United States - December 2006

2006-12-17 11:22:09 · 7 answers · asked by starlove2 6

2006-12-17 11:12:16 · 2 answers · asked by Anonymous

Id like to know on the w4 forms what is the outcome if you put exempt. I currently own a rental property and is in the process of acquiring two more. I am employed full time and the reason why I wanna put exempt is because I think Im paying more on taxes as employee and also on the property taxes. What should I do?

2006-12-17 10:57:07 · 3 answers · asked by oliver s 2

2006-12-17 10:10:32 · 8 answers · asked by msufan1999 2

is there anything i can do to lower the amount of money being deducted? Im 18 no kids...

2006-12-17 08:33:43 · 6 answers · asked by Anonymous

if he or she didn't bring in any income for the year?

2006-12-17 07:41:18 · 11 answers · asked by Anonymous

or does it have to go into a checking account?

2006-12-17 05:01:34 · 10 answers · asked by marymojo2002 2

I have a question about the following tax situation.
I run three home based businesses with my wife that were started in 2005. I also work full time. Through all of these businesses we have made about $1500.00.
We have expenses such as printing materials, Internet, Phone, Mileage, ebay fee's, advertising costs, website setup and maintanence. Thus far we have not gotten any kind of biz license, filed a ficticious name or anything else
My main questions are:
1. What are the pro's and con's of doing an LLC that operates them all versus simply filing a Schedule C with my Tax ID? If i do this now before the end of the year will it apply to this whole year. or do I start fresh with next year as an LLC.

2. I would like to buy a computer before years end and be able to amortize (?) it all this tax year using the "hummer clause" (section 117 ?) ?
3. What is the best accounting software for setting things up...
4. Are there small biz tax softwares that really work well.
Thanks

2006-12-17 03:20:48 · 4 answers · asked by mallicoatdd 4

I want to file early as possible.

2006-12-17 02:08:27 · 13 answers · asked by starsky1983 2

2006-12-17 01:27:19 · 3 answers · asked by cookiemonster265 1

My husband never filed our 2005 tax return, I guess he feels like he'll file both 05 and 06 taxes at the same time and have a bigger tax return that way. I worry that we may lose a portion of the 05 return because of his decision.

2006-12-16 23:11:03 · 7 answers · asked by scribbles_abc_mo 2

My nephew has recently started a software consulting job on an hourly basis. This project is for about 2 years. Since this is an hourly paid job, the employer will not be withholding any taxes. So he has to pay the taxes to the government directly. So I have the following question
1. Does he have to write a check to the govt. (Federal and state seperately) with approximate amounts (about 40 percent) for that month. OR
2. Does he have to wait for the tax season and then send the taxes once at the end of the year?

I was told that the second option may have penalties. Is it true? Any feedback from people who know more about this will be greatly appreciated.

Thanks
Ram

2006-12-16 22:42:16 · 3 answers · asked by singer_ram 2

2006-12-16 20:58:16 · 4 answers · asked by David B 4

2006-12-16 17:49:55 · 22 answers · asked by budi 2

I know someone in sales that doesnt and hasnt reported thousands of dollars in sales/commission. How can I nail her?

2006-12-16 16:17:05 · 11 answers · asked by jeno 1

i received a letter from the irs stating that someone has used my daughter ssn on their 05 taxes,i was asked to prove maternity,and fill out a 1040x,which i have absolutely no idea how to do, it also stated that i cant know who used it,which means i cant press charges,right,i think its messed up,what a bummer.

2006-12-16 14:20:45 · 4 answers · asked by knowingisbeautiful 1

Is there a form I can fill out in order to prevent my childs father from illegally claiming my child on his taxes?? My child hasnt seen him in almost one year.... child support payments are jokes.... 11 dollar checks and what not...
any advice??

2006-12-16 13:57:45 · 7 answers · asked by shaylolo51 1

In Oregon we don't pay taxes when we buy stuff, in other states they do, what are the pros or cons of paying or not paying taxes?

2006-12-16 13:05:51 · 5 answers · asked by Chulis 3

2006-12-16 12:49:24 · 3 answers · asked by chefmwh 1

i filed my 2004 taxes with a business i had. i showed all the money coming in and out. i used my retirement fund until it depleted. i claimed my profits and losses on the tax form. but the IRS wants to reclaim the 10 grand (well 999.89....which i keep getting turned down from tax help toll free numbers because i am a few bucks short) but duh !!! if i showed where the income came from, why are they asking me me to pay taxes again on the money i claimed as a loss????

2006-12-16 12:32:02 · 1 answers · asked by Anonymous

My gtoss income for FY 2006 will be about $30,000. I'm single, have no dependents, am head of household. I estimate that I have about $500 worth of out-of-pocket expenses from this year which will are deductible.

Should I even bother to make these deductions or will it not be worth it (as far as my refund)?

My tax preparer charges a large additional fee for filling out the form required for deductions being claimed...

2006-12-16 11:25:56 · 5 answers · asked by Victor G 1

2006-12-16 11:02:01 · 3 answers · asked by Double O 6

2006-12-16 07:30:47 · 3 answers · asked by sheree 2

My sister married a guy who declared bankruptcy a couple times in the past. When they married he started a new business and put the business under her social security number, because of his bad credit. He ended up spending about $20k of sales taxes that should have gone to the government. They are now probably going to go through a divorce, and my sister is going to have to declare bankruptcy now. My sister had nothing to do with this business, but with the new bankruptcy rules she is going to have to come up with the $20k. Does anyone know if my sister is totally out of luck or is her husband going to have to foot any of the bill?

2006-12-16 07:24:32 · 4 answers · asked by wjordanfam 1

2006-12-16 06:43:28 · 8 answers · asked by wettenderbox 1

Payments recieved from Workmens Compensation;do we claim it on our taxes?

2006-12-16 05:47:31 · 7 answers · asked by rednkal2 1

2006-12-16 05:25:54 · 8 answers · asked by alexsyaya 1

Hi,
I just sold some call options for January 2007. On 12-31-06, the calls will still be in my stock portfolio. They will either be assigned in Jan 2007 (meaning that I will end up buying the underlying stocks at the option price) or they will become worthless and expire. I wonder if I am supposed to report the gain (the money I got in 2006 for selling these calls) in 2006 tax return or should I wait till 2007 and report it in 2007 return.
Thanks in advance for the answer.
Best regards,
Shahid

2006-12-16 05:17:15 · 3 answers · asked by Shahid 1

i have my last pay stub already, because im not working anymore, can file without my w2s.

2006-12-16 05:04:26 · 13 answers · asked by rachel p 2

I have found several references to the wash sale rule expressed in terms of a caution against rebuying a stock within 30 days if you have a loss on a stock sale that you wish to deduct.

My question relates to the case where you have taken a gain on a stock sale. Does the wash sale rule still apply. If I rebuy the same security within 30 days, can I avoid taking the capital gain on the previous profitable sale?

2006-12-16 04:36:02 · 8 answers · asked by Steve K 2