United States - August 2007

i am trying to find info on inhertiance tax and can't find any straight answers does someone know what kind of tax this is and is it in all states or just certain ones

2007-08-13 08:23:08 · 5 answers · asked by Betty R 3

For example, if I'm given a check for $3,000 what would determine the rate I'm taxed at. I know I'm taxed at a higher rate as the amount of the check goes up, but how is that bracket determined?

2007-08-13 08:15:05 · 5 answers · asked by MetalHeart 4

i am working as an apprentice carpenter on the minimum wage, should i pay tax on this

2007-08-13 07:46:53 · 10 answers · asked by Anonymous

I started a new job May 1st where I work from my home office. I'm a Sales Director and my corp office is in Phoenix. My company already pays for my landline phone and high speed internet service. I am being told that I can write off part of my mortgage as well as my utility bills. Other than telling me to talk to an accountant I am looking for some quick answers. Thanks!

2007-08-13 07:13:31 · 15 answers · asked by Emily B 1

2007-08-13 06:42:12 · 4 answers · asked by sting22 2

2007-08-13 06:31:16 · 4 answers · asked by LostKoss 1

My situation is the following: i owe about 16,000 to the IRS from 2005, and about 1800 to the state franchise board due to a family emergency we had in 2005, because of my parents health i need to leave to my country of origin to take over my family's small business. I might be gone for 1 or 2 years, maybe even longer , i cannot pay this money at the time, so i am thinking of going into bankruptcy , what will happen , do i still need to pay them after ? Im lost what will happen? this is a first for me"

2007-08-13 05:28:09 · 6 answers · asked by lobito 1

the state in which you live at the very end of the year?

2007-08-13 05:24:59 · 3 answers · asked by Anonymous

I have not filed taxes for the past 2 years and claim 9 on my taxes. I make roughly 60K a year. Can anyone help me out as to what I might owe? What items the IRS can get me for? Can I go to jail? I am not a homeowner but want to get everything taken care of ASAP.

2007-08-13 05:24:54 · 4 answers · asked by Jason J 1

I clean houses a few times a week and this is my only source of income. I live with my boyfriend and he pays for most everything, so I decided to clean houses for just some extra spending money so I didn't have to ask him for it. I make no more than $400 a month, so my question is, do I still need to file taxes?

2007-08-13 05:12:17 · 9 answers · asked by Tamara C 1

Okay, could you please give me your opinions on what would be my best option....the Hope Credit, Lifetime Credit or Tuition & Fees Deduction......I am a full time student, with my husband having the only income.....Married filing jointly with a MAGI of $35000......my tuition & fees are about $4000!!!!

2007-08-13 05:05:05 · 5 answers · asked by strtbikegrl 2

If i sold a car on ebay would i need to charge tax? would i get in trouble if i didnt if i do have to charge tax how much do i need to charge? and who do i pay the taxes to? I know nothing about things like this.

2007-08-13 04:32:15 · 6 answers · asked by ImWearingAHelmet 3

I am married (she works) and we have a 2 year old child. We plan on filing jointly.

2007-08-13 04:31:47 · 5 answers · asked by Serafin S 1

Her home has been in children's names (5 of us) for over 6 years.
When we sell, is there a trust we can put the money into for mom's use - without losing a lot of the sale money to taxes?

2007-08-13 04:13:21 · 5 answers · asked by Jean S 1

What do I do after I turn age 24 and I am still dependent on my taxes? I am currently a 19 year old boy from NY.

2007-08-13 03:55:35 · 4 answers · asked by Anonymous

For example, if I invested $100,000 and my profit is $10,000, totaling $110,000. Does IRS look at $100,000, $10,000, or $110,000 for tax deduction?

How much will they take out? 35%? I live in Texas.

Thanks!

2007-08-13 03:33:34 · 2 answers · asked by Magnix2k 3

When a traveling Nurse is Offered a tax free house or tax free car rental allowance when he/she takes an 8 weeks assignment....is this really tax free as he/she is told......or do they end up paying for it in the long ran...........thanks

2007-08-13 03:02:02 · 2 answers · asked by Ressie * 1

I have a full time job, but I have been doing freelance work on the side. I need to know what I need to do about taxes. I just started doing this and haven't even received my first payment yet. I plan on setting back 50% of what I make from freelancing for taxes. I already way over pay on my full time job. I need to know what form to fill out and do I just file it that same time I do my other taxes?

