United States - August 2007

So, since I live in a 1 bedroom apartment, I do not have a room or office that I can exclusively use for my business. I do however, have a section of the apartment that I exclusively use. Does this count?

I am planning on meeting with a CPA to discuss, but wanted some knowledgable guidance before going in? I'm sure there is something that protects someone like me in the tax code...or maybe not. If so, maybe it's worth it to get into a 2 br apartment. Buying is not an option for me right now. So please, keep your responses to the apartment living situation.

Also, is the SUV tax break as sweet as it sounds. For a 40K Volvo XC-90, I'm calcuating 28,000 in write-offs the first year or more (though I guess it depends on usage and this is one of the reason where my home office write off comes in). And believe me, I own my own biz and derive 60% of my income from it.

Thanks!

2007-08-09 14:11:59 · 5 answers · asked by StockJunkie 1

Is it the consumer who is supposed to make sure taxes are payed, or the seller, if the sale is made over the internet then shipped to a different state? (by the law) please provide sources

2007-08-09 13:30:50 · 6 answers · asked by savage708 3

Some of my the people that I do business require a one million$ liability policy, so I spend more for car insurance than I would need to if it was just transportation...

If I were to lease a car, would the answer be different?

2007-08-09 12:33:10 · 4 answers · asked by John L 5

The fairtax abolishes all taxes and replaces them with a 23% national sales tax.

-The rich pay their fair share, rich people spend more and pay more taxes

-Businesses who left America because of the tax burden would return

-Criminals, drug dealers, hookers, pimps, illegal immigrants all pay the tax

-A check is sent home to every citizen with the amount depending on the number of people in your household. This prebate is makes up for the taxes paid on items necessary for life. So that helps out the poor.

For more info go to fairtax.org.

So would you want the FairTax implemented?
And why?

2007-08-09 12:16:54 · 7 answers · asked by Anonymous

I do not need any more taxes taken out and I will still get it all back next year. I am a single mom with 1 dependant. I live in NY state.

2007-08-09 11:51:55 · 5 answers · asked by dawn_20062006 1

2007-08-09 11:13:47 · 2 answers · asked by leo v 1

The college student that caught Barry Bonds 756 home run ball can be hit with a tax bill of as much as $260,000, whether he sells the ball or not. The IRS has declined to speak about it, which makes me nervous.

Do you think the US Government, including the IRS has TOO much power?

2007-08-09 09:57:11 · 6 answers · asked by Sarge1572 5

2007-08-09 08:26:47 · 4 answers · asked by unique 1

http://sports.yahoo.com/mlb/news;_ylt=ArsLkjGQCTqQvRFFv7iROjg5nYcB?slug=ap-bonds-ball&prov=ap&type=lgns

"Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said."

I don't understand why he would have to owe taxes on the "reasonable estimate" of the value of the ball if he never sells it? I understand paying taxes AFTER he sells it.

2007-08-09 07:21:58 · 12 answers · asked by trer 3

My brother was killed in a car accident and a few years later we were awarded money through the insurance company the car was carried under.
A percent of that money was taken out for inheritance tax's.
Is this money we were awarded for wrongfull death really requarded as an inheritance?
It don't make sense to me.

2007-08-09 07:08:17 · 6 answers · asked by whocares_3076 1

My wife is a nonresident alien with no US income and did not file a return. I filed as married filing separately, claiming her as an exemption and taking the standard deduction. Now I got back a letter from the IRS that says my standard deduction was rejected because "When your filing status is Married Filing Separately and your spouse itemizes deductions, you must also itemize. Information on your tax return indicates that your spouse itemized deductions; therefore, we used zero as your deduction amount."

If my wife didn't file a return, how could she have itemized deductions? Should we be worried about identify theft of her SSN? How does the IRS know from "information on your return" that my wife itemized? That doesn't make any sense...

The IRS representative on the phone wasn't helpful at all and wouldn't clarify what this letter means.

What should I do?

2007-08-09 07:04:32 · 9 answers · asked by Ben G 1

Recently, Tom Cryer was recently found 'not guilty' by a jury for 'failure to file' a tax return. Mr. Cryer stopped filing yrs ago. The judge, the govt attorneys, and the jury all cannot find the statute.

Tom Cryer was also allowed enter the Constitution into evidence, and numerous 'unanswered' letters to the IRS.

Do any of u read about this in the mass media?

2007-08-09 06:47:07 · 8 answers · asked by Anonymous

Are united states citizens mandated by law to pay federal income tax, if this is a law can someone show me where its a law, or where it is a requirement?

