Taxes - May 2007

Hi All,
I have a used personal car for sale and I wonder if I sell the car out, will I need to pay sales tax or use tax? Also, what is use tax? does NY collect use tax? Normally, when it comes to sales of property between non merchants, who pays sales tax, the seller or buyer?

2007-05-21 17:48:46 · 4 answers · asked by Mike 1 in United States

My friend has not filed her taxes since 2004. She finally has asked me to file them for her (I file my own online using hrblock.com)

Can i do this all at once right now somewhere online?

Is there a place I can see an estimate of the penalties prior to filing?

Thanks in advance for your response.

2007-05-21 17:47:09 · 6 answers · asked by kcksmom 2 in United States

What do I need to do if I am changing to self employed???? I have heard things about liability insurance and becoming and cooperation.

2007-05-21 17:29:04 · 5 answers · asked by brittany S 1 in United States

Is there a web page where I can learn step by step how to do my taxes for next year?

2007-05-21 16:59:53 · 2 answers · asked by Gourmetlicious 2 in United States

Or has it gone up/down in the past year?

2007-05-21 16:52:12 · 3 answers · asked by Pandora 3 in United States

2007-05-21 16:50:55 · 4 answers · asked by ibnickg3 1 in Other - Taxes

Girlfriend got her return back for $1200.
She is claimed as a dependent for 2006 on her parents tax filing.
She earned over $26000 from June 2006-December 2006.
She paid at least $7500 in taxes.

Can merely $1200 for her return be correct?

Is the tax benefit to her parents taking away from the range of $4000 to $5000 that I believe she should have gotten back from the IRS?

Is there a website or link that you can check to see if the government still owes you taxes?

Please help!! :)

2007-05-21 16:22:39 · 6 answers · asked by Ryan H 1 in United States

He is legal and we are in the state of Oklahoma.

Would a form typed by me stating that he will be responsible for his claiming and own taxes at the end of the fiscal year be correct? and keep me safe.

2007-05-21 16:19:44 · 6 answers · asked by Anonymous in Other - Taxes

i have my employee number and the dates i worked there

2007-05-21 16:07:34 · 5 answers · asked by Anonymous in United States

2007-05-21 16:00:35 · 2 answers · asked by tmh 2 in United States

I filed my taxes on january 23rd 07. I filed them electronically but i made a mistake. When entering the federal witholdings i accidentally put a 7 instead of a 6, which caused my refund to be 1000 too much. I immediately called my local branch of the IRS to report my mistake and see what if anything i should do. He told me it happens an lo t and that their computers would flag it, and fix it. Its now May and nobody seems to know whats going on. They tell me they are still reviewing my simple 1040ez and that they have no answers for me. Is this the norm. I made a mistake i admit that, but i also did the right thing and reported it right away, is this a normal waiting time. I could really use that money right about now.

2007-05-21 15:57:00 · 4 answers · asked by Its Just Me 2 in United States

I made a posting earlier on here about IRA withdrawals. So this topic relates to IRAs perfectly. There is always a question about which is better. If you are anticipating a lower tax bracket at retirement, then tax deferred(traditional IRA) might be better. If you think that you will be in a higher tax bracket at the time of retirement, then paying current income tax in the hopes of tax free(Roth IRA) withdrawals. But remember, you also pay current income tax on traditional investments also. One reason I tend to favor tax deferred more money is being put to work immediately without taxes, meaning a better return at retirement as oppose to tax free, in which contributions will be taxed annually. If investing$ 5,000 annually, that whole $5,000 goes towards the account. With a Roth, if you pay 20% income tax, that will come out of your contribution, which will leave only $4,000(5,000-20%(1,000)=$4,000). See the difference. Why not go with a traditional?

2007-05-21 15:28:34 · 7 answers · asked by Anonymous in United States

Is it, or is it not true that one is not required to pay federal taxes untill they have reached a set dollar ammount of income per year? Such as $3000 or $5000 dollars.

