United States - October 2006

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Will you stop paying your taxes now?
Will you stop filing your income tax return now?

Why?

2006-10-29 03:50:52 · 6 answers · asked by SmartAlex 4

i just got married but have not change my status has far as my paycheck is concerned. will i be saving money if i change my status?

2006-10-29 01:00:01 · 5 answers · asked by ofo21 1

q#14

Using accrual accounting, expenses are recorded and reported only

when they are incurred, whether or not cash is paid ?
when they are incurred and paid at the same time ?
if they are paid before they are incurred ?
if they are paid after they are incurred ?

2006-10-29 01:41:59 · 6 answers · asked by michaeljustussvcc 1

My wife and I file a joint tax return.
Our accountant made a mistake by underestimating our personal state tax witholdings for 2005. I detected the error and got a higher state tax refund. However he tells us that, on the federal side, correcting the state tax error won't make any difference because of the alternative minimum tax. Is that correct?
If it doesn't in then in what situations does increasing/correcting the state tax withholdings make a difference for the federal tax return?
Thanks

2006-10-29 00:29:59 · 4 answers · asked by nebir 1

I have arrived last year through the green card visa lottery program. I'm declared as resident alien for tax purposes . I would like to sell my house from my origin country and bring the money in the US to help build my new life here. Please, I would like to know if I must to pay taxes and if yes how much? Is the amount of the money transfered in the US related to any tax or other restrictions?
THANK YOU,
B

2006-10-28 20:55:06 · 3 answers · asked by bob b 1

I took a teenager in for over a year. His mom and step-dad said that I can claim him on my taxes. The biological dad might try to, even though he did not care for him or pay child support for two years. I really don't care one way or the other if I claim him. The mom and step-dad are the legal guardians, but feel that it is only fair that I claim him. So, what do I need to do?

2006-10-28 20:10:17 · 5 answers · asked by cheerstoyou 2

was unemployed during 2006 due to an injury but got lucky and won $10,000 on a lottery ticket the state took $2,500 in taxes as soon as I claimed my prize,I have 2 kids and was wondering what I do on taxes

2006-10-28 19:15:22 · 6 answers · asked by MARY P 1

I believe that post tax COBRA health insurance payments are tax deductible on your income tax return under the health deductions, but I am not sure. I know that you have to have 7.5% (i think) of your income for the health cost deduction to kick in, but do COBRA health insurance payments count toward those deductions?

Please provide any links to proof of the deduction.

Thanks (I'll pick a best answer ASAP)

2006-10-28 17:14:27 · 5 answers · asked by Anonymous

I'm a first time home buyer, so I'm not clear on how the mortgage loan interest deductible works.

For example, if I pay $6000 federal tax per year and the mortage loan interest is $9600 per year, do I get $6000 back when I file tax? Or $9600 is simply deducted from my annual gross income when I file tax?

2006-10-28 16:49:00 · 5 answers · asked by Kim 2

http://www.irs.gov/pub/irs-pdf/fw4.pdf#s...

i got my first job this month. When i filled out the form oct 6, I put "EXEMPT" on line 7, now i'm worried,
-should I have left it blank? Will i get in trouble with the IRS?

i'm single
live with parents
i have no kids
mom claims me as a dependant
I will be make like a total of $1,500 this year.

-if i get a 2nd job november how would i fill out the w4 form for the second job?
and will i have to change the info on the FIRST job's w4 form?

2006-10-28 16:44:22 · 6 answers · asked by sweety 3

http://www.irs.gov/pub/irs-pdf/fw4.pdf#search='w4%20form'

i got my first job this month. When i filled out the form oct 6, I put "EXEMPT" on line 7, now i'm worried, should I have left it blank? Will i get in trouble with the IRS?

i'm single
live with parents
i have no kids
mom claims me as a dependant
I will be make like a total of $1,500 this year.

when i filled out the form on oct 6, i put "EXEMPT" on line 7, now i'm worried, should I have left it blank?

2006-10-28 15:13:07 · 6 answers · asked by sweety 3

i work in the downtown city , and i pay a monthly fee of 125. a month just to be able to park. will i be able to write that off of my taxes this year, i itemize my deductions. any suggestions? thanks

2006-10-28 15:08:36 · 7 answers · asked by r c 1

I just bought a purebred pomeranian which I just registered with the continental kennel club .Someone told me to claim her . How does this work?

2006-10-28 12:59:16 · 14 answers · asked by Anonymous

2006-10-28 10:38:31 · 6 answers · asked by regina j 1

Assume that 1) a person has several million dollars and wants to retire, 2) they probably have 30 years left to live, 3) their investment style is such that the majority of their future income would come from long-term capital gains. Given these assumptions, wouldn't it make sense for that person to acquire citizenship in a country that has no capital gains taxes (e.g. Switzerland, New Zealand, etc) and renounce their US citizenship? Without capital gains taxes, assuming a 9% annual return, each unspent $1m would grow to $1m x (1 +9%)^30 or $13.27m in 30 years. With a 25% cap gains tax, each million would only grow to (1 + 9%(1 - 25%))^30 or $7.10m. It seems to me that such an individual would gain another 87% (13.27 / 7.10 - 1) in long-term investment earnings simply by changing their citizenship. If this is true, it would seem to provide wealthier US citizens a compelling reason to take their money elsewhere which would hurt the US economy in relative terms. Is this correct?

