Taxes - June 2007

Please settle a dispute. My friend has a business and he leased a car this last year that has a payment he can bearly afford. He thinks that come tax time he can write his lease off and that the state will cut him a check for 100% of what he paid on his lease. He thinks he is getting a free car. Isn't it true that when you write something off you just don't have to pay the tax on that item? Others have told me the same thing that they know someone who wrote off a car and that the check came in the mail for every penny they spent on it. They keep telling me that I should write off as much as I can because it equates to free stuff. So who is right? Thanks, I appriciate it.

2007-06-27 07:59:28 · 9 answers · asked by Rebecca K 1 in United States

If I donate my car and get a $1,000 tax receipt, what benefit will I get on my tax return?
More of a refund? If so, by how much?

2007-06-27 07:51:16 · 4 answers · asked by AnswerBot 4 in United States

I e-filed my taxes on the Sat. before last. I have not yet received a refund. Is this late or to be expected?

2007-06-27 07:49:27 · 3 answers · asked by justellemJimsaidhello 1 in United States

Excluding immegrants, those that do not work and the self employed, the rest of us work hard for our money.(No slight on self employed, but you will see where I am coming from)

We earn money and pay tax on it.
We put it into savings, and pay tax on it.
We withdraw it and spend it, we pay tax on it.
We use it ,throw away the rubbish, and pay tax on that as well.

Has anyone ever worked out how much our money is actually taxed and what we ever get back for it?

2007-06-27 07:43:19 · 5 answers · asked by Anonymous in United Kingdom

2007-06-27 07:33:57 · 4 answers · asked by Anonymous in United Kingdom

I did contract work for under someone for under $1000. He has already paid part of the sum, but he's asking for my social security number before he pays the remaining money. I was under the impression I only have to provide my social security number if he's my employer. I am very hesitant about giving him this information, especially because it's only contract work.

2007-06-27 07:33:34 · 8 answers · asked by franksvalli 2 in United States

How much is the Percentage for Property Taxes you have to pay?

2007-06-27 06:54:20 · 3 answers · asked by bluetown3 1 in United States

£200 tax from my monthly salary of about £800. I receive approx £80 per week pension. Should I be paying an extra £200 .on what in fact is a £340 increase? I usually pay about £60 tax .This month I have paid about £260.

2007-06-27 06:39:53 · 3 answers · asked by robert r 1 in United Kingdom

i was told an art painting is fully deductable when purchased as long as it is going to be hung in the buisness for 9 months.
is that true?

2007-06-27 05:52:10 · 3 answers · asked by Anonymous in Other - Taxes

when attempting to calculate projected overheads and any subsequent profit?
I will be trading alone and won't be employing anyone else.

thanks.

2007-06-27 05:49:44 · 4 answers · asked by The Unknown Soldier 6 in United Kingdom

Buffett said he makes $46 million a year in income and is only taxed at a 17.7 percent rate on his federal income taxes. By contrast, those who work for him, and make considerably less, pay on average about 32.9 percent in taxes - with the highest rate being 39.7 percent.

2007-06-27 05:02:21 · 7 answers · asked by jck_kerouac 2 in Other - Taxes

2007-06-27 04:26:38 · 7 answers · asked by ? 1 in Other - Taxes

I have completed S-incorporation status and have my products and the price I want to charge. Do I have to get a sales tax id or something?

2007-06-27 03:19:42 · 2 answers · asked by kyojo 2 in United States

Currently my tax rate is 25% and this will likely push me into a higher tax bracket. How much of that $ 60,000 should I set aside for capital gains taxes? Besides holding it for 12 months, is there anything I can do to lower the tax burden?

2007-06-27 02:57:23 · 6 answers · asked by bettingman1229 1 in United States

We just paid off our mortgage, but have an outstanding home equity loan, which we took out to benefit from the tax deduction. Now that the mortgage is paid off, we're wondering if the loan is still deductible.

