Taxes - December 2007

I'm having my kitchen renovated by a licensed contractor. The contract states that I'm responsible for purchasing the materials. I pay him labor only. He is charging me taxes also. Is that legal?

2007-12-12 23:36:28 · 2 answers · asked by granny2step 1 in United States

When can I fill out an SS-8 form? Basically, I believe I was an employee and not a contractor. Should I fill out this form and mail it in before I file my taxes?

Thank you.

2007-12-12 23:21:48 · 4 answers · asked by chris 2 in United States

out of our pay packets it will be good to find the truth does any one know. tin of baked beans would be close to 69%

2007-12-12 22:35:31 · 5 answers · asked by david p 3 in United States

If I formed my own company because I was a 1099 overseas security contractor, and I buy a vehicle, can I write that off?

2007-12-12 21:30:04 · 3 answers · asked by chris 2 in United States

This term found in "The California Nonprofit Corporation Kit"

2007-12-12 20:49:17 · 4 answers · asked by christopher.verzonilla 1 in United States

For all those who undrstand the tax implications of the 401k and traditional (not ROTH) IRA's. When finally paying taxes on these pre-tax retirement funds, are you taxed on the bracket you are in when you withdraw the money, or the tax bracket you are in when you put the money in originally? Are there ways to avoid paying the higher taxes on these funds if your tax bracket does change, especially if you bracket changes because of how much you are saving in these funds? Hope that is clear...

2007-12-12 20:38:00 · 5 answers · asked by 65Cobra 2 in United States

i'd like to be able to pay my taxes to my savings account each check and collect the interest myself, and just make a huge payment at the end of the year. but im unable to find an answer to this question anywhere. thanks.

2007-12-12 20:07:22 · 3 answers · asked by r douglas 1 in United States

I fill out a schedule C for a home business, and he works a normal job, can we file separately as married? What would allow us the most money back? We have no kids, no investments, no interest income, no mortgage, just the basic 1040a with no frills, thanks!

2007-12-12 19:50:42 · 9 answers · asked by SmartazzU 2 in United States

Why is the IRS so heartless? Why do they take away people's lives for not paying taxes?

2007-12-12 18:54:44 · 6 answers · asked by chris 2 in United States

she dont claim taxes but she always lets here mom claim them the kids don't leave with the grandma will my husband get in trouble with the IRS if he just claims them and not tell the mother since he is paying a whole lot in child support and is up to date and she's not claiming any taxes doesn't my hubby have 2nd to her

2007-12-12 18:53:38 · 2 answers · asked by Anonymous in United States

Donate $5000 worth of stock, held for over a year, to a charity from a brokerage account

or

Donate $5000 worth of stock held in my IRA or $401k plan.

Assuming I paid $1000 for the stock in both accounts.

What are the tax advantages or disadvantages?

2007-12-12 18:51:46 · 3 answers · asked by cob 2 in United States

2007-12-12 18:47:26 · 3 answers · asked by don_dove 1 in United States

Will the IRS settle for less than you owe them?

2007-12-12 18:38:48 · 12 answers · asked by chris 2 in Other - Taxes

2007-12-12 18:14:06 · 3 answers · asked by Anonymous in United States

If I owe the IRS 14k dollars. (l was a 1099 contractor and lost my job. No unemployment had to live off savings)

How long will they give me to pay it off? Can I pay it off in 3 years if that is all I can afford?

Thank you.

2007-12-12 17:52:16 · 6 answers · asked by chris 2 in United States

I'm writing a movie and part of it is where a guy want to sell his business to a foreign party so he won't have to pay taxes - so he can keep it all. is it possible to do this? it doesn't have to be a foreign party - looking for a plausible loophole. thanks.

