United States - March 2007

One check is a regular pay roll check with a low hourly rate and taxes are taken out.The other check his boss says is a "bonus" but it is really the balance of his weekly pay. He does not take out any taxes from these "bonus" checks so now my friend ended up owing a lot of money on his taxes. Why would his boss do it this way? It all seems a little tricky to me but I don't understand. Please help explain what is going on? Thanks.

2007-03-16 03:02:49 · 9 answers · asked by Anonymous

I read it on my bank's website, but now I can't find the page. I was just wondering what this obscure holiday was! My accountant doesn't even know why?!?!?

2007-03-16 02:35:55 · 5 answers · asked by txmcs 2

When receiving a settlement for injuries sustained in an automobile accident I am aware that initially it is not taxed.Does that sum at a later time ever become income
and taxed.

2007-03-16 01:32:21 · 4 answers · asked by ababio99 1

I did a rehab project and used my credit cards to buy materials. Can I take the interest payments as a tax deductible until the balance is paid off?

2007-03-16 01:25:13 · 4 answers · asked by M-investor 1

2007-03-16 00:40:30 · 4 answers · asked by Strokes 1

Bought a duplex in Sept in TN, remodeled, and put it up for rent. We have ZERO income form the property (just recently rented in Feb), only expenses. Without any income generation from TN, do we still need to file a TN return? We had plenty of expenses in TN (which we captured on our Fed return), but the only thing turbo tax is showing on TN return is stock sales (which I am marking as non-taxable as I paid CA state taxes - my resident state - hopefully I did that correctly).

2007-03-15 20:54:30 · 4 answers · asked by B 1

2007-03-15 18:07:36 · 3 answers · asked by Matthew L 3

What will happen if IRS finds out that they are illegal?

2007-03-15 18:01:44 · 5 answers · asked by youvegot 2

Yearly, I file my income tax using standard deductions. As a single person, I an seeking other avenues for tax deductions.

2007-03-15 17:42:40 · 3 answers · asked by Boston_Legal_Fan 1

2007-03-15 17:23:15 · 3 answers · asked by Anonymous

I live in Fairfax VA, and I recently bought some property for cheap, and it was below its assessed tax value. My taxes are pretty high right now, so I was wondering if there is a way to have my real estate taxes re-evaluated so my taxes will decrease?

2007-03-15 17:05:44 · 4 answers · asked by HelpfulGuy208646 1

I had opened a Traditional IRA last April contributing for the prior year, then continued contributing throughout the year and then converted to a Roth in January 07 and continued my montly contributions towards the prior year. How will this effect on how I file my taxes?

2007-03-15 17:05:05 · 3 answers · asked by Anonymous

I am self-employed and I'm trying to wonder if I have to file a 1099-MISC to the IRS because I rented from someone a salon space for my business. Do I send a 1099-MISC to the person that I rented the space from? But I kind of think that a 1099-MISC is somewhat like a W-2. Am I right? I'm not really sure. Any help would be appreciated..... I already check www.irs.gov website already and that didn't really help.

2007-03-15 16:56:28 · 9 answers · asked by vathnaly 1

Since I bought stocks from 1998, I have not entered the capital loss carryover in the schedule D. I bought $60,000 stocks from 1998 to 2002 , Then $40,000 lost, I have $20,000 stocks on hand. But I never filed the capital loss carryover in the schedule D (line 6), for example, 2005 year I claimed I lost $1500 on schedule D (line 7), I asked deduction $1500 on form 1040 (line 13). How can I make up this problem now? If I sell the rest of $20,000 stocks do I have to pay tax for this $20,000? How can I claim my $40,000 lost?
Thank you for your help.

2007-03-15 16:18:17 · 5 answers · asked by jenny fi 1

On December 2005, there was a 3 for 2 stock split of JetBlue airlines. I had 100 shares before the split and 150 after the split.
I need to calculate the Tax basis of this stock. How do I determine that ? Thanks for your answers !

2007-03-15 16:13:32 · 4 answers · asked by businessnd 1

are there any new law for married couplles I heard a while ago that they were going to give married folks more money or a tax cut, i am not sure what its called.

2007-03-15 16:06:45 · 4 answers · asked by WellaTeam 2

2007-03-15 15:46:54 · 1 answers · asked by sillymonkey 1

Hi everyone we own a pool service biz and made about less than 50k in profits and my new accountant without reviewing everything says that we might need to pay about 9K, I was shocked since i thought the first year we didn't have to pay much since we really didn't make much, we actually refinanced our home to start the biz and now the payments are so high that we are close to foreclosure,and now he gives us that bad news, i am so dissapointed and thinking if its worth having a small biz because this year has been so tough and if we did make aournd 50k we will have to pay so much back, is this how it usually goes?

2007-03-15 15:45:37 · 3 answers · asked by WellaTeam 2

i am co-owner of a s-corp where, my parnter and i are 50/50. we currently need to pay ourselves 12,000.00 per month. we have payroll set up at 4,000.00 per month with ADP each, but the other 8,000.00 is needed to be allocated as best it can without high tax consequences. we do expense about 3,000-4,000.00 as "expenses" and 333.33 goes to a roth, and about 1,000.00 goes to simple IRA, but what about the rest... what are your guys recommendations as to where to "pay" ourselves without actually being paid and taxed up to kazoo.

all ideas, would be helpful and some direction would be greatly appreciated.

2007-03-15 15:39:31 · 2 answers · asked by D S 1

I've been hearing more and more about this and it kinda makes me ask..is there one?..You work for those dollars no, why pay TAXES for that..just asking.

2007-03-15 15:29:32 · 8 answers · asked by florincostacheusa 1

2007-03-15 15:27:15 · 3 answers · asked by Shana L 1

My fiances mom sent him one to sign but it has her name and info, why does she need his signature. We can't ask her because she's a little shady. Also 2005 & 2006 someone else claimed him on their taxes and he had trouble getting his return. Could this be related?

2007-03-15 13:58:34 · 7 answers · asked by texas mom 5

How do I obtain an instruction book and the forms to file for contract labor plus W-2's?

2007-03-15 13:12:15 · 4 answers · asked by mly101 1

I did it on turbotaxonline, but I ran out of ink.

2007-03-15 12:47:45 · 9 answers · asked by juju 3

The people I am going to babysit for want to claim what they pay me. Do I need to fill something out, or some kind of paperwork?

2007-03-15 12:27:19 · 3 answers · asked by Anonymous

My boyfriend received a settlement after he sued a company he worked for. The reason he sued was because they didn't pay him for nearly 3 months after he worked for them (he is an independant contractor). Is this money taxable by the IRS?

He called the Labor Board and they said no. Our tax prep guy says yes. Who's right?

2007-03-15 12:16:14 · 2 answers · asked by tomato 3

Can i open 401K with my employer now before April 17, 2007 and contribute to 2006 tax year and get tax deductions?

2007-03-15 11:46:42 · 3 answers · asked by Senthil 1

in the "other income" section, I have other income that quaifies as being tax exempt. Do i enter that amount anyway, or leave it out b/c its exempt?

2007-03-15 11:29:00 · 3 answers · asked by jezabella 3

We went to the largest tax resolution center in America for help.
It seems they are getting kickbacks etc. from the IRS because
all they seem to offer is Offers in Compromise. We would
like to have total debt elimination because we have proof
positive that we should deserve some relief and even a refund.
Anyone out there have problems with problem resolvers?

2007-03-15 11:11:49 · 2 answers · asked by Janell B 1

looking for irs forms

2007-03-15 10:51:34 · 4 answers · asked by raquel_pr@sbcglobal.net Gynealog 1