Taxes - April 2007

My wife, along with two other people, put on sports camps during the summer. At the present she gets paid with a check and gets a 1099-MISC after all profits and expenses are counted up at the end of the summer. We file a Schedule C and pay the SE tax and also have to put this all on our 1040. This essentially taxes the income at about 40-50%. If they were to form an LLC and essentially do everything else the same along with filing a Form 1065 and K-1's each year for the LLC are we able to just file with a 1040 and avoid the SE taxes?

2007-04-14 19:45:07 · 4 answers · asked by Anonymous in United States

And what happens if I mail it in a couple days late?!

2007-04-14 19:10:26 · 9 answers · asked by Anonymous in Other - Taxes

I filed a extension, but now i read that the extension is good for only 6 months.

2007-04-14 18:03:22 · 6 answers · asked by DONALD J 1 in United States

I'm sitting here doing my taxes for this and while going through my filing cabient I realized I never filed for my 2005 taxes, can I still claim them? And if so do I add it on to the form that I'm doing right now or would I have to do it seperatly?
Thanks!

2007-04-14 17:21:07 · 5 answers · asked by Drew 5 in United States

I have started as an independent contractor with a company. i wanted to check what all deductions will i be able to take off next year? i'm also making paymnets on my car but its against my line of credit issued by my bank. can i include those payments as deductions or is that not possible?
I am aware of mileage,office expenses,utilities percentage(as i'll be using one of my rooms as office space),meals deductions. If some one could let me what else i can deduct. will I be able to deduct all my car repairs and expenses as well?
Thanks :)

2007-04-14 17:01:45 · 4 answers · asked by 007 1 in United States

2007-04-14 16:53:44 · 3 answers · asked by sny 3 in United States

I would like to find the federal tax ID for an organization that I've paid fees to... If there was a cheap service online it would be more convenient for me to use it over the weekend rather than calling the company on Monday to obtain the Fed Tax ID myself.

Thank you,
-tk

2007-04-14 16:48:31 · 3 answers · asked by tkaloudis 1 in United States

I believe I do not need to pay california state tax for the income earned from massachusetts. However, california state tax form schedule 540 does not have a item to deduct out of state income from federal adjusted gross income. do you know how to file california state tax for income from other states?

2007-04-14 16:39:01 · 4 answers · asked by Canadian 1 in United States

when should u send tax return with checks/money order

2007-04-14 16:37:04 · 3 answers · asked by Lee S 2 in United States

My husband's father will be giving him a large sum of money before his death. We live in the U.S. How is the best way to receive the money? Will we be taxed in the U.S?

2007-04-14 16:25:37 · 2 answers · asked by debra l 2 in United States

My lovely naive daughter filed her taxes for the first time this year. I had told her I was going to do them for her, but she met a "helpful friend" that wanted to take her to a guy and so she decided to get them down with him, since I was procrastinating. Now I don't know what they talked about, but she had told the accountant about the possibility of her not even being able to get her taxes done seeing how, her and my daughter's socials have been screwed up (WHich We've been trying to fix for the last 5 yrs), and becuase of this she cant even recieve governement help for school, and so on. SHe also told him (which WAS true) how I had a problem claiming her sister becuase her social made her seem ALOT older than she really was. SO the accountant some how convinced her that he knew a way around that, and told her to file her own sister as her dependent. Now the fact that my daughter was so stupid to NOT see that this man was only looking for his cut, upsets me, but besides that....

2007-04-14 16:15:44 · 6 answers · asked by Anonymous in United States

2007-04-14 16:10:32 · 6 answers · asked by seefourormore 1 in United States

2007-04-14 15:54:28 · 9 answers · asked by Austin R 2 in United States

It seems like a good idea to me, but as an economic centrist, I prefer to weigh all the options before deciding what I like.

2007-04-14 15:41:04 · 11 answers · asked by Rio Madeira 7 in Other - Taxes

I got my adjusted gross income equal to $4500. I checked Table 7 of Pub-501 & it says my standard deduction is $5150. In the next line, I am asked to subtract the latter from the former & this gives me a negative value for writing on line 12.

