Taxes - December 2007

Oh that is right, because they have no idea whether someone is working, until that person comes forth, to file for a form on income tax. Isn't it prepostrous how some people don't even bother to file for income taxes? The IRS has no way of knowing that people are earning money, and not even paying taxes. I think the law should be changed. What do you think on this issue? I can't help, but become angry just contemplating on this situation.

2007-12-16 15:26:32 · 7 answers · asked by Anonymous in United States

I have a single-shareholder LLC under subchapter S.
In my spare time I get a little bit of work translating legal documents (English-Finnish, English-German). For 2007 it probably looks like $ 6,843.79 of gross receipts. I would declare as "wages" $ 1,640.32, or about 4.2:1 receipts:wages.

My questions:
1) is that a decent ratio of receipts:wages, or could a person potentially be able to get sth better?
2) "compensation of officers": if I am the sole shareholder of the LLC with S corp. tax treatment, could I give myself a small compensation as officer w/o having to figure it in as "wages"? $200? more?

Thanks much!

2007-12-16 15:20:07 · 5 answers · asked by Ilmari_Karjalainen 3 in United States

2007-12-16 15:01:25 · 9 answers · asked by Nick 4 in United States

Where does the greatest amount of IRS Tax revenue come from? I've heard that >50% of the tax revenue comes from the top 5% income earners? Anyone have a link they can pass on to me?

2007-12-16 14:29:18 · 1 answers · asked by Johnson23 1 in United States

I already have a judgement against this person for 12k

2007-12-16 14:26:48 · 5 answers · asked by ED B 1 in United States

Will it be any problem on their social security benifits or their medicare?

2007-12-16 14:21:19 · 3 answers · asked by niknamm 2 in United States

2007-12-16 14:11:39 · 3 answers · asked by Anonymous in United States

I was told to start a LLC in Wyoming, because you don't have to pay taxes there. But if my business is operating in Washington state, wouldn't I have to pay Washinton state taxes on any income I made there? Therefore defeating the point of starting a LLC in Wyomingto avoid paying taxes. Shouldn't I just start the LLC in Washington?

2007-12-16 13:44:57 · 2 answers · asked by Anonymous in United States

if my son is only going to be 11 weeks can i still claim him? the 501 irs publication says they must live with you for 6 months out of year. does this apply to newborns?????? or just children from single homes?

2007-12-16 12:26:40 · 5 answers · asked by Anonymous in United States

2007-12-16 12:21:00 · 3 answers · asked by Anonymous in United States

They are getting Social Security benifits and have Medicare? Will those benifits be effected, if I do so?

2007-12-16 11:53:21 · 4 answers · asked by niknamm 2 in United States

2007-12-16 11:48:56 · 11 answers · asked by archangel_ts 2 in Other - Taxes

me and my fiance are not sure about if we should both claim our son. or does just one of us claim him? I am little confused. if only one claims him, who should claim him...the one who makes the most or least?

2007-12-16 11:43:31 · 5 answers · asked by Anonymous in United States

can monetary gifts be tax exempt or lower the amount of taxes i have to pay.

2007-12-16 10:32:12 · 6 answers · asked by W 1 in Canada

Do I need to make a certain amount in order to file? I didn't work much and I would probably only get 20 bucks back. Any advice?

2007-12-16 09:53:22 · 6 answers · asked by Taco Man 4 in United States

I heard from a coworker that they saw a 60 min. episode that claims any US tax payer can take any and only one major tax deduction in a lifetime.. is this true..?

2007-12-16 09:18:45 · 6 answers · asked by cinnful4u 1 in United States

There is no solid proof that people are obligated to pay taxes.

2007-12-16 09:08:39 · 6 answers · asked by Konstantin 3 in Other - Taxes

My employer wasnt good at explaining this to me, can you please give me more info, and no smart assess please, it seems there are alot of those on here ...thanks

2007-12-16 09:05:10 · 7 answers · asked by tammydoesloans 1 in United States

2007-12-16 08:57:31 · 4 answers · asked by a b 1 in United States

2007-12-16 08:52:51 · 3 answers · asked by cindy61892 2 in United States

I am an employee and i suspect that my boss is going to give me a 1099.Hes going to classify me as an independent contractor.Is there any actions to take and how should i file my forms this year?and also would h&r block take care of this?

2007-12-16 08:41:43 · 5 answers · asked by john r 1 in United States

she wasn't able to work due to surgery and less than a month later she got pregnant and hasnt worked since last janurary, can i claim her as a dependent because she had no income? and also i hear people call their babies their little tax refund and ive seen it on baby clothes "daddy's little tax refund" first off i didnt know you get money for having kids, and second on average how much of a refund is it? i live in california

2007-12-16 08:14:38 · 9 answers · asked by Nick 4 in United States

I took a buyout from one of the Big 3 due to their downsizing efforts (in Southeastern Michigan---a very economically challenged area, highest foreclosures in the country) and was unemployed though actively seeking employment for 7 months. I finally landed a job for 65% less pay just to keep the lights on. During my job search I spent a considerable amount of money on resume paper, interview clothing, and other office supplies...Is it possible to claim some of this on my tax return---gas money, groceries, anything?!? I need to get all I can back on my return this year. Any suggestions you have would be greatly appreciated.

2007-12-16 08:07:21 · 3 answers · asked by Miss T 3 in United States

2007-12-16 07:38:54 · 6 answers · asked by chabelita 1 in United States

2007-12-16 07:37:13 · 1 answers · asked by chabelita 1 in United States

2007-12-16 07:35:45 · 3 answers · asked by chabelita 1 in United States

In 2005, I was temporarily living and working in Michigan, but a legal permenant resident of New York, when a person in Florida died. I inherited $5000, which I received later that year, while living in NY and unemployed. I filed a federal 1040, an NY resident income tax return and a MI non-resident income tax return, and reported the income from employment in MI on all three. (I also claimed a credit on the NY return for the duplicate state income tax on the income from MI.) Do I have to report the inheritance to any of the three states, and to which states (if any) do I pay inheritance tax? (Do not worry about the estate taxes due to the federal government; someone else is responsible for that.)

2007-12-16 07:08:43 · 2 answers · asked by StephenWeinstein 7 in United States

2007-12-16 06:17:29 · 2 answers · asked by rocker23 1 in Other - Taxes

I just started a new job, and i only get paid once a month. I want to know where i can find out what all will be withheld and how much. I live in nebraska. any help would be great. thanks!

2007-12-16 05:39:27 · 3 answers · asked by Chip 3 in United States

I'm curious about what things I claim to get more money back next year. Every year I end up owning money, even the years I was in college & barely working!.

I completed college last year, so I am stuck in a financial rut with student loans. My interest is very high, so almost half of my monthly income goes towards paying off my student loans - Is there any way I can use that info to get a bigger return?

I now work full-time in my field, and I spend $2,556 a year ($213 a month) commuting to work. Can I claim that?

I'm just curious. I know we all have to pay taxes, but there are loopholes in every law, and I want to find them.

2007-12-16 05:34:57 · 6 answers · asked by this_girl_loves_the_80s 4 in United States