United States - August 2007

I was told that we could claim the intrest we pay to our mortgage company & that we'd get most or maybe even all of it back on our 2007 return. My husband & I are young & just bought our house last August. We have a very high intrest rate & by the time we pay Decembers mortgage payment we will have paid nearly $9,000 in intrest (is that alot?) I'm not sure what info anyone would need to be able to tell me if we'd get back any of the intrest paid so here's some of the info I know about last years return...

I think we do long form ~ We have 1 child together & he has 3 from another relationship, & I have a son from another relationship as well ~ We make around $40,000 a year.

2007-08-28 12:30:10 · 10 answers · asked by Anonymous

Can they do it. My gal friend is on SS disabilty and has numerous things going on with her health. They told her they are going to deduct several hundred dollars from her check. Can they do it?
Also since it is personal income tax can't she go bankrupt on it. I know you can't on payroll check tax money but I thought one could on personal taxes. she just had surgery and will never be able to work again. She is 60 years old. Can anyone tell me more so I could guide her. She is beside her self. She lives with her daughter as her medical bills are so high she cannot afford a place and there is a 5 year wait for housing.
She will be in bad shape if they take anything from her check.
Please advise.

2007-08-28 12:19:33 · 6 answers · asked by onedot.darling 4

I'm opening a preschool and was wondering if all schools could apply for tax-exempt status - or only non-profits? Thanks for responding.

2007-08-28 12:13:46 · 5 answers · asked by Anonymous

If this person worked in the US for several years and was married to an american citizen but then gets divorced and goes back to his/her country, what happens with the earnings accumulated in the social security?if this person returns to the us after some years still can receive the retirement check from whatever had been accumulated in the SS?.....I assume that you won't accumulate any credits for your Government pension offset during the time you are working and living in other country, is this correct?..or unless you work for an American company in the country overseas that could count and credit the earnings to your SS?...

2007-08-28 12:05:24 · 4 answers · asked by Carol F 1

2007-08-28 11:29:45 · 1 answers · asked by Freddie1953 1

I want to have more taxes taken out of my paycheck, so that I don't get any surprises at tax time and have to pay in. I'm cool with getting a refund in April.

2007-08-28 10:13:07 · 5 answers · asked by rabidbaby 2

2007-08-28 09:32:17 · 3 answers · asked by Brett J 2

They are going to levy my pay check and I send money once a week already.

2007-08-28 09:02:21 · 4 answers · asked by kareem g 1

i use tax act

2007-08-28 08:49:38 · 3 answers · asked by evieboo930 2

Btween my wife and I we will make 100800, starting in mid sept. Prior too that, i got araise to 55800, from 47500 in june.

Question is what status to fill out in W4 so that i can not owe taxes, right now i am married 2

2007-08-28 08:25:15 · 3 answers · asked by Dan 5

I want to be able to get the most money back each week. I make $10.50/hr. I also want to be able to get a sizeable refund also.

2007-08-28 07:36:50 · 5 answers · asked by Anonymous

My husband and I will receive this money from the sale of a house he inhereted. He is 66 I am 42 yrs. old. What do you recommend.

2007-08-28 07:08:08 · 3 answers · asked by mrs.knob 2

I forgot to include an itemized deduction I could have taken in 2007-can I use it when I file in 2008.

2007-08-28 05:24:49 · 5 answers · asked by hellerrocks 1

2007-08-28 04:23:01 · 5 answers · asked by Anonymous

He treats his employees unfairly and I'm wondering if there is anything I can do about it, without them knowing about it.. If anyone can help I would really appreciate it. Thanks.

2007-08-28 04:20:13 · 6 answers · asked by ✿loving my baby girl♥ 3

I have a small side business and was wondering if paying for league fees for a men's football team qualify as a business expense or some other tax break?