2007-08-13 02:54:18 · 5 answers · asked by Anonymous

I mean this is not in my case I'm just curious. Let's say your 60 years old and you decide to start filing taxes for each year you worked since you were 18. I was told the IRS dosen't look past 3 years. Just immagine how much money that would be if they did. Would they allow 42 tax returns.

2007-08-13 02:24:55 · 5 answers · asked by Anonymous

Long story short, the s%%%ty business I worked for never sent me a duplicate w2. I tried endlessly for 6 months and they don't return phone calls--if they did it would be considered "their job".

So anyway, the places I worked in '05.. can I still file? I've read that you have 2 years. If so, where can I download the 1040EZ form for that year?

2007-08-13 00:37:39 · 10 answers · asked by PlasticTrees 2

Say I have, hypothetically, 20 relatives, and they all wanted to give me $12,000 in the same year. I know they would not be taxed on their end because of the yearly gift limit their allowed to give. But would I be taxed on my end, seeing as how I'd suddenly be $240,000 richer?

Wouldn't the government consider that income, and then want a chunk of it?

thanks for any insight you can offer.

2007-08-12 23:02:50 · 7 answers · asked by jimbob 2

I just found out I owe roughly between $9,000 to $11,000 in state and federal income taxes for 2006 from a failed business venture. I checked this with an accountant, and I definitely owe the taxes. The company already filed it's return and my K-1, showing I had the income, so the IRS theoretically knows about it. I'm 24, have no assets or property, already have $2,000 in credit card debt, and have been unemployed for over seven months. I'm starting a job next month that will pay me $1,900 a month, so I was excited to get back on my feet. But I'm worried that paying off the IRS debt in installments will wreck me and ruin any chances I have to save up.

1) If I set up a payment arrangement, how much should I expect to pay per month, and for how long?
2)I haven't filed my return yet (got extension). How long b4 IRS comes after me?
3)What happens (realistically) if I ignore it? Could I claim Chapter 7 to erase it (making only $30,000 a year)?

I really need realistic advice here.Thanks!

2007-08-12 20:25:05 · 6 answers · asked by Markarian 2

all right i need to know about how much i'm getting back on my taxes this year. i'm going to make about $21000 so far i've paid in 1000 federal i have 1 child and will be claiming head of household. i also bought a 78500 house. i paid 3000 at closeing how much will i get back? i was figureing 7000 but that sounds to high for a broke man.

2007-08-12 19:42:47 · 2 answers · asked by jonthegr8tone 1

I'm looking for a job so I can report taxes and stuff, and I was wondering, since usually tutoring and child caring jobs get paid in cash, can I still report and pay taxes somehow? Thanks.

2007-08-12 19:24:03 · 4 answers · asked by Anonymous

I am looking into setting up a home based Business as a part time thing. I have a day job and I would like to do this music endeavor on the side. I want this to be legitimate but I know I will be making very little money and writing off a lot in tax deductions. Does anyone have experience in with this type of scenario? Is there a reasonable expectation that IRS has around how much revenue needs to come in for how much you are writing off? I don't want the Business to appear fraudulent although I have more to gain from a tax deduction basis.

2007-08-12 17:10:56 · 3 answers · asked by rothchristian 1

if i bought a ball at walmart for 1$, and then became a famous baseball player, and sold the ball to some fan for 1million? Would they tax the 1 million?

2007-08-12 16:47:04 · 9 answers · asked by Anonymous

if you make 30,000 a year and inherit 100,000 will this make your income 130,000 and your taxes will be much higher...or do they take some estate tax from the inheritance before giving it to you.

2007-08-12 16:28:45 · 2 answers · asked by janie 7

like a relative for instance to avoid the government taking it all, how could the taxes be handled?

Would they do best to do two tax returns one with and one without the inheritance and then deduct the difference from the inheritance.

The person potentially inheriting the money from a relative down the road will be eligible to switch to an ex-spouse's social security in 5 years..currently the person leaving the money has no will but kind of implied, the SSI recipient is going to get some money but worried they will not be able to keep any and may want to leave to someone else in order to help the person who is struggling.

2007-08-12 16:12:30 · 3 answers · asked by janie 7

Can anybody send me a link, also as a michigan residents, what will my take rate be for capital gain taxes. I will make 50,000 this year from my job and 180,000 dollar profit off of the investment property.

2007-08-12 16:00:04 · 3 answers · asked by Jay 1

Amount would be about 150,000

2007-08-12 14:04:29 · 8 answers · asked by Mary K 1