Taxes - July 2007

My wife and I make roughly $150,000 a year. I'm in sales so I get taxed around 30% and my wife 20%. This adds up to around $50,000 of taxes paid. Here's my real question. If I bought a house that has interest only payments of around $4000, do I get all that back??? Thanks for any help.

2007-07-18 13:12:26 · 12 answers · asked by Richard S 1 in United States

Buildable land only.

2007-07-18 12:31:29 · 7 answers · asked by Antonio A 1 in United States

Is it better to file separately or jointly? Should I wait until next calendar year to legalize my marriage to avoid paying taxes this year?

2007-07-18 11:46:47 · 3 answers · asked by hoover98usc02 1 in United States

Help! I don't know much about this.
At the moment I am working 16 hours a week, I get paid cash and don't have tax or anything taken out of my wages as I am on a low income. I know if you are on benefits you get contributions paid for you, if not it comes out of your wages. I am claiming a rate of working/child tax credits, should anyone be paying contributions for me or would it be up to me to contribute myself? If it is up to me to pay, do you think I should? I will be changing careers and working full time once my son is at school so will a couple of years without really matter as soon it will only be 30 years of contributions to qualify for a full state pension?

2007-07-18 11:32:26 · 6 answers · asked by laura231004 3 in United Kingdom

I live in Indiana. We have some messed up taxes in our state.
For example, a average home in the low $100K range can have a property tax of $2500 and up. What's worse is your neighbor can have a similar house and literally pay half as much. I asked our county assessor exactly how the taxes are figured and she couldn't understand it herself.
Another crazy tax is for auto excise tax. Say you bought a $25,000 car in 2006. Tax can run well above $500/yr.
Is your state worse? What is the big "rip off" in your state?

2007-07-18 11:19:30 · 3 answers · asked by Kari 4 in Other - Taxes

2007-07-18 10:46:20 · 6 answers · asked by d_grey395 1 in United States

Do all US states have equal Employer Tax rates?
Is there any US state which has no employer tax?
Is Employer Tax a federal or State tax?

2007-07-18 10:18:41 · 4 answers · asked by Rui 1 in United States

paying taxes if i open a coorporation in nevada and i'm doing my investments in california?

2007-07-18 10:10:02 · 4 answers · asked by chicafresa 2 in United States

2007-07-18 09:34:18 · 2 answers · asked by Anonymous in Ireland

how much medical and dental expense do i need to have to claim it on my taxes?

2007-07-18 09:28:34 · 3 answers · asked by Anonymous in United States

there was money being taken for state and federal tax because I had been claiming "3", but at the same time I was also exempt from 3/2007-7/2007. Do you think I'll have to pay at the end of the year?

2007-07-18 09:03:37 · 2 answers · asked by Tim 3 in United States

2007-07-18 08:14:46 · 7 answers · asked by saved121599 1 in United States

i met a street artist in LA i think it was and he was earning equivalent to about £100 a day cash in hand jsut from drawing. would this guy have to pay tax on this or would no one have a clue he was earning so much. just wondered

2007-07-18 07:57:44 · 8 answers · asked by uuhyufcrersx 2 in United Kingdom

Someone told me that the gas you buy at a marina is tax deductable, due to the large markup of delivery fees, etc? Is there any truth in that?

2007-07-18 07:43:33 · 3 answers · asked by Jon C 1 in United States

I recently bought a home outside the United States and I have a mortgage with a bank in the foreign country. Can I get tax benefits for the mortgage loan I have.

Thanks

2007-07-18 07:38:16 · 3 answers · asked by Ram 2 in United States

If I buy a Laptop computer for work can I right it off? Is it worth it? how much money does it get me? I am a sales rep and really would need it to be organized. Also on the same note, what about a blackberry? same questions.

2007-07-18 07:32:57 · 5 answers · asked by Buck 3 in United States

i want to avoid custom charges and seller saying that he will export to my home address thru USPS courier service and no custom charges will be applicable . How do i beleive him ? He is saying that the pordct will be shipped as a gift and a low value product . will this work ? Whats the guarantee that custom charges will be discounted in this way ?
How do i avoid custom charges and tax ?

2007-07-18 07:32:30 · 6 answers · asked by Rishabh 4 in India

Our LLC is structured as profit sharing only at the end of each calendar year and no "guaranteed payments" to member-manager whatsoever. Are members obligated to pay estimated income tax every quarter eventhough we don't receive any income distribution yet? Is it needed for the LLC to create Quarterly Income Statement and the members will pay "estimated tax" based on those figures?

Please help. Thanks.

