Taxes - September 2007

2007-09-21 15:16:22 · 12 answers · asked by r.p. 1 in United States

2007-09-21 14:36:46 · 7 answers · asked by theresa b 1 in United States

I understand the cap is $3,000 per year on securities capital gains loss . However, I also heard that you can assume all losses (greater than the $3,000 threshold) in one year by combining them. Is that only when you sell a property that you can declare greater losses. Or are they referring to different losses (e.g. losses with renting it out, etc). I am confusing the two.

2007-09-21 14:03:26 · 2 answers · asked by VH 2 in United States

I live in CA, I work for the State. I get paid 2600 dollars, once a month. How much should I expect to take home each month?

2007-09-21 13:23:11 · 2 answers · asked by Anonymous in United States

2004 I had left off some stock sales that we lost money on and now I recieved a letter stating that we owe over 5,000. Does anyone know if it is too late to amend my taxes for 2004.
Thank you

2007-09-21 13:05:36 · 7 answers · asked by retasue47 2 in United States

How much is tax on the new iPod Nanos?! thanks

2007-09-21 12:48:26 · 6 answers · asked by *Lily* 3 in United States

Im working as full time employee on W2, but I also do independent contract work and receive payment on 1099. This amount will be close to $40K for 2007 and do I need to pay esitmated tax for every quarter or can I choose to pay the tax at the year end, before Decemeber 31. Will I get penalized? This year W2 tax which I pay through my current employer will be less than last year.

2007-09-21 12:47:44 · 4 answers · asked by Dev 1 in United States

We all know that that kid who caught the ball was unable to keep it due to the tax implications.
So my question is, if it does end up in Cooperstown will the baseball hall of fame have to pay the same amount?
Or is that something that is "special" for the citizens and backbone of this country?

2007-09-21 12:37:35 · 3 answers · asked by Atomic Viking 2 in United States

I was wondering what percentage of a salary can IRS garnish per pay period? Some say 10%, Some say 15% while others say 25%. would appreciate to know the facts. Thanks

2007-09-21 12:34:48 · 3 answers · asked by sadealz 3 in United States

I'm in the U.S. Army. Shortly after filing my indiana states taxes for 2005 I deployed to Afghanistan. I apparently owed the state revenue service around $40. I am pretty sure I acknowledged this before I deployed but I guess it slipped my mind.

Apparently the revenue service tried to get a hold of me (which they obviously weren't able to) regarding the situation. Eventually, a sheriff was sent to the address listed on my Indiana state driver's license and the state revenue service reported a no payment tax lien on my credit report.

All in all, the state got their crummy 40 bucks but I have the negative hit on my credit report.

I was turned down for a car loan because of it. Am I able to dispute this? If this had been under normal circumstances I would have been on top of things and this thing would have gotten paid before anything bad happed.

2007-09-21 12:21:02 · 3 answers · asked by Anonymous in United States

I have a regular brokerage account (not tax deferred). I bought a mutual fund a number of years ago, and over the years the dividends have been reinvested in the same fund. This year, I was advised to rebalance my portfolio, so I sold all of this mutual fund. Unfortunately, the last dividend reinvestments were within the last year.

So the question is, does this reinvestment cause my entire mutual fund sale to be taxed at the long-term or the short-term capital gains tax rate? Or is the recent reinvestment portion short term and everything else long term? If so, what do I use for the tax basis for all of that?

2007-09-21 11:20:00 · 5 answers · asked by Edwin H 3 in United States

I have a 401(k) with my current employer and I just recently opened up a Roth IRA. What is the process I must go through for my taxes next year? Is anything tax deductible?

2007-09-21 11:03:15 · 5 answers · asked by bballa211 2 in United States

I was thinking I could get them from the IRS, but I don't want to call them till I know for sure.

2007-09-21 10:34:08 · 6 answers · asked by RH12868475 1 in United States

Is sufficient to have credit card statement if IRS audits you as an individual taxpayer?

2007-09-21 10:12:38 · 4 answers · asked by carnivorouscat 2 in United States

I want to know how much they are going to take from my $516.

2007-09-21 09:54:35 · 8 answers · asked by Cassy 1 in United States

It is a beef and beef "Happy Hour" benefit. Should we open a separate bank account for money collected

2007-09-21 09:36:44 · 2 answers · asked by Lisa V 1 in United States

Some of the loopholes involved,the ways they write off things,ect

2007-09-21 09:24:12 · 6 answers · asked by Anonymous in United States

Does this differ per state/area?

