Taxes - May 2007

I plan on using irs.gov or hrblock or something. . . thanks.

2007-05-22 09:19:55 · 5 answers · asked by kcksmom 2 in United States

I'm buying a home from my parents. They bought it in Nov. '06 for 285k. I'm buying it from them at a price of 307 w/ a total of 18,420 in seller concessions. They will net around 1200 dollars from the sell. Approximately what would the capitol gains be and is it based of the net profit or the initial gain? Any help would be greatly appreciated. Thanks in advance.

2007-05-22 08:45:41 · 5 answers · asked by J C 1 in United States

My father worked all his days paying taxes ( like most peoples fathers ) When he passed away my mother was left a small part of his pension about £20 a month, now the inland revenue have been on to her saying she will have to pay tax on it.
I am not looking for sympathy here , i would just like to know how our society can treat pensioners like this.
I think we should look at the way other european countries ( like Germany ) treat their pensioners and we should follow suit.

2007-05-22 08:36:17 · 3 answers · asked by Anonymous in United Kingdom

what is the rule for purchasing a vehicle over 6000 lbs when using it for self employment? I was told the full amount of the cost for the vehicle could be deducted from income . for ex: if you made 100,000 and the cost of the vehaicle was 35,00 your taxable income would be 65,000. Could you please give me the full details on this subject? thank you

2007-05-22 08:34:50 · 3 answers · asked by Lexie b 1 in United States

Why cant we all pay one percentage... Why doesn't it work and why do you think what we have now does work...

2007-05-22 08:14:04 · 6 answers · asked by Anonymous in Other - Taxes

2007-05-22 08:03:21 · 6 answers · asked by kylesac1 2 in United States

2007-05-22 07:56:12 · 3 answers · asked by CU Buffalo 1 in United States

My company (a manufacturing company) purchased a product that was a resale item to sell to a distributor in another state. We asked the vendor to ship it out to them directly to try and save on shipping costs. We were charged taxes because we are not registered in the state it was shipped to. We are tax exempt in our state. Shouldn't we be tax exempt for resales in other states?

2007-05-22 07:43:00 · 2 answers · asked by MR 2 in United States

Travis County, Texas appraised my home last year for $186,000 (I only paid $156,000.) When I bought my house, I told the mortgage company to make sure to fix my escrow payments so that I wouldn't be short. Well, they calculated it incorrectly because they didn't realize we had a MUD. We were short by $3K. Now they have raised our monthly escrow payment by $300.00 to cover the shortfall and another $200.00 to cover the "anticipated" tax increase. Well, for some unknown reason, the county only appraised our house at $158,000 and I filed for a homestead exemption; so my taxes will not be as high as last year. My family cannot afford this $500.00/month increase to our payment; what can I do to convince our mortgage company to lower this new payment. If I can't get it lowered, I will be forced to sell my first home. In today's market, it doesn't look like it will be easy and I don't want to foreclose.

Thanks!

2007-05-22 07:35:10 · 2 answers · asked by Finraziel 1 in United States

Whenever hubby gets OT pay he only gets about half of it, which really sucks because he works so hard for it. So technically if he works an extra 48hrs then for 24-25hrs he works for us and the other 23-24 hrs, he works for the government. They really should be taxing people the same way as their regular pay, the tax on their regular pay is already high enough (I noticed that nobody really ever pays attention to this). What is your opinion? anyone feeling this?

2007-05-22 07:34:30 · 3 answers · asked by AMommy 2 in Canada

A married couple has the following income
Husband: 25,000
wife: 26000
Child day care epenses for the year: 7000.

What is the dependent care credit?

2007-05-22 07:19:13 · 2 answers · asked by uncivilized_scholar 2 in United States

I own a piece of property and think that I could incorporate thereby reducing taxes; is this true or is there a better way? How do people with a lot of money avoid paying big taxes?

2007-05-22 06:55:22 · 6 answers · asked by Skip 3 in United States

We give all kind of meaningful tax breaks to the very wealthy in this country but cannot seem to give a break to the working stiff who worked all their lives to accrue this small benefit. I think congress should consider special tax rates on this income.

2007-05-22 06:54:30 · 3 answers · asked by Rodney D 1 in United States

the collector is HSBC/TAX.
my loan was for 500.00,she also said if i don't pay it soon(which i am trying) that after fees it will be 1600.00,
can they up it that much?

