United States - March 2007

Do I use 1040x and if so where do I enter it?

2007-03-27 16:21:37 · 2 answers · asked by tfisher 1

As a real estate investor, my wife loaned 2 different people money for real estate endeavors. Each loan was secured by the properties in question. For the interest that my wife was paid on the loans, is that considered interest income (as in 1099-INT) or ordinary income?

2007-03-27 16:16:57 · 6 answers · asked by B 1

2007-03-27 15:56:42 · 2 answers · asked by reggie h 1

2007-03-27 15:31:13 · 3 answers · asked by nicolemarie5504 1

I make over $130,000 a year. My accountant just notified that I will need to pay over $20,000 in income tax. I am a strong believer in saving money, and therefore don't spend that much money (I guess you could call me cheap). But now I need to spend money in order to pay less income tax. What should I buy in order to pay less income tax. Should I buy a car and if I do, how much will it effect my income tax? What else should I buy (or do)?

2007-03-27 15:10:31 · 17 answers · asked by ColtsFan 1

I was laid off and gave severance package. During this period, I was told if the company need help, I obligate to help. Meantime, I found another job. So I was receiving the package and working for another job. I was told you can deducte the commuting mileages for going to the second job. In this situation, I was wondering if I can deduct the mileage for going to the new job?

2007-03-27 15:01:25 · 6 answers · asked by Jimmy 1

Married people get tax breaks that single people dont like twice the standard deduction. Sure there are 2 people in a marriage but they share as one.

2007-03-27 14:43:47 · 4 answers · asked by wisemancumth 5

I have a duplex that was purchased in 2006. Spent a month rehabilitating it and it was avail for rent beginning Sept 1 2006 but neither unit (prop mgmt issues) rented until early 2007. How do I account for the entry on my federal taxes?

2007-03-27 14:42:30 · 6 answers · asked by B 1

I just graduated college last May and have been working a full time job ever since. I have been living at home, however I have been paying my mom rent, buying my own food, and have my own insurance benefits. In my mind, I have been completely financially independent ever since that diploma was handed to me and have been claiming "1" on my W-2. After working for 7 months, my annual gross income came out to a little over $28k (15% tax bracket) and I payed a little over $4500 in federal income taxes. If my mom ends up claiming me as a dependent, am I going to end up having to pay the IRS more money instead of expecting a refund? Any help would be GREATLY appreciated as I am no banker.

2007-03-27 14:23:20 · 6 answers · asked by David G 2

If you cash out a 401k plan, do the federal taxes and penalty come out before you receive a check or will you have to report it when you file your taxes?

2007-03-27 14:05:48 · 7 answers · asked by supersarahs23 1

Assuming the person claim their own taxes

2007-03-27 13:45:28 · 8 answers · asked by Miguel O 3

are there stipulations to that rule? what if you have to pay in but it's not very much could you not file this year and file next year?

2007-03-27 13:32:04 · 11 answers · asked by Anonymous

i am a graphic designer.
i worked for 10 years as an independent contractor for a large company.
they then tried to stop working with me and offered me a small
settlement.
i hired a lawyer and went around in circles with them for a year and
they
finally gave me a settlement for copyright. they continue to sell their
products
with my designs.
the large company sold the company to another large company right after
they settled with me.
they never furnished me with a 1099 and when i pressed they said they
will
send me a 1099
indicating that the $$ was paid in settlement of a claim (box 3 - other
income) so that it is not subject to self employment tax. i never
received it.
but is this correct? do i have to claim the money i received as income
on my
self employment tax? it was not paid as wages as i had already left the
company a year before. also do i have to claim for federal and state
taxes? do i even mention it on my 1040 schedule c? if so where?

2007-03-27 13:06:42 · 3 answers · asked by hutch m 2

We initially booked a home and paid deposit of 3000$ for options, but later on backed out. The builder told us that they are not able to sell the home for a price so as to recover our deposit, hence we had to lose that amount.

Is there a provision to in taxes to report this loss and claim deduction?
Thanks.

