Taxes - October 2007

My husband was intending to start a small side business this year fixing computers. We spent some money to get it going, but we never got around to actually building that business this year (we got too busy with our full time jobs and caring for our son). Thus, we have no income from it.

We might work on getting that business going next year. Since I've already spent some money to get that business going this year, will I still be able to write off those expenses even though there wasn't any income from that business? Or can/should I just wait till tax time in early 2009 to write those off (even though those purchases were made in 2007)?

Thanks in advance for your help.

2007-10-12 14:09:20 · 6 answers · asked by j4de80 2 in United States

2007-10-12 14:01:28 · 7 answers · asked by tbone 1 in United States

2007-10-12 13:07:23 · 5 answers · asked by Anonymous in United States

Prosper.com is a p2p lending site on which I am a lender. I have had defaults and want to know whether I can deduct these losses on my taxes to offset the income from interest earned.

2007-10-12 12:53:34 · 2 answers · asked by Scott R 2 in United States

I started taking basic income tax courses for H&R block and the way they word things in the workbook is so hard for me to understand. Im wondering if anyone knows of a book that will explain things to me in lamens terms. YOur help is greatly appreciated.

2007-10-12 12:49:31 · 4 answers · asked by rlynn 1 in United States

I have a money market account, and just curios what is the minimum amount of interest that you must actually claim on a INT 99 form?

2007-10-12 12:33:48 · 5 answers · asked by Hoya Saxa 4 in United States

offset these (and of course because you want to sell the stock anyway), is it better to take a short term loss or a long term loss? The holding period is right on the edge, so I could sell now for short term loss or hold on for another two weeks, then sell for a long term loss. Normally, long term is preferable, but long terms gains are taxed at a lower rate than short term gains, so it seems reducing the short term gains may be preferable in this case. (Assume stock will remain at constant price, and that the loss will reduce neither the long nor short term gains below zero.) Thank you.

2007-10-12 11:41:01 · 1 answers · asked by heart_and_troll 5 in United States

Okay, so my parents decided to move my sister and I out of the house. In doing this, they said they would pay for our apartment for ONE year. They said, "Since we're paying for that, we'll be claiming you on our taxes for this past year".

Um...can they do that? If I dispute it and say, "I have a different address and I'm over the age of 18" can they still claim me? I want to claim myself (or rather, keep myself as an exemption), but they're going to try to claim me too! How do I keep this from happening?

2007-10-12 11:39:07 · 6 answers · asked by Ariel Q 1 in United States

Since I will not be drawing any social security, I am looking for a legal way for a w-2 wage earner or a self employed person to not have to pay in FICA taxes.

2007-10-12 10:39:00 · 15 answers · asked by Nianque 4 in United States

i live in Maryland, and i want to get a part time job after school
but i dont want a job if i have to pay taxes on what i earn. i want a job so i can have money to use when i go to collage in 4 years
no stupid answers please

2007-10-12 10:38:56 · 11 answers · asked by Abby B 3 in United States

I live in Miami, FL, make $375 - & 450/weekly (without taxes), I'm single & I have no dependents.

2007-10-12 10:17:16 · 2 answers · asked by yeuxchires 1 in United States

A person can give multiple 12k to anyone without being taxed but the question is does the IRS question the person receiving?
A lot of people around me are getting married and (so will i in the near future) so naturally i am wondering what the maximum amount a person can receive before the IRS comes to the picture. For example: It doesnt make sense that a person can receive 100k from many people without having to report it to the IRS. The IRS website mentions the amount a person can give as a gift but nothing about the person receiving it.

2007-10-12 07:50:17 · 6 answers · asked by gummymellows 2 in United States

i am 23 and single, working in SF, i just got my first paycheck and i was SHOCKED by the amount of tax showned on there!
i think i paid about 40% semi-monthly.....

is that correct??

2007-10-12 07:26:23 · 7 answers · asked by frankie1996 1 in United States

I am skiptracing a debtor, and she has a 20k lien current as of april last year,

is she in jail?

