United States - February 2007

2007-02-28 09:28:44 · 9 answers · asked by pumpkin 1

2007-02-28 09:28:12 · 8 answers · asked by smitty 1

Im selling a house and want to know how long I have to reinvest before i have to pay capital gains tax on that money????

also what are the guidelines for the reinvestment?

2007-02-28 09:25:34 · 8 answers · asked by sean_4767 1

I do bookkeeping for a small business.
Since I am no ownership interest, I work as a "contract employee" and make myself a check monthly for my services.
I do not withhold taxes and settle up at the end of the year since I have other sources of income.
Do I need to make myself a Form 1099 since I do the books, write my own check, and know what I made last year.

2007-02-28 09:10:30 · 5 answers · asked by Kari 4

Every year the assessors office "tax" equipment and supplies purchased by a company. What is the tax for? Where is it used? How it is differentiated with sales tax? Why pay this kind of tax when we already paid sales tax when we purchased an item?

2007-02-28 09:08:45 · 5 answers · asked by Just my thoughts 1

2007-02-28 09:05:56 · 9 answers · asked by sweetray 1

In the US on itemized tax filling, can one write off electricity, phone, water tax?

2007-02-28 08:52:42 · 4 answers · asked by J 3

2007-02-28 08:46:08 · 3 answers · asked by heepsand 1

I have always filed my own taxes, but this past year I started pursuing a graduate degree part-time as an evening student and want to ensure that I navigate all of the tax implications successfully. I have asked around for referrals from friends, but everyone either files their own taxes or works with someone who isn't a CPA. I have a friend of the family who once got burned using an account who wasn't a CPA, so I want to have the recourse of the certification.

Are there any resources you know of for finding information and/or testimonials about accountants, other than just dialing one at random from the Yellow Pages? Also, what price range should one reasonably expect to pay for preparing a 1040, married/joint, with a few educational expenses and stock investments?

Thanks!

2007-02-28 08:39:07 · 4 answers · asked by Steve 2

The donations were actually 10$ a week for the year. Of course I have no receipts to show any of it.

2007-02-28 08:36:53 · 11 answers · asked by Anonymous

2007-02-28 08:27:32 · 7 answers · asked by allureconsulting 1

He is thinking about moving to Riverside county (Menifee) and we've heard of such help, but don't know where to start. He is 61.

2007-02-28 08:17:51 · 6 answers · asked by skylinefolife 2

Or is that just a threat that they don't actually follow through with?
Did it ever happen to someone in your neighborhood?

2007-02-28 08:16:03 · 5 answers · asked by Just Mee 2

All my Mother's assets were in a revocable trust. I am the trustee of what is now an irrevocable trust with an EIN. Trust had $17,700 worth of interest and dividend income in 2006. I had planned to file the 1041 but even with a $600 exemption this yields a very high tax obligation: $2,596 plus 35% of amount over $10,050 = $5,064. Advice, please.

2007-02-28 07:54:01 · 3 answers · asked by lfkestner 1

I only sell on Ebay occasionally, clearing out old stuff from the house. But a few things I sold turned out to be in demand, so I ended up making about $600. Which tax form should I use to report this? The Schedule C business form says only to use that form for business done on a regular basis, not to use that form for reporting hobby income, but to use the 'line 21 for other expenses' to report it instead. But the explanations for line 21 don't fit either. Do I need to attach a form? The IRS web site mentions ebay earnings as business expenses or capital gains...but the capital gains form doesn't look like it applies to ebay sales at all.

I just can't understand all this IRS mumbo-jumbo - can someone please help me? I can't afford to hire a CPA, but I don't want to get into trouble for not reporting income

2007-02-28 07:53:45 · 3 answers · asked by Bess2002 5

I'm so confused. When I start a job (I live in CT) I always been told to claim 1. Then when tax season comes around, I don't get crap back. Just need some advice, thank you!

