Taxes - December 2007

I will will owe the IRS a large sum of money this year due to an unusually large amount I will have earned. I want to give away as muchas I can up to the point it no longer benefits me tax wise. Anyone who can provide advice around these tax laws is truly appreciated.

2007-12-29 04:24:25 · 5 answers · asked by Romeo 2 in United States

Because The People used their Voices!!!.

December 27, 2007

President Signs AMT Patch

On December 26, President Bush signed the Tax Increase Prevention Act of 2007 [HR 3996]. The legislation was passed to prevent an estimated 25 million taxpayers from becoming subject to AMT. The Act increases the AMT exemption amount for 2007 to $66,250 for married individuals filing jointly and surviving spouses, $44,350 for single taxpayers and taxpayers filing as heads of households, and $33,125 for married couples filing separately. The new law allows taxpayers to use most nonrefundable personal tax credits to offset AMT liability.

Now that the AMT patch has been signed into law, the big question is how the late timing of this change will impact the upcoming filing season. - The IRS just announced that for most taxpayers, the late passage will not impact their ability to file early in the season, beginning in mid-January. However, approximately 3 to 4 million taxpayers will be impacted and will not be able to file until February 11. The delay is the result of the system programming changes that need to be made at IRS to process returns that have any of the following forms to submit with their return:

1. Form 8863, Education Credits.
2. Form 5695, Residential Energy Credits.
3. Form 1040A's Schedule 2, Child and Dependent Care Expenses for Form 1040A filers.
4. Form 8396, Mortgage Interest Credit.
5. Form 8859, District of Columbia First-Time Homebuyer Credit.

2007-12-29 04:20:04 · 3 answers · asked by Wood Smoke ~ Free2Bme! 6 in United States

my nan died 0n the 24th of august 2007, my grandad received about 3 payments for her in september, he took them to the local jobcentre and gave them back he also told them about the death and he also gave the jobcentre my nans post office account card, the jobcentre cut it up and my grandad left, then nothing happened so he thought everything was sorted out. then a letter came from the dwp in dec, saying that there was a overpayment of £124 from 27/08 to 9/09 and he had to pay it back, so i took over and started looking into the problem, i found out that the post off acount was maybe still open, so i went and closed the account, a few days later i got the money out the acount which was £1999 and i also had a satement that showed the dwp had kept paying into the acount for the prev 13weeks, i dont understand wats going only, why only ask for £124 when they have paid over £1000 since, can anyone help, ps a friend said just pay them what they asked for and the rest is there mistake. thnx

2007-12-29 04:04:56 · 2 answers · asked by Stephen B 1 in United Kingdom

Do you have your taxes done by professionals? How much does it cost? What is the best place you've found to do it for you?

2007-12-29 03:43:58 · 5 answers · asked by asncasckln k 1 in United States

I'm only 26 so I've only used paper returns since my returns were so easy the first 8 years of filing. However, since getting married and buying a house, I've had to use software to help with my return and have never had anyone else do my taxes. Has anyone switched from one to the other and noticed a significant change in how well the taxes were done? I'm curious if an accountant would find more deductions (or less) than my software. Thanks.

2007-12-29 03:41:58 · 5 answers · asked by asncasckln k 1 in United States

We underpaid last year by about $500 to the IRS. This year we upped the withholding but will still probably fall about $150 short and have to pay that in. I thought we upped it enough but we unexpectedly made 20% more than last year. Will the IRS charge us for underpaying two years in a row?

2007-12-29 03:34:29 · 6 answers · asked by asncasckln k 1 in United States

2007-12-29 03:34:04 · 3 answers · asked by Chris R 1 in Other - Taxes

I have a few deductions....about 615.00 I made about 10000 and started a new business but haven't really made anything yet....how does all this work...were can i find out ....and about how much do you have to pay in...I have to do a 1099....

2007-12-29 03:05:12 · 6 answers · asked by Anonymous in United States

2007-12-29 02:55:39 · 5 answers · asked by Gypsy Gal 6 in United States

I have trade some stocks in my traditional ira account in 2007 and have some short term gain. I am also holding a stock for a few years and still a loss in my ira account- I am planning to sell it. Do I have to sell it same year to net out my gain in my portfolio ? what is the tax rate for capital gain in ira account ?

