Taxes - May 2007

He is an angel and I want to pay him back a.s.a.p. I plan to basically "lower" my salary by $300.00 per month - I don't know what the tax repercussions are. Since we're both in agreement does the government even have to know?

2007-05-01 07:13:42 · 5 answers · asked by Lynne 2 in Other - Taxes

where do you put up to 5k in start up expenses on 1065? I only have 500 in expenses. please help, is it a schedule k item or page 1 item? thanks,

2007-05-01 07:06:13 · 4 answers · asked by Anonymous in United States

What is the difference between claiming 0 or 1. I just started a new job and counldn't really understand this. I am single, no kids and not married.

2007-05-01 06:31:39 · 8 answers · asked by sunie s 1 in United States

2007-05-01 06:27:01 · 8 answers · asked by Steve 1 in United States

can someone claim kids who are not there own? in a legal way?

2007-05-01 05:48:23 · 4 answers · asked by 4stringthndr 3 in United States

Her social security number was also in the briefcase--please give me some ideas as this never happened to anyone I know. She also has a large amount of money in her bank account.

2007-05-01 05:26:19 · 2 answers · asked by Nemo the geek 7 in India

2007-05-01 05:24:17 · 6 answers · asked by san 1 in United States

2007-05-01 05:04:08 · 2 answers · asked by papamello 1 in United States

im new to online shopping and just started to buy on ebay.. a friend told me that next year when i go do my taxes i would have too pay cause you don't pay tax.. i assume this only apply for ebay shopping cause i don't pay sale taxes but my other online purchases i have made i had to pay sale taxes... so could someone please tell me how this all works out.

2007-05-01 05:01:55 · 6 answers · asked by thomas g 2 in United States

I failed to file my taxes for 2004 & 2005. I just did them, and I am getting a refund, do they have to pay me interest on the money that they owe me?

2007-05-01 04:49:18 · 5 answers · asked by amstotts6850 2 in United States

I got laid off, took my 401K monies, Fidelity took the penalties and tax out. I took most of that money and put as a downpayment on a house. I put the rest of the money in my taxes as income (did through Turbo Tax which did not flag me), now IRS wants to tax me again on the money I put as a downpayment on my first house, so that would be almost 40% tax? Is this correct? I thought you had up to 10,000 to put as a downpayment on your 1st home not to get taxed again? Help.

2007-05-01 04:32:16 · 5 answers · asked by GSLEVE 1 in United States

I left the May Company in April 06 due to a merger with Macy's. I couldn't decide at the time how best to move my profit sharing and retirement monies. Now I feel I'm going to be stuck paying a extremely high tax penalty... over $13,000. Is there a way to avoid paying 07 taxes on this money? Is it too late to put the money in some kind of investment to avoid the penalty?

2007-05-01 04:10:09 · 6 answers · asked by byruss587 1 in United States

which is cheaper? Also, where exactly do I claim "ZERO" to make them take as much as they want now and not at tax return time? (new at this - just moved to U.S. -- pls HELP)

2007-05-01 03:41:14 · 5 answers · asked by Anonymous in United States

I work and I don't live with my parents I live in an apartment and I haven't received my tax check, do my parents receive it instead? Or do I not even get one?

2007-05-01 03:12:49 · 4 answers · asked by Anonymous in United States

2007-05-01 03:06:28 · 5 answers · asked by jeremy 1 in United States

2007-05-01 02:58:54 · 2 answers · asked by sharp60611 1 in United States

I am getting ready to sell a house in Lousiana. I moved to Kansas a couple of years ago for a job, and bought a house here last year with no money down (it was all tied up in the other house). I am concerned that I will show a decent profit on the old house, bought it for $67,000 in 1998 and expect it should sell for at least $120,000 on the current market. I need to move as much money as I can into my current house to hopefully pay off the second mortgage on it at least, but I'm expecting that with high Kansas taxes and US taxes that I will take a pretty big hit. Anybody been through this before, and have any advise?

2007-05-01 01:51:47 · 4 answers · asked by p_doell 5 in United States

I have been offered a job as a private nanny for a family. They want to report the income 1099, but I have never done that beofre. What happens in this case and if I take the job but not file taxes what happens?

2007-05-01 00:47:27 · 7 answers · asked by Anonymous in United States

K...before you start with your "heartless idiot" rhetoric, hear me out.

Under our current system, if you're a business owner, it's in your best interest to have your business pay for everything you need and to break even at the end of the year showing $0 income on your tax return. Individuals can get pay raises, but see no net gain, perhaps even keep less, because they cross over into a new tax bracket.

My point is that our current tax system incentivizes people to produce less than they could. Additionally, it's much more difficult to falsify income than it is expenses, making the tax code simpler.

So, what if people actually paid less in taxes as they made more. We want people to be industrious, start businesses, be creative, and produce. What if we created a system where people said "ya know, if I can figure out how to make an extra $3000, next year, I'll pay less in taxes."

If we could start over (smaller, more efficient government & simpler tax code), could this work?

2007-05-01 00:28:05 · 3 answers · asked by Ender 6 in United States