2007-10-12 06:56:45 · 4 answers · asked by Anonymous in United States

http://video.google.com/googleplayer.swf?docId=-1656880303867390173&hl=en

2007-10-12 06:07:48 · 15 answers · asked by Anonymous in United States

Hi, for the nonprofit I work at we are in need of several tax id numbers for several places of business. Is there a free place online we can go to find out these Tax ID Numbers, seeing how they are public knowledge and we need them for accounting purposes?

2007-10-12 05:58:23 · 4 answers · asked by nsucollegekid 1 in United States

I live in CA trying to find the sales and CRV tax code

2007-10-12 05:52:03 · 3 answers · asked by Boston George 3 in United Kingdom

I'm considering filing for the child care tax credit. i don't have a child care benefit plan thru work. i would be claiming $1200 for 2006. is it worth it? what are the set backs if any? what have other peoples' experiences been?

2007-10-12 05:47:24 · 4 answers · asked by Anonymous in United States

I never was fond of the idea that taxes were taken from your pay check, then you go into a store and your taxed there as well, so when one of the candidates for the 2008 election brought up the idea of getting rid of the IRS and replacing it with a flat tax rate on thing we purchase I was happy.

This will I believe make it easier for online sellers, like me, to sell items and wouldn't have to worry about keeping the books, it will also make those underground businesses, i.e. Drug dealers, Prostitution, etc have to pay taxes as well.

(Question raised about that last part, I was always under the assumption that underground businesses were illegal because they didn't pay taxes, atleast this is how laws were set in the beginning to prevent these businesses. So what would the outcome be, without the IRS and a taxable market place?)

2007-10-12 05:17:31 · 5 answers · asked by Derrick 3 in United States

ok does this sound right?
I clean house for a friend and family member. I make 60 buck a session and 120 bucks a week. I dont send in to SS or insuarance, or anything. I know they pay me cash everytime, but i didnt do recipts. Now i am going to claim it as income so should i just do an Excel spread sheet for every payment? or buy one of those carbon copy tablets an write out all the times they paid me and then submit the carbon to the tax person?

2007-10-12 05:02:46 · 6 answers · asked by Anonymous in United States

2007-10-12 04:34:46 · 1 answers · asked by sam r 1 in India

I currently file separate taxes with my husband since the mortgage is under my name only. Would I get more taxes back if i filed jointly with my husband, since we pay more taxes added up together?

2007-10-12 04:23:34 · 6 answers · asked by ahtjina 1 in United States

2007-10-12 04:21:37 · 3 answers · asked by Mr Scott 1 in United States

if i'm selling as a bussiness on ebay. do i have to charge taxes if i sell in the same state?

2007-10-12 03:46:55 · 5 answers · asked by elclone 3 in United States

Where do contributions for either the deductible portion or the 401k Roth portion get reported? Is there a place on the schedule C or somewhere else?

2007-10-12 02:37:22 · 3 answers · asked by TheProfessor 2 in United States

My family and I have been living off loans and grants for this year. Are there any refunds available for filing a tax return?
Last year I made 16,000 and received over 5000 in refunds.
I have three children under 6.
Thank you for the advice.

2007-10-12 02:33:22 · 7 answers · asked by nwaff102 1 in United States

i want to amend my tax from 2006 to add my daugther and i am having a hard time following the IRS instruction. any help will be appreciated. thanks..

2007-10-12 01:59:30 · 4 answers · asked by paulo22 1 in United States

2007-10-12 01:53:03 · 4 answers · asked by sunrise_n_tn 1 in United States

If you have filed for legal seperation (in Michigan it is called seperate maintenance), do you still have to file taxes together? I know if you are not living together and file seperately without a legal seperation, you do not qualify for the earned income credit. But if you file for seperate maintenance, can each party file for the credit then?

2007-10-12 01:23:26 · 5 answers · asked by Tink 5 in United States

2007-10-12 01:21:23 · 1 answers · asked by Anonymous in Other - Taxes