2006-10-28 09:48:59 · 2 answers · asked by polyglot_1234 3

I bought a 1996 truck (dodge) for my son in 2002 and was registered under my name. This year my son bought a new truck and I let him trade it in on the new one. Now the new truck is under my son name with new registrations. I returned the old plates to the DMV and they provided me with a STAMP document that the old registration plates were return to them. Also, it indicated that I should notify my town tax accessor to inform them that I no longer own the 1996 Dodge. So, I went to the town building with my DMV document and they will not accept that. They want to know where the truck is; Am I oblige by law to show them the trade in papers and let them know of my private affairs.
I thought that if you either get a new registration or retrun old plates the DMV notifies the town you live in. Please advice.

Thanks!
aawillia8586@sbcglobal.net

2006-10-28 09:15:41 · 4 answers · asked by Canada 1

2006-10-28 08:55:19 · 3 answers · asked by Kat t 1

2006-10-28 08:05:38 · 6 answers · asked by Anonymous

Hello. This question is about capital gains on appreciated stock. I'm 22 years old. I have zero income because I'm above full time in college (18 hr instead of 12). So theoretically, I fall into the lowest tax bracket. I'm considered independant of my parents (even though im not 24) because of time spent in the US Army. Recently, I purchased the following shares:

1000 shares @ $1.50/share (June)
2375 shares @ $2.56/share (October)

So far, the shares are up to nearly $3 each (Delphi). I've already made a gain of $2000 on these shares. There is talk that the company will be bought out around the middle of next monty for $10 billion which would send these shares to $17.79 each. I plan on selling these off at around this time. I have already made a $100 donation to MADD this year.

How can I minimize my capital gains tax? Can I write off college expenses? Rent for my apartment on campus? What if I start a shell business for the sole purpose of creating a loss? Any ideas?

2006-10-28 06:38:52 · 5 answers · asked by Steven 2

2006-10-28 06:08:03 · 3 answers · asked by Lady B 2

2006-10-28 05:28:36 · 7 answers · asked by jcmcjm 1

What would be the tax if I spent $16.00? (Michigan tax is $00.06 for every $01.00)

2006-10-28 05:23:29 · 3 answers · asked by xoxoDewtYxoxo 3

2006-10-28 03:54:06 · 2 answers · asked by csuh116 1

2006-10-28 03:08:07 · 2 answers · asked by Amy M 1

I got a notice in June 2006 saying that my Federal Income Tax for 2004 was incorrect and I owed money. I've been using the EZ form for 12 years, do it all myself and have never had a problem. I didn't think I did anything wrong but I had to prove it. I had made copies of what I sent in. But, right around the time I filed, I moved and couldn't find the 2004 forms anywhere. I requested transcripts but they didn't come in time. So, I thought I'd just pay it and get it over with. Today, I just got a certified letter from my State Dept of Taxation saying that I owe them money too. Back in June, it didn't cross my mind that the amount on Fed tax was going to change the amount on my State tax. I now have the 2004 transcripts & found the original forms I filed. By sending in the money to the Fed tax, I admitted that I made a mistake, even though it's not actually true. Can I prove to the State that I don't owe money, or is it too late & I have to pay it? I have less than 60 days to dispute.

2006-10-28 02:58:14 · 9 answers · asked by ☆skyblue 7

IBNR consider a liability/Payable. Can I file it with tax if file as accrued basis?

2006-10-27 19:06:00 · 1 answers · asked by Frank V 1

Say I buy a house for $100K whose price exactly keeps pace with inflation. If inflation runs at an average of 3% and if I own the house for 20 years, then in 20 years it will be worth 100K x (1.03)^20 or 181K. If I sold the house, I realize a (purely nominal) gain of $81K, but in reality I'd still need the entire $181K to buy a house of comparable value 20 years down the road (assuming they also appreciated at the rate of inflation). Isn't the tax on the ‘phantom gain’ of $81K unethical since it confiscates part of the purchasing power I tied up when I originally bought the house? It seems to me that this argument would apply to *any* capital asset held for a significant number of years in an inflationary environment, even in a "low inflation" environment like the one we have now. Am I missing something here, or is this blatantly unfair?

2006-10-27 16:25:40 · 4 answers · asked by polyglot_1234 3

My husband is a police officer and has many off-duty jobs on the side to help make a little extra money. One job he has is doing security at a church. Since, he only makes below $300 a month, the church will not withhold money on his paycheck. Obviously, you have to pay taxes on this income, right? Also, what ideas do you have for getting the church/or us to fix this?

2006-10-27 15:39:52 · 5 answers · asked by Jessica K 1

What contribution does the 941-V represent?

2006-10-27 15:35:54 · 3 answers · asked by EAW_4 2

2006-10-27 12:55:34 · 2 answers · asked by Anonymous