United States - March 2007

I worked around 14 hours and I get paid 7 dollars, the owner wrote me a check for 88 dollars and i didnt say anything because I thought it was righ but whe i got home I thought about it and he owes me around 105 dollars but maby hes right because I dont know how much they tax I live in St. Louis Missouri

2007-03-27 09:27:31 · 6 answers · asked by ♠DistaUkr♠ 2

I searched answers, but nothing seemed like a good answer, so here's my question.
Let's say I start a company. I end up owning 10% of company. It gets sold. My share of the sale is $10 million. I don't have any significant write-offs to make a dent in the $10 million.

Questions:
1. Would it matter if it was paid in stock or cash?
2. Would it matter if my company was an S corp vs a C corp or LLC?
3. How much tax will I owe?
4. If I used that money to purchase a house or investment property (real estate), would I owe less taxes?

2007-03-27 09:25:38 · 3 answers · asked by D 1

I don't know how to simplify this.

2007-03-27 09:09:26 · 10 answers · asked by Jim O 1

i want to know how fast i can get it and how long it will take and how much the taxes will be

2007-03-27 08:13:47 · 6 answers · asked by milan05 1

I moved to IN on August of last year and all my earnings are from IL. There was no tax withholding from IN and I don't own a house so I have no Real Estate taxes either. Do I still file for IN even if I have no earnings, no deductions or any credits there?

2007-03-27 08:04:34 · 5 answers · asked by Me 4

I re-characterized my 2006 Roth IRA contribution ($500.00) to a Traditional IRA in March 2007 when I realized I was not eligibile. I've already filed my 2006 tax return. How do I need to amend my tax return in order to reflect the recharacterization? I know I'll be receiving the 1099R and 5498 in 2008.

Do I just fill out Form 8606, since I'm not eligible to deduct the Traditional IRA? Anything else?

Thank you.

2007-03-27 07:44:44 · 2 answers · asked by Reena 1

The income that they said was not reported was a part time job and I didn't make but like $4000 with that job and about 18,000 at my fulltime job. Since I made sure that they had all income reported this time, would they not bother me about owing the money when they claimed that all my income wasn't reported for 2005 and send my whole refund to me? I also sent a paper into them and I said on their paper that I would try my best and have the taxes due by April 17th. I was wondering will they send me the refund for 2006 and then I will have to mail them a money order or will they take it right away? My friend said that if they send me the refund then I don't have to worry about it and they must have made a mistake on their part. Any advice would be greatly appreciated. Thanks.

2007-03-27 07:39:42 · 7 answers · asked by Butterfly28 1

2007-03-27 07:30:38 · 8 answers · asked by Kathy B 1

The FairTax Act:
-Repeals all corporate and individual income taxes, payroll taxes, self-employment taxes, capital gains taxes, estate taxes and gift taxes.
-Imposes a revenue-neutral personal consumption tax on all new goods and services at the point of final purchase.
-Business-to-business transactions and used products (which have already been taxed) are not subject to the sales tax.
-Rebates the sales tax on all spending up to the poverty level.

2007-03-27 07:29:54 · 6 answers · asked by sjsosullivan 5

http://www.irs.gov/pub/irs-pdf/f1040ezt.pdf

This is for the elderly and disabled who aren't normally required to file taxes.

Good Luck & Bless

2007-03-27 07:29:18 · 2 answers · asked by Wood Smoke ~ Free2Bme! 6

2007-03-27 07:10:47 · 7 answers · asked by kbos 2

For a married couple that are 68 & 64 years old and have received 24K in Social Security benefits, 3k in pension distributions, and 2K in interest income,

is it required for them to file their taxes?
It was my understanding that SS income was not taxable, but im not too sure about the pension and interest income.

2007-03-27 07:08:51 · 18 answers · asked by emjay 4

My wife and I just bought our first home and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly , and have a, before taxes, combined income of roughly $70k. We have 3 kids and will also recieve the full child care tax credit. The mortgage interest and property taxes for 2007 will total around $9k. What kind of number could I roughly expect to get back in my taxes for 2007?

2007-03-27 07:00:37 · 8 answers · asked by joconn10 1

2007-03-27 06:57:24 · 4 answers · asked by spotpitcher 1

I have been offered a job and would like to know the best way to get most of my money on payday. I am a single mom of two and I want to know if I should have taxes taken now or pay taxes when I file. I don't know how this head of household or dependents thing work. Any information would be helpful. I would be making $11.00 hour, 40 hours a week. Thank You

2007-03-27 06:51:07 · 5 answers · asked by Anonymous

My wife and I have 2 kids and claim 0 on our w-2's. We get approximately 2500 in tax return.

