United States - October 2006

I was audited last year by the IRS, actually I can't say it was an audit per say but they noticed I made a mistake in my taxes paid on my 1040 for that year and questioned me. I paied the fines and paid the difference, My question is.. it is likely they will audit me next year too since I made this honest mistake this year? I would like answers from people who have been audited before not just people who "think" what will happen. Thank you.

2006-10-31 00:27:43 · 6 answers · asked by unhappy 1

2006-10-30 22:49:39 · 4 answers · asked by Hank T 1

I have a new 3-story townhouse. It is my primary residence and it was flooded with 2 feet of water back in Feb due to heavy rains. 11 other units in my neighborhood also looded. I went the cheapest route I could to repair everything and it cost me approx $4000 but it still isn't 100% of what it was originally. Maybe 95%. Anyway, I saw in an IRS publication that I can not deduct just my repair costs. I have to have had an appraisal and then take the difference in fair market value as the deduction? I had my home owners insurance do an appraisal of the damages but they did no pay anything to me since I did not have flood insurance. What is the right way to deduct my losses?

2006-10-30 16:27:22 · 3 answers · asked by FL_FunGuy 2

Ok basically I just became the new office manager and I have never done payroll in my life. Now my boss wants on the pay stubs for the actual Federal, Social Secuity and Medicare tax percentage to show. (We have no state tax since we are in Florida) I know that the Medicate tax is 1.45% rate but what it the S.S and Federal % rate?

Take the following paystub example which is how they are printed now

Gross Earnings is 885.88
Soc. Sec. 54.92
Medicare 12.85
Fed 20.90
Check amount 797.21

but now the boss wants it this way

Gross pay 885.88
?.??% for Soc. Sec equals 54.92
1.45 % for Medicare equals 12.85
?.??% for Federal equals 20.90
Check Amount 797.21

Can you help me fill in the missing percantages? and also how can i incorporate all this information in an excell sheet so it can calculate it atomatically by just inputting the gross pay?

2006-10-30 16:20:57 · 2 answers · asked by niwaha 2

hi
when you pay your mortgage for the house that you purchased , the mony thet you pay for your mortgage will be deduct from your income tax and you dont pay tax on that money but how could you do the same thin for the money that you pay for the apartment that you rented?
thanks!!!

2006-10-30 16:00:24 · 7 answers · asked by AGHA D 1

2006-10-30 13:56:52 · 17 answers · asked by amb6487 2

The amount was about $90,000 in 2004. It made up about 80% of the yearly income for that year.

2006-10-30 13:47:09 · 4 answers · asked by ireallycantbelievethat 2

I'd prefer to file single to make things easier. Can I file as single for the whole year even though I got married in the last week and a half of 2006?

2006-10-30 13:07:03 · 11 answers · asked by Stuck_in_Finance 1

2006-10-30 13:02:12 · 3 answers · asked by Anonymous

2006-10-30 12:44:52 · 4 answers · asked by Anonymous

so once a tax year has been audited by the IRS can this year be audited again in the future? Does this fall under the double jeopardy rule?

2006-10-30 11:25:56 · 7 answers · asked by karen h 3

I just came to know that as I didn't file tax return last year, I might face
serious trouble. My earlier question:
http://answers.yahoo.com/question/index;_ylt=AmsKirfdQVmUSwQA1hm3flnsy6IX?qid=20061030132728AArBJLV

I didn't file because i was new here and I had no idea what to do and how to do. Also my income was extremely low. And I'll be punished for that? Wow.

All taxes were already taken out of my paychecks. Still it was my fault not to file taxreturn!!

Millions of illegal workers make huge money, thousands of them don't pay tax at all. They are still ok. I am perfectly legal resident, and I'll face trouble! Why?

God bless America!

2006-10-30 11:00:50 · 6 answers · asked by Anonymous

I'm a stay at home mother and my neighbor asked if I wanted to do some data entry for her at her home office in a "1099" type of situation. I have NO idea what this means besides it being a tax form for a contractor/subcontractor. Do I have to legally have a business or any type of licenses in order to do this? I want to make sure that everything is done legally. In order to accept this position what do I need to know about the legal ramifications? What about when I file for taxes? -thanx

2006-10-30 11:00:44 · 5 answers · asked by Samantha R 1

How are the deductions on estate taxes calculated. The family business, which is the estate mainly, is going to cause the tax. Are there any % the IRS goes by based on value? I can only find the maximum % on their site(46%).

