United States - April 2007

I need to show an expense on my personal taxes: $5k investment into my S Corporation, but do not know where in my tax return this should be displayed. (BTW, the S Corp made has no revenue yet). I am filing the S Corp as a Schedule C and i'm using turbo tax business version to file the taxes.

2007-04-15 18:07:43 · 4 answers · asked by george 1

I am going to be graduating at the end of this year with my Bachelors in Accounting, and I will be CPA-eligible, and I want to explore options other than public accounting.

Serious answers only, please!

2007-04-15 18:03:23 · 2 answers · asked by The JZA 2

Before I left my previous job, I got money from the companies pension plan. I need to know what tax form to use. I have been using 1040ez.

2007-04-15 17:52:14 · 2 answers · asked by cat21159 2

I did get a state AND federal refund last year, and I should this year, but am not itemizing. Can I just use the figures from my last tax return and not worry about the actual form? Or can I find it online somewhere?

2007-04-15 17:34:08 · 5 answers · asked by Christina G 1

2007-04-15 17:28:59 · 1 answers · asked by Anonymous

For the past 5 years on my taxes, I have checked my status as "single", when I actually qualify for "head of household". This equates to more money!
Can I go back and ammend my previous returns to file as "head of household" and get the extra money I could have gotten?

2007-04-15 17:17:55 · 6 answers · asked by Janelle B 2

2007-04-15 17:17:41 · 4 answers · asked by scarlettohh 1

If I purchased a home and closed escrow in October, could I claim the taxes for October - December along with interest paid on my 2007 income taxes? What is the cutoff date in order to claim?

2007-04-15 17:13:05 · 6 answers · asked by josenspencer 1

I paid a foreign contactor to do software testing. All software testing was done outside of the US. How do I report the amount paid to the contractor to the US Govt? I believe I am suppose to file a 1099-Misc and put the amount in box 7? What do I use for the recepients identification number?

2007-04-15 16:48:42 · 1 answers · asked by Richard S 2

My daughter goes to kindergarten in a public school. It is only half day, but the parents can choose full day service for a fee to the school district. So her class lasts the whole day. It is this fee that I am not sure if deductible.

2007-04-15 16:43:49 · 4 answers · asked by Alan G 1

I earned a lot less than $600 as a subcontractor at tutoring, do I still have to file a schedule C with my other W-2 type salary.

2007-04-15 16:41:36 · 4 answers · asked by buckeye217 1

2007-04-15 16:29:02 · 1 answers · asked by David 1

Ok, Im a little confused. Apperently I must not be reading something right. But on “state and local general sales tax” publication 600. I seem to get a tax credit of $372. So where do I put this on my 1040? All the info I seem to find is pointing to put it in the income section that makes no sense.

2007-04-15 16:28:57 · 3 answers · asked by techgeek 1

What percentage (approximately)does the government take out of the salary of 35,000? I mean federal taxes , state and ss.....no kids , married but husband makes less than a 1000 a year....

2007-04-15 16:11:10 · 1 answers · asked by Anonymous

I'm going to be starting my first job in a couple of weeks, and i wanted to know how much i'll "really" be making... before tax i should clear about $580 ( 20 hours a week and 4 weeks a month at $7.25 an hour) How do i calculate the tax on that?

2007-04-15 16:07:07 · 3 answers · asked by Anonymous

My sister was working while going to school so she barely made any money in 2006, roughly about 1500 over the summer. she can not find one of her W2's and only has one that she worked for $600. She is refusing to file because she can not find the other W2 and that she barely made any money.. what can happen if she doesnt file even though she barely made any money and that she lost her w2? and how much money would she make if she did file?

2007-04-15 16:03:41 · 4 answers · asked by finallyamommy 3

If a family member likes to give you let's say 50,000$ is a personal gift better or investing in your corporation? As I started a company, what way is better & less tax costly? Thanks.

2007-04-15 16:03:24 · 7 answers · asked by Stella V. 1

In tax year 2006, Since I am over 50 years old, I contributed $5,000 to a traditional IRA because I wanted to reduce my taxable income. My 401k contributions brought my income just a little over $50,000 so I was able to reduce my income by most of $5,000. Is there a limiy as to how much I can have my employer deposit into my 401k account? My income will increase a little and want to be able to contribute more so that my 2007 taxes can be reduced by a $5,000 traditional IRA contribution.