2007-12-12 16:50:04 · 4 answers · asked by miked2023 1 in United States

I know the general answer to this question is that married persons must file as married, but I have a special situation. We got married this year, but live in separate states as we are finishing our training. We have lived separately for the entire year, and have 2 different apartments. Does this allow us to qualify for single status? We do not qualify for head of household because we do not have dependents. The reason we'd like to file as single is that we have a significant amount of loans, and its our understanding that if you file as married, you can only make one deduction in the amount of 2500, whereas if you file as single, we can each deduct 2500. We each have a lot of itemized expenses.

2007-12-12 16:47:58 · 5 answers · asked by Anonymous in United States

So me and my ex are not together and my son stays with her and i get him 3 days a week. Well she has no job and the people she lives with are not related to my son. Last year she just had her mother do it(whom my son did not even live with)

Is it true that you switch every year on who claims the child? Also I was thinking if I was to do it, I would have my mother file because I only have been working for a month this year(im on ssd).

Can me or my mom get into trouble for doing this? I mean I heard that if your not related to the child you can't even claim him anyways..Oh and I asked her a few months ago and she said she will think about it but she plays game and I doubt she will sign any type of form. So I was thinking of just doing it anyways and telling her. Tips?

2007-12-12 16:39:12 · 4 answers · asked by Anonymous in United States

I would like to ask what marginal tax really is and what the effects would be if marginal tax was implemented in the tourism industry. Examples are preferred. Thanks a lot!

2007-12-12 16:16:56 · 1 answers · asked by summercool2001hk 1 in Other - Taxes

These people (they make a lot more money than me) are not paying their share of taxes. They cheated on both income taxes and payroll taxes. What should I do? Co. is located in Calif.

2007-12-12 16:00:01 · 7 answers · asked by Anonymous in United States

2007-12-12 15:54:17 · 8 answers · asked by coopie75 2 in United States

Would I be able to write off a portion of this trip, as I already have three appointments planned while over there? Also, what is the percentage of the trip that I could claim on a 5 day getaway if about 2 of those days will be business related?

2007-12-12 15:24:36 · 1 answers · asked by Anonymous in United States

I just launched my LLC and right now have about $700 in the account, which would show a profit. I want to purchase telemarketing. Should I spend the remainder to show a loss for my first year in business?

2007-12-12 15:10:50 · 6 answers · asked by Anonymous in United States

2007-12-12 15:06:06 · 6 answers · asked by T G 1 in United States

2007-12-12 14:47:19 · 8 answers · asked by Anonymous in Other - Taxes

2007-12-12 14:32:35 · 2 answers · asked by mia 1 in United States

im 16 years old. I made 3,664 dollars. Thay had taken away for sure 500 or more in taxes. Do I get 500 dollars back or what happens to the money they've taken away?

I need to know, can someone help me?

2007-12-12 14:27:38 · 4 answers · asked by Pablo L 1 in United States

Ok so I'm in big debt and I needed cash so I sold my Macbook pro...that alone sold for 1400 my Playstation 3 my nintendo wii ect ect ect...
pretty much I made 5k, I don't work I just go to college full time.

I was wondering since I'm doing my financial aid again if I should mention that...should I? I mean I don't have anything to sell anymore and what I sold was mine so I don't think I should give the government my money from what I bought and payed tax also. would they notice if I don't?

sorry I'm 19 no idea on tax yet.

2007-12-12 14:03:03 · 2 answers · asked by Miguel 4 in United States

I'm trying to determine how much a given piece of software is worth (in terms of tax deductions) if it's donated to charity. Searching the web for this only turns up deduction calculating software.

2007-12-12 13:58:59 · 2 answers · asked by Andy W 2 in Other - Taxes

I usually file around Feb 5 -- as soon as I get my W-2 form form my employer and since I'm well below the AMT tax income threshold, I was wondering how I might be affected?

I do have some deductions however, that seem to bring my AGI to around $4K.

Any feedback would be greatly appreciated.

2007-12-12 12:58:33 · 3 answers · asked by GYJ-Dude 1 in United States