2006-10-30 10:48:54 · 3 answers · asked by rwhz199 4

I believe that the state of California did not send me my 2004 tax refund, is there a website where I can look this up?

2006-10-30 10:40:25 · 2 answers · asked by Leticia R 1

I owe them about 7k & they are taking everything I make above & beyond $143 a week. I CANT LIVE ON THIS!!!

2006-10-30 09:45:19 · 17 answers · asked by imcablesteve 2

My husband and I just closed on our house in September and I've been hearing all this stuff about how owning a home gives you a break on income taxes. We had rented up until then, claimed 0 allowances, and still ended up getting hardly any refund or actually paying. Homeowner friends of mine were getting thousands back and were in the same situation as us (no children, claiming 0). Can someone tell me what kind of credit we get for owning property? A Tax Professional's opinion would be GREAT!

2006-10-30 09:37:16 · 7 answers · asked by Yuna 2

2006-10-30 09:19:08 · 3 answers · asked by fattie69 2

I understand everyother type of tax. Except income tax.
Why should someone be charged directly from their income? It's completely unfair. I'm sure there are better reasons, I'd like to know them.

2006-10-30 09:10:53 · 13 answers · asked by Anonymous

2006-10-30 08:52:51 · 5 answers · asked by Ruth L 1

My dad has 2 dependents and earn $1050 /month (take home).

He could hardly save. How much could be his tax return after filing?

Status: permanent resident, NY.

Is there any website which discuss this subject broadly?
Thanks.

2006-10-30 08:47:50 · 3 answers · asked by Anonymous

I don't know if trying to do my own taxes with all the different tax forms and laws that pertained back then, its pretty confussing. I don't know if the IRS people would be willing or able to reduce my penalitys as maybe someone like H & R Block or some other tax people. Thru the years I have made payments off and on working with the IRS but that was about 3-4 or 5 yrs ago. I have been intouch with the IRS recently but like I said its pretty confussing and I just want to get this over with. What do you think...And thanks in advance for any advice you have...Shelley

2006-10-30 08:41:56 · 9 answers · asked by Anonymous

Some one told me to hang on to my paycheck stubs and reciepts that i get from using my debit card...

why would i need to hold on to these things and when can i shred them??

2006-10-30 08:39:28 · 10 answers · asked by Anonymous

I live in Oklahoma and they do

2006-10-30 08:30:42 · 4 answers · asked by Anonymous

2006-10-30 08:30:36 · 2 answers · asked by Anonymous

My monthly income is around $900 and my dad's is $1050. We are 4 members in our family, my mom and my brother. I have to pay half of the rent expenses, which is $500, every month. Rest $500 is paid by my dad. I also have to pay for some other expenses for my family around $200. Am I a dependent? I am 22, single. After all these expenses I pay, will I still get return after tax filing?

2006-10-30 08:27:28 · 14 answers · asked by Anonymous

In the year of 2005, I worked in November and December, and made
a total of $1,500. I didn't do tax return files of 2005 cause I was told that it was not important for me to do tax return for such low income of only 2 months. Another reason worked for this, which is, the last check of $550 I got in January 05, 2006.

Was it right?

2006-10-30 07:58:38 · 7 answers · asked by Anonymous

I just got married 3 months ago and tax season is coming up, my husband and I want to file separately becuase we think we can get some $$. We don't have children yet. But I'm wondering if we can file anyways and do we always have to file separately?
Thank you for your response(s).

2006-10-30 07:49:12 · 12 answers · asked by Anonymous

I'm an unmarried mother and part time college student. I would like to get a refund at tax time but the money would be more useful each week.

Also, can you claim more expemtions on your W4 than people in your family? If so, how?

2006-10-30 07:21:17 · 7 answers · asked by Brandi 1

I'm single, no kids, and no other job.

2006-10-30 07:13:59 · 5 answers · asked by Benny 3