Taxes - August 2007

My brother was killed in a car accident and a few years later we were awarded money through the insurance company the car was carried under.
A percent of that money was taken out for inheritance tax's.
Is this money we were awarded for wrongfull death really requarded as an inheritance?
It don't make sense to me.

2007-08-09 07:08:17 · 6 answers · asked by whocares_3076 1 in United States

My wife is a nonresident alien with no US income and did not file a return. I filed as married filing separately, claiming her as an exemption and taking the standard deduction. Now I got back a letter from the IRS that says my standard deduction was rejected because "When your filing status is Married Filing Separately and your spouse itemizes deductions, you must also itemize. Information on your tax return indicates that your spouse itemized deductions; therefore, we used zero as your deduction amount."

If my wife didn't file a return, how could she have itemized deductions? Should we be worried about identify theft of her SSN? How does the IRS know from "information on your return" that my wife itemized? That doesn't make any sense...

The IRS representative on the phone wasn't helpful at all and wouldn't clarify what this letter means.

What should I do?

2007-08-09 07:04:32 · 9 answers · asked by Ben G 1 in United States

Recently, Tom Cryer was recently found 'not guilty' by a jury for 'failure to file' a tax return. Mr. Cryer stopped filing yrs ago. The judge, the govt attorneys, and the jury all cannot find the statute.

Tom Cryer was also allowed enter the Constitution into evidence, and numerous 'unanswered' letters to the IRS.

Do any of u read about this in the mass media?

2007-08-09 06:47:07 · 8 answers · asked by Anonymous in United States

Are united states citizens mandated by law to pay federal income tax, if this is a law can someone show me where its a law, or where it is a requirement?

2007-08-09 06:46:17 · 19 answers · asked by Anonymous in United States

I was wondering what kind of deductions I could claim on next years tax returns. I've heard you could use things for work as long as they excede a preset amount, but I don't know if that can apply to someone working part-time or if there are other things I could deduct because I'm a full time college student.

2007-08-09 06:32:04 · 6 answers · asked by Cheshire Smile 1 in Other - Taxes

Tax Lawyer, John Berrie says "Once he took possession of
the ball, and It was his ball, It it was income to him based on
it's value as of yesterday. $600,000 with $210,000 in taxes
say experts. Tax experts. Please advise Mat Murphy on ($_$)

2007-08-09 06:26:10 · 5 answers · asked by Anonymous in Other - Taxes

Tax Lawyer, John Berrie says "Once he took possession of
the ball, and It was his ball, It it was income to him based on
it's value as of yesterday. $600,000 with $210,000 in taxes
say experts. Tax experts. Please advise Mat Murphy on ($_$)

2007-08-09 06:25:21 · 2 answers · asked by Anonymous in United States

I was just wondering that,because since its a once time income will it be taxed like they do the lottery.If get the money from my lawyer will i have to report this to irs, because its just enough to buy a house and i would hate that the damn irs would have to take some of my money? so if any one can answer this

thank you

2007-08-09 06:04:02 · 8 answers · asked by Anonymous in United States

2007-08-09 05:35:00 · 4 answers · asked by ? 6 in United States

cigarrette-makers and tobacco sellers who DON'T load their products with chemicals being over-taxed too?

2007-08-09 04:41:31 · 5 answers · asked by sincere12_26 4 in United States

2007-08-09 04:17:29 · 5 answers · asked by stacy h 2 in United States

acknowledgment number 050710100073286

2007-08-09 04:05:48 · 5 answers · asked by Anonymous in India

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

The IRS intends to send a bill for $210,000 to the guy who caught a baseball in Giants Stadium.

2007-08-09 04:00:14 · 6 answers · asked by Anonymous in United States

What tax laws might apply? When the ball was pitched, it was only worth about $5. When it was caught as a home run ball, it was then 'estimated' at $600,000. I believe the ball should not be taxed until it is sold for a profit.

2007-08-09 03:42:19 · 14 answers · asked by Staveros 4 in United States

Husband & wife owns a tiny neighborhood convenience store(sells groceries, beer & wine, lottery) & works 7 days a week (about 80 hrs/week). They've been working in this arrangement for past 5 years. They're getting a little tired physically cause they don't have any days off & bills need to be paid.

One day one of customer asks if we would hire him part time.

He says he has a regular full time job(cashier at some market similar to ours but bigger) where he pays taxes. Since he currently works Mon-Fri, he says he can work for us just on Sundays(9 am to 8 pm). But he'd rather want to be paid cash(at minimum wage($7.50/hr)). If we hire him, we can have Sunday off to relax.

