Taxes - September 2007

Does the IRS penalize or give you less deductions and exemptions when you file seperately from your spouse? Meaning file as married filing seperately instead of married filing jointly.

2007-09-11 13:32:59 · 7 answers · asked by Sheila 6 in United States

I just received an Notice of Adjustment for my 2006 State Tax Return. It is saying we owe $1700 from the refund we received. I used TurboTax when completing our return. Even though we live in one state, I tele-work from home for a company in another state and have taxes taken out in that state. When I completed TurboTax, there was a section asking about out of state income or gain and so I put my income from the other state in there. It also said do not include Personal Service Income. There was nothing on the Learn More About This Topic link for that particular phrase, so I included my out of state income there.

Before I call up Turbo Tax and spend $$ to talk to a tax advisor, am I culpable for this error or should it have been explained better by Turbo Tax? I'm sure they will be saying too bad/so sad and you need to cough up the money. Maybe they should be saying on their forms to not include any WAGES or anything shown on a W-2 instead of saying Personal Service Income!

2007-09-11 13:08:52 · 2 answers · asked by mom2two 1 in United States

me and my friend are arguing over this topic..so help us!

2007-09-11 12:55:01 · 8 answers · asked by 12345 1 in United States

I claim exemption from withholding for 2007, and I certify that I meet both of the following conditions for exemption:

Last year I had a right to a refund of all Federal income tax withheld because I had no tax liability and

This year I expect a refund of all Federal income tax witheld because I expect to have no tax liability.

If you meet both conditions, write "Exempt" here

2007-09-11 12:26:33 · 3 answers · asked by Anonymous in United States

how much will i get back on my tax return? (heres a lil info)
19 years old
single
no dependents
live with mom (don't claim me on her taxes)

YTD
Federal tax 2399.01
FICA/MED 2122.52
Indiana 1102
Laporte 503

i make around 1200 biweeky and so far i've made around 20000 this year

2007-09-11 12:22:58 · 5 answers · asked by hmmm 2 in United States

this means you will problably owe at the end of the year is this correct?

2007-09-11 11:02:58 · 4 answers · asked by Anonymous in United States

Does stay-at-home-dad have to file taxes if low income? Like if it's under $1,000 for the year?

What about the child credit, how does that work for a non-married father with low income because of staying at home to watch the baby?

2007-09-11 10:50:36 · 8 answers · asked by jasontogs 3 in United States

I live with my partner. We are not married. We are not legally or biologically related, though we live as family under the same roof, all year. I do not work, and she does. Can she claim me as a qualifying relative for dependent status on US taxes? Both US citizens.

2007-09-11 10:44:07 · 5 answers · asked by quirky 5 in United States

My boyfriend doesn't pay taxes. Probably never will. If we get married, how can I file my taxes without giving red flags to the IRS about him? My taxes get taken out of my check so it's only fair that I get something back regardless of his past choices. Is my only option "Married filing Separately"? We don't have kids yet but plan on it soon. So whatever advice you can give me will be appreciated!

2007-09-11 10:31:06 · 8 answers · asked by sadiekanesam 2 in United States

I am starting a new job next week, and will undoubtedly have to fill out the dreaded W-4. My wife stays home with our 5-month old daughter, and my salary will be $35,000/year. So, that makes a family of 3, with myself as the only income source.

Last year, we filed "married but filing separately" on our taxes, and will do so again. So, how many should I claim? Thanks!

2007-09-11 09:56:06 · 4 answers · asked by Anonymous in United States

I am going to have a lap band done in mexico. Is that covered under our medical deductions for federal return? Second part would it be better to deduct it off taxes or use that pre tax money. The cost of the procedure is 8000. I have heard you can only get 5000 pre tax. Just wanted to see finacially which would be better. the 8000 and all my other medical things far exceeds 7 1/2 percent of my salary. thanks in advance.