If so, what is the exact ammount? Where can I find the information?

2007-05-21 15:21:04 · 3 answers · asked by Daniel S 1 in United States

2007-05-21 14:55:47 · 6 answers · asked by julio_slsc 4 in United States

2007-05-21 13:40:42 · 2 answers · asked by Korey K 2 in United States

if both state and fed taxes are going up anyway? It's like putting water in a tub with quite a few holes in it... the only one that make sense is the roth ira, where there are no tax deductions when taken out at the appropriate time.

2007-05-21 13:29:10 · 5 answers · asked by ogg08 5 in United States

I am self-employed (earnings on a 1099 instead of a W2) for the first time in my life. I know I have to file estimated taxes for the second quarter of 2007, but I don't know how much. I already earned some W2-based income this year (I know exactly how much). My 1099-based earnings have no relation to what I earned in 2006 (all W2 based and from a different job), and I did not earn any 1099 amount in the first quarter, and the second quarter amount will probably be very different from what I will earn in the third quarter... What is a simple method to figure my estimated taxes?
The IRS documents don't seem to help much - the worksheets seem to base everything on what I earned in 2006.

2007-05-21 12:27:41 · 3 answers · asked by Paul W 1 in United States

My parents tell me I will owe at the end of the year if I claim us now, but my boss says that I wont and it is best to claim us now to have more money on my check.

2007-05-21 11:37:18 · 5 answers · asked by gamom1975 1 in United States

2007-05-21 11:24:52 · 4 answers · asked by brian 2 in United States

We claimed earned income tax credit and child tax credit. We have two children that are our biological children. They resideded with us their entire lives. We filed our taxes like we do every year but we got audited saying we had to prove our children resided with us for half of 2006. We provided information and not only did they deny the EITC they revoked the ctc and are asking for the money back. I had a chance to appeal and did, faxed in the information, even got a reciept saying they got the fax. I called today and they said they didnt get the documents and now my time is up.

Should I contact a lawyer now or wait till I get the 90 day letter of deficency???

2007-05-21 11:21:57 · 3 answers · asked by Indiana Raven 6 in United States

2007-05-21 11:21:27 · 3 answers · asked by Jennifer K 1 in United States

If the Grantor outlives the term of a QPRT and wishes to continue living in the house while paying rent to the Trustees, who is responsible for the property tax? Also, does any paperwork, etc. need to be taken care of? Thanks.

2007-05-21 11:21:13 · 2 answers · asked by pyjamarama 2 in United States

My wife lives in another country, she may or may not come to live here someday. She has no SS number as she is not an american citizen. How do I claim her on my taxers with no SS number?

2007-05-21 10:40:50 · 5 answers · asked by winetaster6 2 in United States

I have my own business that will generate about 5,000 monthly in gross sales, how often do I have to file for taxes, im in NY State is it quarterly? What options do I have?

2007-05-21 10:32:44 · 4 answers · asked by Thomas J 1 in United States

im in nyc and in the 33% tax bracket. so what is the rate for me in the short and long term capital gains for stocks? thx in advance.

2007-05-21 10:29:58 · 4 answers · asked by seafood10 3 in United States

2007-05-21 10:21:58 · 6 answers · asked by ♥ to ...... 5 in United States

2007-05-21 10:10:57 · 2 answers · asked by Anonymous in United States

Can anyone give me an estimate of refund I can expect this year?
Taxable income: 58,000
Filing: Single, claiming 0
Mortgage Interest: 15,000
I live in CA...
Thanks!

2007-05-21 10:08:18 · 3 answers · asked by sws 1 in United States

Okay, so I have a friend that has not paid taxes for over 10 years. I am trying to help him straighten out his financial stuff. What can he do or how can he go about settling with the IRS, or get set up on a payment plan? He is a 10-99 employee.

2007-05-21 10:03:38 · 4 answers · asked by lovepink317537 3 in United States

2007-05-21 09:16:16 · 8 answers · asked by annebelle2533 1 in United States