2007-04-15 16:01:00 · 4 answers · asked by wizeman 2

I'm a recent college graduate who electronically filed my taxes early this year. I did not claim myself as a dependant and filled out my forms as such. However, after e-filing my tax returns, my parents found out that they can still claim me as a dependant for 2006. So I mailed a 1040X to amend my federal return.

In my original tax return as a non-dependant, I was supposed to get X value back. Now that I'm being claimed as a dependant, I'm supposed to get a lesser value back.

However, this past weekend, I got my refund back (via direct deposit) from the original return that I had sent through. That means the IRS gave me back more money than they were supposed to.

Does this mean I need to send a check back before April 17? Or should I wait for a notice from the IRS after they've processed my 1040X?

2007-04-15 15:42:44 · 7 answers · asked by Ness 1

In the past 2 years, I have lost more than $180,000 in the stock market. In order for me to claim the loss in my tax return, I can only do $3,000 a year. So it will probably take me 60 years, if I make no more gains nor losses.
I wanted to know if I have a S-Corp, will my profit (as a shareholder) be claimed as capital gains that I can claim against my $180,000 stock market loss.

So for example, if my S - Corporation makes profit of $100,000 after paying my normal salary, will this $100k go against the $180k, leaving me with $80,000 of losses to claim for the next few years?????

I have asked a few accountants that questions and none of them have an answer.

I guess it's a good question

2007-04-15 15:24:42 · 4 answers · asked by princemo4 2

I made $350 on a small gig and haven't received a 1099 from them. Will it be okay to not report it? Or am I playing russian roulette?

2007-04-15 15:20:54 · 7 answers · asked by Stan 1

I should have made 218.72 minus taxes, however I only have recieved 122.03. I'm trying to figure out how much, if anything, my employer owes me. I live in Bloomington, Indiana, USA, and earn approx 26k per year at 23 years old. Not enrolled in college at this point.

2007-04-15 15:09:45 · 8 answers · asked by farfrumpukin01 1

I just finished filing my 2006 tax return. I wasn't able to file my 2005 tax return year last year. So I want to go ahead and do that too, since I read that you only have 3 years to file a return. My 2006 tax return was just accepted (I don't owe money by the way, I get a refund for both Federal and State) - will the IRS reject my 2005 return or will they give me a refund on both returns?

I'm just confused because I also heard you can only do one return per year...

2007-04-15 15:07:49 · 5 answers · asked by fallen_confused 2

I am trying to figure out my sisters taxes and her employer has her down as box 7 nonemployee compensation, and due to this it requires that she fill out a Schedule C, C-ez, or a Schedule F which all is about a business which she is not. First question is... is she able to even fill out these forms when she isn't a business?? Second question... Shouldn't these wages be under box 3 (Other income)... She is talking to the accountant for the business but has been getting the run around, so Question three... How do I file for her??? ANY HELP!

2007-04-15 15:07:39 · 3 answers · asked by Jay P 2

2007-04-15 15:04:30 · 3 answers · asked by Darlene F 1

I am an Australian resident and recently on a trip to America I had a win at the Casino and they took tax out and I got a Form 1042-S. Can I get the tax taken out of my winnings back? If I can how do I go about it.

2007-04-15 15:01:51 · 0 answers · asked by Anonymous

2007-04-15 14:57:17 · 3 answers · asked by Darlene F 1

2007-04-15 14:52:39 · 3 answers · asked by Sherry H 1

I usually purchase items on iOffer.com and re-sell them on eBay.

So, I usually make around $20-$25 profit per item sold

But, when I go on paypal, click history, it shows me the GROSS and the NET AMOUNT of around $60 (the amount I sold the item at BUT I ONLY GAINED $20 PROFIT)

So, when I fill out my taxes, do I specify the amount of PROFIT or the SELLING AMOUNT?

*If your anwer is profit, how will I get the $20 profit I made onto my paypal account since currently it says $60* Since I buy things from iOffer and then sell on eBay with a PayPal account.

Also, should I specify THE GROSS amount or THE NET AMOUNT DURING TAXING?

2007-04-15 14:34:53 · 4 answers · asked by twist 3

My husband hasn't file his taxes for years and owes money,anyway we live in a small town and I keep seeing these commercials on tv for tax help(ronnie deutch etc.)saying they can settle for pennies on the dollar.My question is are these legitimate companies and are they real attorneys and can they really help and do you do this over the phone being that there in differant states etc.We really need help to settle this.

2007-04-15 14:18:16 · 3 answers · asked by pinkrose 1