2007-07-18 07:28:48 · 1 answers · asked by Hinoktok 2 in United States

I have heard that investing some of your paycheck into a 401K will actually make you're take-home pay more because of the tax break. Lets say i make 2000 a paycheck minus taxes... so about 1400 a paycheck (assuming taxes are 30%)...if i invest 6% of my 2000 before taxes into a 401K, will that percentage of a tax break actually put more money in my paycheck after taxes and the 401K are taken out rather than just getting taxed on the whole 30%?

2007-07-18 07:17:32 · 5 answers · asked by rushfreak01 2 in United States

Is it crazy to take the IRS to court claiming you don't legally have to pay income taxes? One guy did, and won
By Loresha Wilson

A Shreveport attorney who has challenged the government for years on the legality of filing federal income taxes has been acquitted on charges he failed to file returns.

A federal jury unanimously found Tommy Cryer not guilty this week on two misdemeanor counts of failure to file.

And according to Cryer, the prosecution dismissed two felony charges of tax evasion prior to trial.

Attempts by The Times on Thursday to reach U.S. Attorney Donald Washington or Bill Flanagan, first assistant U.S. attorney, were not successful. Calls made to the two were not immediately returned.

"The court could not find a law that makes me liable or makes my revenues taxable," Cryer said. "The Supreme Court has ruled that the government cannot impose an income tax on anything but the profits and gains. When you work for someone you give your service and labor in exchange for money, so everything you make is not profit or gain. You put something into it."

Cryer was indicted last year on two counts of tax evasion. The indictment alleged he evaded payment of $73,000 in income tax to the Internal Revenue Service during 2000 and 2001.

Cryer created a trust listing himself as the trustee, and received payments of dividends, interest and stock income to that trust, according to the indictment. He also was accused of concealing his receipt of the sources of income from the IRS by failing to file a tax return on behalf of that trust.

"I determined that my personal earnings were not 100 percent profits, some were income," Cryer said. "I refuse to file, I refuse to pay unless they can show me I have a lawful reason to pay."

"What I earned was my own personal labor. I am giving something in exchange. I'm giving my property and I don't belong to anyone else."

Cryer says he stopped filing returns more than 10 years ago after he investigated claims that income tax was a sham. He contends the law doesn't actually tax personal earning.

2007-07-18 07:01:02 · 7 answers · asked by Beauty&Brains 4 in United States

2007-07-18 06:52:05 · 1 answers · asked by Anonymous in United States

I am currently a full-time student at a community college. I also work-- sometimes full-time/ sometimes part-time at a job where I am a contract employee--which means that I am self-employed--which also means that I am responsible for paying my own taxes.

So here is my question--since I am a full-time student, do I even have to file my taxes? And if so, am I exempt from anything?

If anyone could find any paperwork or anything I will even pay you!!!!

2007-07-18 06:46:50 · 5 answers · asked by Anonymous in United States

I am getting the tax credit from buying hybrid, and I am wondering if the tax credit can be apply to property tax on the house I own. Thanks!

2007-07-18 06:44:57 · 5 answers · asked by Leon 2 in United States

I bought a new F-150 earlier this month and it's almost time to pay the sales tax. I live in Missouri and the sales tax rate for my county is 5.85%. The city i live in tacks on an additional 2%. A friend of mine has lived in a neighboring city for around 10 years and has bought 6 new cars says that he simply tells the person at the DMV he lives in the county (not a lie, but leaves out the fact that he also lives within the city limits) therefore paying the lower tax rate. As i've said this has been going on over the last 10 years and he has had no problems. My wife and I are pretty conservative and don't have the guts to do that, but would like to know how likely it is that he will be caught, what agency would likely catch this, and what the possible repercussions could be. He claims that there is no risk.

2007-07-18 06:35:01 · 5 answers · asked by mrb_2131 2 in Other - Taxes

My emploer delays giving me my W2 form for tax return. I used to work there as a part time employee last summer. I am back this summer and keep on reminding him every 3 days. He says, oooh, sorry, in a few days you will get it. This few day last since february. Any suggestions? Where should I call? I got an extension until september.

2007-07-18 06:23:12 · 5 answers · asked by Buselina 1 in United States

If I coul invest my money instead of apy social security I would have a more stable future.

2007-07-18 06:13:51 · 8 answers · asked by Anonymous in Other - Taxes

I'm not sure it's even possible, but what happens if I donate so much of my money, that the amount of tax deductibles exceeds the tax I owe at the end of the year?

2007-07-18 05:53:53 · 3 answers · asked by Anonymous in United States

2007-07-18 05:27:13 · 1 answers · asked by Todd H 1 in United States

2007-07-18 04:47:28 · 3 answers · asked by Gucci 2 in United States

This is for a family of two.

2007-07-18 04:42:31 · 3 answers · asked by peaches7160 1 in United States