Taxes - August 2007

Individuals own stock in a holding company whose sole asset is an insurance company which is going into receivership today. The stock is worthless today, as there is no market it and the shareholders won't see a dime, but it won't actually be disolved for a year or two. Can we take the loss this year? Or do we have to wait for the formal disolution to be completed?

2007-08-02 04:39:09 · 3 answers · asked by BruceN 7 in United States

my 06 w2 said 8200 in social security wage box. if i was to retire today is that what i get?

2007-08-02 04:32:11 · 5 answers · asked by elijahk9one 1 in United States

Public Record On tax report .. Last month my credit report showed that i never paid a state tax bill on my public record so my credit score dropped 150 points .. I disputed it and now it's says paid .. How many years is this gonna affect my credit report caise it's still shwoing now but this time it says paid

2007-08-02 04:18:43 · 3 answers · asked by bigantdog22 1 in United States

Ok I'm new to the whole tax write-offs and so forth.

I had a question or two about this.

First can someone exlain to me breifly a little about them.

Second: I work 50 miles away from my home and i drive 100 miles a day just for work. WEll i bought a car mainly for this.
I financed a car out of my own pocket no company vehilcle and its main porpuse is for work. I was wondering if i save my payment receipts and stuff if i woud be able to write this off when i file my taxes next year? Also should i save my gas receipts for this too? Will this benefit me and what all will it do?

thanks

2007-08-02 04:08:24 · 6 answers · asked by dayv2005 2 in United States

i own property and i pay state taxes, in my tax returns, i have not said that i own property. I do pay the state tax though.

I need to know if I am obligated to pay taxes to the federal govt as well.

2007-08-02 03:18:53 · 3 answers · asked by halllo 2 in United States

we have been having trouble filing for our tax refund because of an issue getting my son's social security number. is there anyway we can go ahead and file and not claim him, and then go back and amend it later and get the rest of the money? we filed an extension and have until oct 15 but im not sure its going to be resolved by then.

2007-08-02 03:15:15 · 4 answers · asked by spacey 3 in United States

I am just wondering around what month is the usual time. Also, what percent back do you get?

2007-08-02 02:17:03 · 7 answers · asked by Anonymous in United States

2007-08-01 19:23:49 · 6 answers · asked by SOUTHSIDER13 1 in United States

2007-08-01 19:16:14 · 2 answers · asked by bapiraju k 2 in United Kingdom

Received a letter from IRS, say I owe $4,000 in tax, interest and crap from 2001. I don't even recall filing a 2001 tax return. And I did not work that year. Can they do this? I do not even know what questions to ask them if I called.

2007-08-01 19:10:48 · 4 answers · asked by Ellen B 2 in United States

I am divorced with one dependent child. This year my ex-spouse will claim the child as an exemption. Does this mean I cannot qualify as head of household?

2007-08-01 17:57:35 · 4 answers · asked by Anonymous in United States

2007-08-01 17:39:28 · 6 answers · asked by ronald k 1 in United States

i want to sell stuff online, but how does tax work online? i tax where it ships from or where it ships to?

2007-08-01 17:18:18 · 3 answers · asked by telmo_almeida 1 in United States

There's a weekend in Texas where everything has NO taxes, I never heard of it untill this summer when a friend informed me about it....you can only but school clothes though =(

But does anyone know when does that weekend start? And please know EXACTLY that day b/c I'm going to stay in Austin for a week and I don't want it to go to waste.

Thanks! =D

2007-08-01 17:05:32 · 2 answers · asked by Anonymous in United States

The IRS just passed a regulation that for teachers who work less than 12 months but get their salary spread out over 12 months (annualized), they will be charged an extra 20% excise tax. The only way to avoid this is to state in writing before the first day of the school year that you wish to have your salary annualized. This must be done every year before the first school day.
Someone must be staying up late at night thinking of ways to penalize teachers!
What do you think about this? Is there anything that can be done?

2007-08-01 17:01:00 · 7 answers · asked by Anonymous in United States

i got a new job and i claimed 0,if i switch to 1 will my tax check be lower even though i claim my little sister bacause i give her alot of money out of my checks to her

2007-08-01 16:19:35 · 7 answers · asked by uDONTknowME 2 in United States

I turned in my state w-2's and 1040 ez form but i also sent in an amended return with it because i forgot to calculate an additional w-2 with my original return, but i mailed these all at once because i realized what i did before i went ahead and sent in my original form, i think i sent everything in about april/may? they said on the automated system it can take up to 180 but i think its been longer than this, just asking on here cause its too late to call right now, when should i get my return?

