Taxes - April 2007

The FairTax plan is a proposal that replaces all federal income & payroll based taxes with a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue neutrality, & the repeal of the 16th Amendment.
The FairTax Act (HR 25, S 1025) abolishes all federal personal & corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, & self-employment taxes & replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities.
The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, & intelligent solution to the frustration & inequity of our current tax system.
The FairTax:Abolishes the IRS, Closes all loopholes & brings fairness to taxation, Ensures Social Security funding
check it out: fairtax.org

2007-04-12 05:25:44 · 8 answers · asked by ? 4 in Other - Taxes

I left my real job to work for me and my husbands business. I elected to take the Cobra from my previous job at about $450 per month. I can deduct this?

2007-04-12 05:15:01 · 3 answers · asked by FreakyGeeky 3 in United States

I shoot videos for a local animal shelter, for free, to help their pets get adopted (they post the videos on their website). Is this type of work tax deductible for my business?

2007-04-12 05:12:13 · 6 answers · asked by qbzepol 1 in Other - Taxes

2007-04-12 05:12:08 · 9 answers · asked by Laura S 1 in United States

2007-04-12 05:07:35 · 2 answers · asked by Anonymous in United States

last year this couple filed together joint received tax refund and now this year found out they were overpaid. Spouse has set up arrangements with IRS to pay back but how can the debt now be split down the middle for the both of them since only seperated but living in two different states.

2007-04-12 04:59:30 · 2 answers · asked by glo 1 in United States

We had "employees" last year for the first time. We never really defined if they were self employed or independent contractors. Anyway, if I report that I paid them money, then I was supposed to send a W2, right? Well I did not send a W2 so do I now just exclude that money from my expenses?

2007-04-12 04:55:20 · 2 answers · asked by FreakyGeeky 3 in United States

2007-04-12 04:24:44 · 1 answers · asked by dee 1 in United States

2007-04-12 04:20:35 · 4 answers · asked by cjray4 3 in United States

2007-04-12 03:56:37 · 5 answers · asked by Combatchi 1 in Other - Taxes

know how much money to put away each month for taxes? Also, why would an employer offer me 20K more per year in salary if I become a 1099 employee?

2007-04-12 03:05:37 · 7 answers · asked by Anonymous in United States

Friend has not filed any taxes since her divorce 15 yrs ago. Recommendations on where to go or who can help her to get this handled? She also does not have all her W2's for those years. She lives near Madison, Wisconsin.

2007-04-12 03:00:12 · 5 answers · asked by Anonymous in Other - Taxes

I already have a first morgage and that interest was deducted, but can I deduct the interest from a second mortgage also?

2007-04-12 02:56:19 · 4 answers · asked by Brett C 4 in United States

My 2nd job has me on a 1099. And i am on a W2 with my full time job. And this is my first year with a 1099.

2007-04-12 02:55:59 · 3 answers · asked by CAR 2 in United States

With all the new technology there has to be something... i think

2007-04-12 02:49:23 · 3 answers · asked by its_that_guy 2 in United States

2007-04-12 02:47:22 · 6 answers · asked by farmgirl101 2 in Other - Taxes

if I start a business under as a sole proprieter, will I need a fed & state tax id # or just a soc sec # ?

2007-04-12 02:16:49 · 5 answers · asked by trekkie706 6 in United States

My sister is working for a doctor p/t and earning approx. £1400 per month. He does not pay tax or N.I. contributions and says she should register as self employed. She hasn't done this as she cannot see how the inland revenue will find out. Is she right or is she taking a huge risk??
P.S. She says that the revenue are overstretched and would only find out if someone tipped them off. Again is this correct?
Thanks for any help - Worrier

2007-04-12 01:51:39 · 14 answers · asked by jood 2 in United Kingdom

2007-04-12 01:48:08 · 8 answers · asked by RawBoucer 2 in Other - Taxes

I filed my taxes about a month ago, and have recently received my refund check. I claimed myself, because my parents said they couldn't. I lived with them for six months last year, before I moved out on my own for the first time. I asked them before I filed my taxes and they told me to claim myself. So I did. But now they're doing their taxes and have found out that they CAN claim me, because it was a little over half a year that I lived with them. They want me to ammend my tax return so that they can get the tax break. But I'm going to have to pay back some of my refund if I do that. What should I do? I moved out becuase things weren't the best between us, and my dad's been mad at me for a long time. But now he wants my help to save them money....but I'm going to lose money in the process (I need it for school and my wedding). What would you do? Do you have any advice?

2007-04-12 01:44:02 · 11 answers · asked by Anonymous in United States

2007-04-12 01:34:00 · 3 answers · asked by Chanthol T 1 in United States

I was expecting a refund, but never got it. Is there something I need to do before or while filing my 2006 taxes?

2007-04-12 01:31:34 · 5 answers · asked by Abby06 2 in United States

My brother in law said that he didn't get his federal refund and wanted to know why he wouldn't get one. Is the above reasons the only reason the federal goverment would offset the refund?

2007-04-12 01:19:35 · 3 answers · asked by whistlebritches_17 1 in United States

2007-04-12 01:14:12 · 8 answers · asked by james b 1 in Other - Taxes

I have a joint bank account with a relative. We file income taxes separately. Can either of us take the full amount of interest earnings and report it as income or do we have to split the interest income 50/50 and report it as such?

2007-04-12 00:47:24 · 5 answers · asked by just_curious 1 in United States

I made about $2999 and some change...$231.3 was taken out of my checks in taxes total...will i have to pay taxes or should i get a refund???

2007-04-11 22:34:05 · 3 answers · asked by lissapony 2 in United States

2007-04-11 22:23:36 · 6 answers · asked by Okole 2 in United States

How do I report this expense in my tax return, I did not make that much mony last year, but I need to pay my foreign business partner for 30% of my profit because it is our agreement. And I am self employ doing importing and exporting. Do i report this as commission expense or some kind of profit sharing?? Please help me in what schedule?? Is it Legal??

2007-04-11 21:56:17 · 3 answers · asked by maryapple 2 in United States

I am a military spouse and homemaker

2007-04-11 21:55:30 · 3 answers · asked by angela_zamora2001 1 in United States

I cannot find in the instructions what to enclose to the 1040 form to the IRS in addition to my w-2 stub ?
Thanks all !!!

2007-04-11 21:44:57 · 3 answers · asked by Anonymous in United States