United States - April 2007

I have a simple question that I hope somebody can shed light on. When you make more money from one year to the next and you move into a "higher tax bracket" is your total taxable income taxed at the higher percentage, or just the amount that's over?

For example, with 15% tax up to $50K (taxable) per year, that's $7500 paid in taxes. When your income goes over $50K, let's say to $51K...

Do you pay 15% of $50K and 25% of $1K

or

Do you pay 25% of $51K??

2007-04-18 09:24:39 · 12 answers · asked by Thegustaffa 6

will the the state allow you to set up payments?

2007-04-18 09:20:31 · 3 answers · asked by Anonymous

2007-04-18 08:04:19 · 6 answers · asked by sugar_n_spice1429 1

associated with the transaction as a medical expense on schedue A?

2007-04-18 08:01:19 · 4 answers · asked by juslow 1

How do you get an extension?

2007-04-18 07:52:44 · 11 answers · asked by OustFantastic 2

In 2002 when I filed my taxes I went to a local "home business" that was run by a woman out of the basement of her house. In previous years I had only received about $200 to $500 back in income tax checks. Nothing had changed as far as my employment for the 2001 tax year.
When I went to this lady, she told me that because I was paying on a student loan, the irs owed me $1000 back. Althought I had never heard of this before, I figured she knew what she was talking about and went along with it. I got a check back for about $1700 for that tax year.
Two years later the irs made me pay back that extra $1000 plus intrest because I had filed for too much money. I was angry.
What I don't understand is why didn't the irs go after this woman who filed the taxes? Her name and address was on the papers. Several of my friends who filed with her had the same problem and had to pay the irs back as well.

2007-04-18 07:42:29 · 14 answers · asked by Cheryl J 2

2007-04-18 07:24:18 · 7 answers · asked by Chris M 3

My mother has transfered her house 300k to me and my husband in 2006. However, I don't think she filed form 709 before the tax deadline this week.

Please let me know if she can still file it today. will there be any penalties since it's late? should she worry about this?

2007-04-18 07:13:11 · 2 answers · asked by mark 1

I was unemployed 1/2 of 2005 and all of 2006. I began working for an LLC in Jan of 2007. Taxes are not taken out of my paycheck. My question is, do I need to file a 1040-ES? There is an EXCEPTION listed on the first page of the form stating that if I had no tax liability for the full 12-month 2006 tax year - I do not have to pay estimated tax for 2007. I am married filing jointly, does that have any change in the situation? Where can I get a definitive answer so as to begin making estimated payments or not have to worry about this.

2007-04-18 07:09:28 · 5 answers · asked by Brian P 1

I know that the IRS prohibits using the ACTUAL EXPENSES METHOD during the first year of vehicle usage (i.e. 2005) and then using the STANDARD MILEAGE deduction for the succeeding years (2006)...But I tried to circumvent this rule by the ff:

I want to shift to the STANDARD MILEAGE method this year and subsequent years. Therefore, I filed an amended tax return (1040x) for 2005 and changed my vehicle deduction from Actual to Standard Mileage. Then I included a payment with the return to make up for the resulting tax deficiency.

I then filed my current return for 2006 using the Standard Mileage method which is easier and allows me a larger deductible this year. Is this allowed?

2007-04-18 07:00:50 · 3 answers · asked by john e 1

2007-04-18 06:33:53 · 11 answers · asked by christiansareawesome 4

I submitted my forms last night and paid my taxes, but how do I get the paperwork to the IRS if I filed electronically? Do I still have to send them in via mail?

2007-04-18 05:15:48 · 6 answers · asked by SDTerp 5

my refund was due in Feb. First it was delayed, then gonna be deposited, then computer audit, called and told Im gonna be mailed a letter in two weeks, get letter which says computer audit is happening call three weeks from date of letter, call and told I have to wait up to 45 days for someone to contact me. How long can this go on? Why cant I get a straight answer? Is there any help available on this, if I made a mistake I just wanna correct it and get my refund.

2007-04-18 05:00:24 · 3 answers · asked by brotherless27 2

I live in PA. My father passed away last month. I'm sole executor and beneficary of his will. At this point, his debt out weights his assests by about $50,000. His house and cars are his only assests and once they are sold he will still owe at least $50,000 to creditors. Will I have to pay any inhertiance tax on anything? When everything is said and done I will not get anything.

2007-04-18 04:57:09 · 5 answers · asked by Anonymous

I am from New York City, and I started a business there last year. I also work a full time job in New York City that I receive a w2 for. This past month, I moved to Connecticut, and also moved my personal business to Connecticut, but I still work my regular job in New York City. My accountant only gave me vouchers to pay federal estimated taxes, but not state estimates. I also recall him telling me that if I work a regular job in New York, that all my income, including my personal business will be taxed at the New York rate, even though the personal business is run out of Connecticut. Why then did I not get vouchers to pay New York State tax? Is this a mistake?

