Taxes - April 2007

I was talking to my mother this afternoon and she told me that her accountant said that if she doesn't show a profit this year that the government will shut her business down and not let her claim any deductions; that they will consider it a hobby rather than a business. This will be her 3rd year filing taxes for her shop. It is a metaphysical studio that has a gift shop and holds classes and groups. She and I have never heard of such a thing. I thought that most young businesses don't show profit for years! Is it possible for her shop to be shut down? If so, is there anything she can do to prevent this from happening? She is just a wreck and I told her I would see what I could find out. Thanks for your help!

2007-04-08 09:47:47 · 7 answers · asked by Betsy 2 in United States

I haven't worked in a few years and I was told I don't have to file even to say I didn't work at all, what is the truth?

2007-04-08 09:35:57 · 3 answers · asked by Gilda r 1 in United States

My wife and I married in August of last year. We both earn professional salaries and recently bought a home. Which way to file - separate or joint?

2007-04-08 09:27:34 · 6 answers · asked by jcBoston 1 in United States

I am dependent on my mom for support but according to new rules she cannot(and hasn't this year and last) claimed me as dependent. I don't file taxes because I don't earn enough(only minimal amount of unearned income). Am I likely to be audited because of this? My status hasn't changed in real life, but I can no longer be claimed as dependent(even though I am).

2007-04-08 09:09:54 · 3 answers · asked by sherri e 1 in United States

He said he was going to claim me as a dependent but didn't. Instead he filed us jointly. I signed where it said "spouse's signature" at the bottom but I asked him about it & he told me he would make sure the lady at H&R Block was aware that we were not married. I assumed all was ok since the top of the form said "Income Tax Return for Single & Joint Filers with or without dependents" I just took it as, we were filing single but he was claiming me as a dependent.

2007-04-08 09:05:18 · 7 answers · asked by stassalicious 1 in United States

I sold the stock after I became vested and I received a 1099B. I also had to pay 40% as a gift tax.

2007-04-08 08:53:36 · 2 answers · asked by sals 1 in United States

I had two jobs last year both in different states. What should I put in my 1040 form for wages? The total income I earned from both jobs?

2007-04-08 08:53:14 · 3 answers · asked by jenahfah 3 in United States

I filed the first few years I was here, then a tax assistent at the embassy said it wasn't necessary if I made under the limit. Now I've had my own company for 3 years but still make WELL UNDER the limit of $80,000. Is there any point filing a return and if so do I need to file for previous years?

2007-04-08 07:17:40 · 2 answers · asked by Franki!!! 2 in United States

I have heard that the income I put, should only be for what I earned when I lived there. But the forms do not support that infomation. I did not have any tax withheld as my company does not take out city taxes. I am completely confused.

2007-04-08 05:59:14 · 4 answers · asked by Anonymous in United States

My daughter spent most of the last year with my parents abroad. We did provide support for her living cost. Can we claim her as our dependent? Can we claim child tax credit? Thanks!

2007-04-08 05:50:53 · 3 answers · asked by WL 1 in United States

United States (California): If a foreclosure has been completed and the bank takes back the property, and forgave debt in the amount of 397k (non-recourse), but the Fair Market Value as listed on the 1099-c is 550k. Are there any tax implications?

2007-04-08 04:52:51 · 3 answers · asked by Bizzy Bee 1 in United States

I know it stands for amount something (the other part please?) but I would also like to know what happens when you go into AMT. What does it mean?

2007-04-08 04:38:27 · 3 answers · asked by Anonymous in United States

2007-04-08 04:08:58 · 2 answers · asked by John P 6 in United Kingdom

2007-04-08 04:06:55 · 16 answers · asked by ainos_vemos 1 in United States

Thru my company I worked in California for about 3 months and now I have to file California Non Resident Income tax return. On my W-2 I see there is amount shown in state income tax column as well as in local income tax column. Do I have to add these two taxes and show it as total state income tax with held on my return?

