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Taxes - November 2007

[Selected]: All categories Business & Finance Taxes

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This is just an argument me and my friend had, not related to my own life.

If you have a live in girlfriend or boyfriend and she is cheating on her taxes and gets caught (she owns her own business and didn't file taxes for it) can the IRS take your home that's under your name. If you need more details to figure it out let me know.

2007-11-04 02:17:23 · 7 answers · asked by Anonymous in United States

2007-11-04 01:44:39 · 7 answers · asked by Get to know me first.... 2 in United States

2007-11-04 01:43:25 · 10 answers · asked by Get to know me first.... 2 in United States

I understand that when you are traveling to the US, you have to declare if you are carrying more than $10,000. I also understand that this $10,000 is not really a limit and one can carry any amount one wants provided it is declared at the customs if currency is in excess of $10,000. What I want to know is -

- Does this mean that my wife and I can each carry $10,000 or $10,000 is the limit per family (obviously without needing to go through the hassle and delay at customs).

- I am a US Citizen and my wife is a GC holder - does that make a differnce with respect to the allowed limit?

Thanks,

2007-11-04 01:40:39 · 3 answers · asked by Cool Customer 1 in United States

I say they pay less because they spend more money overall

My friend says they pay less because there are more middle/poor class taxpayers than rich taxpayers.

Who's right or are we both wrong?

2007-11-04 00:51:15 · 12 answers · asked by Anonymous in United States

2007-11-03 21:45:03 · 4 answers · asked by lab_vixen 1 in United States

i thought it was a joke when i first heard it. how can you eliminate something like this? while i certainly support the politician who will lower taxes most, is this method even possible?

explain in detail

2007-11-03 21:36:19 · 16 answers · asked by Anonymous in Other - Taxes

2007-11-03 19:32:11 · 3 answers · asked by ylc 1 in Other - Taxes

If someone hasn't paid their taxes and the IRS put a levy on your bank account but the amount in the bank still wasn't enough, can that person still call the IRS and make payment arrangements for the back taxes or they'll just keep on taking all the money in the bank account unitl all taxes are paid? This of course needs to be paid but how flexible can the IRS be if the person who owes the taxes is on a permanent disability and no means to survive except for the money she gets from SDI which is now being taken by the IRS from her bank account. She doesn't get much from SDI and it will take several months for her to pay the IRS even if they take all the money from the SDI.

2007-11-03 19:27:21 · 13 answers · asked by ods 2 in United States

Everybody says that yes we are required by law to file income tax forms, but no one can show me the law that states that.

2007-11-03 18:48:07 · 4 answers · asked by AZM 1 in United States

I buy and sell stuff and im gonna have to pay taxes this year for the first time... i record all my expenses and such but i usually dont have proof for stuff i buy to sell thats less than 1k. This makes up like 40% of what i make. The other 60% i have purchase receipts and stuff...

Will this work out ok if i just tell the truth, like if they look at my bank records theyll see that it all adds up - or can i get in trouble for this or what?

2007-11-03 17:55:15 · 6 answers · asked by Anonymous in United States

My son is 16 years old and he is working part time and he wants to file a seperate tax return... what are the benefits of him doing this? will it help in the future for college?

Please help me I am so confused

Thanks in Advance!

2007-11-03 17:36:43 · 13 answers · asked by SHEHNAZ D 2 in United States

2007-11-03 17:36:07 · 7 answers · asked by keshia713 2 in United States

At the end of the year, do you have to file it on your income tax? What if you do not hold a job at all that year, but still win a sweepstakes for like $5,000?. What do you do?

2007-11-03 17:23:51 · 7 answers · asked by KeyKey S 2 in United States

Or is there any state tax o any federal benefits for me to claim?

2007-11-03 16:57:42 · 4 answers · asked by aleidateresa 2 in United States

I work for LAUSD and I wanted to know why there was a Pre and Post tax deduction on my pay check? Where is this money going?

2007-11-03 14:09:18 · 3 answers · asked by meloramos 1 in United States

my new employer in NY, saying that i will get 1099 for first 3 months. and i mention that I dont know how much i will get per week after I pay tax at the end of the yr... then they told me that they can withhold the tax and pay me what I actually get for now. but i dont know how this works ?
can they hold the tax first if i am getting 1099 ? isnt that I am the only can file 1099 at the end of the yr ? say if they hold the tax for me just like what W-2 does . then what I will need to do at the end of the yr ? ?

2007-11-03 13:32:45 · 3 answers · asked by kof98_kwai 1 in United States

My 501c3 art center would like to rent/lease a new space. Are there any tax benefits for the landlord if he rents to us below fair market value? Can he take a deduction for the difference between the fair market value and what he receives from us?

2007-11-03 13:02:57 · 3 answers · asked by Linda S 5 in United States

I have $10,500.00 in interest I pay on my mortgage every year. This year I was paid unemployment for 8 months, paying no taxes on this

& worked for 2 months with regular taxes taken out.

Should I expect a large or small refund?

Unemployment income was apx. $15,000.00 total

Work income will total about $3,500.00 from a regular job.
Filing details, Single, no children, claiming 1 (myself) reside in Orange County, CA.

2007-11-03 12:20:20 · 4 answers · asked by Anonymous in United States

The with the $ worth less than .50P why havent American goods got cheeper?

2007-11-03 12:04:12 · 4 answers · asked by Avon 7 in United Kingdom

Father has a property subject to a nonrecourse mortgage with a balance of 200K, and his adjusted basis in the property is 100K. He gift sales the property to his son subject to the nonrecourse mortage. Since a gift is a nonrecognition event, does the son take the 100K carry over basis and assume the 200K loan? But, under Tufts v. Commissioner, hasn't the father essentially been forgiven the 200K and thus has a recognized gain? These two seem irreconcilable. What would happen here with basis and gain between the father and son?

2007-11-03 11:47:18 · 2 answers · asked by bnk89 1 in United States

I have some music gear that has good resale value; I can probably sell it and get almost what I paid for it. At this point I am unable to write these expenses off (a couple grand) because the government would consider it more of a hobby than a business.

Should I sell this gear and then buy it later after I'm able to say my band is a business? Or should I bite the bullet and keep it?

I also understand I'm also able to write-off gear year after year that I had bought in previous years. I can't remember the term for this, but how much would I be able to write off under this clause?

Advice to help me a poor student save some bucks is appreciated!

2007-11-03 10:21:18 · 2 answers · asked by lyridia 1 in United States

at lease here in Fresno county it is , is it due the same elsewhere ? I mean December right at Christmas time is like the worse time of the year right ,its like a real mean joke..

2007-11-03 09:43:47 · 2 answers · asked by deepblue 2 in United States

I know that currently the IRS standard for gas mileage reimbursement is .48 cents per mile. Is it mandatory for an employer to reimburse at this amount? What is the IRS intent behind setting the reimbursement amount at this amount? When When I cut reimbursement checks for employees in the firm it seems like a lot of money for driving to and from Office X. The IRS must have intended that the reimbursement cover more than just gas. Does anyone know of specific sources?

2007-11-03 08:15:19 · 5 answers · asked by Smita 4 in United States

It is a loss. What would make it not tax deductible?

2007-11-03 06:53:57 · 2 answers · asked by Anonymous in United States

2007-11-03 06:38:17 · 3 answers · asked by Michael M 4 in United States

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