2007-04-18 04:51:35 · 3 answers · asked by fridcicles 2

I had my taxes done for free by aaarp electronically on Mon 16. They call my work number and left a message telling me it was rejected because my 15 year old daughter who also had her taxes done by them had claimed herself as a dependent. She works 1 1/2 hours a day from a work study at the high school. I asked if I was allowed to claim her and was told yes. These people put in all the information in the computer and told us what our refunds would be. I owed state 104.00 and send the payment off that day. These people called on the 17 at work but I was not there that day but they also had my cell phone which they did not call, so I get the message on the 18. My return was rejected because the person who did my daughter taxes filled in my daughter claiming herself as a dependent who is 15. I tried to contact these people but is not getting any help. The message said I need to mail a copy of my filings out but the due date has passed. Will I be held responsible for penalties & interest?

2007-04-18 04:35:22 · 6 answers · asked by gingersnap 1

The mortgage lender didn't want a forecloser and the house was worth less(after being appraised) than we were told, 6 months before, when we refinanced.

2007-04-18 04:35:10 · 4 answers · asked by NSD 1

I haven't filed my taxes in the last three years and this year I decided to file them along with the previous work year, but I need to know is there another way to file the state part of it for the preveous years without using a professional. I have already filed the federals and the state for the last year, but I have three more to go.

2007-04-18 04:00:11 · 4 answers · asked by Maximus 1

4800 shares of stock. I got 1/3 in stock. The executor (my sister) sold the 3200 and distributed 1/3 of the cash to her and 1/9 each to a church, a college and a granddauhgter as specified in the will. Her accountant says I have to pay 1/3 of the capital gains on the sale of the 3200 shares even though I received none of the money. I later sold most of my stock and paid capital gains on it already. The other inheritors aren't paying any of my capital gains for me. What can I do?

2007-04-18 03:44:57 · 2 answers · asked by jimmie49 1

My wife worked for someone in their home in 2006. Her employer paid her in 2006, but didn't file the 2006 W2 until 2007. Do I have to wait until 2007 to claim these wages...or can I claim them in 2006?

2007-04-18 03:40:25 · 6 answers · asked by Mustardayonnaise 1

Sorry for posting this, I am just very impatient.

2007-04-18 03:25:40 · 3 answers · asked by Anonymous

I filed fed/state taxes w/ turbo tax and took a deduction for having a home office. I was a 1099 employee, working from home for part of the year. I did not file a business name w/ the state of CO though. I'm a bit confused as to whether I filed correctly. Can I take this benefit although I do not have a business name?

2007-04-18 03:22:13 · 2 answers · asked by SPR 1

She is a hair stylist and uses her lease vehicle to travel to clients houses....she has a log of her travel. Is the actual lease payment able to be written off?

2007-04-18 03:19:53 · 5 answers · asked by ungerstew 1

The amount that my accountant projected a couple of months ago for what he said were my "Federal" taxes due is quite a bit higher than what he ended up sending in to the IRS. They're also not called "Federal" they're called "Individual Income Tax." Are they the same thing?

2007-04-18 03:19:50 · 4 answers · asked by homer742 3

2007-04-18 02:49:33 · 5 answers · asked by Anonymous

I do not owe any taxes - just procrastinated.

2007-04-17 23:47:00 · 5 answers · asked by Todd S 2

My accountant have efiled my p/tax with bank details(with sufficient bank balance ) on 4/16/07.But rejected due to a mistake in SSN # of my wife.He corrected it and resent it on 4/17/04.(Don't know it is again rejected or not).

Whaterever it might be,whether I will be liable for penality or interest? (Now Accountant says funny explanations )

Can anybody knows a correct answer.(don't write refer IRs....).If you know answer it. other don't waste our time.

2007-04-17 23:04:22 · 4 answers · asked by jn j 1

I am 18 years old, a full time college student and am living at home. My parent's claim me on their tax returns. However I started working in summer of 2006 and made over $600, maybe around 5K-6K total?

I know that you are suppose to start filing your taxes if you make over $600, but honestly it never crossed my mind that I might have to until today because I've never done it before. Was I suppose to file my taxes? If so, will I get into any trouble for NOT filing them?

Thanks!

2007-04-17 19:43:05 · 9 answers · asked by NATZ 1

On the Oregon 40S form, it asks what my "2006 federal tax liability ($0-$5000)" is? Can someone explain how I calculate this?

2007-04-17 18:30:24 · 4 answers · asked by dmeyers503 3

2007-04-17 18:27:52 · 7 answers · asked by tmjmdejm 1