Taxes - May 2007

My friend and I are thinking about doing some freelance graphic design. We won't really have a physical office or anything, just a webpage and probably use our cell phone. We haven't really thought about the payment methods either, probably check or paypal.

To do something like this, do we have to pay taxes?

2007-05-25 05:05:47 · 11 answers · asked by Neo 1 in United States

I qualify to claim 7 because I am a single mother. Is that a bad idea?

2007-05-25 04:38:18 · 2 answers · asked by Anonymous in United States

A friend of mine has that on their paystub... they just started working. It's only for 50 cents.

2007-05-25 04:37:38 · 5 answers · asked by Tricia 3 in United States

2007-05-25 03:53:43 · 5 answers · asked by ½ 1 in United States

this question is related to my other 2 threads:

http://answers.yahoo.com/question/index;_ylt=Ajp885YvsEJqlMxn91Wsg9vsy6IX?qid=20070524203230AApJMeR

http://answers.yahoo.com/question/index;_ylt=AnycTsl4NUdeMhHbnqZWsP_sy6IX?qid=20070524212145AAVEaq4

from those 2 thread i was told i can file an amended 1040x for my federal. but what about ny state which i use it-150 form? can i also file an amended for my state? i live in nyc.

also someone told me i wont qualify if my agi is over 52k which is not the case..my agi for 2006 was about 43k. and someone in the first thread said if i contribulte to my employer 401k....i cant deduct any from my contribution to my traditional ira...is that true? im single in nyc and contributed about $8000 to my 401k.

so my question is:
1. can i amend my ira contribution for new york state for next year 2007?
2. how much can i deduct when i contributed $1000 in my traditional ira for 2006 and agi is $43k and contributed about $8k in 401k?

2007-05-25 03:39:14 · 1 answers · asked by seafood10 3 in United States

2007-05-25 03:22:44 · 3 answers · asked by Anonymous in United States

2007-05-25 02:47:42 · 6 answers · asked by cooperfan143 1 in United States

hi its bankholiday monday im from middlesbrough i wonder if anyone could tell me when i should get my child benifit i normaly get it on tuesday weekly hope u can help

2007-05-25 00:07:21 · 5 answers · asked by Anonymous in United Kingdom

I will be working as an independent contractor soon and will have to pay my own taxes. Any suggestions on how to find a decent bookeeper?

2007-05-24 23:56:07 · 3 answers · asked by gentle understanding 4 in United States

The hospital foundation considered my aid application and decided to forgive the entire amount. On my tax return for next year, will I have to count that as income?

2007-05-24 23:36:13 · 6 answers · asked by mellow yellow 1 in United States

please also include the conditions when lessor and lessee can classify the lease differently

2007-05-24 23:06:52 · 3 answers · asked by Anonymous in Other - Taxes

I live in India and possess Indian passport. I recently adopted a 7 year old girl who is US citizen. She receives a subsidy of $500 a month because she is special needs girl. An interest bearing bank account in US has been opened in her name and me as a custodian jointly. Is it necessary to obtain ITIN in my name?

2007-05-24 21:34:40 · 4 answers · asked by Vera B 1 in United States

I heard this, and I know that when a government tax agency audits a business they do take up a lot of the time of the business operators.

If they do, how much? How do they quantify it?

2007-05-24 20:31:36 · 6 answers · asked by shano 2006 1 in United States

My sister just got audited for the very first time by the IRS. She became a homeowner a few years ago,so her itemized deductions got therefore a bit higher.No big deal,she has pretty much all the paperwork she needs to prove it.So,the IRS gives her the option to either pay or prove otherwise,logically.So,now she afraid that by sending in all the copies,she might owe more in the end instead of just paying what she apparently owes.Is that even possible? Also,why does she have to pay penalties,since she didn't know nothing about until recently? Anyone here know anything about tax audits and is there like a hotline or a website where they answer such questions? Thank you for your help.

2007-05-24 19:35:17 · 4 answers · asked by Landshark 1 in United States

I'm thinking of taking a second job for the summer. If I do this then which tax forms do I need to fill out or how would they differ from filling out a normal W4 for one job? And, most importantly, would I have to update the W4 I initially filled out for my first job? My manager there is nuts and takes it very personally (read: badly) when someone has 2 jobs, so would she even have to know?

Any other technical tax/gov't info on working 2 jobs would be much appreciated!

