Taxes - December 2007

2007-12-25 17:32:28 · 4 answers · asked by jkeeva 1 in United States

2007-12-25 17:14:44 · 8 answers · asked by SHANI D 1 in United States

2007-12-25 17:11:09 · 1 answers · asked by Anonymous in United States

2007-12-25 17:09:25 · 14 answers · asked by diantegirl 2 in Other - Taxes

We will be filing married filed jonit and we have two children one is two and the other is four months old. I stoped working in the middle of the year to stay at home with our kids so my income was wages-14473.31 fed tax-775.50 state tax-329.30 my husbands is wages-50279.82 fed tax- 4631.25 state tax-2221.66 please if you need any thing eles. i will give please just help me>>> i also have a tax write off for my windows this year because we put new windows in we get to write off 200.00. thanks alot. we live in kansas city kansas

2007-12-25 16:58:38 · 2 answers · asked by shannonmendez@att.net 1 in United States

I didn't turn in taxes for 2006. Due to an error my husband made claiming his dependents, we owed $700. Had we filed seperate returns, I would have got $600 and husband would have owed $1400. I know it was wrong to do, but we didn't have the money so we just never sent in our taxes.

We definitely need to file our taxes this year! In Oct, had a baby so we'll have child tax credit. Husband corrected dependency error from last yr. I quit my job in Feb when pregnant due to medical problems, so our income this year is approx $25,000 less than it was last year.

How should we go about filing our tax returns? Do we send in two seperate filings for 2006 and 2007? Will they automatically deduct what we owe from '06 out of our '07 taxes? Or will we get our taxes back from '07 and have to send in '06s? Would it be better for us to file married seperate or together as I had taxes due back last year? How will last year change how we need to file this year?

Thanks for any help!

2007-12-25 16:44:04 · 4 answers · asked by Sonya 5 in United States

I'm new to investing and opened up a long position and a short position at the same price of 54 per share. 300 shares both ways. Knowing that most likely the stock was going to drop I would eventually get it at a lower price if this happens because every dollar loss in the long position is a gain in the short position making it even out. It has gotten down to 45 and I want to buy to cover and close out the short position, since I think this is a bottom. My hope was to gain when the stock goes back up, but I was unaware of this contructive tax rule I have been reading up on the IRS website http://www.irs.gov/publications/p550/ch04.html#d0e8897 it is very confusing and if someone can help clarify my position or give advice on what to do it would be greatly appreciated. Because it seems like if I do the wrong thing the tax consequences could be killer. Thanks!

2007-12-25 16:19:17 · 1 answers · asked by Anonymous in United States

2007-12-25 15:39:13 · 3 answers · asked by Anonymous in United States

2007-12-25 15:15:18 · 1 answers · asked by Anonymous in United States

2007-12-25 14:57:19 · 6 answers · asked by LITTLEGUY49 1 in United States

2007-12-25 14:30:57 · 2 answers · asked by lilbagel21 2 in United States

I accepted a better paying job because my common law husband is unable to work due to medical issues. I'm actually only bringing home 600.00 more a month. What deductions should I have taken out of my check to get my tax rate down.

I am presently claiming 0 head of household. In previous years I claimed 1. I used to pay for half of my medical insurance. My present employer pays all of my our medical insurance. I'm not having money into retirement yet but my employer is putting money into my retirement. I just started having 150.00 a month into a medical flex plan. What else can I do to be taxed at a lower rate but not have to pay a bunch of taxes at the end of the year.

2007-12-25 14:30:13 · 4 answers · asked by r_l_h_959 2 in United States

How much money would get taken out by taxes in a minumum wage job if the check was 200.00

2007-12-25 13:58:18 · 5 answers · asked by Anonymous in United States

Does the amount of my tax return have any affect on applying for financial aid? And if so, how does it affect it?

2007-12-25 13:35:23 · 5 answers · asked by Spring loaded horsie 5 in United States

2007-12-25 13:33:27 · 4 answers · asked by !~Kayla~! ! 1 in United States

2007-12-25 13:31:57 · 8 answers · asked by Todd K 2 in Other - Taxes

I had my daughter back in October. Tax season is coming up and I heard I couldnt claim her without her SS number. Is that true? The hospital usually files for it, but someone misplaces paperwork, etc so nothing ever got filed. Also...how long will it take to get a Social for her, since we need the money as soon as we can for bills. Thanks.

