Taxes - November 2007

My friend said he made around 70,000 this year and bought a house this year and he only paid 5,000 in interest and about 1500.00 in property taxes.. would he itemize his tax return?His tax guy said you want to have 10,000 in interest etc.. before you itemize is this true? I told him I thought he would get more back if he itemized no matter what?If I am incorrect shouldn't he just donate the difference to his local church etc to make up the difference?

2007-11-24 11:26:07 · 6 answers · asked by steve g 1 in United States

Once youve done a holiday loan with HR block why isnt there something in place that keeps a customer from being able to do their taxes elsewhere without the Blocks money being held out through the IRS.

2007-11-24 11:05:55 · 4 answers · asked by concerned 1 in United States

most don't claim tips at all
would it generate more money and in fact show good credit if you "over" claim the amount of tips you received. also having more taxed from your check and also raising your return.

2007-11-24 09:28:57 · 2 answers · asked by keelonboaz 2 in United States

most don't claim tips at all
would it generate more money and in fact show good credit if you "over" claim the amount of tips you received. also having more taxed from your check and also raising your return.

2007-11-24 09:19:11 · 4 answers · asked by keelonboaz 2 in United States

I am a visiting student in california and i was told that i can be refunded with all the taxes that i payed for shopping except stuff like food and alcohol. is it true? and if it is, how and where can i do it? Do i just take all the receipts? I am leaving from LAX, is there a place where i can do it in that airport?
thanks a lot!

2007-11-24 09:06:21 · 2 answers · asked by xander 2 in United States

i am employed by a community college and curious if there is a law that affects me.

2007-11-24 08:36:55 · 21 answers · asked by 0tion 1 in United States

my 2 kids, who are minors inherrited some money from their grandma. they earn about $5000 each in interest on this money, do they have to file a tax return, and if not, at what point do they have to start paying taxes on passive income.

2007-11-24 08:28:29 · 9 answers · asked by Anonymous in United States

Do you pay a sales and use tax on grocery food items? and if so, how much is the sales and use tax for grocery food item where you live?

2007-11-24 07:40:09 · 3 answers · asked by pisces02 4 in United States

I understand the max. taxable income for soc. security this year is $97,500. Is that per person if you're married filing jointly, or total household income?

2007-11-24 07:04:11 · 6 answers · asked by Geekman 2 in United States

2007-11-24 06:21:32 · 6 answers · asked by airforcewolf 4 in United States

Looking for any kind of links or other information you could provide to someone exploring the possibility of preparing others taxes. I have no formal training on this so i would like more info on laws and such governing this matter. I have done taxes for several friends and family members for years and am curious as to starting a business in this field...

2007-11-24 06:16:48 · 3 answers · asked by Anonymous in United States

I am in college and need help economically. So I want to file a FAFSA to see if I can get any help. Would they help me if I never have to file taxes? I get paid in cash and therefore taxes are not reduced from my payment. So is there an alternative way to file for taxes?

2007-11-24 05:55:32 · 4 answers · asked by -Steve 1 in Other - Taxes

If it still exists, how much is the tax credit, and does it count if I were to buy a used hybrid instead of a new one?

2007-11-24 05:42:17 · 2 answers · asked by me 1 in United States

will that help or hurt your taxes?

2007-11-24 05:13:15 · 4 answers · asked by Anonymous in United States

if you owe money to the irs and to student loans who will take ur tax refund

2007-11-24 04:54:47 · 5 answers · asked by Anonymous in United States

What are reasons people would want to enter into these sort of marriages...besides being well known and wanting to be private. A friend is not marrying because of an IRS problem and wants to wait until it is resolved. I say she can with a confidental marriage. Anyone know if that true?

2007-11-24 03:55:04 · 2 answers · asked by onedot.darling 4 in United States

I know I will get hit hard on the taxes for the early withdrawal, but do you know how much ? 20% .... 30%.....40% ? I'm still currently working full time, but need the money to pay off debt.

2007-11-24 03:22:30 · 4 answers · asked by Anonymous in United States

my boyfriend works under the table. two weeks ago he went and signed on a loan for a car. the loan was granted because he provided a letter of employment stating how much he earns. will the IRS find out about this and should he file taxes this year to avoid any potential problems that may arise due to this new car loan? ( he doesnt make a heck of alot of money, just enough to cover the bills, but we needed a car desperately)

2007-11-24 02:55:02 · 4 answers · asked by Laydbug 2 in United States

2007-11-24 02:21:40 · 5 answers · asked by Mountain Mama 1 in United States

I lost quite a few money in the Stock Market this year. How will this loss affect my income tax in the coming year?

2007-11-24 01:22:01 · 6 answers · asked by sel_bos 3 in United States

Like, how much do they take off your account when they mail the check to you?

2007-11-24 00:35:25 · 4 answers · asked by stopthemadness 1 in United States

Got motorcycle stolen, only had liablity insurance so this was not covered...I have been reading articles that said it is tax deductable if the amount exceeds 10 percent of my AGI. so if I make 50k and the loss is 10k....I should be able to tax deduct 5k...am I doing this right or is it even tax deductable?

2007-11-23 22:34:59 · 4 answers · asked by luckyc1423 2 in United States

2007-11-23 21:59:18 · 5 answers · asked by pisces02 4 in United States

I am married with no children, property or deductions. This next year we will go from making about $15,000 a year to $40,000 or a little more. I have been told that since we don't have children we will probably have to pay in taxes instead of getting income tax back. Is this true?

2007-11-23 16:41:49 · 7 answers · asked by Lil'MissThang 3 in United States

Ok so I've been working at this place for a while now. The only reason that I started working there is because I had family that worked there. I found out that I got paid every night and I was super happy. But then I found out why. There are so many illegal things going on with this place. It's a restruant. There is only one person in the entire business that actually gets a check with taxes taken out. The rest of us get paid under the table, the waitresses don't share tips, which I wouldn't mind but they don't do any of the work. Here are some more things this place is doing that is wrong:
-They save lemons and onions off of tables and reuse them
- They don't have set hours with set pay
- They constantly over work workers without extra pay
- They reuse food left over from the previous weeks

And that is just some of the things. If the IRS found out they weren't taxing pay, I know they could get in trouble. I'm tired of them getting away with this. How do I report them??

2007-11-23 16:14:51 · 6 answers · asked by Anonymous in United States

They have moved their office to a unknown location since my last visit

2007-11-23 15:57:31 · 5 answers · asked by scooterbrat76 1 in United States

2007-11-23 15:45:16 · 14 answers · asked by kookie 1 in United States

i looked up fed taxes and it starts at $0.

2007-11-23 14:35:58 · 4 answers · asked by jeepactivities 3 in United States

Okay i've recently got my first job kinda i work as a dishwasher off and on at a restaurant. My Question is this the cook i know is an older lady who i know and virtually consider her family gets taxes taken out of her check which i know she makes more than me. My question is this should i be filing for taxes or taking out for taxes? .? I'm not the brightest i guess about the tax thing. I've never had to do anything with taxes. i just know she mentioned it and she said i didn't have to. So any advice? or explain what exacually is taxes'?

2007-11-23 13:57:33 · 4 answers · asked by Bobby W 1 in United States

Is this after paying taxes and bills?

Or how much you make in total before taxes and stuff?

2007-11-23 13:52:27 · 8 answers · asked by Live Laugh Love 6 in United States