Taxes - July 2007

2007-07-29 22:11:26 · 2 answers · asked by Nika 1 in United States

What is the eligibilty on this?

2007-07-29 22:03:26 · 3 answers · asked by ImaDork2 2 in Other - Taxes

Hi! I have my own business and do it full time, but I only make after expenses, around $5-10k year. I do owe about $1000 worth of taxes per year, I am single, I have NO dependents, just my fiance who lives with me. Can I take the Head of household credit?

2007-07-29 21:21:54 · 4 answers · asked by ImaDork2 2 in Other - Taxes

Hi! Ok, I am confused. Please help me with what expenses go in what catagories on the schedule C. Specifically, below:

1. "Office Expense" DOES THIS MEAN OFFICE SUPPIES LIKE COPIES, INK, PENCILS, ETC OR SPECIFICALLY OFFICE RENTAL??

2. "Supplies" OR WOULD THIS MEAN THE PENCILS, PAPER, INK ETC?

3. "Equipment" WOULD THAT BE APPLIANCES BOTH LARGE AND SMALL LIKE A WHEEL BARROW, CD PLAYER, STEREO, ELECTRIC PENCIL SHARPENER, FAX MACHINE, ETC.

4. "Wages" I ONLY USE INDEPENDENT CONTRACTORS, BUT I DO PAY THEM, WOULD THIS BE CONSIDERED WAGES OR CONTRACT LABOR?

5. "Contract Labor" WOULD THIS BE WAGES I PAY MY INDEPENDENT CONTRACTORS, OR PEOPLE THAT I WOULD PAY TO DO SHORT TIME JOBS? (I only pay them as well on an independent contractor basis)

It is important to know that I do not have any employees, just me, except my once inawhile independent contractors, which does fall under the legal definition of which.

Also, what is the diff between cash & accural method? THANK YOU!!!!

2007-07-29 21:17:18 · 6 answers · asked by ImaDork2 2 in United States

Me and my Fiancee' would like to get married in the near future maybe a year or two. In the meantime can we file our taxes as married even though we are not legally married? We live as husband and wife in all aspects of a commonlaw marriage, (known as husband and wife to people, share finances, share bank accounts, and co-habitate naturally) so my question is do you actually have to be legally married to someone to file that way on your taxes? I ask this because we are technically considered commonlaw in the state we live in we just aren't recognized as commonlaw because we've never gone through the paperwork. (And yes there is some) So can i file that way? Also can I take his last name even though we are not married?

2007-07-29 21:14:32 · 7 answers · asked by Sebring6969 2 in United States

My cousin hired a lady to clean, cook, and take care of a 7 years old. She gets pay in cash ($100 from 6:30am to 5:00pm, M-F). Her husband who's a contractor, or plumber, or something of that sort gets pay in cash as well. They have 2 kids, a 17 years old who just graduated from high school and a 9 years old. They are a household of 4 living on welfare. How can they be living from the government if they make enough money to pay their bills, does it mean that they aren't reporting any taxes? How little do people have to make in order to be qualified for welfare, because an approximately $4K-$5K a month for a family of 4 is not that bad (not great, but they won't starve for sure).

2007-07-29 21:09:33 · 10 answers · asked by c00kies 5 in United States

I live in Georgia if that matters. I've heard that if your under 18 and someone else is claiming you as a dependent then you get all state and federal taxes back. but which ones are they and am I right on this. I will seek a professionals help come april but I was just wondering for now. (&& yes I'll pick a B.A.) Thanx!

2007-07-29 20:18:42 · 4 answers · asked by James H 1 in United States

there is no custody agreement I provide 52% of his support

2007-07-29 20:15:37 · 6 answers · asked by musycministry 1 in United States

I was told that we do not need to pay interests for accounts in domestic banks. Not sure about it.

2007-07-29 20:11:59 · 8 answers · asked by Andy 1 in United States

I work for a company as a consultant, so I report my income on a 1096. I recently took out a loan from that company which I already signed a note saying I will pay it back in a certain number of years. Do I need to report the loan on my income tax report next year?

2007-07-29 18:18:45 · 5 answers · asked by yunimark 1 in United States

I thought I had made all my payroll tax payments on time. How I have find out I was $197.00. Da*n, the pentaly and interest is over twice the short payment. Is there any way to convince the IRS to set aside the pentaly?

2007-07-29 17:21:14 · 2 answers · asked by Rocky J 2 in United States

2007-07-29 16:01:41 · 5 answers · asked by Anonymous in United States

2007-07-29 15:55:29 · 11 answers · asked by Edith Piaf 4 in United States

i live with my mom, am 19 years old and just got a job at a hotel, but when filling out my tax form i noticed you could either put one or zero as dependent. Someone had also told me that putting zero would mean i would have less taxes taken out of every paycheck, but another person said this was bad and that they would take out MORE. I was just curious about this and wanted to know if anyone could help me figure this out, thank you.

