United States - February 2007

I have student loans that I use for tuition, book, school supplies, housing, and everything else it takes to live. Is there a place I have to claim these loans?

Even though I am using mostly loan money to pay for my tuition do I still qualify for the South Carolina state tuition tax credit?

Thanks

2007-02-18 05:39:38 · 3 answers · asked by zekbone 1

I worked at a company for 2 months before leaving for a better job. I haven't received a W-2 from them yet, but they've been giving me excuses about not needing one from them.

2007-02-18 05:39:21 · 3 answers · asked by wc3_blair 1

Previously, i was working for the company in New york up to Dec 05, but I was sent to the UK at the beginning of Jan 06,When i bought the house in Nov 06 in new york, I was working for the London UK branch of the company and on a UK payroll, therefore I never got my W2. Do I have to file my taxes, and if so how? Will I have to pay US taxes as I already pay UK taxes. P.s. Whats the deadline to file taxes for dec 06?

2007-02-18 05:38:09 · 4 answers · asked by SQ 1

My sister's ex boyfriend hasn't lived with her or her son since befor he was born. He hasn't paid court ordered support either.
Recently, my mother (who has been caring for both my sister and the child) went to get her taxes done and was told that YES she could file that the child is her dependant. She did and she was notified that someone already has.

The child is 6 1/2 months old and has been living with her the entire time.

What are the Legal ramifications if any.

I'm noticing now that this happens ALOT...BUT from what the tax preparer told my mother, this is blatant disregard of the law...

2007-02-18 05:34:27 · 4 answers · asked by Anonymous

can I take these deductions if she agrees? Her only income for 06 was my alimony.

2007-02-18 05:01:49 · 3 answers · asked by Livin' in NH 1

Were can I find the simple rules for dealing with Capital Loss Carryovers. I have a loss carryover from last year and some short term losses from this year that exceed $3000. What is the arithmetic for frigurin the NEW loss carryover to 2007?

2007-02-18 04:43:25 · 4 answers · asked by jer 1

My son made 10,777 last year as a graduate student. He paid in 1002.00 in federal income tax. He did get tax credit for Lifetime Learning Credit, but Turbo Tax also figured in 103.00 in Earned Income Credit because he fell within the guidelines. According to Turbotax, he's entitled to a refund of 1,024.00 even though he only paid in 1002.00

2007-02-18 04:34:18 · 5 answers · asked by coupe 2

Can a big purchase item such as a car or a boat, or the interest paid on the loan used to purchase it, be used as a tax deduction?

2007-02-18 04:33:57 · 8 answers · asked by Sunshine1 3

the home is not in our name.

2007-02-18 04:19:01 · 2 answers · asked by Mary F 1

2007-02-18 03:53:43 · 7 answers · asked by NIKKICAT 1

Okay for this year I filled out 0 and am also having $10.00 taken out this was told to me by a CPA and that is what she tells her kids to do. I am 30 and single and I have also been told to take as much as 3 on the sheet?!
Can someone please tell me what they think is best for me in 06 I did 2 and 1 on state....

Thanks!!

2007-02-18 03:46:14 · 2 answers · asked by Anonymous

Should I invest in a ~6 month CD or other plan to maximize profits? I make ~90K. Should I put away around 40% of the money I earn? What are my options?

2007-02-18 03:38:58 · 3 answers · asked by Scotty 3

2007-02-18 03:26:28 · 5 answers · asked by Thomas G 2

I started renting out my personal house on Dec 15, 2006. Prior to this date I did some painting and bought some appliances. The IRS says if I rented my house less than 15 days I do not have to claim income. Can I deduct these expenses next year?

2007-02-18 03:20:22 · 2 answers · asked by Anonymous

The services themselves cannot be deducted for a cash business, but can expenditures in performing the services be deducted?

2007-02-18 03:11:03 · 2 answers · asked by Stewart A 1

2007-02-18 03:06:11 · 7 answers · asked by ChuckBoutwell 2

2007-02-18 03:03:58 · 5 answers · asked by globalme 1

if i buy a laptop for the office depot website online would i still have to pay taxes?
i live in michgian if that matters

2007-02-18 03:02:28 · 17 answers · asked by Anonymous

2007-02-18 02:55:59 · 2 answers · asked by L a B 2

2007-02-18 02:15:01 · 3 answers · asked by Anonymous

I am full time employed, and have a business which I do get payed for throughout the year. But my expenses exceed my income. (for the side business) Showing a loss, for the last 3 yrs. This business is the same field as my full time job. My side work is to keep me fresh in my industry. So I spend my own money earned from my full time job..SO, because I do have little income from my side work I need to report that. Yes, I do get 1099's. the loss is minimal, but still a loss..

2007-02-18 01:53:56 · 3 answers · asked by shortline1 1

2007-02-18 01:29:54 · 8 answers · asked by ron s 1

Ok so I know I just asked a question just a few moments ago asking if I should Itemize or standardize...and everyone says standardize. In the tax world what does "deduction" mean anyways?? Is that how much I would get back or how much the IRS gets from me?? because my standard is 5150 and my itemized is 28. So if I went with standard, I'd only get 28 bucks back?? Reason why I ask is because the 5150 is more than I've made all year, its way more than my income of 2000.

How I make that little is I work a job thats 5.15 an hour, have no car, no house payements since I live with my mom and am attending college. (Nope can't claim college expenses since its all through finacial aid.)

2007-02-18 00:08:53 · 7 answers · asked by misscountrylover777 2

2007-02-18 00:02:10 · 5 answers · asked by juggernak 1

I'm filing out my tax returns through a program called TaxCut and I've come to the point where it says Standard vs Itemized. I don't understand what they are asking me to do. My standard is $5,150 and my itemized is $28. When I click "Why would i choose itemized" it says "Unless you're filing a Georgia, Oklahoma, Utah, or Virginia tax return, you should use the standard deduction we selected for you." I'm filing an Oklahoma return so when it says "If you are filing a Georgia, Oklahoma, Utah, or Virginia tax return, you could benefit from itemizing deductions on your federal return, even though it results in higher federal tax." what does that mean??
I need help!!

2007-02-17 23:35:50 · 6 answers · asked by misscountrylover777 2

In giving hand me down clothes,household items,towels,shoes through out the past year.What type of cash value in chairatable contributions can you claim,before you need reciepts,for tax preparing?

2007-02-17 21:38:01 · 3 answers · asked by Anonymous

2007-02-17 20:33:43 · 9 answers · asked by densheng 1

I sued my abuser, who molested me and who was convicted to 8 yrs in jail for damages, (i believed it was punitive but also for me to get money to get therapy, I saw a therapist to get the judgement) and was awarded part of my the overall settlement, now myself personally would definately not feel the gov't has any right to touch this money since it was to repair my deep suffering, but since the gov't is heartless, i need input, i just wanted some of your thoughts b4 i hear back from my lawyer (he should know)
and if i do have to pay tax on this money, would it be treated as real income? that case i would lose most of it :(
thanks

2007-02-17 20:03:05 · 6 answers · asked by kym_marie 1

If one is there with green card or H1B visa

2007-02-17 19:02:28 · 5 answers · asked by Rajeev S 1

I just exercised some ISO stock option by buying and holding the stocks. I have not sold any of the stocks yet. Do I need to report to IRS now about the exercise?

I understand at the end of the year I need to report it on 1040 for AMT calculation. I just don't know if there something I need to file right away, say within 30 days of my exercise.

2007-02-17 18:29:47 · 3 answers · asked by Ken L 1