Taxes - August 2007

I have a friend that works for cutco and he does not get a pay check stub, he says he don`t have to pay any taxes one this money. I though you had to pay taxes on all money made? Or will he be hit at tax time?

2007-08-03 22:52:46 · 5 answers · asked by ida s 1 in United States

Tax deductions generally come when earnings are reinvested, back into the businesses. Based on projections, the year should end in a 225K to 275K net profit (this incorporates costs + a maximum IRA). W/ tax-code section-179 in play, a business can deduct ~100K w/in a single tax/yr rather than via the typically longer, multi-year depreciation process. New equipment purchases should absorb ~ 100K; this in turn will allow the business to act on the benefits of section-179. Efficiently utilizing the remaining ~200K is the challenge. Developing & exercising viable & legitimate investment/deduction opportunities is in a sense the goal. Most ideally, I had hoped that the additional funds could serve as a business investment in the form of a business property down-payment (i.e., for a new corporate office). A balloon down payment, to my understanding, however, can not be, as in section-179, taken as a deduction entirely w/in the same year. I am requesting feedback on the topic, and I hope that those with stronger backgrounds/experience will shed light on my self and the group. Clever (above-board) strategies that promote tax deductions are certainly welcome.

2007-08-03 22:50:21 · 2 answers · asked by CU4T&Z 1 in United States

Tax deductions generally come when earnings are reinvested, back into the businesses. Based on projections, the year should end in a 225K to 275K net profit (this incorporates costs + a maximum IRA). W/ tax-code section-179 in play, a business can deduct ~100K w/in a single tax/yr rather than via the typically longer, multi-year depreciation process. New equipment purchases should absorb ~ 100K; this in turn will allow the business to act on the benefits of section-179. Efficiently utilizing the remaining ~200K is the challenge. Developing & exercising viable & legitimate investment/deduction opportunities is in a sense the goal. Most ideally, I had hoped that the additional funds could serve as a business investment in the form of a business property down-payment (i.e., for a new corporate office). A balloon down payment, to my understanding, however, can not be, as in section-179, taken as a deduction entirely w/in the same year. I am requesting feedback on the topic, and I hope that those with stronger backgrounds/experience will shed light on my self and the group. Clever (above-board) strategies that promote tax deductions are certainly welcome.

2007-08-03 22:47:45 · 3 answers · asked by CU4T&Z 1 in United States

I am paying monthly installments on back taxes less than $25k ($38k with interest and penalty). I was turned down a few years ago on my offer of compromise and my appeal was denied, both on technicalities in my opinion. Is it possible to now negotiate a reduction like another offer in compromise?
I have been paying all other tax years on time with no problem.
Firms that offer such IRS negotiation services....are they legit or a ripoff for someone in my situation now? How much would they likely charge to do this if it is possible?

2007-08-03 21:56:55 · 2 answers · asked by ras d 1 in United States

Me & my wife bought our first business(a tiny 600 sqft neighborhood market that sells groceries, beer & wine and lottery). We don't have any employees. We just do it ourselves. The market is located in LA county just south of city of Los angeles. Should we hire a CPA to do our taxes and accounting or can we do it ourselves? Is it hard to do it ourselves? Is there a free help online or someplace so that we can do it ourselves? What should be careful about?

2007-08-03 18:47:04 · 6 answers · asked by Anonymous in United States

2007-08-03 18:43:33 · 6 answers · asked by angel_rat_83 1 in United States

2007-08-03 18:07:58 · 4 answers · asked by angel_rat_83 1 in United States

Or How about if the Sole Proprietorship spends all the income the business makes. Is there any point in noting it since there isnt any additional income?

2007-08-03 16:15:33 · 6 answers · asked by Anonymous in United States

someone bought my house for back taxes. i was told i can get the difference from what they paid for the house and what taxes i owe. the difference is almost 50,000. this was 2 years ago. do i need an attorney to get it back or can i get it back my self.

2007-08-03 15:14:41 · 2 answers · asked by Anonymous in United States

i just started a job for a carrier or messenger company, where i use my own car for my job. what can i get back at the end of the year? what receipts should i keep? i do live in california

2007-08-03 14:35:57 · 2 answers · asked by steven s 1 in United States

I wonder what % tax is payed

2007-08-03 14:26:11 · 4 answers · asked by south of france 4 in Other - Taxes

I like paypal, right now my employer is doing direct deposit, but I am changing my account and don't feel like giving him my new routing #. Is this okay for tax purposes, am I going to run into trouble if I use paypal for my employment status.

