United States - April 2007

i got a question from my textbook,, is toll&parking for business that paid by employee deductible? from the book, it's deductible under the actual cost method, but i checked the IRS, it said it's not deductible. http://www.irs.gov/publications/p17/ch26.html#d0e62028
does anyone if it's deductible or not? if yes, then what is the limitation?

2007-04-24 18:01:58 · 3 answers · asked by jingcong w 1

if i am an employee and i have 70,000 dollars salary, single, 36 yrs old. does my FICA withheld need to be report in return for 2006?

2007-04-24 16:36:28 · 6 answers · asked by jingcong w 1

I know this is a bit counter-intuitive due to the fact logic says you should attempt to lower the numbers you report to the IRS. However, lets say your small business made $2,000 in profits as your side business on $15,000 in revenue ($15,000 - $13,000 cost of goods). What would happen if you, for example, say your business made $1,500,000 in revenues, and with $1,498,000 cost of goods?

Its still the same profit, and you're not evading your taxes in any way. Just simply grossly overstating them to make your business seem larger than it really is.

I would like to hear some comments on this, and please, no rude remarks.

2007-04-24 16:35:29 · 6 answers · asked by Anonymous

For the past nine years I have been receiving mail from the IRS for the former owner of my home. Every year i write " return to sender, does not live here", but i continue to receive his mail from them. It is as if they do not process that information upon receiving the returned mail.

2007-04-24 16:24:28 · 3 answers · asked by Kim L 1

I know about prop 13 , but it makes me pay the taxes that the other people are not paying, This is not fair and how can we stop this?Every one around me pays half the taxes I do and thay think it is fair IT IS NOT AND THIS MUST CHANGE NOW.

2007-04-24 16:07:26 · 4 answers · asked by Anonymous

I have taken my taxes to him, and he has been saying for about 3 months that it would be next week before I received it. I have called atleast once every week since and he said the same "next week". He has recently stopped answering his phone and not returning my voicemail calls, when I contact the goverment they say no information is in the system and now it is past the deadline so I would be charged a penalty but he told me it was filed BEFORE I called them. Although I haven't paid him yet, he has told me he has filed it in January now it is April..Could legal action be taken against him if I am indeed charged a penalty?

2007-04-24 16:04:12 · 3 answers · asked by Just wondering 1

2007-04-24 16:01:56 · 3 answers · asked by mark e 1

u r an employee, u got 12000 dollars bonus that should be paid at December 2006, but due to unexpected maintenance cost with the company. you will get paid on 1/2007. So do u include the bonus in 2006 return or 2007?

2007-04-24 15:50:39 · 5 answers · asked by jingcong w 1

Years ago my husband and I income averaged, and we were neither farmers not fishermen, but it looks like now they are the only group who can???

2007-04-24 15:50:27 · 3 answers · asked by Anonymous

I'm still not sure how this tax check works out. I never seem to get one or something, unless my parents get it. Shouldn't I get a tax check?

2007-04-24 15:43:27 · 4 answers · asked by Anonymous

Let's use an example for clarity.
Say you buy 100 shares of XYZ stock at $10 for $1000.
Six month later you buy another 50 shares of XYZ at $15, or $750 for this trade.
Another six month later you sell 75 shares of XYZ at $20 and receive $1500 for this trade. (After this you still have 75 shares left.)

Ignoring commissions, how much capital gain/profit do you report on that sale of 75 shares?
How much tax might you pay on that sale if you're already at the maximum tax bracket in your state?

Thanks in advance.

2007-04-24 15:23:24 · 4 answers · asked by SC 1

2007-04-24 15:10:07 · 2 answers · asked by miasmami 2

I sold a 2 family house last month for $280K where my family and I resided in for 7 years (we lived there 2 of the last 5 yrs).
We were told that we would only be required to pay half of the capital gains taxes on the profit of the sale?
We will be seeking legal support to pay the taxes due next year but wanted to be prepared and have an idea of what to expect?
Thanks for any advice in advance!

2007-04-24 15:03:25 · 2 answers · asked by (no subject) 4

Is everyone who gives someone a 1099-Misc Income suppose to file a Form 1096?

2007-04-24 13:33:15 · 2 answers · asked by Laurie S 1

Recently I made some money as a freelance real estate person. 1.) How should I pay into my social security account, and 2.) Since I live abroad, can I avoid making payments to medicare for something I will never use.?

