Taxes - August 2007

I recently took over the finances of my Dad. He's 57 years old and has advanced kidney failure.

He's self-employed and deals mostly with cash and checks. I've recently discovered that he hasn't paid taxes in 15 years. I need to get him caught up, as he's going to need Social Security benefits soon.

How would one even begin to do this?

2007-08-03 07:36:06 · 5 answers · asked by Jeremy 2 in United States

after getting married and taken the husbands last name do you have to get a new social security to where it has your name and his last name and your ssi number (or new ssi number)?

2007-08-03 07:35:25 · 4 answers · asked by sweetcarmel37 1 in United States

Does anyone know what i can do? what steps to take? and how i can deal with the IRS and still manage my business? before this we were beraly geting thrue but now im stuck in what to do.

2007-08-03 06:47:00 · 6 answers · asked by Kikkis 2 in Other - Taxes

I am considering selling my home. I bought it about three months ago at a very steep discount but need to move on. (very long story) I understand that if I live in it for a total of 2 years and then sell, I will have no tax liability on the gain. I may need to sell sooner than that.
I need to understand the difference between selling before one year of ownership and after one year of ownership (but before two years)
I've read a few articles on it, but it's still not clear. If I sell before one year of ownership, do I just count the gain as ordinary income? Would it just go on my taxes as "wages" or would I report it somewhere else?
If I sell after one year of ownership (but before two years), is it taxed as a long term capital gain? If so the rate would be 15% or 5%, depending on my tax bracket?
Any help would be greatly appreciated. Thank you!

2007-08-03 05:59:29 · 5 answers · asked by nazenail 2 in United States

2007-08-03 05:46:03 · 3 answers · asked by Herman W 1 in United States

If using the formula that's on the paper I'm supposed to claim "2"- 1 for being single +1 for being the sole provider.

I then heard I should claim 0 which takes more taxes out now but lowers the chance I'll have to pay taxes in April.

Someone else told me to claim 1 because that way I'll get more back now..

What should I do? I currently have it at 1 and about $400 was taken out of my first check. Thoughts?

If it helps, I just graduated and my loans come back into repayment in December. Is there anyway I can use this to my advantage when it comes to the taxes? I'm also independent so I'm not living my parents.

Thanks!

2007-08-03 05:24:45 · 7 answers · asked by Anonymous in United States

Grants are hard to come by for a beguiner my age.

2007-08-03 04:44:33 · 4 answers · asked by mobilmen59 5 in Other - Taxes

2007-08-03 04:28:55 · 8 answers · asked by JWarshy 2 in United States

I was the owner of a small business that just recently went under. I had $12,000 put aside for taxes this year on my business. I want to know what my options are so that I can use these funds and not have to pay the taxes on my business this year. Meaning, can I spend this put aside tax money to try another start up business and because those expenses are tax deductible, I I won't have to pay taxes this year on my last business (becomes a wash)?

2007-08-03 04:02:30 · 4 answers · asked by girlfriendx 2 in United States

I had to pay my own medical thru payroll deductions. How much can I claim on taxes as a deduction?

2007-08-03 03:44:20 · 4 answers · asked by nsprdwmn 3 in United States

Hi,
I am not an American Resident. I will be performing consulting services for an american company (Based on California) from Argentina. (The work is done outside of the U.S)

In that case, do I have paxes to the U.S anyway ?

I would appreciate any advise. Thanks.

2007-08-03 03:29:08 · 3 answers · asked by Pablo C 1 in United States

She has a very low income. Her property taxes each year come to $1000. I am trying to find an agency that may be able to help. I don't want her to lose her home. That new tax rebate won't help. She would have to pay the full amount before she can get the rebate. She just doesn't have that kind of money. Can anyone give me an idea of who I can contact? Thanks!

2007-08-03 03:23:37 · 8 answers · asked by Jinx 1 in United States

My fiance completey supported me through 2004, can she file as Head of Household? Also, I have since gone into business for myself and am self employed. I live in a different apt and city than I did in 2005. So when I file my past return now from 2005, do I use the address I lived at THEN or the one I am at now? THANKS!

