Taxes - April 2007

We are residents of Texas and the property in foreclosure is in Delaware. Second mortgage holder is threatening to file a 1099.

2007-04-25 03:39:21 · 1 answers · asked by mexlin 1 in United States

Everyone who is interested should google Irwin Schiff's Secrets of Living an Income Tax-Free Life . I did some digging and found out that paying taxes is completely voluntary and did not occur as a concept untill after WW II

2007-04-25 03:20:26 · 4 answers · asked by izsailor 1 in United States

2007-04-25 03:19:08 · 4 answers · asked by pearlho31 1 in United States

Is it the owners or the tenant of a flat?

2007-04-25 02:30:07 · 5 answers · asked by Anonymous in United Kingdom

My brother has been doing my taxes for years. He’s a CPA and is really good at his job. I slacked on doing my taxes with him and so I had to mail them out late. I told him I was nervous about mailing them in to the IRS late but he told me that since I was getting a refund that I should not worry about it, and with his experience he has never heard of anyone getting in trouble for turning them in that late while getting refund. Should I trust him?

2007-04-25 00:28:22 · 10 answers · asked by Mic 2 in United States

Are fees paid to a prime contractor to allow our company to receive a contract under one of their existing contracts deductible? For example, we submit a bid to the prime contractor for $120,000 to perform the project. The prime contractor receives this $120,000 from the government for the services we are performing, but only gives us a subcontract for $100,000 to perform what we have estimated would take $120,000. Is this $20,000 "fee" we are having to pay this prime contractor a business expense and tax deductible?

Thanks,

2007-04-24 23:13:34 · 3 answers · asked by gillypeater 2 in United States

2007-04-24 22:47:16 · 4 answers · asked by buffalo 1 in United States

2007-04-24 22:08:06 · 2 answers · asked by zion 3 in India

In the UK we get loads of taxes (income tax, council tax, national insurance, etc)

For a basic salary in the UK the government takes 33% in tax.

How much is tax in the US?

2007-04-24 22:02:47 · 6 answers · asked by Anonymous in United States

I work in a cash only business. I made about 43,000 in cash last year. How much taxes will I be expected to pay? I am single with no children. I figure I need to file because I put 20,000 in my savings account this year and bought a house.

I know I missed the deadline for filing taxes. Is it possible to get an extension without getting penalized?

2007-04-24 21:47:02 · 2 answers · asked by Sweet K 2 in United States

If all US residents were to band together and adopt one another as their legal immediate family member, how could one file a tax return that will be beneficial to all?

2007-04-24 21:37:12 · 2 answers · asked by samxli 2 in United States

I had to pay Fed taxes and sent payment on the last day (to their San Francisco branch). The lines were too long so I didn't get a confirmation receipt. Is there a way to find out if they received payment (aside from waiting for the bank to clear the check)?

2007-04-24 19:45:16 · 5 answers · asked by Sox's mom 1 in United States

money

2007-04-24 19:24:08 · 5 answers · asked by Anonymous in United States

I'm planning on working 3 jobs this year. I'm a full time student and I should get about $10,000 altogether at the end of the year. I understand both arguments on too much and too little tax being withheld (get refund check in Spring or get as much back now and earn interest)

Few questions: What should I withhold (recommendations and options)? Usually I've put "Exempt" but I don't think I'm legally able to now that I'm making above $5,350.

I've seen the statement of 0 allowances being the maximum tax withheld but how do I figure out what percentage that would be?

Thanks so much for your help. It is much appreciated!

2007-04-24 18:30:40 · 2 answers · asked by thamamasboy 1 in United States

How do they find out? from taxes... what is the penalty... would I have to pay back all of the money they paid me?,,, or would they just stop giving me disability.......purely hypothetical btw.

2007-04-24 18:20:35 · 4 answers · asked by jason k 2 in United States

i got a question from my textbook,, is toll&parking for business that paid by employee deductible? from the book, it's deductible under the actual cost method, but i checked the IRS, it said it's not deductible. http://www.irs.gov/publications/p17/ch26.html#d0e62028
does anyone if it's deductible or not? if yes, then what is the limitation?

2007-04-24 18:01:58 · 3 answers · asked by jingcong w 1 in United States

if i am an employee and i have 70,000 dollars salary, single, 36 yrs old. does my FICA withheld need to be report in return for 2006?