2007-07-29 15:27:07 · 1 answers · asked by broken.bones 2 in United States

2007-07-29 15:23:02 · 5 answers · asked by then_bi_said 1 in United States

My dad is still alive and he wants to inherit me some money in life. He lives in Nicaragua and he is nicaraguan (not a US citizen or anything). Do I have to report this money to the IRS?
Do I have to pay money on this inheritance?

Thank you

2007-07-29 14:16:21 · 5 answers · asked by JC 1 in United States

How did we manage as a nation 100 years ago?

http://losangeles.craigslist.org/sfv/rnr/384687050.html

2007-07-29 13:09:38 · 4 answers · asked by ? 6 in United States

2007-07-29 12:27:56 · 5 answers · asked by star_bright083 2 in United States

to pay federal taxes. does that mean , as a Scottish citizen who worked in the US for 8 years. that i could legally ask to have my tax refunded?? are my chances of getting this back slim or none??

2007-07-29 12:27:14 · 8 answers · asked by Anonymous in United States

2007-07-29 11:27:29 · 11 answers · asked by Anonymous in United States

I'm starting in fall and even though i 've received scholarships and grants there is still money that needs to be paid in either the form of a loan or out of pocket. My parents are willing to pay the remaining portion just as long as at least part of it is tax deductable, if not they told me that i have to get the loans. They are going to be paying $5,000 per semester. I'm going to be attending a private school the tuition is $33,000 and the Room and Board is $10,000 totaling $43,000 per year. My scholarships/grants are just a little over $33,000 per year, so they would be paying the rest. Let me know if there are any credits/deductions that they can claim, thanks. P.S it's going to be my first year in college if that makes a difference.

2007-07-29 10:59:06 · 9 answers · asked by Anonymous in United States

2007-07-29 10:31:05 · 2 answers · asked by JUAN D 1 in United States

My husband and I just sold our condo that we lived in for 13 months. We are just trying to figure out how much we need to set aside to pay Capital Gains taxes. I have heard SO many different theories on what the conditions are for paying Capital Gain taxes. Does anyone know the real answer? It was in Lehi, UT if that helps. Thank you!

2007-07-29 10:25:35 · 5 answers · asked by Whitnie d 3 in United States

Unfortunately this is an academic exercise because I'll never make $250,000 profit on a home, but I'd like to know if a minor improvement, like adding a $30 fan in the bathroom ceiling, raises the cost basis of a primary residence.

Thank you,
Houyhnhnm

2007-07-29 10:11:30 · 7 answers · asked by Houyhnhnm 6 in United States

just wondering

2007-07-29 10:07:28 · 9 answers · asked by whatwhatwhat 5 in United States

Unfortunately this is an academic exercise because I'll never make $250,000 profit on a home, but I'd like some clarification on which of these improvements will increase the cost basis of a primary residence:

1. Upgrade of existing item, such as replacing a Formica countertop with marble. IRS would probably say that's maintenance/replacement, but by normal accounting that's a capital improvement.

2. Replace item that was defective when house was purchased. For example, if the roof leaks when you buy it and it's not reasonable to repair it, it would be fair that getting your house to functional condition would be part of your cost of acquiring a primary residence. Obviously it would be cleaner if you could get the original owner to replace the roof and pass on the cost in the purchase price, but that's not always practical.

3. Repair defects in a newly-purchased house. Again it would be fair that repairing a leaky roof would be part of the acquisition cost.

2007-07-29 10:06:38 · 2 answers · asked by Houyhnhnm 6 in United States

If people donate to charity in my name, can I use the tax donation or do they use the tax donation?

2007-07-29 09:55:27 · 6 answers · asked by Anonymous in United States

i had two vehicles stolen since January 2007(i know, right?!) one was even a carjacking robbery (cash jewelry medical bills). Both auto were fairly new and paid off..

Of course i was hosed by the impound and Farmers. OUT THOUSANDS!!! my insurance has even tripled

anyway to get any of this not to be a total loss? maybe the taxes i paid on vehicles or etc.??? thanks n God Bless

2007-07-29 09:07:11 · 2 answers · asked by reedtexass 3 in United States

2007-07-29 09:01:47 · 9 answers · asked by Anonymous in United States

I am trying tu buy something that is 148.98 and the tax is 6.5% what woul be the total cost

2007-07-29 08:47:31 · 7 answers · asked by Anonymous in United States