2007-08-28 04:14:51 · 2 answers · asked by Question Man 2

The Federal Trade Commission is seeking comment and planning to schedule public meetings to evaluate the use of social security numbers (SSNs) by private organizations. Deadline is September 5. visit www.ftc.gov/opa/2007/07/ssncomments.shtm

2007-08-28 03:35:57 · 3 answers · asked by Mindbender 4

We just realized he's only claiming zero after wondering why so much darn tax money comes out of his checks. We have no children, I don't work... should he claim one or two to maximize his paychecks without owing at the end?

2007-08-28 03:15:30 · 4 answers · asked by Anonymous

Example: I'm single made 50, 000 last year and 3000 dollar of my money market Do I get taxed on the 3000?

2007-08-28 02:40:02 · 5 answers · asked by Anonymous

2007-08-28 02:22:18 · 4 answers · asked by Terrence M 1

2007-08-28 02:19:28 · 4 answers · asked by Terrence M 1

My grandmother is a 90 year old widow. She is struggling to survive on my deceased grandfathers social security check. She only worked small, low paying jobs throughout her life and also owned a small day care for poor families when she was in her 70's and 80's. She only gets about 750-800 a month from my grandfathers check. That is her only income. Is there anyway she could be eligible for another social security check? Her own? And if she recieves her own check will she be elgible for the social security check she has been getting? What can I do to learn more? THANKS TO ALL!

2007-08-27 20:31:34 · 3 answers · asked by hopes2graduate 1

They said that they have to report by federal order to report cigararette orders to the states that require a state tax. OK. I have no problem. I will no longer order from an Indian Reservation. Why am I getting a tax bill after the notifcation?
Hello Law School Graduates. Here is a case to argue. My tax bill is for previous orders with no notice that previous orders would be taxed?

2007-08-27 20:25:31 · 2 answers · asked by andywho2006 5

My taxable income is approx 91,000 and I am able to claim my child as an allowance.My alimony is approx 30,000. I will be using the standard deduction (5,350).

2007-08-27 17:53:35 · 2 answers · asked by gingliz 1

2007-08-27 16:46:47 · 8 answers · asked by J@y_C in 07 1

I bought them 2 weeks ago and i think i have made enough money and now i want to sell them but i don't know how much capital gain taxes.

2007-08-27 16:37:10 · 5 answers · asked by nooshinhh 1

I'm working with an accountant for the first time this year. Last February, I brought the pertinent tax information to this gentleman and left expecting everything would be filed by April 15.

April 15 came around and he had not filed. After several calls which he failed to return (his assistant assured me he was very busy), the assistant finally told me that he'd filed an extension and would have them filed by August.

August has come and after several calls, which he also failed to return, the assistant has told me that he will file by October.

I have not paid this guy a dime. He told me that he'd bill me after he filed. This also means that I didn't pay any estimated tax (assuming there is estimated tax) with the extensions.

I can't help but think that I am sort of up the creek without a paddle, but I also wonder if this isn't par for the course. As I said, I've never worked with an accountant before.

So, is this common business practice for accountants?

2007-08-27 15:38:44 · 3 answers · asked by Joey Michaels 3

I have an opportunity to invest in some land in the Philippines, however, I am unsure what the effect would be on my US income tax if I sell land there or receive money for rents of the land. I am interested in finding out how the income would be classified and whether it is taxable in the US or not. Also, would the property itself be taxable on US returns?

2007-08-27 15:29:32 · 2 answers · asked by Mike B 1

I am wondering if I could use the remaining Adoption tax credit to cover penalities for withdrawing from my TSP early. If so I'd like to do that so the credit won't goto waste. Then I could put that money into an IRA the next year and reap the tax benefits.

2007-08-27 15:03:25 · 1 answers · asked by in COGNITO * 4

Under federal law, when a debt is forgiven, it can be treated as ordinary income on which tax must be paid. Thus, if your lender allows you to sell the property for $475,000, less a 2 percent commission, you will have a deficit of $34,500. According to many tax professionals, you will have to pay income tax on this amount of forgiven debt, even though you did not receive the money.

Is that statement true. Others have said you only owe tax if you borrowed more than the basis in the property. IE: Second mortgage or HELOC to buy a car.

2007-08-27 15:02:52 · 4 answers · asked by tommyfourth 3