United States - July 2007

even she is not us citizen yet

2007-07-30 06:58:08 · 5 answers · asked by roger_varnadore 1

My wife and I filed with HR Block last year. The preparer told us that if my wife, who makes about 35K contributed to a ROTH, we would get a bigger tax return. We forgot to contribute in the required timeframe. Now the $4K contribution we made to her ROTH shows as a 2007 contribution instead of 2006. BUT, I was told by another tax profesional that a ROTH is nondeductible so Its not a big deal and I just need to adjust my records. But Im pretty sure that claiming that $4K contribution gave us a bigger tax credit on our 06 return. We got about 600 back insted of owing 2-3 hundred without the contribution. What should we do???
Oh yeah, The IRS has NOT contacted us about this. I just know we made the contribution late and imagine its only a matter of time before they catch on.

2007-07-30 06:50:51 · 6 answers · asked by Anonymous

2007-07-30 06:46:05 · 5 answers · asked by christine 1

an hour if you make $30,000 a year?

2007-07-30 06:09:45 · 18 answers · asked by Anonymous

Do you believe that our current tax code system is too complicated and needs to be modified or restructured? Is it possible to make radical changes or would it be too difficult to change?

2007-07-30 05:50:04 · 6 answers · asked by pisces02 4

2007-07-30 05:47:50 · 5 answers · asked by pete.wolff@sbcglobal.net 1

Grandma owned her house free and clear (in PA). Her grandson was living with her while he went to school from 1998 until 2004. In 1999, she added her daughter (who never lived there) to the deed.

In 2005, she became unable to live on her own, left her home and moved into her grandson's house.

Before leaving her home, she transferred her remaining half of the house to him, so that he now shares ownership with his mother.

Mother and son now want to sell the house, which has been empty (not rented) since grandma left (she had a lifetime tenancy written into the deed and recently died).

With no mortgage and no purchase price paid, is the entire selling price considered capital gains?

Also, we're aware of the 2 year ownership/living stipulation. Does it matter at all that the grandson lived in the house for 6 1/2 years, but only owned it for two and it wasn't his primary residence during those two years? Is there anyway to reduce CGT? (and what is the current rate anyway?). Thanks much

2007-07-30 05:34:59 · 4 answers · asked by Wonderland 3

For example: I purchase a house for $100,000 and sell it for $200,000 six months later. Do I subtract improvements, realtor fees, etc. from the sale price and THEN figure taxes? If this gain is personal income, can you still subtract improvements, etc. or do you need to be an LLC or some other type of entity? Thanks.

2007-07-30 05:15:38 · 3 answers · asked by bpchlop 2

When my husband did our taxes this year, we owed $90. My friend told me that the first year you own a house you get a really good tax refund because of all the interest you pay. Is this true? Should I look into this to see if we can get some money back?

2007-07-30 03:29:09 · 10 answers · asked by Anonymous

My husband thinks that it does. We live in Tennessee.

2007-07-30 01:32:13 · 4 answers · asked by kimmye2007 1

2007-07-29 22:11:26 · 2 answers · asked by Nika 1

Hi! Ok, I am confused. Please help me with what expenses go in what catagories on the schedule C. Specifically, below:

1. "Office Expense" DOES THIS MEAN OFFICE SUPPIES LIKE COPIES, INK, PENCILS, ETC OR SPECIFICALLY OFFICE RENTAL??

2. "Supplies" OR WOULD THIS MEAN THE PENCILS, PAPER, INK ETC?

3. "Equipment" WOULD THAT BE APPLIANCES BOTH LARGE AND SMALL LIKE A WHEEL BARROW, CD PLAYER, STEREO, ELECTRIC PENCIL SHARPENER, FAX MACHINE, ETC.

4. "Wages" I ONLY USE INDEPENDENT CONTRACTORS, BUT I DO PAY THEM, WOULD THIS BE CONSIDERED WAGES OR CONTRACT LABOR?

5. "Contract Labor" WOULD THIS BE WAGES I PAY MY INDEPENDENT CONTRACTORS, OR PEOPLE THAT I WOULD PAY TO DO SHORT TIME JOBS? (I only pay them as well on an independent contractor basis)

It is important to know that I do not have any employees, just me, except my once inawhile independent contractors, which does fall under the legal definition of which.

Also, what is the diff between cash & accural method? THANK YOU!!!!

