Taxes - August 2007

2007-08-09 17:57:10 · 4 answers · asked by Surf Dude 1 in United States

I normally file self employed. In 2005 I changed employers and my first employer closed the doors and went back to Canada.The IRS is now wanting my 2005 tax return and I informed them that I did not have any documents to file with, they then sent me a document regarding reported income with all the wages reported by my second employer only.Please note 1st employer was 1099,2nd employer witholds taxes.I really have no way of knowing what I received different amounts sometimes cash, sometimes check. This employer hated the goverment their taxes and their laws about taxes i can truly see him not filing and giving them the bird as he crosses the border.

? What am i to do.
? If I do not file and they find out later, what are my problems?

With a Uncle like this, who needs family?

2007-08-09 17:21:19 · 5 answers · asked by Anonymous in Other - Taxes

What percentage of income to people in the bottom 20%, 2nd 20%, 3rd 20%, 4th 20%, Next 15%, Next 4% and Top 1% pay in their income taxes, thank you for your answers! Please provide your source if you have one.

2007-08-09 16:58:19 · 2 answers · asked by Peter C 2 in United States

Business facts: The LLC I want to open is a pass-through in the State of California. It is with another individual.

Why do I need to pay estimated tax payments every three months if I'm paying it annually with my own personal income?

I've read books about LLC's and they all say that I need to pay business profit taxes with my own personal income annually, so then what's the point of the quarterly?

I don't understand, please explain it to me.

2007-08-09 16:57:38 · 5 answers · asked by Emily 2 in United States

2007-08-09 16:55:02 · 1 answers · asked by shiella 1 in Philippines

Im thinking that the same person that goes through in a BMW making 500 thousand a years to be taxed the same as the person serving them at 5.65 an hour. Am I close?

2007-08-09 16:51:16 · 5 answers · asked by Jennifer P 2 in United States

2007-08-09 16:51:01 · 5 answers · asked by sarah76 3 in United States

2007-08-09 16:27:23 · 7 answers · asked by ? 6 in Other - Taxes

I quit my job at a local bank in Texas. We got paid 2 weeks behind. so what I worked for the 1st-15th of one month I didnt get paid for that time until the last day of the month. I gave my two weeks notice on the 27th of June. I received my check stub for my pay on the 30th showing I was being paid for June 1st-15th. I then worked the remainder of my two weeks in July. Coming out to be 8 days. I then received a paycheck with my pay stub (my time card is ON the pay stub) my pay stub showed me what I worked June 16th-30th I was paid on July 13th. I figured since we were paid two weeks behind I would received a paycheck at the end of July for the 8 days I worked. I have no paycheck stub or check showing pay for those 8 days. but I called HR they denied me my check and argued that they pay current pay and that my check stubs had nothing to do with our pay. I'm also being denied vac time. Saying I only earned 46 hours but took 51 hours. but my ytd on my last check stub says I took 40 hours.

2007-08-09 16:26:49 · 10 answers · asked by BB83 1 in United States

In USA - If you took all the monies paid for health care from insurance premiums, out of pocket cash, Medicare, Medicaid, and charities would it compare to the cost of universal health care?

2007-08-09 15:55:16 · 2 answers · asked by KOHA 4 in United States

I work for a casino which uses over 150 decks of cards per day. I would like to encourage them to begin shipping the used cards to our soldiers overseas.

I'm wondering if:
1) Some percentage of the cost of the cards would be tax deductible
2) The shipping costs will be tax deductible
3) There are any other positive or negative legal or tax rammifcations I should know about before making my proposal

2007-08-09 15:32:43 · 6 answers · asked by atreides_096 2 in United States

I am want to work for the IRS eventually I am looking towards a tax examiner or revenue officer. I want to help people with their taxes, check to make sure they are doing it right.. I am getting ready to take tax classes so I can get some experience if they hire me part time.When I have enough classes I will take my Enrolled Agent exam. I do plan on going back to school so, I can earn my BA in accounting. I am 31 now going on 32, but I feel my plan is going to take too long and it might be too late.. Am I on the right path or am I way off? Any advise you can give me will be greatly appreciated..

2007-08-09 14:42:19 · 4 answers · asked by butterfly70637 2 in United States

Hello all, I tried looking at other questions related to mine, but they all seem to deal with foreign tax issues, so I was wondering if anyone knew why, in the U.S., taxes on a second job are much higher and what the tax rate is? I just took on a second job and noticed that the taxes taken out were ridiculously high, but it seems to be something that happens. Does anybody know why and what the rate is on a second job? I make around $7,200/year on my first job, and close to $2,000/month on my second job. I'm a college student, by the way.

2007-08-09 14:30:15 · 3 answers · asked by Anonymous in United States

Is there a way to report tax fraud to the irs without someone finding out it was me? A friend of mine recently married an illegal alien who worked under someone else's social security number but did no claim the income earned on taxes and ended up getting a huge refund- which they were not entitled to.

