Taxes - December 2007

I am married my wife doesnt work and we have 3 kids, right now i am claiming married and 3, i have been hearing from friends and family i should be claiming more like 6 or 7, i did a W-4 calculator and it said i should be claiming like 11 or 12 what do i do. This claiming 3 thing is killing me right now i need more money on my check but at the same time i dont want to owe money at the end of the year. Can anyone help me out please?

2007-12-03 02:58:39 · 4 answers · asked by amr3169 2 in United States

i have been supporting her for over a year now. she's still a student and unemployed. she is also pregnant. she has been living with me for 2 years.

2007-12-03 02:39:09 · 4 answers · asked by Keegan M 1 in United States

My business plan is to start the business the first of the year(2008), but am unsure if starting the DBA sends the information to the IRS stating that a business was started under my name. And they make come after me to find any tax information for the business while i'm not even using it yet. I want to establish the DBA now so I'm prepared for the first of the year. I have to still get the insurance needed. But is it safe to get the DBA now and Start doing taxes and keeping track of business spending the first of the year? Or should I wait till the first of the year for the DBA too?

2007-12-03 02:32:57 · 1 answers · asked by Michael A 2 in United States

2007-12-03 00:16:01 · 1 answers · asked by sinharoy_avijit 1 in Other - Taxes

2007-12-02 23:10:12 · 4 answers · asked by Be Saved II 1 in United States

2007-12-02 23:09:48 · 2 answers · asked by zaffar l 1 in Other - Taxes

I need my refund in a bad way this year!

2007-12-02 20:10:59 · 3 answers · asked by jleigh 1 in Other - Taxes

I'm currently writing a paper on the IRS and the Federal Income Tax. I've heard many arguments saying that the 16th amendment to the constitiution allows for "...the taxation of profits and gains...and no other taxes may be enstated." The 16th also states that taxes can only be impossed on income; our jobs are considered labor wages which is an even trade for our time worked. Also there is something in the constitution about any tax put onto the people must be uniform across the entire population; therefor it doesn't make sense that rich people don't pay the same percent as we middle class people do right? Many court cases have been thrown out due to "lack-of-law" reguarding the IRS's inability to show any law or statute stating we have to pay income tax. So what's the deal?!? Do we just pay cause we think we have to or is there really weight to all these arguments I've heard???

2007-12-02 19:10:27 · 8 answers · asked by cw1242 3 in United States

2007-12-02 19:01:33 · 5 answers · asked by Anonymous in United States

She has no job and no income for the year. I do not make near $30,000 so I am not in a higher tax bracket. Would we get more money if I claimed her as opposed to her?

2007-12-02 18:00:51 · 8 answers · asked by pieface 1 in United States

My husband has full custody of his son and we have provided for him for the whole year. Now that I am getting everything ready for the first of the year I am wondering if I might be entitled to earned income credit for his son. My husband will not be filing and I will be filing as head of household. Does anyone know if I should be getting money back or not. Oh and we got married over the summer and I have not adopted the son or anything like that. But I am providing for him financially. Let me know what you think, Thanks

2007-12-02 17:54:45 · 9 answers · asked by Krystal 2 in United States

We have about 5% ownership of a small company where most shareholders are family members or friends. The stock value has decreased dramatically. I would like to sell my stock and take loss. Not many people know the company except the family and friends who are already shareholders. May I sell to some of the family members and take loss? Even if I surrender my shares to the company, it seems that it will benefit all shareholders as their actual ownership will increase proportionally. Can I surrender my shares, "benefit" those family members who are majority owners, and take loss?

Alternatively, can I sell to relatives who are not already a shareholder of this company? Who among the relatives I can sell the shares to and still take loss in my tax return?

2007-12-02 17:04:12 · 4 answers · asked by JayH 1 in Other - Taxes

Say that I am married and have a wife going through college.

2007-12-02 16:56:08 · 6 answers · asked by bob d 2 in United States

I live in CA and I have a buyer in GA. Do I charge them sales tax at the CA rate? At the GA rate? At all? Is there info online about this?

