Taxes - November 2007

What is the journal entry to adjust net income for year 2 when depreciation for year 1 was underfunded by $1,000?

2007-11-12 21:06:08 · 1 answers · asked by hahaman 2 in United States

i donate monthly to help support to a girl who resides outside of usa and was not born here so she does not have ss# etc neither is her mom. i send the money via western union (i have kept all the records) and i am wondering how can i go about doing tax deduction? and what kind of proof will i be needed to provide to KGB i mean IRS about this being a charity deduction?

2007-11-12 21:04:11 · 5 answers · asked by toocool4skool 2 in United States

Hi all,
I recently became self-employed and registered as such with HMRC. What I would like to know now is if there is a definitive list somehwere that shows me what I am allowed to deduct as expenses etc whilst working in the IT field. I have looked at the HMRC documents but it is not clear. Is there a site that I can visit or would I have to pay an accountant before submitting my tax return?
Thank you.

2007-11-12 20:33:41 · 4 answers · asked by Anonymous in United Kingdom

I wonder why some people still do their returns themselves. what could be the reasons for not getting a tax preparer?

2007-11-12 19:30:05 · 8 answers · asked by The White Queen 1 in United States

2007-11-12 18:06:52 · 11 answers · asked by Rocketman 6 in United States

I will not be having any extra income and deductibles, so I was wondering if I or H&R can submit tax returns before the year ends?

2007-11-12 17:28:19 · 5 answers · asked by economiss 5 in United States

If you had to choose between H&R block Taxcut or Quicken TurboTax, which would it be?

And why?

2007-11-12 16:55:49 · 3 answers · asked by michael_25_2003 1 in Other - Taxes

Ok, so I figure I'm already screwed and on the verge of a heart attack, lol but here's my situation.

I worked this year from April-current claiming only myself until early July then I went exempt. I was misguided by co workers into thinking I could claim exempt while working fulltime for 6 months without facing penalty.

Well I just unfortunately started doing my research and redid my W4 again claiming myself with one allowance. I've made about 14 grand thus far and have had 3 raises since hire in.

Can anyone please help me or advise me what to do?
I don't care if I have to redo the W4 again and get them to pull out 50% of my check at this point. I'm scared :(

2007-11-12 16:19:30 · 9 answers · asked by Anonymous in Other - Taxes

2007-11-12 16:18:12 · 7 answers · asked by MAWUENA G 1 in United States

ral is refund anticipation loan

2007-11-12 16:00:34 · 3 answers · asked by wblueyesinvt35 2 in United States

well....I heard Income Tax is unconstitutional and was never realy approved.

2007-11-12 15:21:27 · 10 answers · asked by Anonymous in United States

why should we have to pay taxes ?
after you work all your life and buy a home you have to pay the government taxes just for owning it... its an illusion you never really own anything you just think you do

2007-11-12 14:34:49 · 14 answers · asked by Anonymous in United States

My husband and I own 100% of a newly formed LLC that owns some rental houses. Are we required to file a form 1065 or can we continue to report the income and expenses on our Schedule E?

2007-11-12 14:03:29 · 6 answers · asked by winnestow 2 in United States

2007-11-12 13:04:54 · 5 answers · asked by dar1597 1 in United States

after taxes if your working at burgerking or something like that in the USA

2007-11-12 12:55:38 · 9 answers · asked by Anonymous in United States

i paid 10000 ( 5000 related to tax exempt investment) to the bank to purchase investments. I had also the following:
captial gain from stocks 5,000
dividend income from stocks 3000
interest from saving acount 10000

can you please tell me how much my investment interest deduction? I need amount only $$$

2007-11-12 12:38:08 · 3 answers · asked by ssss 1 in United States

I have a total of 67K combined in 401K and pension plan. (going to pay off visa debt) and im cashing it out. I live in CA and would like to know the exact cash I would get after all the state/ federal/ penalty taxes.

