United States - April 2007

I am doing my state taxes from last year and this year, I live in Illinois and worked in Indiana.

2007-04-15 14:04:40 · 2 answers · asked by L H 1

I filed a correct return. Two months later, they have asked me for additional documentation (on capital gains, line 13) that is clearly not required based on the instructions in the 1040 instructions. A delay of two months of funds has a significant interest realization. So... they can charge me interest if I delay in providing a correct return, but are not responsible if they do not play by their own rules. Why, and what recourse do you suggest, if any? If they want an audit, why don't they just do so? If I were audited, would they also hold my funds until I proved to their satisfaction that I was following the applicable tax laws?

2007-04-15 13:54:08 · 5 answers · asked by kelly 1

For financing purposes on an investment property, I sold my partner all but 1% of my shares (no compensation was received). My CPA tells me that this will trigger capital gains treatment on my negative capital account. I understand the technicality at hand, but feel that this is unjust. Does anyone know of precendent against my CPA's opinion?

2007-04-15 13:26:56 · 4 answers · asked by Mitt 2

I own a six-month old single-owner LLC, which I operate out of my house. I want to purchase a car to use for my business. My company is a telecom-consulting business, so the primary use for the car would be to drive to client appointments and to take packages to the local shipping store. I typically don't do much personal driving during the week after business hours.

I am not sure if I should pay cash for the car, or if I need to finance the car. Which is a better write-off?

My wife has her car, and we use it primarily for family functions. So, how much could I use the company car for my own personal use without the risk of doing something illegal (tax-wise)? My wife would probably never use the car, even though she is technically an employee.

2007-04-15 13:12:47 · 2 answers · asked by Tony D 2

the lawsuite where h and r block was over paid for doing taxes how to find out if recieving a refund

2007-04-15 12:54:31 · 2 answers · asked by ter391965 1

When I get my taxes done (at the office with a pro) should I give them the transaction from my paypal account with

a.)ALL (ITEMS BOUGHT AND ITEMS SOLD)

or

b.)JUST THE ITEMS THAT I SOLD?

2007-04-15 12:31:29 · 1 answers · asked by twist 3

my husband owes back child support and i am wondering if our refund will go to that. we signed up for the rapid refund so i am wondering if we will get it or not, does anyone have any insight?

2007-04-15 12:25:38 · 5 answers · asked by Anonymous

2007-04-15 12:23:04 · 6 answers · asked by hendricksfan01 1

Its the 15th, and its a sunday. Is it too late? Can i do it tomorrow?

2007-04-15 12:22:48 · 8 answers · asked by Anonymous

i have already recieved my income tax refund (state and federal) a couple of months ago. the other day there was a deposit in my account for several hundred dollars from the irs. could this have been a mistake?

2007-04-15 12:21:05 · 8 answers · asked by Cornell is Hot! 4

If i use a check AS MY MAIN AND ONLY E-BAY PAYMENT, do i have to file that on my taxes, can e-bay report me to the IRS if i don't?

2007-04-15 12:09:29 · 3 answers · asked by Anonymous

2007-04-15 12:08:45 · 5 answers · asked by Jessica S 2

1)i buy on ioffer.com and sell on ebay.com When i go do my taxes do i have to say
a.)THE FULL AMOUNT OF $$ THAT I MADE (NOT PROFIT)

OR

b.) DO I NEED TO TELL THEM MY NET PROFIT (THE PROFIT I EARN FROM RE-SELLING. for ex.) i buy for $40 and re-sell for $60 = $20 profit

-please specidy wich letter is correct once filing a tax return


2.)ALSO, I'VE MADE AROUND $700-$800 (CHOICE A.) ABOVE TYPE) AND AROUND $300-$500 PROFIT (CHOICE B TYPE) . SHOULD I FILE THAT ON MY TAX RETURN

3.)DO BUYERS HAVE TO FILE THEIR MONEY SPENT ON THEIR TAX RETURN?

4.)CAN THE IRS CATCH ME WITH THE AMOUNTS I MADE STATED ABOVE? SHOULD I FILE THE AMOUNTS OR IS IT NOT WORTH IT.

5.)ALSO, IF I SELL THINGS ON EBAY AND THE BUYER USES A CHECK AS A PAYMENT METHOD, WOULD THE IRS CATCH ME FOR THAT OR NO? SHOULD I FILE THAT?

The person who answer A L L of my question (in that order) will recieve the best answer. PLEASE SPECIFY YOUR ANSWERS LIKE THIS:
1.) YOUR ANSWER TO MY QUES.
2.)
3.) ETC.

2007-04-15 12:05:23 · 2 answers · asked by Anonymous

2007-04-15 12:04:30 · 3 answers · asked by ? 2

I know it's like this in European countries where you just submit receipts and get a check back for the full amount of tax you spent.