2007-09-11 08:49:24 · 3 answers · asked by Lakeside5 2 in United States

we both have worked this year i recently had a baby on aug 29 and he wanted to claim the baby i disagreed . he thinks if he dosent claim the baby i should give him a cut for tking care of the baby because we both do .

we have been together 2 1/2 years,hes a really great guy, takes goog care of the baby

2007-09-11 08:37:50 · 13 answers · asked by firstborn_1101 1 in United States

I am doing business in Texas, but I incorporated my business as a corporation in the state of Delaware. I heard a rumor that I don't owe sales taxes to the state of Delaware, if I am doing business outside of Delaware, but I don't know if this is true. Please help me, I am thankful for your advice.

2007-09-11 07:18:08 · 7 answers · asked by Anonymous in United States

2007-09-11 06:58:19 · 6 answers · asked by Michael 1 in United States

i was supposed to have my review and raise done in may and its now september and he is just getting around to it.
i was told by a friend that he is required by law to pay back from the date my review was supposed to be. im in MA if that helps

2007-09-11 06:57:41 · 7 answers · asked by cole b 1 in United States

2007-09-11 06:37:16 · 11 answers · asked by luckgirl924 1 in United States

I have heard that you can only claim your kids on taxes if they are in your custody 6 months out of the year, I am going to be providing medical and dental insurance on my kid as well as paying child support and her mother collects state assistance and lives quite a distance from me does anyone know if its possible to claim my kid on my taxes for providing the insurance?

2007-09-11 05:05:11 · 9 answers · asked by kasper 1 in United States

2007-09-11 04:47:06 · 7 answers · asked by Anonymous in United States

What tax deductions are available to me? Will this be treated as a purchase or refinance? Thank you.

2007-09-11 04:44:11 · 9 answers · asked by Anonymous in United States

2007-09-11 04:31:31 · 2 answers · asked by bart_boy_1 2 in United States

I currently have two IRAs, a Rollover IRA worth $7,100 and a Roth IRA worth $1,000. They are both at the same brokerage.

Is it wise for me to convert my Rollover IRA to my current Roth? What kind of penalties and taxes will I have to pay? Is there a better way to minimize taxes? Should I have the tax withheld or should I pay from the taxes/penalty from an outside source rather than from the IRA?

My current gross income is around 45k and in the 25% tax bracket.

2007-09-11 04:20:40 · 6 answers · asked by Robert 2 in United States

2007-09-11 02:25:49 · 4 answers · asked by Anonymous in United Kingdom

I recently planned to travel and had to cancel the trip but forgot to cancel the hotel. Under the agreement the hotel states "Should you need to cancel please contact us 24 hours prior to 05 Sep 2007 local property time to avoid cancellation penalties." Since my credit card was charged the full room rate for one night is it legal for the hotel to charge taxes? They did not perform a service and it was a penalty? Is this taxable?

2007-09-11 01:38:11 · 6 answers · asked by readi29 1 in United States

i cant really find anything much about it
can you give me some information describing tax laws

2007-09-11 01:27:57 · 11 answers · asked by ? 3 in Other - Taxes

My husband and I purchased our home in May of 2007, in July we get a notifcication that we owe for 2006. In our contract it states that we owe 2007 and on, but not 2006. How do we go about clearing this up? Who do we talk to?

2007-09-11 01:22:33 · 5 answers · asked by vegasvuxeb 1 in Other - Taxes

We will soon be moving to Perryville, Missouri and will have military retirement and would like to know what is the taxable amt. if any......... Thanks

2007-09-11 00:45:36 · 5 answers · asked by mary m 2 in United States

2007-09-11 00:36:38 · 5 answers · asked by Anonymous in United States

Scenario: For simplicity, assume that my sould source of income for 2007 is the capital gains realized from a single real estate investment transacted through an LLC wherein in am the single manager (purchase a California single-family home for $175K, spend $13K on rehab and sell 2 months later for $260K net.)

Question: What are the federal and state tax consequences of this scenario?

Thanks!

2007-09-10 22:11:08 · 1 answers · asked by Chuck Z 2 in United States

i mean can i file taxes with no income and still get child tax credit as head of household in 2007.

2007-09-10 21:35:39 · 5 answers · asked by nj-gal 1 in United States

best way to decide who pays how much in taxes?

2007-09-10 21:35:01 · 1 answers · asked by Anonymous in United States