Regards

T

2007-08-03 12:59:10 · 8 answers · asked by XML 1 in United States

Im filling out an employee info setup sheet and it asks me to fill in the blank for both State Dependents and Federal Dependents... i can't even find the answer online! Im 21, live in an apartment with a roomate and my parents do not support me financially, and have not for years. Im single with no kids. What would be the answers???

2007-08-03 12:33:52 · 4 answers · asked by kandee143 2 in United States

2007-08-03 12:15:16 · 11 answers · asked by Chicoaa20 3 in United States

not doing bad things though!!!

2007-08-03 12:04:20 · 16 answers · asked by janet h 1 in United States

2007-08-03 12:02:20 · 5 answers · asked by janet h 1 in United States

According to the IRS we can't sue him, although his name is on the papers,
Is there anyway we can get our money from him?

2007-08-03 11:18:26 · 8 answers · asked by HmC 1 in Other - Taxes

I got married early this year. My wife is still out of US and may not be able to join me here, in the US, this year. She does not work currently in our home country either. Can I still add her as my dependent and get the tax benefits? What are the complications ?

2007-08-03 11:17:42 · 5 answers · asked by metallica rocks 1 in United States

I have stocks I received from my father over the years and would like to use it to purchase a home perhaps 2-4 years from now. Should I be selling it over the years to break it up or can I just sell it all as one lump sump before I decide to buy? What are the pros and cons of each approach? Thanks!

2007-08-03 09:34:24 · 4 answers · asked by Rez 3 in United States

Iv just resentley got a new full time job of 35hrs a week. I start on monday and is now thinking of maybe still staying at my Original job but only doing 1-2 shifts a week.. I know i will get taxed by 22% of my 2nd job.. Iv been told to giv my new job my P60 n then to go to the tax affice to let them know that my new job is now my 1st job.. (its confussing) lol
Am a bit confussed to why i have to do this, why does my new job need to know how much taxed iv payed n what iv worked... ect... Also my friend says that in the long run having 2 jobs isnt gunna be worth it.. What do you think>>??

2007-08-03 09:16:27 · 5 answers · asked by Anonymous in United Kingdom

2007-08-03 09:14:33 · 14 answers · asked by Anonymous in United States

Correction to the last question... Actually I say husband, but we are not married yet. Honestly we just have never set aside the money and time really. We will someday. However, we do live together and have two girls together. We just moved to texas so we both are submitting new W2's, he has already put down 3 on his. I will start my job in a couple of weeks, what should I put???

Sorry for the previous question, we are just so used to saying we are married b/c it is just simply easier and better excepted.

2007-08-03 08:54:04 · 4 answers · asked by Hi-D 1 in United States

It would make things so much easier.

2007-08-03 08:44:50 · 6 answers · asked by Riley 3 in United States

2007-08-03 08:36:15 · 6 answers · asked by Anonymous in United States

My husband and I have two girls. If my husband put an exemtion of 3 on his W2, does that mean that I can only put 1 on mine? Please advise how it works, I am so clueless!

2007-08-03 08:34:28 · 8 answers · asked by Hi-D 1 in United States

I am 17 years old and am currently working at kmart. I want to know how much money do i get taken away for the taxes from my paycheck. I get payed $7.50 per hour and work about 30 to 35 hours every 2 weeks. I also get my paycheck every 2 weeks. Currently I did the math about how many hours I worked in the past 2 weeks and i multiplied the hours by 7.50 and got around $255. When i got my paycheck i got only $206. So how much exactly do i get taken away?...and is there a formula to know exactly how much money i get taken away from the taxes?

2007-08-03 08:29:14 · 5 answers · asked by JM23 1 in United States

NOT BEING REPRESENTED BY AN TAX SPIECIALIST.

2007-08-03 08:02:36 · 9 answers · asked by gioscifi 1 in United States

2007-08-03 07:52:30 · 4 answers · asked by Anonymous in United Kingdom

Single with no dependents. How much tax would the government take? $33,000/yr salary? $43,000/yr salary? $53,000/yr salary?

2007-08-03 07:46:33 · 2 answers · asked by lookin 2 in United States

2007-08-03 07:38:00 · 7 answers · asked by Kenny B 2 in United States