Taxes - April 2007

I am expecting commision of nearly $5mil from a Ps3 stock deal. How would I go about properly excepting the money without getting auditted? How do I explain my new found income and so on?

2007-04-07 09:23:41 · 6 answers · asked by Natedaniel B 1 in United States

If not, can a person collect interest on their money all year long and just pay taxes on the interest at the beginning of the following year? Does it matter the amount? What if a person has ten million dollars sitting in an account earning interest?

2007-04-07 09:20:21 · 8 answers · asked by Anonymous in United States

not that i mind tribal casinos being tax exempt.. why does the gov't screw the gambling public with having the nerve to tax their winnings on income won at these tax exempt casinos??

2007-04-07 09:13:27 · 3 answers · asked by Thomas B 2 in United States

In filing my '06 return, I was penalized for not paying enough fed tax on my W-2. I have never seen this before. The penalty charge was $35.00. Apparently it is for not having enough Federal Tax with held during the year. Anyone heard of this before? I have never seen or heard of it before and have been paying taxes, and filing for 32 years.

2007-04-07 09:02:33 · 7 answers · asked by Klondike John 5 in United States

2007-04-07 09:02:03 · 3 answers · asked by Jo T 1 in United States

Husband was killed through co. negelience settlement due what type of taxes st. New Mexico.

2007-04-07 08:57:59 · 1 answers · asked by Marilyn G 1 in United States

I want to Open General IRA Account for Tax deduction, I have couple of questions in mind:
1) What is the Maximum Gross Income to get Tax deduction?
2) If I withdraw this IRA money before retire, do they exist any penalty other than paying taxes to that amount?

Thanks

2007-04-07 08:48:50 · 2 answers · asked by stockman 2 in United States

How much earned income can my child, who is a dependent on my return, have to not have to pay any income taxes, using the standard deduction? I saw it says earned income + $300 for the standard deduction but my question is at what point will her income be too high to pay zero taxes? She only had $40 in interest income.

2007-04-07 08:35:07 · 2 answers · asked by Lisa M 2 in United States

2007-04-07 08:04:50 · 3 answers · asked by bill- 1 in United States

Hi, I'm a model and I received a 1099-MISC for my gross earnings. However, I had to pay a 20% commission on that gross so can I claim that as a deduction?

2007-04-07 07:24:35 · 5 answers · asked by Anonymous in United States

Me and my boyfriend are currently not married.
If we were to get married could we file sepratly on our taxes next year or does it have to be as married?

2007-04-07 07:22:41 · 4 answers · asked by LifeisShortButSweet4Certain 2 in United States

Which form I need to fill after the due date 4-15-07. And how many years I can submit the change? Thank you and have a nice day.

2007-04-07 07:11:32 · 8 answers · asked by vinh.1966 1 in United States

I was just wondering if you take the regular percent out (whatever that is, if someone knows) or if it changes under these circumstances.....sorry if this is stupid.....oh and if it helps I live in Indiana if taxes change from state to state and I'm pretty sure it does.
(PCH= Publishers Clearing House)

2007-04-07 07:10:45 · 9 answers · asked by lissa 1 in United States

2007-04-07 07:01:53 · 3 answers · asked by Anonymous in United States

I'm confused. This is parents last year to file me as a dependent. I am now in the process of filing for MY own taxes. I made just short of 15k. When I finished the paperwork for my taxes I come to realize I have $400 to owe. WHY? Do I need to file?! I am a full-time student.

2007-04-07 07:01:27 · 8 answers · asked by Rebecca K 1 in United States

2007-04-07 06:49:41 · 17 answers · asked by raflog2003 1 in United States

I have a landline and 3 cell phones; can I claim the Federal Excise Tax Credit on all 4 lines?

2007-04-07 06:26:19 · 4 answers · asked by Linda P 1 in United States

why do some "taxpayers" (i use that word generously) believe that they may manipulate or outright be dishonest in order to receive a refund they may not otherwise be entitled to. take the case of two single parents with one child living in the same home, and the taxpayers or tax preparer "belief" that either parent is entitled to take the child's dependency exemption and associated child tax credit "type" benefits, while the tax code and regulations specifically state who must take the exemption and who may be able to take the eitc. and this is not up to anyone to manipulate or bend the rules in order to fraudently receive a earned income tax credit that they are not entitled to. do people really think they will get away with this or are they living in a fantasy world.

2007-04-07 06:11:55 · 6 answers · asked by amazed 3 in United States

So the government takes 15% then they take out in taxes another 24% = 39% = loan sharking!?!? how is that possible?

2007-04-07 06:08:56 · 6 answers · asked by shorty 2 in United States

2007-04-07 05:39:16 · 6 answers · asked by Eric 2 in United States

2006 I had income of 93K, married, 2 kids in school, one out (USMC). I will still owe 4K to state and federal. Can I, and how much will I need to offset this? Any other options?

2007-04-07 05:17:16 · 5 answers · asked by Brett C 4 in United States

valid and wothwhile do you think all the federal research ones are? Medical ones? Psychological ones?

Survey ones? I heard on radio that they did a study on the favorite color for Easter eggs!

Do you find your federal tax money is being well spent?

2007-04-07 05:12:27 · 2 answers · asked by Advice Please 3 in United States

2007-04-07 04:50:12 · 4 answers · asked by misslizzy888 2 in United States

i was supposed to receive it yesterday (Friday), but it never came in. i don't know what to do.

2007-04-07 04:32:47 · 6 answers · asked by Anonymous in United States

I know that I am able to deduct up to 50% of my business dinners and food ect... But I am looking for the Ceiling of this deduction. I know if I have $1,000,000.00 in reciepts the IRS will only let me write of how much of that million? $2,500? $5,000? ???????? what is the number?

2007-04-07 04:09:46 · 4 answers · asked by Jim C 1 in United States

I moved from Jackson Hole, Wyoming to Portland, Or--why, I am still asking myself, but anyway, I worked here for about three months in Oregon and i need to file a state tax. In Wyoming there is no state tax so I am ok there, I am just confused about how I am supposed to do my Oregon one. I got the part year form from the library but I am very confused on how to do it!

2007-04-07 04:07:45 · 1 answers · asked by Stephanie C 2 in United Kingdom

2007-04-07 04:07:15 · 3 answers · asked by nina 1 in United States

2007-04-07 03:56:04 · 4 answers · asked by nofool 1 in United States

I have to pay $600.00 which I don't have to the IRS this year, I don't make as much money as I did last year and there is not way I can come up with this money in a week. Does anyone know what my options are without having to pay pentalties?

2007-04-07 03:52:39 · 7 answers · asked by accebermn 3 in United States

2007-04-07 03:29:41 · 6 answers · asked by dIsTuRbEd 1 in Other - Taxes