I'm specifically asking about New York State and the Washington, D.C. areas.

2007-09-21 09:21:59 · 6 answers · asked by lauren_sunyalbany 1 in United States

I have won money from the Irish Lottery. They want me to fill out a form with personal information

2007-09-21 09:17:49 · 5 answers · asked by deebo 1 in United Kingdom

my daughter in law as been off work with breast cancer for over a year..she lost both her breast...she is now back at work...she has a job where she got half pay while she was off sick..but now she is telling me they have put her on to paying super tax .. I asked her why is that...she said she has to pay the tax back she was,nt paying when she was ill...I just cant believe it..this country really is going to the dogs..

2007-09-21 08:35:12 · 1 answers · asked by JBKS_10 6 in United Kingdom

I'm looking to start a computer service business in South Carolina, and I'm on the fence between choosing an LLC vs. a Sole Proprietorship. What would be best from a tax standpoint?

I’ll initially be working for myself but might eventually hire employees.

This business will be my only source of income, and the main expenses will be advertising (~$2,000 - $10,000) and software purchases ($1,000). The business should bring in about $50k gross the first year.

I will initially be working with home computer owners, although I would like to expand to service other businesses once the company has gained a reputation.

If I’m leaving out important details, please ask and I’ll add them.

Thanks!

2007-09-21 08:18:29 · 8 answers · asked by a link to the past 1 in United States

I'm single, 29 years old, and will be making $63,000/year. I have been getting a variety of responses from friends and family so I'm getting confused as to what is appropriate. Do I enter "1" for both A and B or just A or just B? (Most people have told me to enter "1" for B only).

A) Enter "1" for yourself if no one else can claim you as a dependent

B) Enter “1” if:
● You are single and have only one job; or
● You are married, have only one job, and your spouse does not work; or B
● Your wages from a second job or your spouse’s wages (or the total of both) are $1,000 or less.

2007-09-21 08:10:10 · 1 answers · asked by luvly 6 in United States

Hello. I originally did my 2004 tax return with H&R Block in 2004. I didn't receive notification that for some reason, the return was never finished by H&R Block, and that because of it, I owed the state (CT) money until May of this year. I took it to H&R Block, they gave me an amended copy and I sent it to the state. I got another letter saying the same thing. I took it back to H&R Block, then they called the state, and told me that I would have to send in my W-2's from 2004, and that would resolve it. I went through my company's payroll, and got the W-2's, then sent them in. I still got another letter. I went back to H&R, who scheduled me on a RI holiday, when the offices are closed so they couldn't call the state, and they said to call back. I called and spoke to this guy who said he would have someone call me, and that he would then personally call me, but no one called. I went back to H&R, and they tried to call the state, but no one answered so they said they would call me.......

2007-09-21 07:12:39 · 12 answers · asked by Veridian 2 in United States

I've recently been advertising on shopping.com and paying with my credit card (cash flow!). They say that they are not obliged to present a VAT invoice because I'm not paying via usual business credit account. Can I insist on one?

Cheers for any help.

2007-09-21 06:44:09 · 3 answers · asked by Teable 3 in United Kingdom

Someone told me today that we can claim $3200 tax credit b/c we have a disabled child. Is this the same as just claiming medical and depend. care expenses or is this a separate credit. I couldn't find anything I could understand on the IRS site.

2007-09-21 06:20:28 · 6 answers · asked by question33 2 in United States

2007-09-21 06:15:31 · 10 answers · asked by Ms. Lady 1 in United States

2007-09-21 05:49:52 · 2 answers · asked by Paula G 1 in United States

If I advertise for a nonprofit organization by placing a sign on my vehicle, are there tax-deductible benefits? I live in Pennsylvania.

Thanks

2007-09-21 05:39:28 · 2 answers · asked by keepingitvague 1 in United States

After filling out my information for financial aid with my school, they caught a mistake I made on my tax forms where I transposed a couple numbers on my income. This resulted in me taking $144 from the IRS. I'm filing a 1040x and going to pay the amount, but I'm worried that the IRS is going to think I was being fradulent and take our EITC away this year. Does anyone have any experience with a problem like this?

2007-09-21 05:20:32 · 5 answers · asked by Anonymous in United States

I need a car I can make sales calls with and am looking to buy a used car under my business name. Is the cost tax deductible, or do I depreciate it?

2007-09-21 04:54:38 · 9 answers · asked by Expurt Spellr 4 in Other - Taxes