2007-08-01 15:56:24 · 4 answers · asked by heath e 5 in United States

2007-08-01 15:52:43 · 6 answers · asked by anglecakesalfred 2 in United States

After 6mos. of convincing my employer to help me sign up for a lab training program, Dec.2006 he finally paid the tuition $7225. directly into the in-house program which saved me $3000. The amount was put onto my gross income and I have paid him back $2885. so far to date. My problem is that I live in govt.assistance housing for low income families and they are questioning my gross income of which my rent is based. Although, I received no monies directly from my employer for the program, because it shows on my w-2s I'm afraid the housing authorities may try to evict me or worse, claiming I've been trying to defraud the system since I didn't report getting the $7225. to them. I did report the amt. when I did my taxes along with my gross income as it showed on my w-2s. I have to now prove it somehow that this advance was a loan to help me. My credit is too bad to get a regular loan. I have my paymt receipts, the paid program receipt, letter from employer, &w-2. What to else do I do?

2007-08-01 15:44:01 · 3 answers · asked by MS E 1 in United States

2007-08-01 15:38:04 · 5 answers · asked by anglecakesalfred 2 in United States

2007-08-01 15:08:01 · 12 answers · asked by wynner1304 1 in United States

When I originally interviewed for my current job, I didn't mark myself as exempt on my W-4 form. I later found out I was indeed tax exempt, and refiled through my job; however, upon recieving my paycheck today, I find that my check has indeed been gutted by federal income taxes. I complain to payroll, only for them to tell me "We will fix it for next week, but there is nothing we can do about this week's check." With that said,

1) Is there really nothing payroll can do? Is the idea that they already sent the money to the government and so they truly cant adjust the income tax out of my check, or do I just have a lazy bum for a payroll chief?

2) If indeed I can't work it out with my job, how do I get the lost income tax money back in the fastest possible way?

2007-08-01 13:17:16 · 4 answers · asked by Michael 2 in United States

2007-08-01 12:01:19 · 2 answers · asked by gottaluvme 1 in Other - Taxes

Also wondering-is it dispersed through a trust? If it is taxed do they send that off or do you pay taxes when you recieve your "cut"? Is it taxed like regular income? This is a whole new language for us and its been a long ride the last couple years-hopefully we are almost to the end but didn't know how it works....THANX!

2007-08-01 11:03:18 · 2 answers · asked by ARTmom 7 in United States

My husband and I are considering buying a home for the first time and I've heard about the tax break we'd get, but I'm not sure if there's a way to predict what refund we would get. It would greatly help in making our decision to buy or continue renting.

If we're in the 25% tax bracket (combined income is $93,000) and pay 6.5% interest on a $160,000 mortgage loan, approximately how much should we get back?

2007-08-01 10:54:21 · 2 answers · asked by angelzoey2 2 in United States

My mom filed a income tax return for single and joint filers with no dependents, 1040ez, 2006. What's that mean? I'm still relying on her, does that mean she has a dependent?

2007-08-01 10:53:40 · 4 answers · asked by sps0987 1 in United States

i cant work out the cgt payable on the ir website so wonderd if there was a site with a free calculater on it

2007-08-01 10:50:02 · 4 answers · asked by if only 1 in United Kingdom

i am due to sell a property soon for a small profit which will be subject to cgt, i have heard that if i put the money away and wait for the tax office to write to me that i am( a) doing nothing wrong and (b) that after a certain time scale they cant ask for the money.
does any one know if this is true.
i obviously dont want to get in trouble over this but also with a possible 40% tax bracket if i dont have to pay id rather not
many thanks

2007-08-01 10:47:14 · 3 answers · asked by if only 1 in United Kingdom

No. 40 Rue Du Boulevard,WAU building,Lome-To
Tel:+228-9970818 Fax: + 228-9103741
Email:info_wau@gawab.com

2007-08-01 10:18:04 · 1 answers · asked by Anonymous in Other - Taxes

Tax Shelter a Short Term Mutual Fund account?
I am 72 years old and I want to put down $10,000 to start a Short-Term(2-5 year) account, with divided reinvested to buy more shares. I hear that even though the dividends are reinvested, dividends reinvestment are considered taxable income for that year and I will have to pay at the end of the year. Is this information correct?

If so, how else would a be able to direct the dividends so that I be tax sheltered from govn't hands. Would I be able to direct earnings into an IRA, but only $4000 is allowable for IRA, is there other ways to not get taxed on my Mutual Fund divideds and earnings? Annuity? Life Policy? LTC?

2007-08-01 10:12:05 · 2 answers · asked by Dee S 2 in United States