United States - September 2007

As a preface, I'd like to state that I fully intend to report and pay my taxes come due date. I would just rather pay them all at once rather than have them deducted weekly.
I live in NJ and work in NY City (in case that makes a difference). Is my employer required by law to withhold taxes weekly? Can I elect not to pay taxes weekly? If my employer MUST deduct, can I legally misreport on my W4 to have decrease my withholdings (claim to be married, add additional exemptions)?
I appreciate any help.

2007-09-06 17:55:20 · 6 answers · asked by Bas A 2

I am purchasing my first invesment property and I will need a truck for better providing maintenance to my property and future properties. Can any of the money used to purchase the truck, as well as gas, mileage or similar truck expenses be deductible?

2007-09-06 17:16:19 · 5 answers · asked by Vic Ric 1

2007-09-06 17:15:19 · 2 answers · asked by Meg 1

When exercising employee stock options, are taxes automatically withheld by the employer and reported on the w-2 so therefore no 1099-B needs to be filled out. It looks like I overreported withholding in 2005 according to the IRS and it appears because I doubled up the withholding for the stock exercise.

Thanks

2007-09-06 16:41:52 · 2 answers · asked by jambam 1

I'm a single guy, no dependents, earn $27,500 a year. Will it really be worth it for me to invest in a new Prius for the sake of the tax credit?

I'm not worried about car payments because I have excellent credit.

2007-09-06 16:31:52 · 3 answers · asked by Student 3

I made less then 4k in 2006.

Im a full time student living at home with my parents.

3077.00 of that was self-employment income. (1099 Misc)

the rest came from a job that sent me a W2

I read that there was a cutoff.

2007-09-06 16:25:55 · 2 answers · asked by Anonymous

i am talking about both california and federal tax combined.

Also, how much is property tax in california and how do you subtract the appropriate amount from your income tax to see how much you will really have after everything?

thanks!

2007-09-06 16:13:25 · 2 answers · asked by whosajiggawhat? 2

Currently both my husband and I are working. Have 2 small kids want to stay home with them, this will drop us into a lower tax bracket. How can this help us make it on one income for a little while?

2007-09-06 16:06:48 · 3 answers · asked by Jenni C 1

2007-09-06 15:44:34 · 4 answers · asked by robin s 1

But clients of other state I dont have to file for state taxes? And how do I file my taxes for these incomes? Are all the REVENUES considered as personal income or only those that are profits after all the expenses being deducted? thx

2007-09-06 15:35:13 · 3 answers · asked by Confused 1

2007-09-06 14:56:28 · 2 answers · asked by Bob 1

It looks like one possible sticking point that may not have been considered since, I suspect, most people who've done studies to come up with the FairTax are homeowners, who may not have thought of the apartment rent angle. Any comments? Is this something that needs to be re-thought or does the FairTax need a bit of a tweak? I personally think the FairTax is a great thing, and I do hope it passes sooner rather than later. Now, if only these clueless contenders (not counting Huckabee) for the presidency will actually take a look at it. I think it is irresponsible for them NOT to learn about it.

2007-09-06 14:17:07 · 4 answers · asked by brian.pearson 2

state and federal taxes has been raised 73 times since 2000. when is enough enough? they're using smoking as a well they keep drawing from over and over. to cover what? the expenses incurred were already paid back by "big tobacco". now they're going after the actual smoker, after the manufacturer.

2007-09-06 14:04:17 · 5 answers · asked by andy h. 4

Recently bought a house in California, but am relocating for a job to another state. Because the real estate market is down, I will be taking a loss on my house. Is this tax deductible?

2007-09-06 14:02:49 · 7 answers · asked by Carissa B 2

I've never done taxes myself before. I always had a paycheck stub from work and let somebody take care of that from there.

But since then I left the job and commit full time working on my artwork commisions...It started out as a hobby and now its big enough to be my main source of income that pays bills and such. But it can't be considred as a business if it's not registered right? What is it considered as?

But how do I pay taxes on this? I really want to pay taxes now...Im afraid Ill get in trouble if I don't.

Also my income is always comming through paypal....what important information needs to be recorded from that?

What do I do???

2007-09-06 14:01:03 · 7 answers · asked by mishmallow8 2

2007-09-06 13:32:20 · 9 answers · asked by angel_rat_83 1

Can I make max tax deductable contributions to more then one account?

2007-09-06 13:27:42 · 3 answers · asked by ng1g 2

2007-09-06 11:17:30 · 4 answers · asked by lorrie w 1

2007-09-06 10:21:28 · 21 answers · asked by Karen O 1

2007-09-06 10:13:45 · 5 answers · asked by patrikios2 1

I want to start a website and eventually put some google ad sense on it. Should I start it as a business from the beginning or wait until I make money. I hear sometimes you can claim something as a part time business and then claim a loss on it and you can write off expenses at the end of the year.
Is this true?

2007-09-06 09:08:15 · 2 answers · asked by Anonymous

ok... i put 100,000 into my savings.. bank gives me a 3% interest rate. end of the year i accumulated 2,672.18. i was informed that we had to pay taxes on the interest gain. if so how much tax is taken and why? and if i have more money would i have to pay more taxes becuase of being in a new tax bracket? lets say lik 500,000 dollars?

2007-09-06 09:04:07 · 8 answers · asked by big H 4

sometimes when I go to the convenient store I get taxed on it when I buy a coffee and some cookies. so I get confused. I know prepared food is taxed such as donuts or a breakfast sandwich but what about junk food (candy, chips, cookies, nuts etc.)

sometimes I'm told that it's taxable sometimes they don't tax me.

If it helps I live in houston texas.

Thanks.

2007-09-06 09:03:43 · 3 answers · asked by Anonymous

I have a few CD's that pay me a small amount of interest each year. I report this on my income tax as interest income.

I am told if I invest my money in a Municipal Bond Fund I will not be taxed the same rate as interest income because this will be capital gains.

What percent will I have to pay on capital gains on my income tax?

2007-09-06 08:50:38 · 3 answers · asked by Im2hard2please 2

My client has a rental property and he refinance the property and paid loan fees and closing cost . Can I deduct these expenses on Schedule E? thanks

2007-09-06 08:39:09 · 1 answers · asked by Anonymous

Im 23 years old and pay over a hundred dollars per paycheck towards social security. The program is doomed and theres no way I will get a check every month when I retire so why should I be forced to pay? Should'nt we be allowed to opt out and put the money we save towards are own retirement plans or spend the way we wish?

2007-09-06 08:15:51 · 11 answers · asked by Steven Colbert 4

2007-09-06 07:40:33 · 5 answers · asked by octobervicky 1

For TRADITIONAL IRAs (not Roth IRAs), the maximum one can deposit into thier IRA is US$4,000.00 during year 2007 (exceptions for those over 50).

Does anyone know what the maximum will be for year 2008 for TRADITIONAL IRAs? I have "heard" but not seen the law that might raise the deposit to US$5,000.00.

I have already read the IRS' website but no info is available there on this subject for 2008 (yet).

Please, can anyone direct me to a source that might be able to answer my question?

Intelligent answers only. Thanks.

2007-09-06 07:16:57 · 3 answers · asked by Terry E 4

Okay, like I'm going to donate my car to a charity because I just want to get rid of it fast and people are taking forever to make up their mind to buy it. Now, they say I can get a 'tax deductible'...what does that mean?

2007-09-06 06:41:06 · 1 answers · asked by TriNStylZ 5

2007-09-06 06:27:56 · 4 answers · asked by ablaylock1980 1