United States - February 2007

My husband is an auto racing spotter with, for 2006, two separate teams. He received the 2 separate 1099 Misc forms. I understand that he is considered by the IRS as having his own business, and he got these forms due to no W-2 being completed (as he is considered "part time, weekend" employment by the teams). I am doing our taxes on TurboTax, but not really wanting to mess it up before actually filing. I need to know if the income should show up in both the "Business income schedule C" and the "Income from Form 1099-Misc." spaces on the "your income Summary" page. When I only enter the amounts in "Income" and do not enter anything in "Sched. C" it shows a refund - - when entered in both sections, this changes to a MAJOR payment to the IRS. I understand no taxes were taken out of his paychecks, but I don't understand this huge difference of refund vs. federal payment owed?? Any help is appreciated!

2007-02-18 10:14:42 · 4 answers · asked by nicnacs30 2

My husband teaches fire and emergency training and as part of his job, he must be in shape. May his gym membership be written off as a business expense? For that matter, can anyone's be written off?

2007-02-18 10:07:07 · 4 answers · asked by slinky789 2

My husband's job reassigned us to another city and we were forced to use a storage unit until we were able to find a house. Can this expense be written off of our taxes? Please document your information source. Thanks!

2007-02-18 09:50:49 · 5 answers · asked by slinky789 2

I paid what was owed on the previous tax filing in 06. My question is, since this was paid with last years INCOME, can this be deducted from my 2006 taxes ???

2007-02-18 09:42:48 · 3 answers · asked by Razor 2

2007-02-18 09:31:15 · 3 answers · asked by SHALO 2

Does anyone know of a reliable source that donates cash or other valuables for a tax right off? Or even stock donors?

2007-02-18 09:28:53 · 2 answers · asked by Day Bull 1

My husband teaches night classes in surrounding cities and when he is on his way home (usually after 10 PM), he often picks up dinner. I would like to know if these expenses can be written off of my taxes. Please include advisement as to how you know this to be acceptable or not.

2007-02-18 09:26:15 · 6 answers · asked by slinky789 2

if they are please tell me which form should I use,thank you

2007-02-18 09:21:06 · 6 answers · asked by SHALO 2

We got the very last number wrong when we were filling out our direct deposit for our federal Tax Refund. On the Irs page it says that the refund was direct deposited into our accound on Febuary 16th but when checking the account its not in there. Im pritty sure that they will send a paper check in the mail. But is there anyway to fix the problem so they can direct deposit it? in not how much longer do you think it will take to get the refund in the mail? thanks for any and all help!

2007-02-18 09:08:45 · 9 answers · asked by Yolanda S 1

Is this because we live in NY?

2007-02-18 09:06:25 · 6 answers · asked by AMK 1

mortgage company made an error on my interest. there is an additional 7000.00 dollars in interest paid. app how much does this relate to in return from irs. total net income is app 55000.00 dollars

2007-02-18 08:54:10 · 2 answers · asked by joel l 1

I am helping my friend to complete her tax return but I am having problem with the name written on her W2 and the name written on her Social Security Card.

The name registered on her Social Security Card is Tina Concepcion Augusto Martinez II
where: Tina Concepcion is her first name,
Augusto is her middle name,
Martinez is her last name,
and II is her suffix

Now her W2 states Tina A Martinez.

My question is what should be the right entry for the name I will put on her tax return.
a. Should I follow the W2 which is Tina A Martinez,
b. Or follow the W2 but put her suffix ... Tina A Martinez II,
c. Or follow the name on the Social Security Card... I am using Tax cut software ... so it only allows me to enter her name like this Tina Concepc A. Martinez II.

I hope someone can help me especially those who have experienced this kind of scenario.

Thanks,
newtaxlady

2007-02-18 08:48:25 · 6 answers · asked by newtaxlady 1

2007-02-18 08:39:47 · 2 answers · asked by Anonymous

I've filed my taxes around Jan 15th and I've gotten an correspondent audit on my states but quickly fixed my states (wrong information). Now that I've got my states, I still haven't received my federal returns yet. The mistake i made on my states was that i put too much state credit on my 1040's (i did this on taxact.com). Do you think I made the same mistake on my federals but the IRS haven't sent my audit letter yet or something else?

2007-02-18 08:29:00 · 4 answers · asked by chris.porter 2

2007-02-18 08:20:27 · 7 answers · asked by Anonymous

Thanks for stopping by, but please do not leave an answer unless you're knowledgable on this subject. Okay here goes.....How many dependents should you claim when you get hired if you make 100k per year and at the end of the year you would be claiming your two, your spouse and yourself. Also after you have children and you will be claiming them as well? I know in a lower tax bracket it's better to claim 0 and they take the most out of your paycheck per week and at the end of the year you claim your dependents and you get the most back at that time. In a higher tax bracket is that still the best way to go??? Also my spouse may be working too, and if so then this could affect the amount we actually earn per year in a positive way or a negative one?? This may seem pretty basic to other people, lol but it's confusing me greatly. Thanks for stopping by and helping!!

