Taxes - May 2007

do i need to pay state or federal taxes on an inheritance, i live in maryland if that helps

2007-05-16 11:57:46 · 6 answers · asked by MIchelle M 2 in United States

is this legal? does it benefit me?
i am starting up a business and purchasing equipment and supplies for the business. can i use my EIN to reduce the taxes paid on the supplies?

2007-05-16 11:08:47 · 6 answers · asked by AMW 1 in Other - Taxes

I owe 80k in law school debt, if it gets paid off in full by a relative do I have to pay income, gift or any other type of taxes on this?

2007-05-16 10:58:27 · 4 answers · asked by jbirwin6 1 in Other - Taxes

2007-05-16 10:53:30 · 2 answers · asked by buttons 1 in United States

I have an option to get paid either in US or in India. I am looking for US guys with expats benefits living in India (or the tax consultants who know both laws well) what is the best way to go about dealing with this issue so that I pay less taxes. Feel free to send me an email at snevy1@yahoo.com. Thanks.

2007-05-16 10:40:13 · 4 answers · asked by Anonymous in United States

Im a single mom with 3 kids. Is it better to just put myself as a dependant or add my kids? Please help!!!

2007-05-16 10:38:50 · 4 answers · asked by dolphinlover_777 1 in United States

Was told in PA I qualify for the max

2007-05-16 10:34:31 · 2 answers · asked by Dominick M 1 in United States

I am a German Citizen and I am married to an American. We lived 8 months in germany this year and now we have moved back to the U.S. We moved to Germany in December 2005 and we came back in August 2006. The rest of 2006 I work in an American company, which I also received a W-2. What do I need to do?

2007-05-16 10:24:42 · 3 answers · asked by Anonymous in United States

You own an LLC business (sole owner,100% shareholder), you file as an S Corporation for tax purposes. (not self employed)

Now you have a W2 as you pay yourself wages as an employee.
You also take cash from the profits from the business.

On the W2 only the payment received as wages are listed.
On the personal tax return, only wages are listed as income.
On business tax return you do list the profits/dividends you received (non taxable).

Now when it comes to show your proof of income to someone, or have to show your W2 to prove income, like for discounts, grants and alike, why doesn't it show your non taxable income from other means, like through the business?
Surely this can't be right? Companies, agencies don't ask you for other proof of income, usually just your W2 or personal tax return. This meaning it is not showing your true income and they won't know about it.
Have I got this right or is there something fraudulent about all this? Or is it a loophole for LLC owners?

2007-05-16 10:11:49 · 6 answers · asked by sweet_h 3 in United States

Do they acknowledge my letter reporting someone?

2007-05-16 09:34:43 · 4 answers · asked by Anonymous in United States

I am not talking about filing, but the exact reference to the law that mandates citizens pay the IRS income tax. I found that in 1936 a supreme court judge deemed the tax illegal, and that there has not been a ruling over-riding this.

2007-05-16 09:26:10 · 7 answers · asked by poorbiker 2 in Other - Taxes

2007-05-16 09:11:04 · 7 answers · asked by Anonymous in United States

I have it on zero right now. Can I change the number up to two? The loan was for $577,000. I do not want to owe at the end of the year. Filing as married. Only answer if you know what I am talking about. THANKS!!

2007-05-16 08:31:27 · 5 answers · asked by Nicolleta 2 in United States

Hi All,

I am thinking of starting a web business as sole proprietorship so that I can expense the development cost. However, I am not sure if that's possible if the business is not expecting to make any money the first 1.5 years. I am also not sure if I can expense the development cost if I am outsourcing that task to a foreign company in Ukraine.

The reason I chose sole proprietorship over LLC is because I want to avoid all the cost and paperwork before the company gets on track. Also, I read somewhere that I can then expense my personal income from my day job. Is that true and is it a good idea?

Please help!

2007-05-16 07:38:25 · 3 answers · asked by DaDar 2 in United States

My husband sometimes works 70 hour weeks which would be good for us except we are loosing so much in taxes that it is almost not worth it. Recently someone told us that some companies allow employees to split overtime hours between paychecks to avoid higher tax brackets. Is this possible? If so does anyone know how?

2007-05-16 07:37:38 · 6 answers · asked by Miranda 3 in United States

I efiled my return on april 16th but was rejected because I claimed my daughter who stayed with me for six months and then went to stay with her mom. We both agreed to claim the child for six months each. which was what she did too, but sent her return in earlier than me. So mine was rejected on the grounds that she had already claimed her. I was then given upto april 27 tocorrect or send in explanation.She then gave me a copy of her tax documents which I posted back to both federal and state but I havent heard from them til this present day. Should I contact them or wait to hear from them. If they do not accept it this time do I have another chance of filling ?

2007-05-16 06:21:22 · 7 answers · asked by hahol 1 in United States

He lived in Nevada and I live in Ohio. I will receive about $3000 from his personal possessions/property, $7000 from a bank account, $55,000 from an IRA.

2007-05-16 06:18:44 · 7 answers · asked by Heidi B 1 in United States

2007-05-16 04:56:32 · 4 answers · asked by Lee N 1 in United States

like should i be saving my medical recietes , or all the reciets from remodeling my house i.e new carpet, paint and such .. is that worth anything at the end of the year tax time. thank you

2007-05-16 04:56:26 · 2 answers · asked by myruin 1 in United States

Also what are the implications R.E tax?

2007-05-16 04:36:51 · 6 answers · asked by Please tell me 1 in United Kingdom

We moved from one state to another for a better employment opportunity for my husband. Unfortunately, I had to quit my job to follow him (In other words, I was the tag-along). Now I'm wondering if I could apply for unemployment benefits even though we will claim the moving costs in our tax return. I have read that you can't apply for unemployment benefits if you claim your moving costs on the tax return, but, does that rule apply to both spouses or just the one who's moving with a job (not the tag-along)?

2007-05-16 04:27:46 · 4 answers · asked by Anonymous in United States

2007-05-16 04:24:43 · 6 answers · asked by Peter A 1 in United States

I know that a trust or estate,for tax purpose, serves as a tax conduit whereby no income tax on it. Is my understanding correct? if correct, how come the IRS has income tax rates for estates and trusts?

2007-05-16 04:13:40 · 7 answers · asked by Mike 1 in United States

I want to buy a house from my grandfather but I want him to owner finance it for me. I want to know what the tax implications would be for him such as capital gains tax or tax on the interest of the note he would be holding

2007-05-16 04:10:15 · 3 answers · asked by Jonathan H 1 in United States

0.15 of $2.5B is about $375 million. Do they pay cap gains like the rest of us, or do they have ways of avoiding some or all of the tax?

2007-05-16 03:53:08 · 3 answers · asked by Anonymous in United States

2007-05-16 03:13:14 · 2 answers · asked by Anonymous in United Kingdom

2007-05-16 03:12:31 · 5 answers · asked by bmariev24 1 in United States

I have a bunch of savingbonds that have matured. and some that have not (getting 4%). Can I tranfer the funds or something into a 529 or Roth IRA or something to avoid paying taxes on the interest? THe Bonds are in my name - so I don't even know if I could transfer or "gift" the money. THANKS! :)

2007-05-16 02:57:31 · 5 answers · asked by Anonymous in United States

Ok I live in PA. I work for a PA company as a contractor for a DE company..( in my paycheck DE state tax is deducted) When i get laid off in Aug (if i dont have a job yet) where do I file for UC benifits??

2007-05-16 02:40:40 · 4 answers · asked by mickeyr813 3 in United States

2007-05-16 01:11:03 · 2 answers · asked by bobdc99 1 in Other - Taxes