Taxes - June 2007

For the past year I've worked as a private duty nurse and want to report my income - but my boss and the other nurses say it isn't necessary. Most of the other nurses have been working for these people for several years and apparently have never claimed any income....they are concerned if I claim my income, the IRS will somehow find out who they are and they will be penalized or possibly face jail time....I don't want to get anyone in trouble with the government, but I believe I should do what is right. What say you?

2007-06-14 02:58:06 · 5 answers · asked by mammacat12 1 in United States

Say I make $125,000 as an independent contractor, married filing jointly, 2 dependents and taking the standard deduction,

what can I expect my total tax to be, federal + state (CA) + AMT + self employment tax,

thanks!

2007-06-14 02:58:02 · 6 answers · asked by romasuave1 2 in United States

2007-06-14 02:37:36 · 12 answers · asked by olfart@sbcglobal.net 1 in United States

I am an accountant with some knowlege of taxes. I've prepared lots of tax returns but for my firm when I worked for a medium sized public accounting firm. Now that I am in private, I would like to start my own tax practice starting in 2008. How much can I expect to charge for a basic return? What other fees can I charge? Most importantly, how many returns are reasonably able to be completed working part-time (evenings, weekends?)

2007-06-14 02:32:36 · 4 answers · asked by TheGarlicButterSaw 3 in United States

2007-06-14 01:28:04 · 4 answers · asked by pppp 2 in United States

What does this mean exactly and what should I do?

Based on the information you previously entered, your anticipated income tax for 2007 is $3,843. If you do not change your current withholding arrangement, you will have $12,511 withheld for 2007, resulting in an overpayment of $8,668 when you file your return. If you want your withholding to more closely match your anticipated tax, adjust your withholding on a new Form W-4 as follows:
For the only job you entered (which has a projected salary of $41,650): 11 allowances.
Check the “Single” box on your Form W-4.
Assuming these recommended allowance(s) are in effect for the rest of 2007, your expected refund should be about $2,100. Following this recommendation will ensure that the amount withheld from your wages will cover all of your projected tax liability while minimizing your refund.

Caution! The recommended number of allowances will result in no income tax being withheld from your pay (because your year-to-date withholding

2007-06-14 01:20:42 · 4 answers · asked by Anonymous in United States

2007-06-14 00:47:38 · 13 answers · asked by Anthony D 1 in United States

Are study courses and books tax deductable in WA?

2007-06-13 23:27:09 · 2 answers · asked by May26 1 in Australia

2007-06-13 23:19:26 · 3 answers · asked by Anonymous in United Kingdom

2007-06-13 22:36:38 · 7 answers · asked by Zachary D 1 in United States

A friend had her taxes filed by her friend. The preparer had my friends refund deposited in her account instead of my friends account.

2007-06-13 22:29:13 · 2 answers · asked by BLUE DOLFIN 1 in United States

2007-06-13 22:05:36 · 4 answers · asked by ty h 1 in United States

I received an email from the Asset Capital Trust NV bank located in Netherlands informing me that I have a sum of $ 15,000,000.00 under my name and that I should pay 4,550 Euros as a tax and insurance charges to transfer the total amount into my bank acount, is it real or just a fraud ?

2007-06-13 20:44:14 · 5 answers · asked by emadprog1979 1 in United States

is it true??? I'm a home owner...and ofcoure, i pay my property taxes, am i gonna get alot on tax refund?

2007-06-13 19:55:24 · 5 answers · asked by flowerpower 1 in United States

The amount of money collected from private individuals through the Federal Income Tax is about the same amount as the INTEREST on the debt. If we weren't deficit spending, we wouldn't even need a Federal Income Tax! Isn't it time we held politician's feet to the fire and FORCED them to do what we all have to do? Create a BALANCED BUDGET? (By the way, Ron Paul is the only candidate who has never voted for an unbalanced budget!)

2007-06-13 19:17:02 · 5 answers · asked by Bambi B 3 in Other - Taxes

2007-06-13 18:09:26 · 2 answers · asked by PGM 1 in United States

2007-06-13 17:14:15 · 6 answers · asked by Jessica G 1 in Other - Taxes

ok... i got married on january 1 2007, sometime in march i changed the number of dependent i claimed from 1 to 2... in october my wife and i are having a baby, then i'm going to claim 3.... now this year (2007) i have 1 job and 1 job only, my wife doesnt work and i'm going to bring in roughly 21k-22k at the end of the year.... i know less taxes are being taken .... my question is will i benefit from the government or will i owe ???