2007-05-24 19:14:53 · 2 answers · asked by ChiOmafia 3 in United States

There is a chequered history of litigation of 20 yrs.in between the family members on distribution of estate left by our parents An Award was also passed by the Arbitrators on 17.3.88 and was accepted duly signed and even the properties devided amongst us. However, challenged in court and till date no decision made out . Now with the kindness and guidance of Hon`ble C.J-Delhi , Brothers are again agree to settel the dispute . Various moveable which were part & parcel of ealier suit have been misapproperiated . Now please suggest the mode of partition in between us . It most relevent to mension here that brothers are not only lier but had already cheated me on various occassions which cause me heavy financial loss & business- I was carrying . I am 54 yrs. old so I think it is a better time to settle the dispute amongst the brothers but is afraid of their illegal act and specifically when they got the benefits of settlements then challenge the same on technical ground . Pl help.Regards

2007-05-24 17:57:21 · 2 answers · asked by rajan sharma 2 in United States

this is related to my question on this thread:

http://answers.yahoo.com/question/index;_ylt=Ag.CL4mMIztXUfAlIp2pD8ikxQt.?qid=20070524203230AApJMeR

my agi for 2006 was below 52k and im single in nyc. i contributed $1000k to my traditional ira. i do my own taxes. well i never got my statement at the end of the year from citibank which i have my traditional ira with. so i forgot all about it.

now when i file income tax for next year for my 2007 tax return..can i still claim my 2006 ira contribution? if so how, what forms do i need to fill out beside my 1040a form for next year tax return? thx in advance.

2007-05-24 17:21:45 · 2 answers · asked by seafood10 3 in United States

i have a traditional ira. i know u can contribute up to $4000 at a given year. i was told traditional ira is tax deductible. im in the 28% tax bracket in nyc. so how much can i deduct if i contribute up to $4000, $3000, $2000, or $1000 in a given year? thx in advance.

2007-05-24 16:32:30 · 5 answers · asked by seafood10 3 in United States

The Taxpayer Relief Act of 1997
a) increased capital gains taxes.
b) eliminated tax credits for families with children.
c) changed marginal tax brackets to favor families.
d) did little to benefit people without children or capital gains.

2007-05-24 16:03:40 · 4 answers · asked by Phillipa Chicken 1 in Other - Taxes

Filing taxes

2007-05-24 15:19:45 · 4 answers · asked by enna 1 in United States

I heard that there is a law that says we don't have to file our taxes every year as long as we don't go into the negative? Does anyone know?

2007-05-24 15:02:06 · 11 answers · asked by Anonymous in United States

2007-05-24 14:42:23 · 5 answers · asked by Anonymous in United States

I not sure how much your kid can make per month and still allows the parents to pay taxes with that child as a dependent.

so basically, if jack got a summer job, and he makes 7 bucks a hour, is it true after he makes a total of 3000 dollars, his parents would have to pay more tax because jack can no longer be counted as a dependent?
if not total of 3000 dollars what would it be? or would be a monthly rate thing such as $1000/month? In other words what would it take for a child to be independent salary wise.

2007-05-24 14:08:50 · 2 answers · asked by Shawn L 1 in United States

My fiance has recieved a small amount of money from a trust fund, he is only responsible to pay taxes on the interest the way the trust was set up. How much should he set aside, or who should we talk to to find out?

2007-05-24 12:54:10 · 4 answers · asked by Kasey 1 in United States

I am 75 and I will start getting my social security next month as I will be completeing my 40 points. But my wife is 62 and still working. Should she start on social security or wait till she is 65?

2007-05-24 12:54:04 · 4 answers · asked by Cosmos 1 in United States

Let's say that a person was having trouble (i.e. a mental health issue, suicidal depression) when she was supposed to be filing for income taxes this year and therefor didn't get around to it. How does she go about resolving this now that she's mentally able to deal with the consequences?

2007-05-24 12:27:20 · 5 answers · asked by Anonymous in United States

2007-05-24 11:57:16 · 8 answers · asked by alexbeauty333 3 in United States

We just got this year's assessment and our $67,000 assessment of last year just went up to almost $80,000. We are planning to sell within the next year. Does this mean the property is now worth $10,000 more?

2007-05-24 10:20:15 · 8 answers · asked by gonewiththesend 2 in United States

I need a full set for FY06

2007-05-24 09:25:16 · 5 answers · asked by joeld40 1 in United States

Does the IRS 401 k contribution limit of $15,500 include the contributions made by ones employer ?

2007-05-24 09:17:12 · 4 answers · asked by Anonymous in United States