Should we hire him with this arrangement?
I am just afraid of IRS or some government agency might come after us later on.
Or will IRS give us a break since we pay full taxes and the potential part-time employee pays taxes on his other full-time job? The store is in Los angeles by the way

2007-08-09 03:18:23 · 8 answers · asked by mane 1 in United States

I work for a company that lays out and designs residential subdivision projects. My boss is the owner of the company, and we've been lifelong friends.

He has worked out a deal with a developer wherein instead of charging our normal fees for designing his project, the developer is going to give my boss 3 lots in the development. EACH of these lots will be valued at approximately 150,000-200,000 dollars.

My boss has said he is going to outright GIVE me one of the three lots. I'm trying to figure out the best way to do this so that it minimizes the tax hit on both of us...

My boss and I have a side company we set up this year, an LLC with he and I as the only partners. Its purpose is to buy and develop real estate.

So, my questions are:

1. If my boss gives me a lot, is it considered a "bonus," and thus taxable as income, or is it a "gift?" What are the tax implications of the latter, if that's what it is?

2. Would there be any advantage to (see more below)

2007-08-09 03:12:05 · 6 answers · asked by Anonymous in United States

2007-08-09 03:07:54 · 3 answers · asked by Anonymous in Other - Taxes

I have heard something about a $500 rule for donating, but an confused? does anybody know the rules about donating and using them when I itemize my taxes?

2007-08-09 01:37:29 · 2 answers · asked by Anonymous in United States

I am just got a new job and am filling out my W-4 forms and had a question. I am legally separated from my wife (soon to be divorced) and I have residental custody of her. My daughter will be living with me full-time. Am I a 'Head of Household' for tax purposes. The definition on my forms use the term 'unmarried.' I am assume that would be appropriate in this case.

Thanks

2007-08-09 01:30:21 · 5 answers · asked by Tri-Guy 2003 2 in United States

i had bought a car from dodge dealer and it turned out to be a lemon so i let it go back, and now the collection departartment that they hired tells me that they cancount it as my income for this year if i do not settle with them. they said that they would turn it into the irs and then the irs will send me a 1099 form if i do not settle with them.

2007-08-09 00:13:03 · 3 answers · asked by dillinger 1 in United States

2007-08-08 22:51:26 · 4 answers · asked by culture creature 1 in United Kingdom

How are you going to pay that kind of money if, let's say, you're unemployed? Would you see yourself forced to sell the ball because you don't have an income to pay the taxes?

2007-08-08 22:12:24 · 4 answers · asked by DODGERS FAN 6 in United States

now i owe around 6400$ tax,what should i do

2007-08-08 21:39:12 · 3 answers · asked by MOAD H 1 in United States

We went under. There are no offshore accounts or hidden assets. Everything was confiscated including personal property, even though we were an LLC business.
I can accept my mistakes and feel I've paid my debt to the bankruptcy courts. What I can't fathom is this relentless pursuit by the IRS. How can any entity that isn't even a part of our federal government wield so much power over the fate of the average American citizen. These people are even above our bankruptcy laws.
Am I unofficially indentured? Is it possible to end this harrassment?

2007-08-08 20:39:50 · 7 answers · asked by dustybottoms 1 in United States

Explain how this is possible....and has this ever happened to another fan who caught a souvinear? Sounds to me like other people are trying to get their hands on the profit of that ball.

2007-08-08 20:35:12 · 6 answers · asked by Sneebs 4 in United States

I start school on Jan 14th - which is when tuition and fees are due. I'm in the military, but because of my choice of university I'm deciding to attend - they will not pay my tuition up front. I first have to pay for the semester and then they reimburse me. The problem is: I will not have that amount of money up front. I was hoping my tax refund will help me out. So how soon can I file my taxes to have that money available to me?

2007-08-08 19:36:28 · 2 answers · asked by Anonymous in Other - Taxes

The answer must be in microsoft excel

2007-08-08 19:12:02 · 5 answers · asked by rw 7402 1 in United States

If i worked 30 hours a week, and got paid 6.75 min. wage how much would i make a month?

2007-08-08 18:56:48 · 5 answers · asked by HIMlover 1 in United States

2007-08-08 17:49:37 · 4 answers · asked by roccitytaxes 1 in United States

I was wondering if anyone could tell me about any tax benefits/incentives such as credits and write-offs that are available to volunteer firefighters in the state of Pennsylvania. Any information would be helpful and websites of where to find this information as well as any bill that is in committee would also be appreciated. I am interested in both federal and Pennsylvania state taxes.

2007-08-08 17:29:43 · 4 answers · asked by Lost...i think 1 in United States