Taxes - August 2007

They say that I have won a large sum of money. How can I verify anything when I live a quarter of a world from there? Are they allowed to request money in order to get answers? Why do have to pay something before you get any creditable info?

2007-08-27 15:07:13 · 10 answers · asked by unsureperson 1 in United Kingdom

I am wondering if I could use the remaining Adoption tax credit to cover penalities for withdrawing from my TSP early. If so I'd like to do that so the credit won't goto waste. Then I could put that money into an IRA the next year and reap the tax benefits.

2007-08-27 15:03:25 · 1 answers · asked by in COGNITO * 4 in United States

Under federal law, when a debt is forgiven, it can be treated as ordinary income on which tax must be paid. Thus, if your lender allows you to sell the property for $475,000, less a 2 percent commission, you will have a deficit of $34,500. According to many tax professionals, you will have to pay income tax on this amount of forgiven debt, even though you did not receive the money.

Is that statement true. Others have said you only owe tax if you borrowed more than the basis in the property. IE: Second mortgage or HELOC to buy a car.

2007-08-27 15:02:52 · 4 answers · asked by tommyfourth 3 in United States

2007-08-27 14:46:12 · 5 answers · asked by onetwistedbutterfly 1 in United States

I wanted to use the FSA account at my work to put pre-tax pay into to pay orthodontics for my 15 yo son so that I don't have to pay taxes on that money. But if I cannot deduct it because I rent and don't have enough deductions can I still do that? I do file singe head of household. I only have one child. Does anyone know what that deduction amount is that I would need to reach if that is what I must do? Thank you for your help.

2007-08-27 13:08:00 · 4 answers · asked by Hurley 2 in United States

I just left my company (which is still privately held), and I wanted to exercise my stock options. Along with the forms, there's some forms about Section 83(b) Election, but I'm a little bit lost in all the legal jargon. Do I need to do this? My stock options are ISO and I'm only purchasing vested options. So, do I need to do anything with the Section 83(b) election? Or can I ignore it since I'm only purchasing vested shares?

2007-08-27 13:01:30 · 1 answers · asked by KH123 1 in United States

I started a LLC in April 07, and its going great I know I need to get an accountant at some point but I would like to learn the ropes before hiring a accounting service. My question is now I need to file my 1040es and pay my quarterly estimated tax liabilities. How do I do this? Thank you in advance for your answers.

2007-08-27 12:35:12 · 1 answers · asked by triminman 5 in United States

2007-08-27 12:26:54 · 5 answers · asked by ~*meli$sa*~ 4 in United States

I need office suplies: computer,fax and desk what part of this can if any I deduct. and what else may be one a list of deductions?

2007-08-27 11:40:23 · 4 answers · asked by james w 1 in United States

I am a Nurse practitioner with a regular salaried state job , i also am beginning to work some contract shifts on weekends and afterhours.
The income from my contract work is expected to match my income from my regular job , and i may end up grossing 200K.
Should i for a LLC for the contract work.
Also i heard CA does not allow professionals to form LLC.
How best to save some taxes?

2007-08-27 11:16:08 · 2 answers · asked by kkmix 1 in United States

i just graduated high school..my friends keep tellin me that certain fields u can start making four figures..how much is that and 6 figures?

2007-08-27 10:42:30 · 6 answers · asked by exotichic 1 in United States

that you wouldnt recieve the following year

2007-08-27 10:36:31 · 4 answers · asked by onetwistedbutterfly 1 in United States

Im a US citizen, but if i went to the uk and hadnt got citizenship would i be able to work there?

2007-08-27 10:17:28 · 8 answers · asked by Crogdar Gnarhan 3 in United Kingdom

I am debating whether I want to take 1 more class this semester that would put me in 12 units, which is full time. I also work full time. How will this affect my tax return, if at all?

2007-08-27 08:38:10 · 1 answers · asked by ShavenLlama 4 in United States

2007-08-27 08:15:35 · 4 answers · asked by Anonymous in United States

2007-08-27 08:11:49 · 2 answers · asked by Anonymous in United States

2007-08-27 07:41:11 · 13 answers · asked by Anonymous in United States

Note- I would like to become an acctountant and then eventually a CPA; and I was thinking possible in some form with the government, wouldn't this eleminate the vast growing acctounting field?

2007-08-27 07:18:55 · 6 answers · asked by Diane D 2 in United States

2007-08-27 06:46:00 · 6 answers · asked by Drew W 2 in United States

2007-08-27 06:38:53 · 7 answers · asked by danielabelly 2 in Other - Taxes

It's my understanding that you can deduct the fees that you paid a company to manage investment property?

Well what if I was wanting to start my own property investment firm? Could I manage my own properties and charge myself a fee and get it back on my taxes at the end of the year? Or would that open a whole new can of worms?

What if a family member had a property management firm and they charged me slightly over the norm to manage the property?
You guys see what I am getting at? I'd rather keep my money circulating between my family members than the government, especially if I can claim the management fees on my taxes at the end of the year.

Is my reasoning unethical?

2007-08-27 05:51:14 · 3 answers · asked by Anonymous in United States

I live in a small community, the builder listed a pretty large area as a common area (about 10 acres). My question is if this is given to the HOA do we need to pay income tax on this?

Thanks

2007-08-27 03:33:30 · 3 answers · asked by misty m 4 in United States

all the corrections are correct. I sent it to Kansas City, Missouri from St. Louis Missouri.

this week is the 6th week and I checked on the IRS site and they still didnt process it.

sent my 1040x on July 16th, 2007

2007-08-27 03:08:51 · 3 answers · asked by Anonymous in United States

I currently pay her medical and dental + support. Mom says I can deduct since she doesn't work. I want to know if I have her sign the form saying I may claim her as a dependent, may I also claim head of household status come income tax filing season?

2007-08-27 02:56:17 · 3 answers · asked by Tyren M 1 in United States

2007-08-27 00:06:11 · 5 answers · asked by JLW 1 in United Kingdom

C-------I (9 letters)

2007-08-26 23:18:05 · 4 answers · asked by Anonymous in Other - Taxes

have to pay Death Duties in Britain,(or Scotland)?

2007-08-26 21:34:41 · 6 answers · asked by Sue 3 in United Kingdom

My mother asked someone if the state can foreclose on her house since she is almost 1 year late paying her personal property tax and she was told that they wont but someone can get a sales tax certificate if that is done in Tx. Can someone tell me what that means and if that is done in the state of Texas?

2007-08-26 20:03:54 · 3 answers · asked by Anonymous in United States

I hear that on bonus checks, you are taxed at 40%. Im single, and independent, would I be getting most of that back at tax time?

2007-08-26 19:43:58 · 4 answers · asked by Anonymous in Other - Taxes

I just bought a home in February 07, and I sent in a check for the second part of my property taxes for 07, (The "builder" paid the first). The tax people lost the check and never cashed it so now I have to resend another check. I have an escrow account for the upcoming taxes and I have more than enough to cover the upcoming taxes so I would like to use the money to pay last years as well. Can I do this?

2007-08-26 19:05:01 · 3 answers · asked by Adriana G 1 in United States