2007-12-02 16:44:20 · 6 answers · asked by sweechess 2 in United States

If a person is 62 years old and would like to start collecting social security, but they will be find 25% of their earning, so say they get started at 62 years and receive $800.00 a month when they trun 66 will they get the full amount of their social security, at $1000.00 a month or will they just get a raise every year, and they are lock in at 62 with $800.00 and 25% holding.no matter what age going up 63,64,65,66,still remain the same.

2007-12-02 16:38:48 · 9 answers · asked by I am women 6 in United States

I'm 18 years old student working part time job.. making 7 bucks an hour.. I've been having federal taxes, state taxes, medicare, and north Carolina withholding taken out from my paycheck every week.. i make about 400~500 a month.. i will expect to make about 2500~3000 before i quit for college.. i have recently found out if i'm dependent, which means if i still live with my parents, i can be exempted from taxes by filing out a w-4 form...

my questions are..

1. if i file w-4 form, will i be exempted from taxes?
2. if i get exempted from taxes, then how can i get the taxes i paid for 3 pay checks?

2007-12-02 16:32:27 · 12 answers · asked by painnothing 1 in United States

Is the "overpayment" how much Im going to get back or is that how much I will have to pay? I also have a Dental Loan that I took out to pay for some dental work I had done. Does that qualify as a Medical/Dental deduction?

2007-12-02 15:54:50 · 5 answers · asked by ineeshee 3 in United States

for the 330 day exemption rule, what happens if you only stay out of country 300 days. Does the IRS communicate with Customs?

2007-12-02 15:44:41 · 3 answers · asked by chris 2 in United States

2007-12-02 15:04:29 · 8 answers · asked by Heidi62 3 in United States

So I'm looking at prospective colleges (i'm a junior) And for Financial Aid the schools asks for you to turn in your family's tax returns and your own if you work. In this case, the more poor I seem the better!!!

I live in a household with a family of 4. My mother doesn't work ($0 gross income) and my father has a job and according to the tax returns he has $93,000 gross income. We only pay like 6,000 in taxes.. maybe less. Do you think that I could get a large amount of financial aid?

In my job I earn $10,000 gross income. And only pay like $900 in taxes, i'm not sure, our family accountant does it for us.

2007-12-02 14:49:42 · 3 answers · asked by Anonymous in United States

I am very young, but i just was really curious, how do you do taxes the OLD FASHIONED way???

2007-12-02 14:43:46 · 4 answers · asked by ivory_plr 4 in United States

I'm single, don't have kids and will probably make around $10,500 this year. I'm a college student.

I don't care about getting a refund, I just don't want to owe.

2007-12-02 14:27:10 · 3 answers · asked by Judy 5 in United States

2007-12-02 14:02:57 · 2 answers · asked by justme 2 in United States

I work for a communications company and everyone claims that over-time and double-time hours are taxed at higher rates? I have never taken the time to sit down and run the numbers, so I decided to just throw it out there.

Thanks

2007-12-02 13:30:39 · 2 answers · asked by Fiostic 1 in United States

2007-12-02 13:24:30 · 8 answers · asked by deshawn_broom 1 in United States

my friend told me that the tax-return you receive from the interest payments you make on your mortgage, get included as taxable income in the next year. For instance: you get a tax-return of 7000 in 2007 from interest paments you made in 2006. that $7000 gets included in your 2007 gross income.

Is this true? And if yes, why because it doesn't make sense. I thought corporate dividends were the only thing that's double-taxed.

Thanks!

2007-12-02 13:04:49 · 6 answers · asked by Anonymous in United States

My son is starting work in the beginning of December. I will claim him on my taxes this year as a dependent. When he fills out the W-4 form for work should he put one or zero? The directions don't say anything about putting zero, but just putting one if no one else can claim you as a dependent. Are allowances the same thing as exemptions or dependents on tax returns? Thanks!

2007-12-02 12:58:21 · 4 answers · asked by Joyce 2 in United States

2007-12-02 12:39:46 · 6 answers · asked by Anonymous in United States

i stopped working in november, and have all the necassary info to start the refund in HR block , just wanted to know if i would receive it this same month, or l would have to wait for Jan?

2007-12-02 12:11:13 · 4 answers · asked by roninhdz 1 in United States

I have a total purchase price of $200 but do not know the tax charged. The rate is 7.75%. I know there is a calculation I can use.

2007-12-02 11:42:19 · 2 answers · asked by momboit 1 in United States