Taxes - April 2007

This is a simple question, but complex to explain perhaps, but here goes nothing:

I have 2 jobs. Job 1 will max out my social security contribution as my pay is >97500. Job 2 is a home business, with me as the sole employee.

Question:
I know that if I withhold social security from job 2, I will personally get a refund at tax time (happened this year). BUT, my home business, which has to match the contribution, does not get a refund. So, can I simply not deduct social security from my job 2 paycheck? And, correspondingly, can I avoid the company match altogether by doing this?

Or, will the IRS look from a company point of view and say "you have to match the first 97500 from each employee, period"? The employee can then get a refund, but the company is out of luck.

2007-04-15 11:28:04 · 4 answers · asked by UhOh1231313 1 in United States

i did not work in 2006 .i cashed out a $10000 ira early i know 10% penalty.i used the ira money and my savings to pay a $1200 a month @ 6% on a 135k mortgage.

2007-04-15 11:19:43 · 5 answers · asked by sagev_vegas 2 in United States

2007-04-15 10:49:08 · 1 answers · asked by Anonymous in Other - Taxes

2007-04-15 10:42:33 · 4 answers · asked by trent 1 in United States

2007-04-15 10:28:31 · 5 answers · asked by Jericho 2 in United States

I volunteer for a non-profit organization. I travel extensively for meetings, etc, out of pocket, and I maintain records of my travel (receipts, expense statements).

Several of the trips are required as part of my responsibilities. Most trips exceed $250/trip. But the non-profit did not give me a written statement. I noticed the IRS is asking for a written statement from the non-profit saying I was not reimbursed.

Can I ask for a statement now to substantiate I did not get reimbursed for my travel last year?

2007-04-15 10:14:15 · 1 answers · asked by idahdespida 3 in United States

2007-04-15 09:52:34 · 1 answers · asked by King Midas 1 in United States

I received a 1099-MISC for money won in a civil suit on a court tv show (Judge Maria Lopez). There is $1400 in box 7 (Nonemployee compensation). I figured I need to fill out schedule C-EZ, schedule SE, and 1040. (Let me know if I'm wrong about that). My question is, what should I put on line A for business and what business code should I use for box B? I was thinking 999999, for unclassified establishments.

2007-04-15 09:39:26 · 3 answers · asked by Anonymous in United States

Let's say I make $40,000, but I get lucky on a few stocks and I get $15,000 in capital gains this year. Let's also stipulate that this was unexpected, and the previous years I made an average of around $3,000. Will the IRS fine me next year for the underpayment penalty if those stock sales put me well over the $1,000 limit?

(Let's say I got a refund for this year, so my taxes paid in full.)

2007-04-15 09:19:28 · 3 answers · asked by John F 2 in United States

If my friend wants to sell her house now for about $500000, she will have to pay Capital Gains taxes on $250000 of the profit the way the tax laws are written now. Is there any way that she can avoid paying those Capital Gains Taxes to the State of California if she sells her house for more than $250000? From what I've heard from other sources, the only way for her to avoid paying the Capital Gains tax for any profits over $250000 is for her to get married, at which time her Capital Gains excemption goes up to $500000.

2007-04-15 09:12:57 · 3 answers · asked by todd s 1 in United States

Ok, I just filed my taxes a few weeks ago and owe the IRS a lousy $80. I am a second year college student and have not found any clear instructions as to where to send my $80 check to good'ol Sam. Where the hell is the money supposed to go?? The IRS.gov website is not much of a help. They want my $80, they oughta make it easy for me to pay'em!!! Ok...so someone help me out here! And don't give me your home address ;)

2007-04-15 09:04:01 · 5 answers · asked by Anonymous in United States

is it true that if u file ur taxes so that u receive ur money the next day that they give u less money than if u file ur taxes so that u receive it way later on????

2007-04-15 08:38:21 · 4 answers · asked by Anonymous in United States

Just wondering if i can claim my brother as a dependent? He lives with me and i provide more then half of his support. He's a college student, however he does own a business which is at a loss. Can i assume if his business income is less then 3200 i can cliam him as a dependent. And if so does he have to file a separate return for his business losses, thank you.