2007-06-13 17:13:42 · 3 answers · asked by newyorkjoey1 1 in United States

I bought my house in May of 2005, I then moved in August 2006 to California for a new job and my house has been for rent/for sale ever since. I was never able to rent, now have the house under contract and am doing a short sale on the property. I will be losing 50K on the value and will owe the second mortgage 13K and will be forgiven the remaining 37K through a 1099c. Since I actually lived there less than 2 years, can I deduct my losses on it by saying it was not my primary residence? I will end up having to pay taxes on the 37K as if it were income as well as 10 months of expenses (which I deducted much of on my 2006 taxes)...

Help!

2007-06-13 16:39:06 · 6 answers · asked by myarmada2001 1 in United States

My wife and i filed jointly in 2004 and 2005,now we owe 30,000 in taxes. I know we are both liable for it but the debt is mainly hers, she is a real estate agent and had some outrageous deductions,so that is the reason why we are now in debt with the IRS. I confided in her to do the taxes accurately, i was so trusting and stupid to sign too...
In the other hand, we are seperated and in the process of a divorce and not in speaking terms at all. I decided to go to the IRS offices myself and got informed that my wife has been lying to me that she has been making payments, and on top of that i was also informed that i don't qualify for Spousal Relief.
I finally got in contact with my wife today and asked her to make arrangements to pay because its HER debt and she told me that she arranged for that debt to be trasferred to her and she would be solely responsible for that debt.
My ? is....
Is that possible,for a debt to be transfered just to her without me signing anything??

2007-06-13 16:20:03 · 6 answers · asked by Anonymous in United States

I started a business six months ago , although I only started getting paid the past two months. I need to know if there is software that lets me input the figures for my business and it works out how much I need to pay in taxes....I dont have an accountant right now hopefully down the road I will be able to afford one. I bought TurboTax Home and Business, but it asks for 2006 figures. My business started operating 2007....Help!

2007-06-13 16:07:28 · 3 answers · asked by man_fredk 1 in United States

i just received this call this morning.. the guy told me he's calling from the tax refund department.. he told me there was some kind of random pick thing every year. and i was going to receive $6000 by tomorrow and i just need to pay a one time fee like $338 in the next 6 days. they gave me a confirmation number and everything but i wasn't sure what the hell? is there such thing?! will they really give away money? i need to know because they asked for my router number and account number.. i need to know because it sounds too good to be true. please help!! asap!!

2007-06-13 15:01:26 · 8 answers · asked by HunNi3 X 1 in United States

I am having a problem. I filed my taxes for 2005 and paid $450.00 by check which was cleared. Few days ago, I received a letter from IRS stating :
"Our records show credits or payments totaling $450.0 for the tax perid ending Dec. 31, 2005.
We have no records of receiving your tax return.

If you have filed, please send us a newly signed copy of your return.

If you have not filed, please do so. We have enclosed the appropriate form for your convenience. When you file, be sure to show all payments you have made on your retun."

Here is my problem. I do not know where on 1040 (which line), can I show the payments that I have already made ($450.00).

Thanks in advance.

2007-06-13 14:42:46 · 4 answers · asked by Immi 1 in United States

especially if the two aren't married and one is a non-resident and one is a resident

2007-06-13 14:15:53 · 4 answers · asked by Frank F 1 in United States

2007-06-13 14:00:00 · 2 answers · asked by Anonymous in United States

2007-06-13 13:22:19 · 8 answers · asked by mrgo27 1 in United States

how did the I.R.S come up with anything over $ 1.200 you must pay taxs how did the pick that sume and say not $2.000 or any sume of money?

2007-06-13 13:21:10 · 6 answers · asked by DANIEL H 1 in United States

I claimed ZERO. so was that the right one?? which claim is the one that takes out the least amount..and which one takes about the most amount??

2007-06-13 13:19:22 · 2 answers · asked by quartzcreek2005 1 in United States

We are selling our home and my elderly father's home in order to build a house that will provie enough room for us all. Will we be taxed on the proceeds from my father's house? Will it be considered a gift? How do we use his proceeds in order to avoid any tax penalities for either party?

2007-06-13 12:45:18 · 6 answers · asked by LeProfesseur 1 in United States

is 5 percent and not 17.5 why

2007-06-13 12:28:36 · 2 answers · asked by ccosj 5 in United Kingdom