2007-04-24 16:36:28 · 6 answers · asked by jingcong w 1 in United States

I know this is a bit counter-intuitive due to the fact logic says you should attempt to lower the numbers you report to the IRS. However, lets say your small business made $2,000 in profits as your side business on $15,000 in revenue ($15,000 - $13,000 cost of goods). What would happen if you, for example, say your business made $1,500,000 in revenues, and with $1,498,000 cost of goods?

Its still the same profit, and you're not evading your taxes in any way. Just simply grossly overstating them to make your business seem larger than it really is.

I would like to hear some comments on this, and please, no rude remarks.

2007-04-24 16:35:29 · 6 answers · asked by Anonymous in United States

For the past nine years I have been receiving mail from the IRS for the former owner of my home. Every year i write " return to sender, does not live here", but i continue to receive his mail from them. It is as if they do not process that information upon receiving the returned mail.

2007-04-24 16:24:28 · 3 answers · asked by Kim L 1 in United States

I know about prop 13 , but it makes me pay the taxes that the other people are not paying, This is not fair and how can we stop this?Every one around me pays half the taxes I do and thay think it is fair IT IS NOT AND THIS MUST CHANGE NOW.

2007-04-24 16:07:26 · 4 answers · asked by Anonymous in United States

I have taken my taxes to him, and he has been saying for about 3 months that it would be next week before I received it. I have called atleast once every week since and he said the same "next week". He has recently stopped answering his phone and not returning my voicemail calls, when I contact the goverment they say no information is in the system and now it is past the deadline so I would be charged a penalty but he told me it was filed BEFORE I called them. Although I haven't paid him yet, he has told me he has filed it in January now it is April..Could legal action be taken against him if I am indeed charged a penalty?

2007-04-24 16:04:12 · 3 answers · asked by Just wondering 1 in United States

2007-04-24 16:01:56 · 3 answers · asked by mark e 1 in United States

i am woundering if you file homestead and you have a fine or something like that out there would you get the money or would it go for the fine or something?????

2007-04-24 15:52:07 · 2 answers · asked by babyboo55941 1 in Other - Taxes

u r an employee, u got 12000 dollars bonus that should be paid at December 2006, but due to unexpected maintenance cost with the company. you will get paid on 1/2007. So do u include the bonus in 2006 return or 2007?

2007-04-24 15:50:39 · 5 answers · asked by jingcong w 1 in United States

Years ago my husband and I income averaged, and we were neither farmers not fishermen, but it looks like now they are the only group who can???

2007-04-24 15:50:27 · 3 answers · asked by Anonymous in United States

I'm still not sure how this tax check works out. I never seem to get one or something, unless my parents get it. Shouldn't I get a tax check?

2007-04-24 15:43:27 · 4 answers · asked by Anonymous in United States

Let's use an example for clarity.
Say you buy 100 shares of XYZ stock at $10 for $1000.
Six month later you buy another 50 shares of XYZ at $15, or $750 for this trade.
Another six month later you sell 75 shares of XYZ at $20 and receive $1500 for this trade. (After this you still have 75 shares left.)

Ignoring commissions, how much capital gain/profit do you report on that sale of 75 shares?
How much tax might you pay on that sale if you're already at the maximum tax bracket in your state?

Thanks in advance.

2007-04-24 15:23:24 · 4 answers · asked by SC 1 in United States

2007-04-24 15:10:07 · 2 answers · asked by miasmami 2 in United States

Please explain how capital gains tax works in UK

Let's use an example for clarity.
Say you buy 100 shares of XYZ stock at £10 for £1000.
Six month later you buy another 50 shares of XYZ at £15, or £750 for this trade.
Another six month later you sell 75 shares of XYZ at £20 and receive £1500 for this trade. After this you still have 75 shares left.

Ignoring commissions, how much capital gain/profit do you report on that sale of 50 shares?
How much tax might you pay on that sale if you're already at the maximum tax bracket in your particular location?

Thanks in advance. I actually live in Canada so please excuse me if the example seems weird.

2007-04-24 15:06:53 · 1 answers · asked by SC 1 in United Kingdom

I sold a 2 family house last month for $280K where my family and I resided in for 7 years (we lived there 2 of the last 5 yrs).
We were told that we would only be required to pay half of the capital gains taxes on the profit of the sale?
We will be seeking legal support to pay the taxes due next year but wanted to be prepared and have an idea of what to expect?
Thanks for any advice in advance!

2007-04-24 15:03:25 · 2 answers · asked by (no subject) 4 in United States