Taxes - April 2007

I cash checks from credit cards that I use and place into my free checking account. Since the money is placed into the free checking account, I do not earn any interest, but I pay interest to the credit cards for the money I borrowed. And, I use the credit card checks to pay bills. Is this money taxable?

2007-04-07 17:14:42 · 9 answers · asked by Manuel P 1 in Other - Taxes

2007-04-07 17:09:27 · 14 answers · asked by amazingcrisswell 2 in Other - Taxes

pinitly? Or is there someway you can claim it as your income, sence you could not get unemploment. help time is running out!!!!! tax problem man

2007-04-07 16:54:21 · 2 answers · asked by steve m 1 in United States

As someone who was hired as an Independent Contractor and received a 1099 misc. with only Nonemployee Compenstation, write off only business expenses pertaining to that particular job or the career itself?

2007-04-07 16:20:18 · 2 answers · asked by Nature Boy 2 in Other - Taxes

My uncle is 90 y/o. I support him but he lives in El Salvador. He has a ss#. Can I claim him in my tax returns as a dependent?

2007-04-07 16:10:03 · 3 answers · asked by lol 1 in United States

2007-04-07 15:50:36 · 5 answers · asked by Smitt_D_Kreator 1 in United States

i refinanced my home in 2006 and was charged a pre payment penalty . can i deduct it? i don't have any form 1098 showing it happened what do i need to prove it?

2007-04-07 14:38:48 · 4 answers · asked by mrbcd15 2 in United States

My 11 yr old daughter has some unearned income from a UTMA account. She has enough to file her own return, and would get a much better rate that if I included it on my return.
My income is such that claiming her as a dependant does NOT lower my tax bill. So - I was wondering if I could NOT claim her as a dependant. That way - on her return - she would get the full personal exemption and not owe anything.
I know I CAN claim her as a dependant, but do I HAVE to?
If I do NOT claim her as a dependant, can she calim the full personal exemption on her return?

2007-04-07 14:22:22 · 6 answers · asked by Anonymous in United States

2007-04-07 13:51:14 · 3 answers · asked by RoRo 1 in United States

Anyone else in a crappy loophole like me can hopefully show me some love...I hear I have to pay 15% taxes instead of 10% comes to about (2 grand! A lot for me)... JUST because I'm an independant contracter! NEWS FLASH ppl independant contractor does not EQUAL rich! I'm only a dogwalker and do not own my own company so why am I paying like I do. If I hear one more rich person whinning about paying more taxes I'm going to puke!!!

2007-04-07 13:48:54 · 4 answers · asked by babebear 2 in United States

2007-04-07 13:34:22 · 6 answers · asked by Michaela M 1 in United States

I have a legit job and I'm a minor, can i file taxes?

2007-04-07 13:17:31 · 4 answers · asked by Michaela M 1 in United States

A couple of years ago I didn't make enough to pay income taxes. In a phone conversation with IRS, I was told I didn't have to pay Social Security and Medicare tax, though it was advisable.

2007-04-07 12:48:24 · 5 answers · asked by Jacquelyn F 1 in United States

My dad is retired and did not work in 06. My mom worked a little bit and got unemployment benifits (she may have made over $3300). I was wondering if I can use my dad as dependent and my mom can file an individual return.

2007-04-07 12:37:49 · 4 answers · asked by HughJorgan 1 in United States

I am wondering if it is better to file by mail or e-file. A friend says there are more chances of audit if you e-file. Any suggestions?

2007-04-07 12:03:32 · 2 answers · asked by curious 1 in United States

I noticed that my federal taxes paid were exactly 10% of my income. Could this be the reason why? i never asked for a certain percentage to be deducted.

2007-04-07 12:01:07 · 9 answers · asked by Serendipity 2 in United States

im divorced and living by myself. Is there a way that I can claim Head of the Household or EIC on my tax return. I pay most of the taxes on the house where my ex-wife and daughter live. I also pay most of her medical expenses. I should get some type of break, but what.

2007-04-07 11:40:01 · 7 answers · asked by carolyn 1 in United States

2007-04-07 11:32:59 · 3 answers · asked by crismza 1 in United States

My income is all "under cash accounts only"
My wife has a full time job.l

2007-04-07 11:14:55 · 6 answers · asked by hrdas802000 1 in United States

I am trying to do my taxes with TurboTax. It claims I owe about $600. (I think, it says "Federal Tax Due $678", "Deduction Tracker $5, 150) If anyone could explain this better to me I would appreciate it. I live with my father and am 22 years old, he claims me as a dependent and pays my tuition out of pocket. I know he is receiving money back for that. Does this mean I am going to end up oweing? My W-2 claims I had $0 of federal tax withheld. Does this sound right, or am I doing something wrong? Should I go see an accountant? This is my first time using this program but it seemed pretty straightforward. If anyone could help me, I would greatly appreciate it. Thanks.

Giro

2007-04-07 11:08:21 · 3 answers · asked by giroeterno 3 in United States

I am trying to do my taxes with TurboTax. It claims I owe about $600. (I think, it says "Federal Tax Due $678", "Deduction Tracker $5, 150) If anyone could explain this better to me I would appreciate it. I live with my father and am 22 years old, he claims me as a dependent and pays my tuition out of pocket. I know he is receiving money back for that. Does this mean I am going to end up oweing? My W-2 claims I had $0 of federal tax withheld. Does this sound right, or am I doing something wrong? Should I go see an accountant? This is my first time using this program but it seemed pretty straightforward. If anyone could help me, I would greatly appreciate it. Thanks.

Giro

2007-04-07 11:07:22 · 3 answers · asked by giroeterno 3 in United States

2007-04-07 11:02:13 · 3 answers · asked by Curious George 3 in United States

2007-04-07 10:45:44 · 5 answers · asked by Alex B 1 in United States

2007-04-07 10:35:43 · 1 answers · asked by halfway 4 in United States

I got a letter from the IRS awhile back saying that I owed back taxes from 2005 because all my income was supposedly not reported. I had to respond to their letter and I told them that I would have the money paid by the due date, if I couldn't pay it all I would call them and let them know. I also wrote on the letter for them to take out the money if I get a refund for 2006. They haven't done that, they sent the whole amount of my refund for 2006 instead of taking out what I owed from 2005. I have tried contacting them on the phone and it is hard to get through to them. Someone else called and asked them if you owed money from 2005 would they send your whole refund for 2006 or would they take out what they owe then send you the balance left if any back to you. They told 3 people that they would automatically take out what I owe then send anything left over back to me. I didn't get a big refund for 2006, but I was wondering why didn't they take out like they said they would. Thanks.

2007-04-07 10:34:04 · 6 answers · asked by Butterfly28 1 in United States

2007-04-07 10:09:56 · 4 answers · asked by hwlatmon 2 in United States

I claim 0 on my paycheck and get around 1600 dollars taken out monthly. I gross about 5,000.0 a month. Is this normal?

2007-04-07 10:06:56 · 4 answers · asked by deucexcspro 1 in United States

Is the commission that I received as executor taxable one state income tax? I live in Pa. and file a PA-40.
Help, Janet

2007-04-07 10:01:33 · 2 answers · asked by janet w 2 in United States

I worked as a contractor, so taxes were not taken out. I sent in money for my estimated taxes, now that I'm filing my tax return I do not remember how much I sent in...Is there a place to call to determine the amount?

2007-04-07 09:39:22 · 3 answers · asked by summer10 1 in United States

I live in Ca and I am In my first year of business (sole proprietorship) as well.

2007-04-07 09:28:50 · 5 answers · asked by trademasters2005 1 in United States