2007-04-15 12:01:43 · 4 answers · asked by chuck 2

2007-04-15 11:42:25 · 3 answers · asked by blazing_fire 4

This is a simple question, but complex to explain perhaps, but here goes nothing:

I have 2 jobs. Job 1 will max out my social security contribution as my pay is >97500. Job 2 is a home business, with me as the sole employee.

Question:
I know that if I withhold social security from job 2, I will personally get a refund at tax time (happened this year). BUT, my home business, which has to match the contribution, does not get a refund. So, can I simply not deduct social security from my job 2 paycheck? And, correspondingly, can I avoid the company match altogether by doing this?

Or, will the IRS look from a company point of view and say "you have to match the first 97500 from each employee, period"? The employee can then get a refund, but the company is out of luck.

2007-04-15 11:28:04 · 4 answers · asked by UhOh1231313 1

i did not work in 2006 .i cashed out a $10000 ira early i know 10% penalty.i used the ira money and my savings to pay a $1200 a month @ 6% on a 135k mortgage.

2007-04-15 11:19:43 · 5 answers · asked by sagev_vegas 2

2007-04-15 10:42:33 · 4 answers · asked by trent 1

2007-04-15 10:28:31 · 5 answers · asked by Jericho 2

I volunteer for a non-profit organization. I travel extensively for meetings, etc, out of pocket, and I maintain records of my travel (receipts, expense statements).

Several of the trips are required as part of my responsibilities. Most trips exceed $250/trip. But the non-profit did not give me a written statement. I noticed the IRS is asking for a written statement from the non-profit saying I was not reimbursed.

Can I ask for a statement now to substantiate I did not get reimbursed for my travel last year?

2007-04-15 10:14:15 · 1 answers · asked by idahdespida 3

2007-04-15 09:52:34 · 1 answers · asked by King Midas 1

I received a 1099-MISC for money won in a civil suit on a court tv show (Judge Maria Lopez). There is $1400 in box 7 (Nonemployee compensation). I figured I need to fill out schedule C-EZ, schedule SE, and 1040. (Let me know if I'm wrong about that). My question is, what should I put on line A for business and what business code should I use for box B? I was thinking 999999, for unclassified establishments.

2007-04-15 09:39:26 · 3 answers · asked by Anonymous

Let's say I make $40,000, but I get lucky on a few stocks and I get $15,000 in capital gains this year. Let's also stipulate that this was unexpected, and the previous years I made an average of around $3,000. Will the IRS fine me next year for the underpayment penalty if those stock sales put me well over the $1,000 limit?

(Let's say I got a refund for this year, so my taxes paid in full.)

2007-04-15 09:19:28 · 3 answers · asked by John F 2

If my friend wants to sell her house now for about $500000, she will have to pay Capital Gains taxes on $250000 of the profit the way the tax laws are written now. Is there any way that she can avoid paying those Capital Gains Taxes to the State of California if she sells her house for more than $250000? From what I've heard from other sources, the only way for her to avoid paying the Capital Gains tax for any profits over $250000 is for her to get married, at which time her Capital Gains excemption goes up to $500000.

2007-04-15 09:12:57 · 3 answers · asked by todd s 1

Ok, I just filed my taxes a few weeks ago and owe the IRS a lousy $80. I am a second year college student and have not found any clear instructions as to where to send my $80 check to good'ol Sam. Where the hell is the money supposed to go?? The IRS.gov website is not much of a help. They want my $80, they oughta make it easy for me to pay'em!!! Ok...so someone help me out here! And don't give me your home address ;)

2007-04-15 09:04:01 · 5 answers · asked by Anonymous

is it true that if u file ur taxes so that u receive ur money the next day that they give u less money than if u file ur taxes so that u receive it way later on????

2007-04-15 08:38:21 · 4 answers · asked by Anonymous

Just wondering if i can claim my brother as a dependent? He lives with me and i provide more then half of his support. He's a college student, however he does own a business which is at a loss. Can i assume if his business income is less then 3200 i can cliam him as a dependent. And if so does he have to file a separate return for his business losses, thank you.

2007-04-15 08:13:31 · 5 answers · asked by unknownxz 1

I filed my taxes in February. I received my federal return about 4 weeks ago. When will i get my state tax refund back? I live in Utah county, UT

2007-04-15 07:58:30 · 2 answers · asked by ♥mybabyboy♥ 5

Since 2002, I've had someone claiming my daughter as their dependant illegally. I have a feeling it's her father forging my name on a Form 8332. Her father lost all rights to her due to child abuse and isn't even allowed to have supervised visits with her. Every year my e-file gets rejected because of her ss# being already claimed and I'm forced to mail in my taxes which caused my refund to get delayed by 3 weeks. I wrote the IRS in 2003 and in 2006 asking them to do something about it but it's still happening. I'm a single mother and can't afford a lawyer. How can I get the IRS to do something? Is their a form I can submit that would force them to investigate?

2007-04-15 07:50:22 · 6 answers · asked by L C 3