PS: I'm 23 married and it's not like we make a ton of money a year. We make about 45year combined.

2007-02-28 07:36:02 · 6 answers · asked by Anonymous

So when we went to file are taxes online, we weren't able to do so. I called IRS they said we will need to show proof of custody of the child which we can do with school records, doctor records and the like. Can we get a letter from the boys mother that shows we have custody of him? or, does it have to be a court document?

Anyone else have any ideas. Please help,

2007-02-28 07:32:07 · 5 answers · asked by koifishlady 4

2006 was my first year as a home daycare provider. I tried to save all my receipts and such for tax deductions. I came up with over $5000 in deductions, but still ended up paying $2300 in taxes. Everyone I talk to says that is nearly impossible. I didn't claim any mileage deductions though, but I don't drive for daycare much. Would it still be worh it to claim the few miles? Does anyone have any ideas how I can reduce what I end up paying in taxes? Am I missing something? Any ideas would be greatly appreciated. I love my job and would hate to have to quit.

2007-02-28 07:15:02 · 4 answers · asked by sassypants_911 2

Hi!

If I want to invest in the US by buying a multifamily house and renting it out but I don't live in the US, do I still have to pay Federal Taxes on my profits?

Thanks!

2007-02-28 07:06:19 · 3 answers · asked by me 1

I sold a condo.I did not live in it and it was strictly for a profit. The money went in my bank account. I did no investing.I paid the IRS upon receiving my money. Why did I get taxed again when I filled my return?
Can you get your taxes done twice in one year or at least have them checked for errors?

2007-02-28 06:53:36 · 2 answers · asked by Doll D 2

For example, I did not list all of our income and I did not list our expenses for the business portion. How do I get back to those pages. The disc I bought is Turbo Tax for Home and Business Schedule C. Also, can this be used for only one return i.e. can I do other family members tax returns on this same disc. If so how do I do that. I don't see any prompt and received no instructions. If I want to speak to someone there is a $39.95 charge. I feel as if I am missing something in the line of instructions. Help. Thanks.

2007-02-28 06:49:48 · 4 answers · asked by greatest 1

If I had known I needed the money so soon I would of done the fast-check thing and paid more but is there anything online or if you call them to see how much longer it will be for your check to come in? Thanks!

2007-02-28 06:33:38 · 8 answers · asked by an1 1

I sold some property last year.I paid taxes on the sale AT THE TIME OF THE SALE. I just recently had my taxes done and had to pay sales tax again. Is it possible I had to pay the same taxes twice? Something does'nt seem right. One more question.If my tax guy made a mistake and I am owed money will the IRS let me know?

2007-02-28 06:31:50 · 5 answers · asked by Doll D 2

For both scenarios: lump-sum and annual payents? I've heard many things and am having a hard time finding straight, layman examples. Thanks!

2007-02-28 06:25:20 · 6 answers · asked by Anonymous

I had a car run into my house in 2006 and opened up an insurance claim to help cover the damage. I received only a portion of my insurance deductible back - does anyone know if I can deduct the portion that I paid out of pocket on my tax returns? There was a section in Turbotax that covered accidents and expenses incurred, but I wasn't sure if the deductible was included? thx.

2007-02-28 06:25:09 · 4 answers · asked by Arleen 1

2007-02-28 06:20:25 · 9 answers · asked by od354 1

2007-02-28 06:17:57 · 4 answers · asked by sandy 1

If you have Capital Loss Carryover from previous year, do you have to use it this year to extent of $3k, or can you defer it to future years?

2007-02-28 06:15:12 · 1 answers · asked by Big Daddy 3

If you make, let's say hypothetically, 5K a month, how much will the US government take as taxes? How much will you get back? Does it make a difference if you eaern that money in a job or from an investment such as stocks or real estate?

2007-02-28 06:06:56 · 3 answers · asked by Triple Nipple 1

2007-02-28 06:05:01 · 4 answers · asked by Bert B 1