I don't want a tax return. I would rather use the money to pay off debt. I don't want to pay a tax bill either.

How much should I withold and how much should I claim?

2007-03-27 06:48:11 · 4 answers · asked by Jason L 1

We are wanting to sue our tax preparer. What kind of attorney would we contact to do this?

2007-03-27 06:04:14 · 5 answers · asked by Jessica K 1

This is the first year ... I got a life insurance policy for my cat ... how do I handle it when I do my tax return?

2007-03-27 06:01:07 · 6 answers · asked by Reserved 6

2007-03-27 05:44:13 · 4 answers · asked by Anonymous

I own a small online business of wholesale goods. Im talking to a school now that wants to purchase around $350 worth of goods from me.

My online business is not really registered with BOE or anything like that. It is just under my name I believe.

Right now, a school wants to purchase from me.

Theyre asking me to fill up a form, which includes filling up the "Business Name" and "Tax Identification Number".

Would you guys suggest that I still push through with the order, that I have to give my SS, name, and DBA? This is my first time accepting a purchase order, and I dont really want to lose this client just for this small reason.

My only concern is that giving my SS to the client might lead into a "audit" problem in the future, if ever irs investigates me.

I do plan however to sign up for a business permit this April, so this probably be my only time doing a PO under my name.

2007-03-27 05:35:42 · 3 answers · asked by Black J 1

thank you

2007-03-27 05:07:54 · 30 answers · asked by Lynda 1

My Father died in 2006. He lived on Social Security and had a very small lawn mowing business. His wife has no job or income and is not old enough to get Social Security. I have always done my Father’s Federal tax return as they are relatively simple.

My question is, what, if anything, do I have to do differently to do the him dying last year? Is there any special form to file or way I need to change the way I do the return since this will be his last?

I have not checked the IRS website yet…. So, any and all SIMPLE information and / links to get the right answers would be helpful. Thank you.

2007-03-27 04:57:17 · 5 answers · asked by Dog Lover 7

I live in my mother's house (she doesn't), and I pay the mortgage, interest and property taxes. The property taxes average about $2,500 a year. Would I be able to use that as a deduction, even though the house is in my mom's name?

2007-03-27 04:30:37 · 8 answers · asked by Shoddy 2

2007-03-27 04:27:53 · 5 answers · asked by Harold C 1

In 2005, my taxable income was about $55,000. I deducted $3400 extra which I shouldn't have and which will raise red flags (gambling losses, home office expenses, mountain biking costs).

If I get audited, what would be the penalty? Is it worth filing an amendment?

2007-03-27 04:22:26 · 5 answers · asked by bellas 1

I'm a student working at a part-time job. I didn't make a ton of money this year. It was certainly less than 5,000. I'm wondering how much I have to make to file taxes. Do I need to file? The only thing they took out of my checks was fica and ss.

2007-03-27 03:58:16 · 3 answers · asked by wrestlingtomboy 1

My employer issued a W2 in January and then send me a W2C in March. Can I /should I enter both and submit an e-file via Turbo Tax when filing before the mid April deadline? How can I be sure that both numbers have been reported by my employer to the IRS to ensure that my return is not rejected or trigger an audit. My W2C earnings is much lower than that reported in the W2.

2007-03-27 03:50:40 · 5 answers · asked by twindynasty 2

I am trying to get my tax info from my old job, but the place I was working fo decided that this year they would give all of our info (everything even social security numbers) to a 3rd party and have us go through them to get get our w2's. They gave me (and everyone who is still working for them) a website and a phone number to this place. When I tried to get my w2's the page had an error and now it says I have to pay them to get another copy. I tried calling them but it is completely automated.

I still haven't gotten my w2's and everyone I talked to had gotten their's said they were inacurate.

This is such va headache and I don't ever remember signing anything saying that they could give my info to a third company that makes me pay to recieve my w2's. Is this something I should call a lawyer about or maybe the news?

2007-03-27 03:35:55 · 4 answers · asked by InuYasha chic 2

I have a Ford Federal Direct Loan. The 1098-E stated $1,162 collected. I calculated that I actually paid $692.30 in interest(I needed a forbearance for part of the year.) Any help would be appreciated? It is all rather vague at the IRS website....hmmm imagine that!

2007-03-27 03:33:18 · 4 answers · asked by forest_heritage 1

Tax Question ~

What if your income from 1099's is alot less than expenses?

What if you want to show an income this year?

Is it possible to just throw receipts away & not claim them to balance out what you want to claim as income?

2007-03-27 03:12:35 · 6 answers · asked by lisamarie_625 1