Is that ok, or is there some mistake?

2007-04-14 15:36:39 · 7 answers · asked by Anonymous in United States

For example if I've made only about $3,500 and I'm a student do I absolutely need to file, or can I choose not to b/c my wages are so insignicant? Also is there a minimum amount of money designated for filing? Idk how to word that one, but I'm sure you can get the gist of what I'm asking.

2007-04-14 15:30:22 · 5 answers · asked by Rick R 5 in United States

2007-04-14 15:18:20 · 2 answers · asked by Tonya M 1 in United States

Is there an online site to get an extension for
my tax returns

2007-04-14 15:15:31 · 6 answers · asked by grandmommy 1 in United States

I was wondering also what tax software most CPA's use?

2007-04-14 15:00:09 · 2 answers · asked by Showstoppers 2 in United States

My mother cleans doctors' offices had has to fill out a schedule C. The milage between locations is deductable, but is the auto repair and maintenance deductable on the sched C?

2007-04-14 14:58:17 · 4 answers · asked by diamond_kursed 4 in United States

2007-04-14 14:56:44 · 4 answers · asked by Anonymous in United States

Say I earned $1,000 on a side job and incurred $400 expenses. Do I pay Self employment tax on $1,000 or $600?

2007-04-14 14:48:07 · 3 answers · asked by Showstoppers 2 in United States

I'm filling out form 4868 to get an extension of time to file my taxes. I calculated my total tax liability for 2006 to be $15.43 (I barely made more than $8450). For line 5 "Total 2006 Payments", do I put the amount from "Fed. Income Tax Withheld" from my W-2 ($50.03)? If not, how can I calculate this figure? How much should i pay with my 4868? Thanks for your help!

2007-04-14 14:46:44 · 2 answers · asked by djz2k 1 in United States

I am the head of the household, support my wife & kids and have a regular job; we have two young children, my wife is filing a 1099 and made less than $2000.

2007-04-14 14:43:49 · 5 answers · asked by Few Find It 2 in United States

My fiance and I have children from another relationship, I have 2 and he has 1. Im concerned when we get married we will have to file jointly and we will lose that extra money. When married can we still file seperate and claim our own children on our taxes. Neither one of us plan on adopting the others children. I get at lest 4-5 thousand and he gets $2000, will we get less back filling together?

2007-04-14 14:28:19 · 9 answers · asked by litosone143 1 in United States

Is it legally required to report interest income on Form 1040 for amounts too small to have had a 1099-INT generated?

I have several savings accounts, and some of the interest received by me is only a couple of dollars, so there is no 1099-INT.

In the past, doing my taxes longhand, I always listed ALL my interest income on Schedule B, no matter how small the amounts.

This year, I am using taxactonline.com, but I cannot find a place to enter the interest amounts for which I received no 1099-INT.

Please don't reply with, "The IRS doesn't know about the interest if a 1099-INT wasn't generated, so don't bother to report it." I want to know if the IRS requires ALL interest to be reported.

If all interest must be reported, is Schedule B the right place to list it (I have always done that in the past)?

Finally, if the interest must be reported, does anyone know where on taxactonline.com the amounts should be input?

Thanks for any and all help!

2007-04-14 14:14:15 · 4 answers · asked by we2inmaine 2 in United States

2007-04-14 14:10:48 · 3 answers · asked by tupapi 1 in United States

2007-04-14 14:03:29 · 3 answers · asked by nellybelly 1 in United States

2007-04-14 13:47:13 · 13 answers · asked by Giggly Giraffe 7 in United States

IF I HAVE WORKED FOR THE PAST FEW YEARS AND HAVEN'T FILED MY TAXES WHAT WOULD HAPPEN?

2007-04-14 13:26:35 · 2 answers · asked by LIBERIE G 1 in Other - Taxes