2007-04-24 13:06:31 · 2 answers · asked by lesblane 2

In other words I am looking for a tricky way to reduce my Gross Income for taxes and save as much as possible for retirement. My thought is this: If I increase my exemptions for withholding to 8 and then I increase the percentage of money put into my 403b plan to 15% I can be putting more money into retirement and giving the government less money in taxes. Will this work?

2007-04-24 12:32:39 · 5 answers · asked by D G 2

i don't understand. Mom and dad has a child. Mom and dad have court order saying everyother year each one claims child. Regardless of whom the child lives with. Why does one parent not get the tax break? Why have it set up this way if it serves no benefit? State of wisconsin. I thought that regardless of who lives with who the purpose of claiming a dependent means that you get the EIC or tax break? What am I missing?

2007-04-24 11:57:07 · 9 answers · asked by Anonymous

i have questions about how much and what taxes will be taken out if i live in new hampshire and work in maine.

2007-04-24 11:34:31 · 1 answers · asked by Sunshine 2

2007-04-24 11:22:46 · 6 answers · asked by keena 2

His taxes were about double what his neighbor's taxes were (comparable homes). Can I file for the exemption as soon as I buy the home, or do I have to wait until a certain date?

2007-04-24 10:51:29 · 4 answers · asked by Brooke B 2

How much in tax would I have to pay on $70,000 .And will I also have to pay penalitys.

2007-04-24 10:38:17 · 3 answers · asked by LONNIE J 1

Do life insurance premium, medical insurance premium and 401k plan deduction the same as medical expense?

2007-04-24 10:34:02 · 5 answers · asked by jingcong w 1

Well before I make the big plunge I am in need of some help and second opinions are always handy. I am buying a home and must pay 20K in prepayment penalties and another 17K in closing costs. To get the montlhy payment I can afford on a 440K loan I will need to withdrawl from my previous employers 401K plan. My plan is to pull out the minimum amount to cover the closing and to pay off car/visa debt that I am inheriting. If I pull out $40K (only 8K after tax) from my 401K how much will I need in mortgage interest & points to completely offset what is withdrawn from the 401K for the purposes to determine adjusted . The goal here is to NOT owe any fed/state tax. BTW I live in California. If I don't make this withdrawl for 1 I won't be able to afford the mortgage and secondtly I'll continue to pay up to 10% interest on the debt I've inherited. So if anyone has any brilliant ideas I'm all ears.

2007-04-24 10:00:22 · 5 answers · asked by verhooven01 1

now i have read i should have filed anyway,am getting two stories,what is correct?

2007-04-24 09:20:40 · 3 answers · asked by kmgabbard07 1

This company is a real estate co. it pays with 1099. I dont bring in loans, and i dont advertise for real estate. i just work in the office as the loan processor. I'm not sure what kind of deductions I can use for my taxes next year? Any idea. Anything will help.

2007-04-24 09:14:45 · 8 answers · asked by Anonymous

Is this true? How does it work? How far back will they go, as in years?Can they really throw a person in jail for not fileing?

2007-04-24 09:11:31 · 6 answers · asked by rockpendragoon 2

I'm technically an "independent contractor" but I didn't keep any reciepts last year. I received the advice to just write stuff off anyway (my write-offs are definitely unsubstantiated, I pretty much guessed because I didn't keep records, and I filed already). I'm realizing that I'm really worried about an audit and this isn't worth it- I would rather re-state my expenses (decrease them a lot) and get on a payment plan with the IRS. Does anyone have any advice of what I can do? If I file a 1040X, will that trigger an audit anyway? And can I get on a payment plan if I file a 1040X? Or should I just not do anything and hope I don't get audited? What will happen to me if I get audited don't have reciepts to back anything up? I know this is stupid and I should have thought about it before, but this is my first year as an independent contractor...

2007-04-24 09:10:23 · 4 answers · asked by Erin N 1

2007-04-24 09:02:07 · 5 answers · asked by ashley m 1

2007-04-24 07:36:33 · 4 answers · asked by Hawkeye 1

My sister is out of the country. Her state and NY income check arrive and I want to cash them for her.
She had a bank account which was frozen 5 month ago.
I have my account and we both have the same last name.
I have a citibank account.
My brother's check ($143- NY) was deposited as well on my back account and I din't not have a problem
Somehow I am afraid with this state refund ($2000). can someone tell me if i could proceed the same way for her checks?

PLEASE HELP!! she really needs this money

2007-04-24 07:23:57 · 6 answers · asked by V BEBE 1