settle for pennies on the dollar.My question is are these legitimate companies and are they real attorneys and can they really help and do you do this over the phone being that there in differant states etc.We really need help to settle this.

2007-04-15 14:18:16 · 3 answers · asked by pinkrose 1 in United States

I am doing my state taxes from last year and this year, I live in Illinois and worked in Indiana.

2007-04-15 14:04:40 · 2 answers · asked by L H 1 in United States

I filed a correct return. Two months later, they have asked me for additional documentation (on capital gains, line 13) that is clearly not required based on the instructions in the 1040 instructions. A delay of two months of funds has a significant interest realization. So... they can charge me interest if I delay in providing a correct return, but are not responsible if they do not play by their own rules. Why, and what recourse do you suggest, if any? If they want an audit, why don't they just do so? If I were audited, would they also hold my funds until I proved to their satisfaction that I was following the applicable tax laws?

2007-04-15 13:54:08 · 5 answers · asked by kelly 1 in United States

For financing purposes on an investment property, I sold my partner all but 1% of my shares (no compensation was received). My CPA tells me that this will trigger capital gains treatment on my negative capital account. I understand the technicality at hand, but feel that this is unjust. Does anyone know of precendent against my CPA's opinion?

2007-04-15 13:26:56 · 4 answers · asked by Mitt 2 in United States

2007-04-15 13:20:15 · 11 answers · asked by eshpros 2 in Other - Taxes

I own a six-month old single-owner LLC, which I operate out of my house. I want to purchase a car to use for my business. My company is a telecom-consulting business, so the primary use for the car would be to drive to client appointments and to take packages to the local shipping store. I typically don't do much personal driving during the week after business hours.

I am not sure if I should pay cash for the car, or if I need to finance the car. Which is a better write-off?

My wife has her car, and we use it primarily for family functions. So, how much could I use the company car for my own personal use without the risk of doing something illegal (tax-wise)? My wife would probably never use the car, even though she is technically an employee.

2007-04-15 13:12:47 · 2 answers · asked by Tony D 2 in United States

the lawsuite where h and r block was over paid for doing taxes how to find out if recieving a refund

2007-04-15 12:54:31 · 2 answers · asked by ter391965 1 in United States

When I get my taxes done (at the office with a pro) should I give them the transaction from my paypal account with

a.)ALL (ITEMS BOUGHT AND ITEMS SOLD)

or

b.)JUST THE ITEMS THAT I SOLD?

2007-04-15 12:31:29 · 1 answers · asked by twist 3 in United States

my husband owes back child support and i am wondering if our refund will go to that. we signed up for the rapid refund so i am wondering if we will get it or not, does anyone have any insight?

2007-04-15 12:25:38 · 5 answers · asked by Anonymous in United States

2007-04-15 12:23:04 · 6 answers · asked by hendricksfan01 1 in United States

Its the 15th, and its a sunday. Is it too late? Can i do it tomorrow?

2007-04-15 12:22:48 · 8 answers · asked by Anonymous in United States

i have already recieved my income tax refund (state and federal) a couple of months ago. the other day there was a deposit in my account for several hundred dollars from the irs. could this have been a mistake?

2007-04-15 12:21:05 · 8 answers · asked by Cornell is Hot! 4 in United States

If i use a check AS MY MAIN AND ONLY E-BAY PAYMENT, do i have to file that on my taxes, can e-bay report me to the IRS if i don't?

2007-04-15 12:09:29 · 3 answers · asked by Anonymous in United States

2007-04-15 12:08:45 · 5 answers · asked by Jessica S 2 in United States

1)i buy on ioffer.com and sell on ebay.com When i go do my taxes do i have to say
a.)THE FULL AMOUNT OF $$ THAT I MADE (NOT PROFIT)

OR

b.) DO I NEED TO TELL THEM MY NET PROFIT (THE PROFIT I EARN FROM RE-SELLING. for ex.) i buy for $40 and re-sell for $60 = $20 profit

-please specidy wich letter is correct once filing a tax return


2.)ALSO, I'VE MADE AROUND $700-$800 (CHOICE A.) ABOVE TYPE) AND AROUND $300-$500 PROFIT (CHOICE B TYPE) . SHOULD I FILE THAT ON MY TAX RETURN

3.)DO BUYERS HAVE TO FILE THEIR MONEY SPENT ON THEIR TAX RETURN?

4.)CAN THE IRS CATCH ME WITH THE AMOUNTS I MADE STATED ABOVE? SHOULD I FILE THE AMOUNTS OR IS IT NOT WORTH IT.

5.)ALSO, IF I SELL THINGS ON EBAY AND THE BUYER USES A CHECK AS A PAYMENT METHOD, WOULD THE IRS CATCH ME FOR THAT OR NO? SHOULD I FILE THAT?

The person who answer A L L of my question (in that order) will recieve the best answer. PLEASE SPECIFY YOUR ANSWERS LIKE THIS:
1.) YOUR ANSWER TO MY QUES.
2.)
3.) ETC.

2007-04-15 12:05:23 · 2 answers · asked by Anonymous in United States

2007-04-15 12:04:30 · 3 answers · asked by ? 2 in United States

I know it's like this in European countries where you just submit receipts and get a check back for the full amount of tax you spent.

2007-04-15 12:01:43 · 4 answers · asked by chuck 2 in United States

2007-04-15 11:42:25 · 3 answers · asked by blazing_fire 4 in United States