2007-06-27 02:09:34 · 3 answers · asked by wynette2000 2 in Other - Taxes

We have a proprty which we would like to give to our son who hasn't any other assets.
If he should sell the property within seven years of our giving it to him, would any of us be liable for tax. Is there a time limit? I know we would pay gift tax if either myself or my husband were to pass away within the seven years. But once the gift is made, is he free to do with it whatever he wishes?

2007-06-27 01:59:33 · 6 answers · asked by Anonymous in United Kingdom

i am a registered nurse.i make 80k

2007-06-27 01:20:20 · 8 answers · asked by mmm..whynot 3 in United States

what rules govern on a USA incorporated company's taxes if its entire source of gross revenue and income is outside USA where it's fully taxed and tax rules and forms on salary and wages;if this same company has only one employee (full time or contract base) which is citizen of that other source country OR in other word is a Non Resident Alien (NRA). TIA

2007-06-27 00:08:02 · 3 answers · asked by basereacts 1 in United States

2007-06-26 23:54:13 · 2 answers · asked by Anonymous in United States

i won the lottery, they have snd the winning certificate but still i didnt got the money, is there any suggestions or known persons to get the cheque immediately

2007-06-26 22:59:09 · 10 answers · asked by bhavana_roopa r 1 in United Kingdom

2007-06-26 22:19:37 · 6 answers · asked by Anonymous in United Kingdom

2007-06-26 21:13:53 · 6 answers · asked by Torrey Z 1 in United States

I entered a raffle last year in California, where I live, and won a new $30,000 custom motorcycle two weeks ago. We do not have a cash option, but probably will sell the bike shortly after picking it up.

How do we pay the taxes on this vehicle? I've read that the dealer sends us a 1099 form for our federal tax returns, but what about state income taxes? Is there a similar state form used to declare this vehicle as "income?"

On a $30,000 vehicle, how much cash will we have to present to the dealer for other expenses like registration, doc fees, title, etc... in California? Are there any legal loopholes we can use to minimize our tax liability on this prize?

The proceeds of this raffle did go to a bonafide 501(c), non-profit organization.

2007-06-26 21:07:21 · 5 answers · asked by Anonymous in United States

I am going to be working as a secretary and told that my gross salary is 15/ hr. so what am I really left with?

2007-06-26 19:38:44 · 7 answers · asked by skates 1 in United States

When I get an asnwer from you. I don't want no rude, silly or stupid answers. I want real, polite answers. If you feel you have to be an idiot and say something stupid or agressive then you need not respond. Thank you. Please show proof.

2007-06-26 19:27:44 · 5 answers · asked by X X 2 in United States

Hi,

I had a project done by a company in India and they send me an invoice with their tax id number.
I paid them but then I realized that their TaxID number was in the form of xxxxxx/c/xxxx where c is a character.
I tried to input that in quickbooks and i got the error message "invalid format".

Do you think that this will be a problem when reporting 1099s to the IRS?
How will manage to enter the tax id into the 1099 for them?
Is 1099 what I need to fill out for this or is there another form?
Will I be able to declare the amount as an expense?
The amount is over $5000.

Thanks

2007-06-26 17:26:15 · 4 answers · asked by antonsqr 1 in United States

2007-06-26 17:24:44 · 8 answers · asked by Anonymous in United States

After filing my taxes, I ended up having to pay. Could I request for payments installments to pay for my taxes?

2007-06-26 16:48:56 · 8 answers · asked by bskoolie 1 in United States

I'm about to recieve a settement and am able to pay her back some of what she has given to me. She is in a 46% tax bracket. Sne would have to give half of it to gov. She paid income tax when she earned it, she shouldn't have to pay twice should she?

2007-06-26 14:55:44 · 8 answers · asked by lullabyelady 2 in United States

I AM CONSIDERING FILING BANKRUPTCY BUT NOW MY FATHER HAS JUST DIED AND THEIR WILL BE AN INHERITANCE LESS THAN $100,000.00. DO I HAVE TO CLAIM THIS MONEY IF I FILE BANKRUPTCY IN THE STATE OF WISCONSIN

2007-06-26 14:45:51 · 4 answers · asked by jloew2001 1 in United States