2007-02-18 08:15:20 · 4 answers · asked by curious 2

Hi. I am self-employed and in college and I need some help figuring out my business mileage this year. I teach in multiple locations, including my home, my sister's home, private homes, other teacher's studios, churches, on campus, in both public/private schools etc . . .

For 2006 though I got a graduate job on campus that is not part of my self-employment. The school issued me a regular w-2.

This is what I'm confused about. I usually left my job on campus twice a week and drove directly to a teaching gig(s) in another city about 80 miles away. Can I deduct this mileage as business mileage since I was not commuting from home but from another place of work--even though the work I do on campus is not self-employed?

2007-02-18 08:15:19 · 1 answers · asked by Emma S 2

My daughter attends a 4K program at a local private school. I know I cannot claim private school tuition for K-12 grades but can I claim a 4K program?

2007-02-18 07:50:32 · 3 answers · asked by Anonymous

I live in california, and i am currently a full time student (19 years old). I wanted to know if i have to claim taxes although i made only $8000. is there any minimum to claim taxes in California?

Any help will be appreciated.

2007-02-18 07:39:34 · 11 answers · asked by IsraeliPride 1

2007-02-18 07:37:18 · 9 answers · asked by karatemike2002 1

Hi. I was called for one day of jury duty. I remember seeing the pay stub in my papers but now can't find it. It was less than 25 dollars. Do I have to include this money on my income tax? I am self-employed so does jury duty go under the 1099 misc section? Do I just add 25 dollars since I can't remember the amount?

2007-02-18 07:32:01 · 2 answers · asked by Emma S 2

The business had published 1 book a year every year. Has not published in 4 years. New owner (me) has maintained S corp status, filed returns, (0 profit 0 expenses) but not published books yet. This year i wish to claim expenses for travel to trade shows and business equipment but I don't know if I meet definition of start-up since co existed for 20 plus years. I expect to start selling product in 1-2 years. Sole proprieter, small biz, international book publisher.

2007-02-18 07:30:47 · 1 answers · asked by luv books 3

My wife & I have made a number of improvements to our home in 2006. New roof, new deck, new windows & doors. Are we able to deduct the costs from our 2006 tax return?

2007-02-18 07:27:00 · 4 answers · asked by jrhbear 1

I can't find an answer for this anywhere. Do I have to report my federal refund from last year as income on my taxes? I know I have to report my state refund, but I can't find anything about my federal.

2007-02-18 07:08:23 · 4 answers · asked by URwhatUread 2

2007-02-18 06:56:00 · 5 answers · asked by misterluvaman 2

We cannot do efile because everytime our tax agent goes to file our taxes it comes up that someone has claimed the 4 kids. Each year we have to send the kids report cards and any medical papers we have showing that we have had sole custody and care for these kids. Is this our only recourse? The irs has been informed, they are the ones who told us to send the kids papers, but this hasnt stopped the problem. She hasnt seen these kids in years, I believe is on welfare with atleast 3 other children, how can she or possibly even her and her mother continue to do this?

2007-02-18 06:51:54 · 9 answers · asked by Honey 2

I was on tempory assignment with my job for 12 months and I needed someone to take care of my house and two cats while I was gone. Mowing the lawn, feeding the cats, and generally watching over things.... I paid a friend $200/month for this help. I think I should be able to deduct this amount... I think anyway...

2007-02-18 06:47:02 · 2 answers · asked by dog_pile_1 1

My hubby and I are building a new home this year. We are paying for our closing cost at the time of closing. We also have a capital loss carryover ($2500)and some medical deductions($3350 or the limit) by the end of the year we will also have our intrest and closing cost that we can deduct. We claim 4 for withholdings but should we cange it to 5 for the rest of the year since we know we will have so many deductions and then change bak to 4 begining of next year? We dont really care about getting a hugh refund every year, this year we got 4600 back and only had the capital loss carryover. Would it be that much of a difference on his paycheck each week and on the refund next year?

2007-02-18 06:30:50 · 2 answers · asked by BELLABELLA 2

Earlier this year I cashed in a mutual fund that was a custodial account that my grandparents set up for me so I could buy a house. In February the account was transferred over to my name (from my grandparents AND my name) and was worth about $40k which was all put into the down payment for a house. Considering this was a gift that was compiled over time, do I have to pay taxes on it?

2007-02-18 06:10:17 · 5 answers · asked by Anonymous

I have a friend who is buying a house from an elderly lady.
He will pay a little over what she owes on it (750K)
What are her tax consequences?

2007-02-18 05:42:35 · 2 answers · asked by artguy90291 2