Taxes - November 2007

bank gave 2 secured loans in 2005 to company A. One was 1 million used to buy equipment for the plant. the second one was line of credit partially used to buy a truck and then a later draw to buy raw material. Company A failed to file taxes end of 2005. In 2007 the irs filed a tax lien. Does the tax lien take priority over the security interest on 1st loan. Does it take priority over the truck; how about the draw used for raw material?

2007-11-07 04:04:46 · 1 answers · asked by Anonymous in United States

2007-11-07 03:19:43 · 2 answers · asked by Lola 1 in United States

I paid 10,000 in interest (5,000 related to tax exempt investment) to the bank for loans to purchase inestment. Also i have the following

1. Capital gains from sale of stocks 5000
2. Dividend income from stocks 3000
3. Interest from saving account 10000

2007-11-07 03:10:32 · 4 answers · asked by ssss 1 in United States

2007-11-07 03:01:57 · 3 answers · asked by Jessica S 2 in United States

What are the scenarios for tax codes..

for example....

children

being married

under what circumstances is your tax code lowered?

I think this country (uk) has gone mad, I am payming £200.00 in income tax and £105.00 in NI

2007-11-07 02:55:44 · 7 answers · asked by Rebz 5 in United Kingdom

When I filed my income tax last year, I was 24 years old and living at home with home w/ my mom (still am). I was also working part-time (made about $7500) and going to school part-time. I could've sworn that I read somewhere that I could claim independent no matter what (according to all the factors I've listed above).

However, my mother claimed me as a dependent since I still live with her rent free. The woman who did her return even said she could claim me. My mom even mentioned that she purchased a textbook for me (which she did not). I am slighlty peeved.

Yeah I do live rent free, but I buy my own clothes...pay for my books, pay for my bus and cab fare, personal items, ...

Sorry for rambling, but who is right? We both got letters from the IRS saying that one of us has to amend.

2007-11-07 02:14:47 · 8 answers · asked by Cameron 2 in United States

I am buying house in PA, and have no clue if I need to got to a PA tax preparer or my regular preparer in MD?! I understand that it may or not not be a big difference since I'm moving so close to the end of the year.

2007-11-07 02:01:41 · 4 answers · asked by King Crow 1 in United States

Do you always leave off the "1" in a number like this: 1742xxxx00-0. This is what a customer gave me. Are these correct starting numbers 75-, 32- 74-, 20-? Any and all correct number sequences would be greatly appreciated.

2007-11-07 01:30:50 · 4 answers · asked by doctor robert 1 in United States

2007-11-06 22:27:05 · 3 answers · asked by Anonymous in United States

2007-11-06 21:51:19 · 2 answers · asked by ghillpts 1 in United States

2007-11-06 21:41:24 · 7 answers · asked by Anonymous in Other - Taxes

I have noticed that some websites that offer free products (in this case software) through the mail charge a s/h fee which is understandable but sometimes, even though not a single penny is being paid for the "product" and just for s/h... I still get charged a sales tax. Is this ok practice for the company to charge sales tax on s/h when the invoice clearly states that the "product" is free?

2007-11-06 21:32:30 · 3 answers · asked by nc_dixieman 2 in United States

2007-11-06 20:33:44 · 7 answers · asked by Brian M 1 in United States

I worked as a seasonal worker in the USA with J1 visa in summers of 2005, 2006 and 2007. This year, I did not file for a tax return for 2006, because the amount is small and I posponed to file in 2008 for 2007 and 2006 simultaneously. Soon I have an immigrant visa interview at the US embassy. Would it be a problem that I have not filed for a tax return? I heard that filing is obligatory. Or I should file as soon as possible until the end of this year?

2007-11-06 18:50:42 · 4 answers · asked by Ivan S 1 in United States

My wife has a friend who has come into some legal trouble. Nothing extremly bad, but some things that may make it so she loses her license to operate her three day cares. If this does happen she has asked up to take over ownership until she has her problems resolved. She's a good friend and we're more than happy to help if we can, but the question is what kind of tax liability are my wife and I looking at in this situation? Also if anyone knows, is there some kind of custiodial ownership out there that will prevent us from having to deal with any of these issues.

2007-11-06 17:09:47 · 1 answers · asked by voelker_n 2 in United States

2007-11-06 17:01:44 · 3 answers · asked by Anonymous in United States

When you are calculating revenue, or sales revenue, do you include the money taken for sales tax or not?

2007-11-06 16:35:50 · 5 answers · asked by Kurt 2 in United States

If I file tomarrow, how fast can I see my return? Or just the proof of filing.

2007-11-06 16:30:13 · 5 answers · asked by Anonymous in United States

I was wonder how I can procedurally use my employer's cafeteria plan (sec. 125)

2007-11-06 16:07:40 · 1 answers · asked by Newborn on the Loose 1 in United States

2007-11-06 15:50:03 · 3 answers · asked by Anonymous in United States

2007-11-06 14:22:05 · 3 answers · asked by pmamita229 1 in United States

How much tax is paid on inheritance

2007-11-06 14:10:21 · 3 answers · asked by Terri D 1 in United States

2007-11-06 13:52:28 · 4 answers · asked by tfamily 2 in United States

I withdrew everything early from my IRA earlier this year. I now have the money to put back into it and I was wondering if I deposit it before the end of the year can I avoid the tax penalty or early withdrawl penalty?

2007-11-06 13:38:17 · 5 answers · asked by snowgirl_1202 1 in United States

I work for a subcontracting company and I was told that when I file my taxes I can get mileage reimbursement to and from work as well as from driving to locations. I was looking things up online, but can't seem to find exactly if I can be reimbursed for to and from work. They said since they are a subcontracting company, I can. I used Form W9 so I do not have any taxes withheld from my check, either, since I work part time.

2007-11-06 13:22:00 · 4 answers · asked by karen 2 in United States

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

I know that property taxes finance public education.

But which tax finances roads? Which finances food stamps, Medicaid, Medicare...etc? And whatever other programs you can think of?

I'm just interested in knowing the specific tax responsible for funding various programs, as a matter of curiosity.

2007-11-06 12:32:18 · 3 answers · asked by merebear83 2 in United States

what forms do they need to file or how does the procedure go with their employer?

2007-11-06 12:15:33 · 3 answers · asked by ang3ldust 1 in United States

I have just gone self employed. I am looking to earn 60000 pounds sterling this year maybe up to 70000, how much tax can i expect to earn on this. In pounds sterling please.
cheers,

2007-11-06 11:44:00 · 6 answers · asked by mrluke3 1 in United Kingdom

Is it legal for them to require it in order for you to get your payment?

2007-11-06 11:37:49 · 4 answers · asked by starlove2 6 in United States