2007-12-29 02:27:33 · 4 answers · asked by fhjccy 1 in United States

Keep in mind, your health insurance premiums can't be deducted if they're taken out of your paycheck as pre-tax dollars. However, after-tax health insurance premiums are deductible, but they still are subject to a limitation of 7.5% of your AGI. If you're self-employed, you may deduct a portion of your health insurance premiums as an adjustment. The self-employed deductible portion is 100% in 2007.

2007-12-29 01:45:57 · 5 answers · asked by montcoguy0o 1 in United States

2007-12-29 00:24:39 · 4 answers · asked by julie b 2 in United States

I'M FILING HEAD OF HOUSEHOLD

2007-12-28 23:45:07 · 7 answers · asked by twon3233 1 in United States

2007-12-28 23:38:54 · 5 answers · asked by Anonymous in United States

2007-12-28 23:36:41 · 3 answers · asked by Anonymous in United States

Can I file my federal taxes without my W2 forms, by using my last check stub.

2007-12-28 20:04:58 · 5 answers · asked by doobnew 1 in United States

If you see a tag for an item here that says $2, you pay that and the tax, why can't tax be included or whatever the system is

2007-12-28 19:27:56 · 4 answers · asked by Anonymous in United States

I work for Safeway and I forgot the website you need to visit in order to register for an electronic version of your 2007 W2.

2007-12-28 19:00:28 · 2 answers · asked by bobbyampm 2 in United States

2007-12-28 18:44:00 · 6 answers · asked by BooBooGirl 1 in United States

i hear this big talki about the delay of income taxes, well, is it definite. some have already gotten christmas loans towards their taxes. most places let you use your last check stub, is this not avaliable this year as well? this is crap. please try to help me find answers because i need my money fast, quick and in a hurry!

2007-12-28 17:41:48 · 7 answers · asked by Sherri J 1 in United States

2007-12-28 17:17:25 · 3 answers · asked by somanyquestions 6 in United States

I read that you "can deduct as much as $4,000 in qualified tuition" and that "partial deductions are available to individuals with income up to $80,000 and couples with income up to $160,000"

I fall in this category, but don't know how to file partial deductions. I normally use Turbo Tax but I have never seen an option for partial deductions.

If you know how to file this I would really appreciate a hand.

2007-12-28 16:50:44 · 4 answers · asked by D. Nelson Altamirano 2 in United States

My wife & I bouth work me full time her part time.would it be better for us to file taxs, seperately or jointly ?

2007-12-28 16:39:21 · 5 answers · asked by denver j 1 in United States

2007-12-28 16:19:40 · 3 answers · asked by Anonymous in United States

I lost few thousands on the market, but I didn’t sell the stock with a hope for it to regain itself.
do I really need to sell it in order to declare a real loss or can I calculate by, say the value at the last day of the yr.
thank you much.

2007-12-28 16:17:37 · 4 answers · asked by Myself 3 in United States

I was just wondering when fileing taxes will my hourly wage and bonus's come up seperate or what. Taxes were taken out of both and it is seperate on my checks so I was wondering how that works? Thanks

2007-12-28 16:04:31 · 2 answers · asked by crystal_d_c 2 in United States

2007-12-28 15:39:39 · 6 answers · asked by DWesley W 1 in United States

If I filed taxes last but left out a w2 beacause I didn't have it, can I include it this year and if so, how do I do that?

2007-12-28 15:33:33 · 3 answers · asked by crystal_d_c 2 in United States

I live in minnesota. I claim 0. I didnt make a lot cause i live at home and go to school full time but I made 6,836 total. Federal took 548 and the state took 288. How much will I get back???

2007-12-28 15:25:45 · 3 answers · asked by Anonymous in United States

I'm own my own business and would like to have independent sales rep / consultants to help promote my business. They would get anywhere between 25% - 30% commission and personal discounts. And allowed to sell anywhere they wish - online, ebay, in person, home parties, etc.. As a business owner, what do I do about taxes? Do I file it for them? Or do they file it themselves? Where do I find the forms?

2007-12-28 15:14:09 · 5 answers · asked by Jeffner 1 in Other - Taxes