2007-03-27 12:29:40 · 4 answers · asked by hskulkarnius 2

2007-03-27 11:51:24 · 2 answers · asked by Anonymous

Has anyone here thats been waiting for their refund had help from the tax advocate? Well its taking mine forever to get to me and finally the tax advocate lady finally stepped in, she said that she entered my info in the computer and if all goes well then the IRS will issue me a check last Friday. So last Fri she called back and said all went thru and that the ckeck was in the mail so now if hope to god its in the mail how long does it take to get to me? Do they mail it that Friday? I live 4 hours from Austin and the checks coming from Austin. Or has anyone had they're fund come to them from the tax advocate??

2007-03-27 11:50:56 · 2 answers · asked by sonia o 1

I claimed myself as a dependent when I filled the form employers/government have you fill out when you mention the number of dependents in your family. These are my demographics:

Single
33000/year
1 dependant (myself)

Will I qualify for a refund or do I have to pay taxes?

2007-03-27 11:48:00 · 14 answers · asked by Anonymous

i am in australia, i do the payroll someone tell me the bonus is not need to pay superannuation? who give an answer?

2007-03-27 11:34:52 · 1 answers · asked by blueeyes 1

I paid cash for someone taking care of my son, but have no receipt and have no SSN from the babysitter, I only have her name and address, She does not want go give me her SSN, I am guessing that she does not want to claim this as her income. Can I still be able to file this on my tax return? If IRS audit me, what would be defense with the IRS? Will I get in trouble? P.S. My wife and I both have a full time job, will this be good enough to show the IRS that we definitely pay for someone to take care of our son while we are both at work?

2007-03-27 11:18:30 · 6 answers · asked by ChildCare 2

When i started my job i was an independent contractor where they were not taking taxes out but then i became and employee. How do i file the 1099 and the W-2 and what is the best site to do this on? Will these be filed together? In the past i always filed my taxex online with turbotax, taxact or something like that but i didnt know if i could do that again with the 1099 now included. The 1099 stuff is new to me and i really need some help on how to do this?

2007-03-27 11:05:09 · 3 answers · asked by Thyk L 2

My husband and I were married in 6/06. We both had primary residences. I sold mine and moved to his home. Then he was promoted and transferred 800 miles away, so we had to sell his home. He also sold a rental property in Alabama for $25,000. We have figured out the primary home issue, but what do we do about this rental property?

2007-03-27 10:59:29 · 2 answers · asked by juneaulady 4

This is my first year to be married. I filed may taxes as single. WIll I be penalized for this. My wife is in the process of getting immigration papers together and was issued a tax id #. We have tried to have the employer to send her W-2 form again because it was mailed to the wrong address. We were married 3/24/2006. I have already recieved my refund which was very small. Do i need to refile or is this at all possible. I just want to do the right thing.

2007-03-27 10:48:36 · 5 answers · asked by cwright51890 1

are there any provisions in the tax code that would allow me to deduct a capital loss against a traditional ira account? say some one had purchased an american common stock at it's high's and it later became a penny stock or had depreciated 80 or 90 percent.. is that a deductible loss on a tax return. if no,. why not and if yes please give a scenario in which this would be allowed.

2007-03-27 10:29:10 · 8 answers · asked by amazed 3

What percent of federal taxes do they take out? What about state?

2007-03-27 10:26:57 · 4 answers · asked by ajhundley3 2

how do the individual states in the United States tax a persons estate when they die?? is the estate always the one responsible for paying the death tax or is the liability for such tax transfered to the heirs in some states?? what are the differences and types of death taxes (US only) i am referring to a decendents after tax assets such as a bank account,. i am NOT referring to tax advantaged or tax deferred monies such as 401k, 403b, 457plan or a traditional ira

2007-03-27 10:20:49 · 5 answers · asked by amazed 3

2007-03-27 10:15:36 · 5 answers · asked by danny 1

am buying a house need income verification.

2007-03-27 10:05:35 · 9 answers · asked by Miriam P 1

Can I fill out a form and send it in with my tax return so I don't have to pay it by the deadline or will I still be penalized? UGH!

2007-03-27 10:02:35 · 7 answers · asked by NewMommy 2

Has anyone claimed this deduction under the 50 mile limitation? Were you audited?

2007-03-27 09:37:58 · 7 answers · asked by dabozz 1

I am looking for a chart I can download and print out for my candle sales here in MN. I don't want to use a calculator, and I don't have a cell phone. Thanks.

2007-03-27 09:37:55 · 6 answers · asked by penwright_1029 2