2007-08-09 06:46:17 · 19 answers · asked by Anonymous

Tax Lawyer, John Berrie says "Once he took possession of
the ball, and It was his ball, It it was income to him based on
it's value as of yesterday. $600,000 with $210,000 in taxes
say experts. Tax experts. Please advise Mat Murphy on ($_$)

2007-08-09 06:25:21 · 2 answers · asked by Anonymous

I was just wondering that,because since its a once time income will it be taxed like they do the lottery.If get the money from my lawyer will i have to report this to irs, because its just enough to buy a house and i would hate that the damn irs would have to take some of my money? so if any one can answer this

thank you

2007-08-09 06:04:02 · 8 answers · asked by Anonymous

2007-08-09 05:35:00 · 4 answers · asked by ? 6

cigarrette-makers and tobacco sellers who DON'T load their products with chemicals being over-taxed too?

2007-08-09 04:41:31 · 5 answers · asked by sincere12_26 4

2007-08-09 04:17:29 · 5 answers · asked by stacy h 2

http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns

The IRS intends to send a bill for $210,000 to the guy who caught a baseball in Giants Stadium.

2007-08-09 04:00:14 · 6 answers · asked by Anonymous

What tax laws might apply? When the ball was pitched, it was only worth about $5. When it was caught as a home run ball, it was then 'estimated' at $600,000. I believe the ball should not be taxed until it is sold for a profit.

2007-08-09 03:42:19 · 14 answers · asked by Staveros 4

Husband & wife owns a tiny neighborhood convenience store(sells groceries, beer & wine, lottery) & works 7 days a week (about 80 hrs/week). They've been working in this arrangement for past 5 years. They're getting a little tired physically cause they don't have any days off & bills need to be paid.

One day one of customer asks if we would hire him part time.

He says he has a regular full time job(cashier at some market similar to ours but bigger) where he pays taxes. Since he currently works Mon-Fri, he says he can work for us just on Sundays(9 am to 8 pm). But he'd rather want to be paid cash(at minimum wage($7.50/hr)). If we hire him, we can have Sunday off to relax.

Should we hire him with this arrangement?
I am just afraid of IRS or some government agency might come after us later on.
Or will IRS give us a break since we pay full taxes and the potential part-time employee pays taxes on his other full-time job? The store is in Los angeles by the way

2007-08-09 03:18:23 · 8 answers · asked by mane 1

I work for a company that lays out and designs residential subdivision projects. My boss is the owner of the company, and we've been lifelong friends.

He has worked out a deal with a developer wherein instead of charging our normal fees for designing his project, the developer is going to give my boss 3 lots in the development. EACH of these lots will be valued at approximately 150,000-200,000 dollars.

My boss has said he is going to outright GIVE me one of the three lots. I'm trying to figure out the best way to do this so that it minimizes the tax hit on both of us...

My boss and I have a side company we set up this year, an LLC with he and I as the only partners. Its purpose is to buy and develop real estate.

So, my questions are:

1. If my boss gives me a lot, is it considered a "bonus," and thus taxable as income, or is it a "gift?" What are the tax implications of the latter, if that's what it is?

2. Would there be any advantage to (see more below)

2007-08-09 03:12:05 · 6 answers · asked by Anonymous

I have heard something about a $500 rule for donating, but an confused? does anybody know the rules about donating and using them when I itemize my taxes?

2007-08-09 01:37:29 · 2 answers · asked by Anonymous

I am just got a new job and am filling out my W-4 forms and had a question. I am legally separated from my wife (soon to be divorced) and I have residental custody of her. My daughter will be living with me full-time. Am I a 'Head of Household' for tax purposes. The definition on my forms use the term 'unmarried.' I am assume that would be appropriate in this case.

Thanks

2007-08-09 01:30:21 · 5 answers · asked by Tri-Guy 2003 2

i had bought a car from dodge dealer and it turned out to be a lemon so i let it go back, and now the collection departartment that they hired tells me that they cancount it as my income for this year if i do not settle with them. they said that they would turn it into the irs and then the irs will send me a 1099 form if i do not settle with them.

2007-08-09 00:13:03 · 3 answers · asked by dillinger 1

How are you going to pay that kind of money if, let's say, you're unemployed? Would you see yourself forced to sell the ball because you don't have an income to pay the taxes?

2007-08-08 22:12:24 · 4 answers · asked by DODGERS FAN 6

now i owe around 6400$ tax,what should i do

2007-08-08 21:39:12 · 3 answers · asked by MOAD H 1

We went under. There are no offshore accounts or hidden assets. Everything was confiscated including personal property, even though we were an LLC business.
I can accept my mistakes and feel I've paid my debt to the bankruptcy courts. What I can't fathom is this relentless pursuit by the IRS. How can any entity that isn't even a part of our federal government wield so much power over the fate of the average American citizen. These people are even above our bankruptcy laws.
Am I unofficially indentured? Is it possible to end this harrassment?

2007-08-08 20:39:50 · 7 answers · asked by dustybottoms 1

Explain how this is possible....and has this ever happened to another fan who caught a souvinear? Sounds to me like other people are trying to get their hands on the profit of that ball.

2007-08-08 20:35:12 · 6 answers · asked by Sneebs 4

The answer must be in microsoft excel

2007-08-08 19:12:02 · 5 answers · asked by rw 7402 1