2007-12-25 12:28:27 · 8 answers · asked by tattooangel4 2 in United States

2007-12-25 12:22:41 · 1 answers · asked by clrcontracting 1 in United States

http://answers.yahoo.com/question/index;_ylt=Ale.Acdk9gyriTrmZi4PaP2kxQt.;_ylv=3?qid=20071225143438AA72qua

These were all business expenses - I'm self-employed.

2007-12-25 11:48:49 · 4 answers · asked by alexwitnerss 1 in United States

tax refund process? I usually efile and do the direct deposit.

Is any aspect of my tax return filing scrutinized "more" due to the fact that I owe them money -- which will be taken out against my refund check?

I'm just concerned that the normal process will be slowed significantly.

THANKS!

2007-12-25 10:51:01 · 4 answers · asked by Anonymous in United States

I am about to start in Real Estate, so I want to know what are consider business expenses. Are this?
Lunch/Dinner with client
Car (gas, miles)
Adverstising
Business Cards
Work clothes, etc.

I am 98% sure of all of those being business expense that I can deduct on my taxes but I am not sure about the work clothes, I just spend about $350 dollars in work clothes to look presentable now in January 2008 since that is when I am starting, also I just bought a $250 on a phone (treo) since that is the one that can unlock the lockboxes for when I am showing the homes, so would I be able to deduct that in 2009 when I do my taxes as a self emplyed?

Thanks

2007-12-25 10:42:05 · 6 answers · asked by TXgirl 2 in United States

Back in 1996 my dad asked me to purchase a house for him in my name but he'd pay the bills. Every year for taxes I claim I owe the house and give him the money that is due to him. In 96 the person who did our taxes told us my dad had to put this info. in his tax report since he's the one who actually pays for the house every month and not I. The problem is that HIS tax guy told him I had to put it in my tax report each year and give him the money. Even though it was very frustrating my husband and I did this for six years. My dad sold that house this year and we live in different states and we both go to H&R Block for our taxes and both offices tell us the other party has to claim what he received ($30,000) from selling that house so we're both very frustrated and don't know who's going to claim that money when tax season comes he who actually paid the house or I, the name under which the house is in? As soon as the check came in my name I gave it to him, IT'S NOT MY MONEY!! HELP!!!!

2007-12-25 10:02:56 · 6 answers · asked by Wiser now 3 in United States

The only problem is that I can't find those receipts -- am I going to go to jail? These were all cash-paid items and the store can't retrieve them either.

I really don't want to get into trouble with the IRS and will pay additional tax and penalty if I have to. I just don't want to go to jail for this dumb thing. The deductions in question were about $7K and I made $30K last year.

Please Help

2007-12-25 09:34:38 · 5 answers · asked by alexwitnerss 1 in United States

2007-12-25 08:55:38 · 4 answers · asked by kinghood3000 1 in United States

I recent made $300 by selling stuff on eBay. I know we have to file taxes, but how does IRS know I made a profit?

2007-12-25 08:51:43 · 3 answers · asked by Joe S 1 in United States

I made over $70K in 2005 in the 25% tax bracket.

On the form 1099 form, they've already taken out

1910.18 = 9,550.91 (gross amount) * 20%

On top of that, I have to pay an additional 25% on the 9,550.91

Is this about right?

2007-12-25 08:13:16 · 4 answers · asked by Anonymous in United States

I was told that zero taxes are owed on options profits since you never really owned anything like real estate or stock, you only control it for a short time.

2007-12-25 07:59:30 · 6 answers · asked by daleoption 1 in Other - Taxes

Also, can I use my Soc. Sec. Medicare A & B & D medical cards in the UK, if I am a USA citizen?

2007-12-25 07:40:02 · 4 answers · asked by Joyce C 1 in United States

$9550.91 * 20% (federal tax which was automatically withheld) = $1910.18.

The amount of the check I received was $7,640.73

So what other dollar amount am I responsible for according to the IRS?

25% of the $7,640.73? I made over $70K in 2005.

2007-12-25 07:26:50 · 3 answers · asked by Anonymous in United States

This will be my first year doing taxes, (I actually plan on going to H&R Block) but my question is if I file on January 1st, how early would I expect to get my money back? Also, if someone makes 6.60 an hour and started their job April 07 how much (estimate) would they be expected to get back at tax time?

2007-12-25 07:02:43 · 5 answers · asked by Little Nightmare 4 in United States