2007-05-22 06:43:03 · 8 answers · asked by justasinnersavedbygrace 3 in United States

does that also alert the state of that extention, or are you supposed to alert the state if you want an extention with the state?

2007-05-22 06:34:07 · 3 answers · asked by haley01 1 in United States

2007-05-22 06:33:00 · 7 answers · asked by travisuno 1 in United States

Hi, i have just set up a construction Ltd company and am confused with the 'new CIS scheme'. If workers, who are already holders of CIS 4 cards (obtained long ago) come to my company, why do i have to phone the HMCE to get them 'verified'? These guys would have been working self employed for years losing 18% tax, now it appears that the revenue decide if they should be stopped 20% (verified) or 30% (non-verified). I believe this may also be to do with the fact that some of these guys have been working for the same construction companies for years and therefore shouldnt really be classed as self-employed but should in fact be employees of that company??? Sorry, hope i havent confused you all, but i am, and to be honest i want to make sure i get it right, any help please???

2007-05-22 05:33:36 · 5 answers · asked by GAZ 1 in United Kingdom

Income taxes punish the labor force for earning wages. A true fair tax is one striclty based on expendatures. Regardless of how you obtain your money, you are taxed at the time you spend it. Then, if your purchasing a big ticket item, you pay more tax than a less expensive model. This is not rocket science. Any red neck can see it is a better way to conduct business. Why can our educated leaders not?

2007-05-22 05:28:45 · 5 answers · asked by Jason McCormAck 2 in United States

I have a partime job i get paid $270.00 bi weekly i have no dependents and i am married filling jointly and no federal tax is being taken out of my paycheck? what should i do? oh and my husband and I both have fulltime jobs.

2007-05-22 04:49:20 · 8 answers · asked by Anonymous in United States

I am needing her tax returns for a school matter and she had back child support. So the state kept her taxes, which is why she did not pay H&R block. So i was wondering if they will still let her have a copy.

2007-05-22 04:12:24 · 7 answers · asked by steven 2 in United States

My husband is military and we were told by a professional preparer that his uniforms, gas for driving to work, hair cuts, etc... were deductible, so we filed an amendment for 2003 and 2006. Called the IRS to check the status and they told me that it had been transferred to the Internal Examination dept. She said it doesn't mean it will be audited, but it's being looked at. Is this a common thing to have happen? What i'm really worried about, is we don't have receipts for all of those things if they request them. The preparer said we would be fine without them since a lot of military claim those things and it's common knowledge that they have to purchase/use those things for their job.
PLEASE help as I'm starting to freak out! Also, how much time with this add on to the 8-12 week window?

2007-05-22 03:24:30 · 8 answers · asked by joesmama4 2 in United States

The person involved has lived in the UK for 19 out of 23 years.

2007-05-22 03:22:13 · 5 answers · asked by dannyr 1 in United States

Having a problem determining if the FAS 141 Bus Combinations - which enables companies to write down assets to purchase price (aka purchase price allocation) - is applicable to personal property appraisal. In other words - is it okay for companies to write down assets for appraisal purposes regarding taxation.

2007-05-22 02:58:49 · 1 answers · asked by Noir G 1 in United States

I was wondering if there are any accountants out there who can help me with a serious question...Can a wife file married but seperate even though she is not seperated and she lives with her husband? Or is this fraud??? Serious answers only please.
The husband has bad credit and she doesn't want it to ruin hers. Is this ok to do? If not what are the consequences?

2007-05-22 02:49:04 · 3 answers · asked by gentrymic 1 in United States

2007-05-22 02:18:44 · 7 answers · asked by sandragale v 1 in United States

I'm over 59 1/2 so no penalties are involved.

2007-05-22 02:09:36 · 3 answers · asked by jimwinn1947 1 in United States

I'm 15 and im about to get a job and if i make minimum wage which is $6.85 and hour and i can work 15 hours how much will they take out in takes? ill make $411.00 a month but i want ti know how much i will have after taxes

2007-05-22 00:35:33 · 2 answers · asked by vilsonapo 1 in United States

2007-05-21 20:21:08 · 8 answers · asked by polly 2 in United States

2007-05-21 20:20:20 · 7 answers · asked by polly 2 in United States

I filed my taxes this yr (07) and I owed money. I mailed them the money and a month later they sent me a check for the same amount that I just paid. Why would they do this? Does this mean that I am about to be audited?

Anyone have any similiar experience? Do they send back the money you paid if you are going to be audited?

2007-05-21 18:14:08 · 5 answers · asked by justin d 2 in United States