2007-11-12 12:06:59 · 6 answers · asked by orchid o 1 in United States

Of that household $100k income, about $7k will be put in my 401k. I've also got mortgage interest of about $12k a year. This is for a family of 3 including 1 dependent child.

2007-11-12 11:46:58 · 3 answers · asked by Uncle Pennybags 7 in United States

2007-11-12 11:05:28 · 5 answers · asked by thomas533 2 in United States

For my 2006 tax returns, I used a program called Turbotax. Now, my daughter is off to college and we need to view our 2006 file to submit the information for a CSS profile. Every time I log into turbotax I am directed to a screen that asks me for billing information and shipping information. Does this mean I have to buy the program again to see my past years forms? Is there any way to see my past years forms? Thanks for your help in advance.

2007-11-12 10:48:11 · 2 answers · asked by kyohe24 1 in United States

I retired in Aug. 07. I was enrolled in my company's Medical Reimbursement Plan (FSA) for a total benefit of $500. I was reimbursed for expenses totaling the $500 before my retirement in August. My deductions for the FSA acct. were taken out every pay period (every two weeks). Are the remaining payments for the year after I retired still due? My wife quit a job several years ago and was paid for medical expenses even though she had not paid in the total premium. When she called they told her that's the way it works. I knew you lost your benefit if you didn't incur enough medical expenses but I didn't know it worked in reverse. Does anyone know?

2007-11-12 10:42:40 · 2 answers · asked by Dale H 1 in United States

2007-11-12 10:39:08 · 3 answers · asked by Utopia 4 in United States

Lost my job as a result of whistle blowing and discrimination/non-accomodation. The defendant is offering to settle out of court.

2007-11-12 10:28:04 · 3 answers · asked by juzbcuz 3 in United States

I recently got married in the end of Oct. I claimed single 1 up to nov 1st and I just changed it to married 1. Will I get screwed at tax time for changing it at the end of this year or should I wait to next year?

2007-11-12 10:26:54 · 2 answers · asked by Michael G 2 in United States

I'm hoping that someone out there can give me some advise on how to relieve my tax burden or at least direct me somewhere that I can find information. The situation is that my husband and I combined have a taxable income in the low 6-figures. We both have the max withheld from our checks, which takes a CONSIDERABLE chunk of our money bi-weekly, yet we still wind up owing taxes! We also contribute the max to our 401k's yet, in 2006, we wound up with a bill from the wonderful IRS that consumed a full 30% of our savings. How do hard-working people get ahead with this system? We have no children, we don't own a home, and don't really want to for the time being. Is there any other way to find relief? I really feel like I'm just giving money away!

2007-11-12 09:52:09 · 8 answers · asked by Anonymous in United States

Why are my travel expenses taxi fares etc., taxed? I'ts only about £45 a month, my pay office has taken tax off the amount. why?

2007-11-12 09:45:24 · 5 answers · asked by bluemax 4 in United Kingdom

2007-11-12 09:09:23 · 3 answers · asked by John S 2 in United States

I'll start right off saying when I started working for my grandfather, it was "under the table". Now he's handicapped, stays at home, I take care of the business and even have my name on some things like the bank account and such. But I'm still in the same situation as when I started. I don't want to get into any trouble. I just want to set it up so I pay what I need to pay in income taxes to keep the government off of me. What do I do?

2007-11-12 08:27:55 · 5 answers · asked by Matt 2 in Other - Taxes

Need info. on an investment that would distribute a monthly income to me, thus avoiding being taxed on receiving a large lump sum.

2007-11-12 08:03:33 · 4 answers · asked by Virginia E 1 in United States

I want the full 10k and the company is asking for a W-9 to be filled out. Do I just enter name, ss#, address and not check off the 'exempt' and 'individual' boxes on the W-9 form? thanks

2007-11-12 07:48:24 · 14 answers · asked by joseph_nh_2006 1 in United States