Taxes - December 2007

I bought a refrigerator in May 2007 and have 12 months to pay it off on my Sears credit card. I've paid for about half of it. Even though I still have a balance, can I depreciate it in my 2007 taxes or should I be expensed because I'm paying for it on my credit card (no interest financing for 12 months)? Does it have to be fully paid off this year before I can depreciate it in 2007?

2007-12-24 07:41:55 · 8 answers · asked by Mega 1 in United States

i've worked but not steady.

2007-12-24 07:23:37 · 3 answers · asked by alvinallen04 1 in United States

I heard Wednesday is the last day to sell to use the losses against your taxable income? I want to buy back on January 2nd because I believe in the stock. Is this advisable?

2007-12-24 07:18:47 · 5 answers · asked by Nicki W 2 in United States

You just won the state lottery. the state gives yo the choice of $1 million today or a 20 year annuity of $75,000 starting one yer from today (assume both are after taxes). what rate of return is built into he annuity

2007-12-24 07:04:24 · 3 answers · asked by Anonymous in United States

I am expecting my first baby in the first week of January.
(Thanks for your congrats :-)) I was wondering if I wait until the arrival of the new born,if it helps siginicant claim in tax refund cliaming?

Thanks

2007-12-24 06:58:09 · 7 answers · asked by carnivorouscat 2 in United States

trying to intersept tax refund from dead beat dad

2007-12-24 05:26:30 · 4 answers · asked by Anonymous in Canada

The IRS has a stupid rule that says that you have X amount of time to redeem YOUR money and after that they moniter of your account is prohibited from returning it to you. WHAT do they do with MY money when they decide to keep it?

2007-12-24 04:27:29 · 3 answers · asked by zil 1 in United States

My husband works.
I am a stay-at-home mom.
We have 2 children.

He makes anywhere between $35,000 to $40,000 annually depending on available overtime.

What are the different scenarios for different withholdings?

2007-12-24 03:34:03 · 6 answers · asked by punchy333 6 in United States

I have moved and want IRS to have my new address.

2007-12-24 02:43:35 · 2 answers · asked by Anonymous in Other - Taxes

2007-12-24 02:01:00 · 6 answers · asked by cecelia k 1 in United States

2007-12-24 01:14:32 · 4 answers · asked by Anonymous in United States

I have some additional IRA/104K information from my old employer that I forgot to include.

I forgot to include the distribution amount and the federal tax withheld -- 2 simple items only.

The IRS gave sent me a CP2000 notice and they caught the extra income part but they left out the federal tax withheld part (sneaky little devils). It strikes me as odd that they made this error since it's plain knowledge that IRA/401K distrubutions are "automatically" subject to 20% federal tax withholding. I made about $400 in payments before I realized my error and the IRS agent said that if everything works out then they'll refund my payments. Is this true?

How tough do you guys see this task as being?

2007-12-24 00:43:21 · 5 answers · asked by Anonymous in United States

Got married this year in September. He made 120K (income & investments). I made close to 90K. We just closed on a house in October (300K). For 9 months out of the year my W4 withholdings were single/5. His were single/1.

I'm concerned

1. I didn't have enough taken out because I was claiming for myself and children. before i was married this worked out! I got some $ back.

2. Can we get any credit for closing costs and taxes paid on our home?

3. Will charitable gifts reduce our tax liability? around $5000 given this year.

4. Are we better off filing joint or separately?

I'm scared we're going to have a huge tax bill come tax time.

2007-12-23 23:52:47 · 8 answers · asked by HRH PrincessFreestarr 3 in United States

I did my taxes with a tax program to get a clear picture before the year ends.
I'm an employee who started my own business, but it didn't do good, so I'm trying a different thing that requires at least $25k investment in equipments. I'm thinking of doing one now before the year ends for 8k, which will put my business at a loss of $15k, but will return a tax refund of $4k.
What I am concerned is how will the irs take this?