2007-04-15 08:13:31 · 5 answers · asked by unknownxz 1 in United States

I filed my taxes in February. I received my federal return about 4 weeks ago. When will i get my state tax refund back? I live in Utah county, UT

2007-04-15 07:58:30 · 2 answers · asked by ♥mybabyboy♥ 5 in United States

Since 2002, I've had someone claiming my daughter as their dependant illegally. I have a feeling it's her father forging my name on a Form 8332. Her father lost all rights to her due to child abuse and isn't even allowed to have supervised visits with her. Every year my e-file gets rejected because of her ss# being already claimed and I'm forced to mail in my taxes which caused my refund to get delayed by 3 weeks. I wrote the IRS in 2003 and in 2006 asking them to do something about it but it's still happening. I'm a single mother and can't afford a lawyer. How can I get the IRS to do something? Is their a form I can submit that would force them to investigate?

2007-04-15 07:50:22 · 6 answers · asked by L C 3 in United States

I currently live in Connecticut but last year I lived in Ohio for four months. During that time I worked in Pennsylvania and paid income tax for both Ohio and Pennsylvania. From the research I've done it looks like I should not have paid any tax to PA. Does anyone have any idea as to how I might go about getting a refund? I realize this is a very confusing situation so any help would be great.

2007-04-15 07:46:55 · 2 answers · asked by ct457 1 in United States

for my landline phone, I use a calling card only for long distance service.

i use my cell phone for long distance calls too.

2007-04-15 07:44:47 · 4 answers · asked by ♪ ♫ ☮ NYbron ☮ ♪ ♫ 6 in United States

2007-04-15 07:38:39 · 6 answers · asked by L V 1 in United States

2007-04-15 07:36:02 · 8 answers · asked by octopus 1 in United States

Do you just provide the mortgage company a copy of the deed or how do you get your name off of the mortgage?

2007-04-15 07:28:33 · 4 answers · asked by lavenderbluelassie 3 in United States

my friend's mother in law died in 2005 she wrote a will saying the house would be sold upon her death with proceeds going to her 4 daughters. the house was sold in 2006 does the money my friend's wife received from the sale of the house have to be reported on their 2006 tax return? is it considered ordinary income or inheritence or what thanks for reading this

2007-04-15 07:26:05 · 5 answers · asked by 57rider 2 in United States

I received additional tax information from my university regarding tuition payments that should be deductable. How/when can I file a 1040X so I can get more of a refund, after I have already filed my 1040 for 2006?

2007-04-15 07:25:35 · 3 answers · asked by Johannes V 1 in United States

2007-04-15 07:21:49 · 6 answers · asked by Anonymous in United States

2007-04-15 07:20:31 · 5 answers · asked by blackiejokermurph 1 in United States

is there such a thing as a deferral or delay of filing or anything like that

2007-04-15 07:08:01 · 2 answers · asked by havnocludou? 1 in Other - Taxes

is there something free online that i could look at to see what tax bracket i fall in?

2007-04-15 06:34:38 · 3 answers · asked by vickie2391 2 in United States

$23,100 annual mortgage interest on a $90,000 annual salary?

2007-04-15 06:33:34 · 1 answers · asked by doggafacia 2 in United States

I have full time employment as a professor in Georgia, for which I receive a standard W-2. I also claim self-employment as an Author/Lecturer, because I sometimes receive 1099 income from these sources.

Last year, I taught for one month in Nebraska. They, too, sent me a W-2 form. Because it was away from my home, I want to deduct expenses for this second job using Schedule C, as I normally do with 1099 income; however, TurboTax will not import the second W-2 to Schedule C unless Box 13 claiming that I was a "statutory" employee in Nebraska, is checked. (It is not.)

How can I get it to do so, or is there another calculation method that will allow me to make these deductions?

2007-04-15 06:29:37 · 3 answers · asked by Sam C 1 in United States

what's paypal filing tax in nj? what percent? also, i have $400 on my paypal account currently(i withdrew some money from the bank) and i buy and re-sell on ebay, so far i made about $200-400, should i file that in my taxes. WHAT'S THE MINIMUM AMOUNT YOU SHOULD MAKE TO FILE THIS INTO YOUR TAXES. WHAT HAPPENS IF I DONT?

i have a paypal priemer account

2007-04-15 06:16:39 · 2 answers · asked by Anonymous in United States

2007-04-15 06:09:12 · 7 answers · asked by personwhocravesknowledge 1 in United States