Taxes - May 2007

If I take half of my 401k and invest it in an IRA what would my tax be for the remaining funds even if I directly invest them into another investment firm?

2007-05-02 04:28:19 · 7 answers · asked by srmc_007 2 in United States

Can cashing out a 401k plan at the end of employment be directed toward education without taking a hit from the IRS?

2007-05-02 04:22:18 · 5 answers · asked by srmc_007 2 in United States

2007-05-02 03:51:27 · 3 answers · asked by john h 1 in United States

Im 20 yrs old and a college student in RI. I work constantly when I am not in school to pay for tuition and my apartment. When I filed my taxes this year I owed over $1,000 between state and federal taxes. I was told because I didn't have enough taken out. I managed to not have to pay the entire amount by claiming some school expenses but it was a close call.I can't afford to owe next year. How many exemptions should I claim to avoid this? I currently claim 0 for both state and federal. Am I going to screw myself over in the end??

2007-05-02 03:20:07 · 4 answers · asked by earthangel1020_2000 1 in United States

I am curious as to what it takes to have to end up owing the government during tax season.... It's somethig I have recently started thinking about. I am 23 yrs old. making almost 2'x as much as i have in the past 6 years that I have been working, claim myslef and I pay for my own my schooling... do I qualify? I hope not.

2007-05-02 02:31:45 · 2 answers · asked by morozco5 2 in United States

My husband is the one working. I don't work. We have 4 children. We would rather have a big paycheck than a big refund, but we also don't want to owe money at the end of the year.

Somebody, please help!

I also need help with the Michigan W-4, if anybody has any idea about that.

Thanks in advance!

2007-05-02 01:38:09 · 3 answers · asked by Anonymous in United States

I just returned to the US after twelve years abroad. I'm trying to work out a budget but don't quite understand how much money I'll have to work with.

2007-05-01 23:24:32 · 3 answers · asked by smash 3 in United States

2007-05-01 22:49:24 · 3 answers · asked by locationvariable 1 in United States

How do different forms of income minimise the amount of tax you have to pay? Please help

2007-05-01 22:43:52 · 4 answers · asked by Lulu33 1 in Other - Taxes

These two conditions keep the cost of capital low, as f (debt fraction is high) and t (tax rate) is high.

2007-05-01 18:52:14 · 3 answers · asked by 316 1 in United States

2007-05-01 18:14:39 · 2 answers · asked by doggafacia 2 in United States

I'm not from USA, I'm planning to do a online business in Singapore. What should I do to get myself a Tax Id?

2007-05-01 18:04:17 · 5 answers · asked by Haylo 1 in United States

I owe for 3 years of unfiled taxes. not a dodger just a victim of a warped SSA judge

2007-05-01 17:31:29 · 8 answers · asked by nutstooand3 1 in United States

2007-05-01 17:29:07 · 4 answers · asked by bbleena 1 in United States

I just forgot to send in my state tax return papers to Florida. I still have them printed. What will happen though? Can I turn them in next year?

2007-05-01 16:19:11 · 6 answers · asked by OutlawAdidas 1 in United States

We are a newlywed couple who are both starting new jobs. This is actually a two part question, pertaining to taxes.

1) To you married answerers out there, is it usually better to file jointly or single? What are some of the advantages/disadvantages, and what should we consider before making a decision.

2) When it comes to a new job and filling out the W-4 Tax Form, what are some of the options usually selected if planning to file jointly?

Thank you all in advance for your answers and any information that you include with your answer.

2007-05-01 14:32:40 · 7 answers · asked by Matt B 1 in United States

I need to know as comprehensive of a list as possible of all the "pre-approved" religious organizations that the IRS allows the members to opt out of social security using form 4029.

2007-05-01 14:17:17 · 6 answers · asked by Greg 2 in United States

I currently work for a large corporation earning a salary. My question is this: should I add my name to my Mother's mortgage so that I may be able to write-off the mortgage interestpaymentsand taxes? Thank you for taking the time to read this.

2007-05-01 13:26:29 · 3 answers · asked by adambee111 1 in United States

2007-05-01 13:08:56 · 6 answers · asked by Beabea Gunn 1 in United States

The question is: I am an independent contractor for a company that just issued me a PO to do work for them. As part of the contract, I will incur large reimbursable expenses back to the company (tens of thousands of dollars). The company says that they will put those reimbursable expenses on my 1099 shown as income. I guess I then deduct them from my income at the end of the year? Does this sound right or will this cause potential problems with the IRS?

2007-05-01 12:46:38 · 5 answers · asked by J S 2 in United States

A truck costing $35,000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $14,000. An insurance check for $40,000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a
a. Gain on Disposal of $5,000.
b. credit to the Truck account of $21,000.
c. credit to the Accumulated Depreciation account for $14,000.
d. Gain on Disposal of $19,000.

2007-05-01 12:19:17 · 3 answers · asked by Anonymous in Other - Taxes

Since I don't have ther money to pay for DECEMBER 2006 - FEB 2007 - Property Tax Bill.

2007-05-01 12:10:03 · 4 answers · asked by Mec C 1 in United States

I have an IRA, took out 15k to buy a car. Financed it instead and put 10k back in the bank IRA. The bank advisor DID NOT inform me that I could only put back 4k per year. I am now taxed and penalized on the other 6k and dont even have it since I put it back in the account.... Does anyone have any suggestions? I now owe 6k in taxes to the IRS....HELPPPPP!

2007-05-01 10:37:12 · 4 answers · asked by geenicegal 1 in United States

How does someone not pay taxes for 5, 6, 7 years, and then just get caught all of a sudden?

2007-05-01 10:34:37 · 4 answers · asked by Incorrectly Political 5 in United States

I need a list of all or most self-employment deductions. I don't want links to search pages. Please only post links to pages that actually have the deductions listed. Thanks.

2007-05-01 09:02:34 · 7 answers · asked by ref 1 in United States

2007-05-01 08:19:45 · 2 answers · asked by moyomm09 1 in United States

a.social security
b.disability
c.medical plan
d.dental plan

2007-05-01 07:56:39 · 6 answers · asked by BRIANNA T 1 in United States

Our family of five is planning on relocating from MD to PA to afford a bigger house. Their taxes seem so confusing! Anyone compare PA to MD?
How much more expensive?

2007-05-01 07:52:49 · 2 answers · asked by curious erin 1 in United States

I might start working for a company as a contractor and I heard the taxes are higher, is that correct? or it only means instead of the company withholding the taxes, I have to pay them myself. In other words, is it the same tax rate? Thanks,

2007-05-01 07:38:07 · 5 answers · asked by Janmarintl 1 in Other - Taxes

I recently got a divorce. I had four rental homes that the courts are forcing us to sell in order to split the assets. Do I have to pay capital gain taxes on these rental houses?

2007-05-01 07:33:34 · 7 answers · asked by Sharon V 1 in United States