2007-04-08 04:06:06 · 3 answers · asked by baboo 1 in United States

Plan to rent out for a few years and then convert to personal property-Main home. For years in rental do I have to take depreciation expense or not? Would prefer not to, so when converting, basis is intact.

2007-04-08 03:55:37 · 7 answers · asked by Bobblehead 1 in United States

2007-04-08 03:41:37 · 4 answers · asked by brian s 1 in Other - Taxes

Every month we send money to the Philippines for the wife's parents and siblings. They are essentially our dependents for practical purposes. Is it possible to deduct them on our tax return? I ask because I overheard that lots of Mexicans are deducting their kids in Mexico as a tax deduction on US returns.

2007-04-08 03:25:32 · 6 answers · asked by David S 1 in United States

2007-04-08 01:26:27 · 3 answers · asked by Nanook 1 in United States

2007-04-07 22:05:57 · 6 answers · asked by Anonymous in United States

I filed my taxes and now I just recieved the w-2 in the mail. What should I do?

2007-04-07 21:48:39 · 6 answers · asked by E-4 2 in United States

i had someone do my taxes and i dont't know the right dollar amont so i can't check the status of my taxes on line. is there any other way i can check the status of my income tax return?

2007-04-07 21:36:10 · 2 answers · asked by tyme430 1 in United States

I have Windows 98 SE with Excel and Microsoft Word. I have tried everthing. What can I do?

2007-04-07 21:24:19 · 3 answers · asked by tubbs 1 in United States

Specifics: boyfriend filed 2006 return using a tax preparer who I don't know (obviously, since I prepare taxes, I could hit him with a brick) and was notified after calling to find out where his check was that he wouldn't get one due to a mistake on the 2003 return, prepared by a reputable tax prep company before I met him. He received no letter, no call, etc., but has moved between then & now. Is it possible that the letter went to his ex-wife who concealed the notification from him, if mail was forwarded to her? And if so, since at that point they would have been MFJ, can she be held liable for any of this at this point, and how does he find out what happened? All the IRS would tell him over the 800 line is that there was a mistake. His previous (reputable) tax preparer knows nothing of this as well. We're stumped, and is there any way to subpoena or demand ex-wife's returns since the divorce? We do currently have an attorney on retainer.

2007-04-07 21:01:20 · 2 answers · asked by Laura V 2 in United States

She is waiting for her visa in Central America so she can come to The United States to live with me. We got married in August of 2006 and I have been sending her money to support her and my unborn baby. Will this affect her visa process? I went to H&R, but they do not know anything there.

2007-04-07 20:31:34 · 4 answers · asked by DERMECO 2 in United States

My company paid 2005 moving expenses in May 2006, which shows up in 2006 W2. Wages and comp. (Box-1) has already deducted moving expense from my Gross Pay. Also, Box 12c (P) indicates that this amount is paid to me as moving expenses.

For testing purpose, I filled out form 3903 (Moving Expense) and interestingly it showed me more return.

More return is always better :-), but unknowingly I don't do anything wrong and repent later - please Advice if I can (or I should) fill this form.

2007-04-07 19:15:52 · 4 answers · asked by kapil_rajpal 2 in United States

I will owe money on my '06 return...can I wait to file it next year with my '07? What are the statue of limitations in regards to filing?

2007-04-07 17:56:17 · 12 answers · asked by Tiffany C 2 in Other - Taxes

for every hundred of canadian currency that they earn how much do they take home?
I spoke with someone on the phone who told me their tax rate was around 14% versus the rate that i am paying in texas with a salary under 25k of 20%

2007-04-07 17:27:50 · 5 answers · asked by anonomama 3 in Canada

2007-04-07 17:21:04 · 6 answers · asked by Pancho D 2 in Other - Taxes

2007-04-07 17:20:38 · 4 answers · asked by Pancho D 2 in Other - Taxes