Taxes - November 2007

The website only gives me the information for 2006 and the phone numbers keep circling me through hotlines and touchtones and voice systems.... any ideas on how I can access this information without a hassle?

2007-11-13 07:04:08 · 6 answers · asked by Challah back Girl... 5 in United States

On our tax info at our jobs, my husband claims one for federal and I also claim one for federal. I only work part time so I was recently advised that we should change him to claiming 2 and me claiming 0 because he makes more than I do. Each week they take $250 out of his check in taxes alone, $130 of it is federal taxes... if we do this, how much less do you think on average would be taken out? I realize by me claiming 0 a little more will be coming out of mine but I think it will help w/ his because we get a very large refund check each year and I'd rather have more money throughout the year...

2007-11-13 07:02:10 · 5 answers · asked by bigdude07 1 in United States

My father has given me and my husband $90,000 to put down on a house. He is living with us also, but isn't on the title. He had to sign a gift letter. Will he have to pay a tax on that? If so, how much would that be? I'm pretty confused with gift taxes. I read that there is a $12,000 limit a year, but a lifetime of $1,000,000. As long as he reports the amount with the IRS will he have to pay anything? When we sell the house, we will be giving his money back.

2007-11-13 06:28:58 · 5 answers · asked by Anonymous in United States

Im a U.S. citizen for about 2 years. But when i deal with my college Finanical-aid, i filled out the application as a u.s. citizen, but school told me that my social sercuity doesn't claim me as an U.S. citizen. therefore i had to bring in my citizen paper every sesmaster to prove that im a citizen.

what do i need to do inorder for social sercuity to claim me as citizen.

2007-11-13 06:07:07 · 4 answers · asked by ab 1 in United States

A nation that taxes its exports is doing nothing more than attempting to get the people of other nations to pay for the operations of its own government, but it does so at the expense of making its products more expensive in the international marketplace. That's why some nations take the step of removing all taxes from the products they export.

In the US we tax things at all stages of a products manufacturing. That means that from step to step the percentage of the price passed along that is due to taxes gets larger and larger. Some years ago I read somewhere that in an automobile sitting on the showroom floor at a US car dealer the amount of the sticker price that was due to taxes was 60%. On a car with a $30,000 sticker price that would mean that $18.000 of the sticker price was due to taxes. The absolute accuracy of that statement is immaterial for our purposes, but it is probably fairly close.

Now, suppose we take the step of removing all taxes from the autos we produce that are sitting on our docks for export. All of a sudden that $30,000 car would be selling in the international marketplace for $12,000. At that price we could probably be selling Cadillacs to the Japanese for less than they could buy their own Toyotas, and it would mean no cut in wages for our workers and no cut in profits for our automakers. Just imagine what removing all taxes from US exports would do for US based businesses, and for our workers.

For US citizens there would be absolutely no change in the prices we pay for autos and other US made products. It would just mean a huge boost in our export sales.

2007-11-13 06:06:33 · 2 answers · asked by George B 6 in United States

2007-11-13 05:41:28 · 3 answers · asked by timido 2 in United States

2007-11-13 05:35:09 · 5 answers · asked by FooFoo says dis ees boolsheet! 5 in United States

How does this effect our tax return when we file jointly? Last year (our daughter was born in Oct '06) we filed jointly with one dependent and our usually substantial tax return really suffered. What did we do wrong?

2007-11-13 05:03:33 · 7 answers · asked by U2 Fan 4 LIFE! 1 in United States

just a general id question

2007-11-13 04:47:40 · 4 answers · asked by ladygodiva5 2 in United States

2007-11-13 04:34:45 · 4 answers · asked by gruggi 1 in United Kingdom

I want to set up an S corp where I am 49% owner, my wife is 51%. We will therefore be a minority corp which is an advantage for us. She does not work so the question is can I take any losses on the S corp and apply exclusively to my earnings (I have another job) ?

Thanks

2007-11-13 04:27:46 · 2 answers · asked by oberon3 1 in United States

If I had proof that I've been paying the mortgage and my name
is on the title, can I claim interest deduction on my 1040
under "interest not reported on 1099".

2007-11-13 04:26:40 · 5 answers · asked by huy mai 2 in United States

You're supposed to report gambling winnings on your IRS tax forms, and you can deduct losses up to the amount of those winnings. But the IRS's definition of "winnings" is imprecise. Here are several example questions:

In January, I win $500 on a slot machine. In February, I lose $500 on slots. What do I report on my taxes?

On Friday, I win $500 on a slot machine. On Saturday, I lose $500 on slots. What do I report?

In the morning, I win $500 on a slot machine. In the afternoon, I lose $500 on slots. What do I report?

I'm playing roulette, betting $500/spin on red. On the first spin, a red number appears and I win $500. On the next spin a black number appears and I lose $500. Then I quit playing. What do I report on my taxes?

As you can see, the questions are generally related to what counts as a taxable "win", and over what period of time. If I play 100 spins of a $3/play slot machine and break even, I technically won $150 and lost $150 that session. What do I report?

