United States - April 2007

I am trying to do some tax planning prior to selling a stock I have held for a long time (over 5 years). From my understanding, long term capital gains are taxed at 15% rate unless your taxable income would otherwise put you into a lower tax bracket, in which the long term rate is then 5%. Is the gain from the sale of the tax part of the taxable income? I have a very small annual income of about $20,000, but when I sell the stock, I will have a gain of about $500,000. Will it be taxed at 15% rate or due to my low income, will it be taxed at 5%? And if I wait until 2008 (maybe 2009) will it be taxed at 0%? The tax laws are very confusing in this area. Please help me out.

2007-04-21 11:09:10 · 3 answers · asked by georgebc53 1

My fiancee and I are about to start a new business, but I'm having personal problems with the IRS. If things don't work out with the IRS, I don't want to lose the business. Will incorporating the business seperate it from my personal issues and protect it from any IRS actions that may be taken against me?

2007-04-21 11:05:11 · 8 answers · asked by Ree 1

Do minors have to pay income tax for large sums of money? If so, what is the percentage? If it varies by state, what is it for Florida? Thanks!

2007-04-21 09:36:14 · 4 answers · asked by Cam 2

Me and my wife made a total of about $12,000 this past year our standard deduction is about 4500 plus she claimed 0 on her taxes so they were taking the maximum amount out of her check should we worry about filing or not?

2007-04-21 09:12:48 · 4 answers · asked by Wiliam M 2

2007-04-21 08:56:10 · 4 answers · asked by Anonymous

2007-04-21 08:40:58 · 6 answers · asked by Anonymous

i sent it in on 17th of april when will they get it and process it and it clears?

2007-04-21 08:05:01 · 6 answers · asked by ? 2

I have 1 child.

2007-04-21 07:37:23 · 4 answers · asked by Tanker 1

I live in New York state. I was just hired recently. This is my first time working in this state. say I make $340 a week gross...what can I expect to take home? (Claiming zero)

2007-04-21 07:23:33 · 3 answers · asked by tuxette3 2

Is there anyway I can still file that and get that money?!?!

2007-04-21 06:10:51 · 4 answers · asked by Ally, THAT girl 1

My employer overstated my income by $5000 by counting my bonus twice. I had to file my taxes with the incorrect w2 and just received the correct w2 on 4/20. I'm working on the 1040X form, but I had a refund of X amount on my original form. Now with the amended form I have x - 300 as my refund. Do I need to send in a check or what do I need to do to avoid penalities? Any advice be greatly appreciated. Couldn't find the answer on IRS website after 45 minutes of searching.

2007-04-21 04:49:50 · 6 answers · asked by Danny 1

I work as a private contractor in California. I recieved my first paycheck at a new place for less than the agreed upon amount per year...is this due to company tax witholding? It happens to be almost exactly 7.6% off, leading me to believe that this is the first round of taxes taken out...but I can't be sure.

Also, what is the other amount I have to set aside to send into the IRS per quarter?

2007-04-21 04:48:35 · 5 answers · asked by Anonymous

2007-04-21 04:11:45 · 5 answers · asked by ron r 1

2007-04-21 03:29:53 · 5 answers · asked by hungry all the time 5

2007-04-21 01:38:46 · 9 answers · asked by Garrity O 1

As an individual filing my Virginia taxes, do I need to compute a bonus depreciation value for my personal-use vehicle (i.e. not used for business)?

2007-04-21 01:25:54 · 1 answers · asked by downrightbefuddled 2

Also, if my wife makes money, can she claim me as a dependent even if I'm her husband?

2007-04-20 21:47:46 · 9 answers · asked by Wolffman 3

what tax form do i use?

2007-04-20 21:41:40 · 4 answers · asked by Yesenia 1

SEP- Self employed payment plan in lieu of social security deductions. Mandatory? How to arrange? What percentage of income?

2007-04-20 19:49:41 · 3 answers · asked by Anonymous

Can my friend claim his child on his taxes if his son has a job

2007-04-20 19:28:46 · 7 answers · asked by Phatcat 1

he did not inform me of this and the first info i got was a demand by the service for a large penalty and interest. The tax is paid. what can i do??? help??? is this penalty abateable?

2007-04-20 18:20:21 · 3 answers · asked by cervicaldisco 1

2007-04-20 18:13:40 · 7 answers · asked by Weezy 1

I just got my tax return via direct deposit. They refunded me short of about $250. I called IRS's automated system and the system tells me that I made an error with my tax return that was why it was short. So I went back and redid my form (since I don't have a complicated case) and I found that though I did make a mistake on my filing, but I was still short of exactly $75.

Not that $75 is a big deal, but what I would like to know is that: Does the IRS penalize you if they find mistakes on your tax return hence the missing $75? If it were $75.82 or some cent, then I would assume I overlooked a mistake, but the whole dollar amount leads me to think that it was a fine.

2007-04-20 17:14:41 · 3 answers · asked by bsbro 2

2007-04-20 16:00:18 · 6 answers · asked by ? would u do? 1

So, I filed for an extension because he was on vacation when I reliazed it. I sent a payment for the amount owed according to the amount the 1099 should have had. So I finally receive a call back from my employer he says it would be too difficult for him to go thru the process of changing it and he just wants to give me the difference on what I have to pay the IRS. What should I do?

2007-04-20 15:05:14 · 5 answers · asked by Me 2

If I am paying for their actual hours worked (it could be $0 too) and if some of the employees have other full time job, (a) do I need to provide benefits to hourly paid employees/contractors?
(b) Pay federal/state taxes as employer?
(c) What are my liabilities?
(d) Will other companies where my part time employees working, have issue with my company?

2007-04-20 12:51:03 · 4 answers · asked by D Shah 1

2007-04-20 10:56:15 · 14 answers · asked by gallop49ers2000 1

If i have a website that makes a lot of money is there some country I can set it up in where I would not have to pay taxes? if not which countries have the lowest tax rates?

2007-04-20 10:31:33 · 3 answers · asked by winetaster6 2

Is it true that our constitution states no citizen shall pay any direct tax to the federal government? If so, then why are citizens getting taxes taken out of the paychecks. You never see illegal aliens paying taxes. I know there was a man who challenged this issue in court and had the proof to back this statment and won the case. If anyone knows his name please let me know.

2007-04-20 09:25:27 · 2 answers · asked by just give me the truth 1

I'm trying to create a budget and figure out exactly what my husband will be taking home with his new career. Would it be 30%, 20%? Anything would help, thank you.

2007-04-20 09:10:23 · 4 answers · asked by seriously2sweet4u 2