Taxes - August 2007

We were overseas for a 12 month period on a teaching exchange, rented out our home, and we're working with Turbotax, but it seems really complicated. One of us wants to just pay someone to get it done, the other of us thinks the cost would be prohibitive, CPA websites don't give even rough idea of what the cost would be...$50? $500? $5,000?

2007-08-15 18:57:17 · 4 answers · asked by anxious 1 in United States

It bugs me as if there are not enough tax's we have to pay, but we get taxed on our vehicles every year.....i've never had to do this anywhere else, only in this small town....do you have to pay taxes on the cars you own in your city or state?...where does this money we pay them even go to?.... we have a mini van and a older model car and we just got our taxes on them and have to pay $156.....i just think this is crazy.

2007-08-15 18:50:00 · 3 answers · asked by Nita and Michael 7 in United States

like how much percent is tax?

2007-08-15 18:33:16 · 7 answers · asked by Anonymous in United States

2007-08-15 18:26:12 · 6 answers · asked by c s 1 in United States

2007-08-15 17:09:55 · 4 answers · asked by shilpa shroff 1 in United States

that W-2 form when you get hired where they will take alot out of my check so I can pick it up at the end of the year? Is it the higher the number the less they take out and the lower the number the more they take out or what? It always confuses me. Im single and im gonna file head of household and I have two dependents (my son-3)(my daughter -1month) so what i need to put to get the most income tax back with the earned income credit???

2007-08-15 17:08:48 · 5 answers · asked by jordynorr 1 in United States

I heard that investment interest are deductible against my income tax...is this true? I am planning to borrow a small amount of money from my family member to make investments into various blue chip stocks, and I will pay an interest of 5.75% per year to that person. Also, would I have to issue a 1099-INT for the family member I borrow the money from or would it not be necessary since I am borrowing the money on a individual level and not as a corporation/entity as part of ordinary course of business? Thank you for your help!!

2007-08-15 16:35:18 · 5 answers · asked by Anonymous in Other - Taxes

2007-08-15 16:34:12 · 3 answers · asked by Huynh T 2 in United States

Is it really a tax haven for businesses who have bank accounts? Thought it only had good beaches...

2007-08-15 14:15:15 · 6 answers · asked by avery 1 in Other - Taxes

2007-08-15 14:08:07 · 5 answers · asked by stevo1313 1 in United States

If I have a deed to the house but don't have the mortgage in my name can I still get the tax write off? I am paying the mortgage it is just in someone else's name.

2007-08-15 13:41:15 · 3 answers · asked by Blitz 3 in United States

I have a medical flexible spending account through my employer.

I have a certain amount deducted out of each pay period and have access to tax free funds throughout the year to cover various medical expenses including co-pays, prescription drugs, dental work, etc...

The account is a "use it or lose it" type thing. So my question is....if you don't use it....and you end up losing it...where does the money go?

I really don't see how that can possible be legal as this is money that you have earned. Why can't you just have the excess at the end of the year rolled back into your pay and taxed at a normal rate?

Any thoughts?

2007-08-15 13:27:20 · 4 answers · asked by lattle4 3 in United States

My father passed away and we have sold the house. Do we have to pay capitol gains and what percentage. The house was valued at 200,000.00 when he gave it to us and we have sold it for 300,000.00.

2007-08-15 12:59:30 · 4 answers · asked by ernie L 1 in United States

I left my return paperwork in a folder & when i was searching for it half the paper was missing. I need all the paperworks & receipts. If i call the place where i did my taxes will they have a copy of all the info they can give me again? Its closed right now so im not able to call.

2007-08-15 12:44:07 · 3 answers · asked by blueberry muffins 1 in United States

If i register my business tommorrow but buy things tonight can i still get a tax break or should i wait til i am official (tommorrow)?

2007-08-15 12:28:43 · 4 answers · asked by Anonymous in Other - Taxes

2007-08-15 12:10:56 · 4 answers · asked by jacqueline w 1 in United Kingdom

2007-08-15 11:56:45 · 1 answers · asked by doc p 1 in Other - Taxes

2007-08-15 11:56:27 · 8 answers · asked by tazman81 2 in United States

Why doesn't evry cash paid person just evade? I it's not illegal to evade.

2007-08-15 11:15:02 · 8 answers · asked by blnkfrnk45 1 in United States

I am the majority owner of an LLC. Can my LLC pay my personal tax bill for me? I don't want to pay taxes from my take-home pay.

2007-08-15 11:05:30 · 5 answers · asked by Anonymous in United States

Let's say I sold stocks for $2000 short-term gains and $1000 short-term loss in this year. But I also have $5000 short-term loss carried over from previous years. Then how much previous short-term loss can be offset this year?
Is it $3000 or $4000 (because of $1000 net short-term gains this year)?

2007-08-15 11:03:44 · 4 answers · asked by car_susp 2 in United States

My friend worked for a bar owner who dodges taxes by not claiming the workers and in order to keep their job must not claim their wages.Curious to know what kind of trouble this can be for worker and owner.

2007-08-15 10:54:09 · 7 answers · asked by fosho221 1 in Other - Taxes

2007-08-15 10:47:28 · 1 answers · asked by John L 1 in United States

If you own a business you want to be able to make a profit. This is a good thing. It feeds the owners family and all the people who work for that company. Great thing. SO.. if the cost of something you sell goes up... do you just fire someone to make up for it.. or probably first raise the price. If taxes go up.. do you.. pay it out of your own pocket? or.. fire someone.. or... raise the price?
My point is... when politicians say they are going to make things better by raising taxes on business or the rich are they not in effect saying they are raising taxes on the poor and middle class? Are they not in effect ..gasp.. lying to us?

2007-08-15 10:41:36 · 9 answers · asked by kent j 3 in United States

2007-08-15 10:24:05 · 5 answers · asked by Anonymous in United States

2007-08-15 10:19:40 · 3 answers · asked by charles p 1 in United States

2007-08-15 10:01:53 · 4 answers · asked by Anonymous in United States

2007-08-15 09:36:49 · 2 answers · asked by ROBBIE E 1 in United States

I live in Virginia. My employer is downsizing and 8-31 will be my last day. I am getting severance pay but I was wondering will it affect my unemployment? Someone told me that if I wait to file for unemployment a full week after I get the severance pay that it will not affect it, is this true?

2007-08-15 09:23:07 · 8 answers · asked by Anonymous in United States

My landlord has apparently abandoned the property that I am renting. I was in the process of finding another dwelling when I recieved papers in the mail stating that he is being sued for non payment of property taxes dating back to 2005! The paper also stated that payment arrangements can be made in order to avoid court proceedings. If I pay the taxes is it correct that he has 90-120 days to repay me or he forfiets the property over to me?

2007-08-15 09:04:48 · 6 answers · asked by Stranger In My Heart 6 in United States