2007-11-13 04:10:35 · 6 answers · asked by Stacy Friedman 2 in United States

2007-11-13 03:40:40 · 2 answers · asked by jayw100 2 in Other - Taxes

Attention Tax Honesty members. Forget 861 and the 16th!Stop asking if the Income Tax is Constitutional. That's the wrong question. It doesn't matter!! If you don't have income you don't owe income tax.

Your homework: Study Eisner v Macomber starting at "Income may be defined as..." and ending at "Nothing else answers the description." That is THE official legal definition of income. Period.

ANY profit above "capital investment" is defined as income. If you earn profits you are subject to the income tax, period. Totally constitutional on all fronts.

But:

-We are not serfs mandated to surrender our compensation for laboring for our living to the king.

-Labor is property - too short to prove here. Research it.

-You trade labor for equal compensation. Paychecks are not profit! Labor has value!

-We have the right to contract, to pursue happiness and earn a living. Making a profit above that is taxable as a privalege.

See Eisner. No income, no tax!

2007-11-13 03:11:57 · 8 answers · asked by Fogy 1 in United States

We purchased a house this year and we have one child, will we get a refund or will we have to pay in?? Also, what is itemizing? What should we be sure to take with us when we file?

2007-11-13 02:41:18 · 5 answers · asked by sessa_rhea 2 in United States

I have some school money squirreled away in my bank account, but I have to file for bankruptcy b/c I tried to open a small cafe with my mom (all in my name). We lost our shirts, and I was left holding the bag.

Anyways, I know I'm SUPPOSED to tell if I have money in the bank, but suppose I don't ... will they find out anyway?

2007-11-13 02:35:59 · 9 answers · asked by Random_Girl 3 in United States

At the time of the sale, we drew up a receipt which details the name of the person doing the selling, the name of the person who bought them, the date of the sale, as well as the description and costs of the goods. Both parties signed the receipt.

However I now need to prove legal ownership as the inland revenue are trying to seize the goods from the person who sold them to me. They claim the receipt is not legal proof that I now own them ? They are suggesting that the sale should have gone through a court ?

Any advice is appreciated.

2007-11-13 02:19:20 · 13 answers · asked by gavman99 1 in United Kingdom

At the time of the sale, we drew up a receipt which details the name of the person doing the selling, the name of the person who bought them, the date of the sale, as well as the description and costs of the goods. Both parties signed the receipt.

However I now need to prove legal ownership as the inland revenue are trying to seize the goods from the person who sold them to me. They claim the receipt is not legal proof that I now own them ? They are suggesting that the sale should have gone through a court ?

Any advice is appreciated.

2007-11-13 02:19:16 · 2 answers · asked by gavman99 1 in United Kingdom

How would I file?

2007-11-13 02:17:07 · 5 answers · asked by gbluhmski 1 in United States

1. State one or a few the state(s) that has the lowest income tax.

2. How much?

3. Put a reference or your answer is not legitimate.

10 points will be given for best answer.

2007-11-13 02:13:50 · 9 answers · asked by TeenQuey 2 in United States

2007-11-13 02:06:10 · 24 answers · asked by ? 1 in United States

She meets all the requirements to be claimed as a dependent.
I'm just lookin for an average.

2007-11-13 01:59:22 · 6 answers · asked by xxor1g1nalxx 2 in United States

2007-11-13 01:24:43 · 21 answers · asked by cheryl g 1 in United States

2007-11-13 00:32:02 · 3 answers · asked by Steve 2 in United States

I have recieve a mail,in hich they have inform me that i'm the winner of the UK NATIONAL LOTTERY,but i have not participeted....now they are asking around 392 Pounds which which amount in Indian Currency (28,000 rupees) ,,to just courier my Prize to me... is this Lottery is false.

2007-11-13 00:07:48 · 15 answers · asked by A.S.M Z 1 in United Kingdom

I have recieve a mail,in hich they have inform me that i'm the winner of the UK NATIONAL LOTTERY,but i have not participeted....now they are asking around 392 Pounds which which amount in Indian Currency (28,000 rupees) ,,to just courier my Prize...is this Lottery is false.

2007-11-13 00:05:02 · 3 answers · asked by A.S.M Z 1 in United Kingdom

What is the "correct" definition of an exemption?

I just got out of the military, in which expemtions were easier to determine, how would I be SURE that I calim the correct exemptions?

Thanks in advance!!!!

2007-11-12 23:38:04 · 3 answers · asked by dre1c83 1 in United States

i see on the news, read on papers hear from people that Social security will soon run out of funds. if this is true then why am i still paying into it if im not going to get anything back from it when i retire?

2007-11-12 23:15:44 · 9 answers · asked by Anonymous in United States

I have a business online. I want to avoid taxes living in U.S as much as possible.

I heard states like naveda, wyoming, florida have no income tax under corporation or personal.

must i reside within that specific state to reap it's benefits, or can i just buy a property there for business, register so, and live somewhere else?

thanks.

2007-11-12 23:01:51 · 5 answers · asked by Anonymous in United States