2007-08-09 14:26:24 · 4 answers · asked by Gizzy 2 in United States

So, since I live in a 1 bedroom apartment, I do not have a room or office that I can exclusively use for my business. I do however, have a section of the apartment that I exclusively use. Does this count?

I am planning on meeting with a CPA to discuss, but wanted some knowledgable guidance before going in? I'm sure there is something that protects someone like me in the tax code...or maybe not. If so, maybe it's worth it to get into a 2 br apartment. Buying is not an option for me right now. So please, keep your responses to the apartment living situation.

Also, is the SUV tax break as sweet as it sounds. For a 40K Volvo XC-90, I'm calcuating 28,000 in write-offs the first year or more (though I guess it depends on usage and this is one of the reason where my home office write off comes in). And believe me, I own my own biz and derive 60% of my income from it.

Thanks!

2007-08-09 14:11:59 · 5 answers · asked by StockJunkie 1 in United States

2007-08-09 13:49:56 · 15 answers · asked by Anonymous in United Kingdom

Is it the consumer who is supposed to make sure taxes are payed, or the seller, if the sale is made over the internet then shipped to a different state? (by the law) please provide sources

2007-08-09 13:30:50 · 6 answers · asked by savage708 3 in United States

few years ago, my fella fell off ladders and smashed all his bones in his foot. he has never been able to walk properly again. his boss accepted negigence snd compensation was paid out recently. but during this time, he was on incapacity benefits and as soon as his claim money came through his solicitor took out a huge payment to repay every penny back to the dss which was quite a few grand. is this right or was he ripped off? surely the dss doesnt expect every single peny back he recieved via benefits? anyone out there know anything? we live in uk. he had to repay nearly 5 years of £100 per week. im ery confused and feel it should be investgated about. my fella believes every word his lawyer says but i smell something fishy

2007-08-09 13:03:45 · 3 answers · asked by Anonymous in United Kingdom

Some of my the people that I do business require a one million$ liability policy, so I spend more for car insurance than I would need to if it was just transportation...

If I were to lease a car, would the answer be different?

2007-08-09 12:33:10 · 4 answers · asked by John L 5 in United States

The fairtax abolishes all taxes and replaces them with a 23% national sales tax.

-The rich pay their fair share, rich people spend more and pay more taxes

-Businesses who left America because of the tax burden would return

-Criminals, drug dealers, hookers, pimps, illegal immigrants all pay the tax

-A check is sent home to every citizen with the amount depending on the number of people in your household. This prebate is makes up for the taxes paid on items necessary for life. So that helps out the poor.

For more info go to fairtax.org.

So would you want the FairTax implemented?
And why?

2007-08-09 12:16:54 · 7 answers · asked by Anonymous in United States

2007-08-09 12:08:04 · 3 answers · asked by steven e 1 in Other - Taxes

I do not need any more taxes taken out and I will still get it all back next year. I am a single mom with 1 dependant. I live in NY state.

2007-08-09 11:51:55 · 5 answers · asked by dawn_20062006 1 in United States

2007-08-09 11:13:47 · 2 answers · asked by leo v 1 in United States

2007-08-09 11:02:39 · 14 answers · asked by Anonymous in Other - Taxes

The college student that caught Barry Bonds 756 home run ball can be hit with a tax bill of as much as $260,000, whether he sells the ball or not. The IRS has declined to speak about it, which makes me nervous.

Do you think the US Government, including the IRS has TOO much power?

2007-08-09 09:57:11 · 6 answers · asked by Sarge1572 5 in United States

2007-08-09 09:41:28 · 7 answers · asked by Anonymous in United Kingdom

things like marriage status, you can deduct hobby expenses but not medical expenses (unless its over 2% of your income)
business can deduct their legal expenses even if they're are at fault, but an individual can't deduct theirs even if they are aquitted. You have to make a choice between taking the standard deduction which is less than half the poverty level or itemizing your deduction. The tax is progressive until you get to about a million dollars then suddenly its a flat tax. If your spouce dies you suddenly have to pay higher taxes. I could go on. I'd like to hear some horror stories of other countrys tax code.

2007-08-09 08:29:23 · 4 answers · asked by wisemancumth 5 in Other - Taxes

2007-08-09 08:26:47 · 4 answers · asked by unique 1 in United States

I have put down a deposit on a buy to let flat using the capital gain from my residential property. I have set up a business account for the buy to let so that I can declare rental income and expenses. Should I declare the capital gain for the deposit from the same business account or can I simply pay this out of a personal account as non taxable income?

2007-08-09 08:13:01 · 5 answers · asked by world is my oyster 2 in United Kingdom

http://sports.yahoo.com/mlb/news;_ylt=ArsLkjGQCTqQvRFFv7iROjg5nYcB?slug=ap-bonds-ball&prov=ap&type=lgns

"Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said."

I don't understand why he would have to owe taxes on the "reasonable estimate" of the value of the ball if he never sells it? I understand paying taxes AFTER he sells it.

2007-08-09 07:21:58 · 12 answers · asked by trer 3 in United States