2007-08-02 23:21:08 · 3 answers · asked by ImaDork2 2 in Other - Taxes

What is this in lamens terms and how would one qualify? Thanks!

2007-08-02 22:36:19 · 3 answers · asked by ImaDork2 2 in Other - Taxes

ok so heres the situation.
I live in California.
I just graduated from college and I am making 46000 a year.
I am single, no property, nothing.
I claim myself in my taxes, not my parents.

So the question is, I filed 2 for my taxes so every paycheck is slightly bigger since the government doesnt take as much. However, when it comes to april, and I claim what i really am, a one, will i end up paying taxes? thanks

2007-08-02 21:57:45 · 6 answers · asked by mrxalex319 2 in United States

If I take job with US corporation but work at subsidiary in Japan what are tax implication...Do I pay Tax in US, Japan or both.
Do I take Japanese yen or in US dollars in wages?

Can someone answer this in complete detail

2007-08-02 20:49:37 · 2 answers · asked by Poor and Hungry57 2 in Other - Taxes

Lets say... I do a haircut that cost $20. The customer uses a credit card to pay. They add $5 as a tip.
It is rung thru, the $25 is now technically in the cash drawer.
I take out $5 from the drawer as my tip.
When I get paid, the paystub shows $5 deducted from my pay.

How is this legal?

Regis Corp Salons (SuperCuts, MasterCuts, HairMasters,etc and other chain salons ALL do it).

Then on top of that, I must claim my tips and am taxed on them at the end of the year.

I don't get how this is legal!

PLEASE!!! Someone tell me how this could be right, and if not, who do I go to, to file a greivance or lawsuit?

2007-08-02 18:40:46 · 18 answers · asked by Chris C 4 in United States

for 40 hours and then the rest would be cash. Is this tax evasion? He said that I would be tax free on the rest of the hours I am paid. I am really suspicious of this. I dont want to get in any trouble. What can I do?

2007-08-02 17:55:06 · 8 answers · asked by I love my life 1 in United States

I do not pay for this it is part of my benefit.

2007-08-02 17:48:38 · 2 answers · asked by Mike T 2 in United States

2007-08-02 17:20:20 · 2 answers · asked by n229q 2 in United States

I live in Minnesota and rent an apartment. My sister and I are roommates and we pay about $850 per month. We make about $55,000 combined income. :)

2007-08-02 17:12:14 · 1 answers · asked by Anna 4 in United States

and which one has best service/policies/benefits.

2007-08-02 16:53:16 · 2 answers · asked by sathi 2 in Canada

2007-08-02 16:52:24 · 2 answers · asked by mr. m 1 in Other - Taxes

What are the differences and similarities between like-kind exchanges and involuntary conversions? How are each calculated?

2007-08-02 16:36:28 · 3 answers · asked by angel_rat_83 1 in United States

i am trying to get the most out of my monthly check so if i put down 0 do i get more money , or do i put down 3 (Wife, Son, me) to get more money. which one will give me more money on a monthly check.

2007-08-02 16:19:49 · 3 answers · asked by Joey M 1 in United States

2007-08-02 14:46:09 · 5 answers · asked by Jean H 1 in United States

I'm 17 years old and want to be tax exempt but, my parents still want to be able to claim me as their dependent. Is that possible?

2007-08-02 13:29:25 · 2 answers · asked by Michelle C 2 in United States

i'm a disabled veteran and on social security, can i file taxes on non taxable income and get a refund on interest i pay on my mortgage?

2007-08-02 13:27:20 · 8 answers · asked by fox292000 1 in United States

I will be asking questions to help create dialogue around this and many other important topics. Please add me to your Answers Network so that we can exchange ideas about the new generation of challenges that we face and then work together to build a brighter future for all Americans.

2007-08-02 12:30:38 · 5 answers · asked by mikeyyyyyyyyyyyyyyyyyyyyyyyyyyyy 1 in Other - Taxes

im work a contract labor type job, and he changed my mileage, so i will get paid almost 500 less. its not fair, and i had to pay for my own gas, use my car, and put wear and tear on my car. so mad. what can i do in texas abt it?

2007-08-02 12:12:47 · 4 answers · asked by Anonymous in United States