2007-07-29 21:17:18 · 6 answers · asked by ImaDork2 2

Me and my Fiancee' would like to get married in the near future maybe a year or two. In the meantime can we file our taxes as married even though we are not legally married? We live as husband and wife in all aspects of a commonlaw marriage, (known as husband and wife to people, share finances, share bank accounts, and co-habitate naturally) so my question is do you actually have to be legally married to someone to file that way on your taxes? I ask this because we are technically considered commonlaw in the state we live in we just aren't recognized as commonlaw because we've never gone through the paperwork. (And yes there is some) So can i file that way? Also can I take his last name even though we are not married?

2007-07-29 21:14:32 · 7 answers · asked by Sebring6969 2

My cousin hired a lady to clean, cook, and take care of a 7 years old. She gets pay in cash ($100 from 6:30am to 5:00pm, M-F). Her husband who's a contractor, or plumber, or something of that sort gets pay in cash as well. They have 2 kids, a 17 years old who just graduated from high school and a 9 years old. They are a household of 4 living on welfare. How can they be living from the government if they make enough money to pay their bills, does it mean that they aren't reporting any taxes? How little do people have to make in order to be qualified for welfare, because an approximately $4K-$5K a month for a family of 4 is not that bad (not great, but they won't starve for sure).

2007-07-29 21:09:33 · 10 answers · asked by c00kies 5

I live in Georgia if that matters. I've heard that if your under 18 and someone else is claiming you as a dependent then you get all state and federal taxes back. but which ones are they and am I right on this. I will seek a professionals help come april but I was just wondering for now. (&& yes I'll pick a B.A.) Thanx!

2007-07-29 20:18:42 · 4 answers · asked by James H 1

there is no custody agreement I provide 52% of his support

2007-07-29 20:15:37 · 6 answers · asked by musycministry 1

I was told that we do not need to pay interests for accounts in domestic banks. Not sure about it.

2007-07-29 20:11:59 · 8 answers · asked by Andy 1

I work for a company as a consultant, so I report my income on a 1096. I recently took out a loan from that company which I already signed a note saying I will pay it back in a certain number of years. Do I need to report the loan on my income tax report next year?

2007-07-29 18:18:45 · 5 answers · asked by yunimark 1

I thought I had made all my payroll tax payments on time. How I have find out I was $197.00. Da*n, the pentaly and interest is over twice the short payment. Is there any way to convince the IRS to set aside the pentaly?

2007-07-29 17:21:14 · 2 answers · asked by Rocky J 2

2007-07-29 16:01:41 · 5 answers · asked by Anonymous

2007-07-29 15:55:29 · 11 answers · asked by Edith Piaf 4

i live with my mom, am 19 years old and just got a job at a hotel, but when filling out my tax form i noticed you could either put one or zero as dependent. Someone had also told me that putting zero would mean i would have less taxes taken out of every paycheck, but another person said this was bad and that they would take out MORE. I was just curious about this and wanted to know if anyone could help me figure this out, thank you.

2007-07-29 15:27:07 · 1 answers · asked by broken.bones 2

2007-07-29 15:23:02 · 5 answers · asked by then_bi_said 1

My dad is still alive and he wants to inherit me some money in life. He lives in Nicaragua and he is nicaraguan (not a US citizen or anything). Do I have to report this money to the IRS?
Do I have to pay money on this inheritance?

Thank you

2007-07-29 14:16:21 · 5 answers · asked by JC 1

How did we manage as a nation 100 years ago?

http://losangeles.craigslist.org/sfv/rnr/384687050.html

2007-07-29 13:09:38 · 4 answers · asked by ? 6

2007-07-29 12:27:56 · 5 answers · asked by star_bright083 2

to pay federal taxes. does that mean , as a Scottish citizen who worked in the US for 8 years. that i could legally ask to have my tax refunded?? are my chances of getting this back slim or none??

2007-07-29 12:27:14 · 8 answers · asked by Anonymous

2007-07-29 11:27:29 · 11 answers · asked by Anonymous

I'm starting in fall and even though i 've received scholarships and grants there is still money that needs to be paid in either the form of a loan or out of pocket. My parents are willing to pay the remaining portion just as long as at least part of it is tax deductable, if not they told me that i have to get the loans. They are going to be paying $5,000 per semester. I'm going to be attending a private school the tuition is $33,000 and the Room and Board is $10,000 totaling $43,000 per year. My scholarships/grants are just a little over $33,000 per year, so they would be paying the rest. Let me know if there are any credits/deductions that they can claim, thanks. P.S it's going to be my first year in college if that makes a difference.

2007-07-29 10:59:06 · 9 answers · asked by Anonymous

2007-07-29 10:31:05 · 2 answers · asked by JUAN D 1