2007-12-23 22:07:32 · 6 answers · asked by Diego B 1 in United States

2007-12-23 22:06:15 · 2 answers · asked by great_and_mighty_adam_levine 4 in United States

I have two table from two different source having Account no. and their amount in each table. I have to compare both table and have to find Matched and Umatched data in another table.
Can any one help me .........thanks in advance...I have to get subtotal first then have to compare the table

Question like this
source I Source II
Account Amount Account Amount
001 500 001 500
002 700 002 700
002 800 002 800
005 1000 007 1200
008 1200 008 1500
008 300 009 2500

2007-12-23 18:36:39 · 1 answers · asked by Anonymous in United States

80% of the cost price was financed thru mortgage loan. So I have two notes, mortgage and installment loan. Can the interest on the installment loan tax deductible? If so can you please also provide reference to the source preferably IRS.

2007-12-23 18:35:17 · 2 answers · asked by Rohit D 1 in United States

2007-12-23 17:56:56 · 3 answers · asked by js_boo_4life 1 in United States

2007-12-23 16:58:42 · 7 answers · asked by chandrika t 1 in Other - Taxes

i am single and live in CA...or can i wait until next year to file for 07 and 08?

2007-12-23 16:08:44 · 10 answers · asked by A D 1 in United States

I fild exempt all year long. I am a single mother of two. I was told the other day I cant file exempt all year long. I was also told I am gonna have to pay. I sthis true?

2007-12-23 15:12:33 · 5 answers · asked by azjss 2 in United States

I know this line is for income , but if i had a loss on rental property is this the correct place to report that loss?

i used shedule E and got an over all loss. I did have income of $10000 however.

how does this work?

2007-12-23 15:03:55 · 5 answers · asked by viajero_intergalactico 6 in United States

Hello, I am the CEO of a small web design company. I'm also heavily invested in the stock market. I'm wondering if it is possible to channel my capital gains that I make through the stock market through my small, incorporated S Corporation, to save on taxes. Currently, short term capital gains in the stock market are upwards of 35-40 % for larger gains. Thats just way too much to be giving to the government.

Thanks if anyone can help.

2007-12-23 14:56:44 · 1 answers · asked by Anonymous in United States

Can someone tell me in percent like ie: 1.9%, of what temecula/riverside county residents pay. Thanks

2007-12-23 14:27:23 · 2 answers · asked by A J 2 in United States

2007-12-23 14:21:58 · 8 answers · asked by Thebronx 5 in United States

I'm 16 and just got my first job, what percentage of my money are taxes going to take out of my first paycheck?

2007-12-23 13:40:06 · 5 answers · asked by Anonymous in United States

We live in NYC and each make about $65-70 a year. We have each been in the 30% bracket roughly. I have some friends who have been just raped by taxes after getting married. One couple we know were bumped up to the point that they are making less money after getting married. We do not have kids, and don't plan to, also we don't own, but do plan to buy in the next two years. We are going to have a chat with our accountant at tax time, but I'm antsy. Please share your expertise or expereinces.

2007-12-23 13:32:33 · 4 answers · asked by Anonymous in United States

He owes me money. I asked for the right to keep whatever tax money we get back. I am not sure he will give me the w2's so I can get them done. Can I call his previous employers and request them..saying they were lost? Also what happens if he just decides to get them done and file married but separate? We have very little communication. I really NEED this money! Help! Thanks...

2007-12-23 12:47:29 · 7 answers · asked by Bella 1 in United States

Mr and Mrs Y file a joint return, no dependents and take the standard deductions. In 2005--each made $80,000. Mr Y spent 335 days of the year living and working for American employer in Bulgaria and the remainder of the year back in Texas. Mrs Y maintained their rented home in Texas. Mr Y is eligible for the foreign income exclusion and Mrs Y is not. What is their 2005 tax bill?
In 2006 same issue, what is their 2006 tax bill? Why is their liability so hugely different?

2007-12-23 12:17:00 · 2 answers · asked by ritae w 1 in United States

So, will this hurt me on my taxes. I only made like 1500 this year because Im a student, so what is this going to do

2007-12-23 12:05:58 · 4 answers · asked by just me 2 in United States