United States - October 2006

I am a reserve police officer in Texas. I do not get paid but I volunteer and perform the same functions as the full time paid officers. I have spent my personal money for guns, duty belt, gas back and forth, equipment, etc. Can I tax deduct these items and if so what IRS form would I use? Am I considered employed even though I'm not paid?

2006-10-30 07:12:20 · 5 answers · asked by FL_FunGuy 2

2006-10-30 06:30:19 · 6 answers · asked by Seeker43 1

Most people don't know much about preparing tax returns, that's why we go to those who are supposed to be the professionals. But what about when we are asked to pay for Their mistakes? Is that fair?
H&R Block and Jackson Hewitt now offer "peace of mind" guarantees that are supposed to pay for any errors, but is it what it really seems to be?

2006-10-30 06:10:20 · 14 answers · asked by Billy Jack 2

2006-10-30 05:31:20 · 2 answers · asked by JOEL T 1

2006-10-30 05:30:54 · 2 answers · asked by John B 1

Do they have to be a certain age? I have a 3 month old and some people have told me she would have to be living for at least 6 or 7 months to get the child tax. Does anybody know?

2006-10-30 05:20:52 · 10 answers · asked by izy966 2

on schedule C is a speeding ticket legitimate as a buisness expense? The answer is not in the book, but my gut tells me it would not qualify as a buisness expense.

Please state your credentials.

2006-10-30 05:06:24 · 5 answers · asked by horrorfan 3

I have noticed in the past couple of months that social security has increased and alot of money is being taken away from my paycheck. It went from about $40.00 to $50.00 to $100.00 or more. What's going on?

2006-10-30 04:39:03 · 7 answers · asked by ImOuThEreUdigg!! 3

2006-10-30 04:22:56 · 3 answers · asked by elie s 1

2006-10-30 04:07:45 · 8 answers · asked by Anonymous

2006-10-30 03:42:15 · 15 answers · asked by Luis U 1

2006-10-30 02:26:52 · 5 answers · asked by Dr Van Nostran 1

And how much money you get back with your 401 K retirement plan?

2006-10-29 21:01:37 · 6 answers · asked by Anonymous

The taxpayer, a resident of California, appeared on TV quiz show and won a new car. The producer of the program had paid $20,000 for the car. However, the taxpayer had no interest in the car and needed cash. The taxpayer visited several dealers to offer the car for sale. The taxpayer eventually sold the car to a dealer for $16,000. The IRS contends the taxpayer's income from the prize is $20,000. Is the IRS correct?

I want a link too not just a yes or no.

2006-10-29 16:42:12 · 7 answers · asked by x700 1

2006-10-29 16:30:48 · 1 answers · asked by Debendra 1

2006-10-29 16:22:40 · 5 answers · asked by wickerrocky 1

My wife is currently on maternity leave without pay. We just recieved a bill from the benefits company that is requesting payment for health/dental, AND our flexible spending account that we use for daycare. I know that we are responsible for the health insurance premiums since we are still covered and they can't take it out of her "non-existent" paycheck, but payment to the FSA makes no sense. The whole point of that account is to send in pre-tax money. Shouldn't we not have to pay and then just not have that money available for reimbursement?

2006-10-29 16:21:51 · 3 answers · asked by C. R. 2

What if I check the less than $10K per year and py $300 and I receive more than $10k? Is there a fine?

2006-10-29 15:12:10 · 2 answers · asked by HomePapa 3

Since I moved, do I need a new tax ID number? I moved from Ny. to NC.

2006-10-29 14:35:27 · 3 answers · asked by Shirley B 3

For the past two years I have been running a website as a sole proprietorship. Taxes have been absolutely brutal to me and I am looking to try to save money by incorporating. From what I understand, a single member S-Corporation (I am in California) would allow me to pay myself a "reasonable wage" and then pay whatever other earnings my website generates to myself as dividends.

So for example, as a sole proprietorship or an LLC if my website generated $100,000 in profit I would pay roughly 25-30% for taxes PLUS my self-employment tax of 15%. ... this would leave me with somewhere around $55-$60k. If I had this set up as an S-Corporation, would I be able to set a wage... say $30k for maintenance.... and then pay myself the rest as dividends free of any self-employment tax? This would mean.... 25-30% on 100k, and 15% on 30k... that would add up to around $65-70k as opposed to the $55-60

Am I understanding this alright? Are there other taxes I am overlooking?

2006-10-29 10:49:02 · 6 answers · asked by Anonymous

I need just basic answers nothing to deep. Thanks

2006-10-29 10:13:21 · 3 answers · asked by Shug2007 1

I thought I filed successfully through turbotax online for my 2005 W-2, but I never recieved a return. I absolutely need a copy of my 2005 return to allow my wife to get her visa, this is the only thing holding back the visa. The maximum amount I would owe to the IRS would be under $500. How can I pay this as soon as possible and get a copy of my 2005 tax return? How long would this take? And which way would be the most successful in terms of speed? Thank you for your time in reading this. -Shane

2006-10-29 10:02:53 · 2 answers · asked by maltesefalcon98110 1

2006-10-29 08:54:25 · 5 answers · asked by freelance thinker 2

Property has been solely held for investment.

2006-10-29 08:35:01 · 4 answers · asked by Jessica E 1

I drive a truck that is leased to a company, the owner is in the Army stationed in Korea. He has a third party tax preparer/accountant do my payroll (i am his only employee). I have this feeling that my federal withholding and social security taxes have not been paid. Anybody know how I can check on this?

2006-10-29 07:46:17 · 6 answers · asked by Anonymous

if I want to file as independent and single and have a 401k at work. plus a I also want to put some dental expenses and education interest.

2006-10-29 06:28:19 · 6 answers · asked by david 2

what will be the tax advantege if i get a roth ira?

2006-10-29 06:24:56 · 4 answers · asked by david 2

2006-10-29 06:02:36 · 4 answers · asked by Clin 1

my 15 yr old son has recently started working his first job...i like to know what i will be doing differntly when i file for 2006 taxes...and will he get any money back?

2006-10-29 05:57:05 · 2 answers · asked by Anonymous

Can I carry it forward in 2004 or do I have to amend my 2003 return? I had no income in 2003. That's why I didnt use it. Yeah, I'm filing late!

2006-10-29 05:30:51 · 5 answers · asked by Debbie P 2