United States - October 2007

I have a friend who has not filed taxes in several years and owes the IRS a lot of back taxes he'll never ever be able to pay. He'd like to approach them and reach some kind of a settlement but he is afraid to do it and wishes for advise on how to approach them in the right way?? Any clue? Or tips?

2007-10-13 03:57:48 · 11 answers · asked by Anonymous

2007-10-13 03:28:05 · 3 answers · asked by Ian D 1

Before you say no, think about it. Not that many people pay as much taxs as you think. They reinvest it or hide it some way.

2007-10-13 03:01:37 · 3 answers · asked by south of france 4

2007-10-12 23:14:40 · 5 answers · asked by Cody 1

There is a lawsuit won that is 3 million dollars and the money will be divided between the children. If each child gets $400,000 dollars, would each individual have to pay their own taxes or would the tax have to be paid off the top?

2007-10-12 18:10:51 · 9 answers · asked by Ty 1

When collecting Unemployment Insurance does it all come out of a general fund or does the former employer pay a portion to the State which is directly earmarked for that laid off person, and if so what percentage does the employer pay?

2007-10-12 17:31:44 · 13 answers · asked by gypsywitch777 1

I'm international student under F-1 visa, stuying in college in California. I wonder why i have to pay taxes when i buy stuffs. since i dont have any benefit from the gorverment, why do i have to pay tax? is that anyway i can have my tax return? i dont understand how is this work. some of my friend said that if i show them my passport, i will not have to pay tax when i buy something, is that right ?
anybody help please !

2007-10-12 15:47:15 · 8 answers · asked by Bin 1

I will be making approx 90K a year. My dilemma is that I would like to know approx how much taxes I will be expected to pay (both federal and state). I live in MA where there is a 5% income tax. I have the maximum allowable deduction for school loan interest ($2500), and I will be filing jointly with my husband. I will be paying my own (and my husbands health insurance) approx $8500 a year for both of us. My work related expensive are about $4000 a year. My husband usually owes about 11K on his own of taxes after deductions (he is a partner in an LLC) a. We have no dependants. And cannot claim our mortgage interest/payment (another story!). I have some other small deductions but nothing too significant. What @ will I owe. I found an online irs fed tax calculator and added that number to my 5% state tax and got approx 9000+4500=13500. I feel like this is way to low and that I must be doing something wrong since my husband isn't paying much less making 45K. Help!

2007-10-12 15:27:06 · 4 answers · asked by Anonymous

Does anybody know when the H and R Block tax offices will be open for people to do the RAL? I done it last year and it was great, I borrowed 550 and only had to pay back 600. I was hopeing theyd do it again this year. My question here is when are they going to open to do the RAL.

2007-10-12 14:12:49 · 6 answers · asked by Anonymous

My husband was intending to start a small side business this year fixing computers. We spent some money to get it going, but we never got around to actually building that business this year (we got too busy with our full time jobs and caring for our son). Thus, we have no income from it.

We might work on getting that business going next year. Since I've already spent some money to get that business going this year, will I still be able to write off those expenses even though there wasn't any income from that business? Or can/should I just wait till tax time in early 2009 to write those off (even though those purchases were made in 2007)?

Thanks in advance for your help.

2007-10-12 14:09:20 · 6 answers · asked by j4de80 2

2007-10-12 14:01:28 · 7 answers · asked by tbone 1

2007-10-12 13:07:23 · 5 answers · asked by Anonymous

Prosper.com is a p2p lending site on which I am a lender. I have had defaults and want to know whether I can deduct these losses on my taxes to offset the income from interest earned.

2007-10-12 12:53:34 · 2 answers · asked by Scott R 2

I started taking basic income tax courses for H&R block and the way they word things in the workbook is so hard for me to understand. Im wondering if anyone knows of a book that will explain things to me in lamens terms. YOur help is greatly appreciated.

2007-10-12 12:49:31 · 4 answers · asked by rlynn 1

I have a money market account, and just curios what is the minimum amount of interest that you must actually claim on a INT 99 form?

2007-10-12 12:33:48 · 5 answers · asked by Hoya Saxa 4

offset these (and of course because you want to sell the stock anyway), is it better to take a short term loss or a long term loss? The holding period is right on the edge, so I could sell now for short term loss or hold on for another two weeks, then sell for a long term loss. Normally, long term is preferable, but long terms gains are taxed at a lower rate than short term gains, so it seems reducing the short term gains may be preferable in this case. (Assume stock will remain at constant price, and that the loss will reduce neither the long nor short term gains below zero.) Thank you.

2007-10-12 11:41:01 · 1 answers · asked by heart_and_troll 5

Okay, so my parents decided to move my sister and I out of the house. In doing this, they said they would pay for our apartment for ONE year. They said, "Since we're paying for that, we'll be claiming you on our taxes for this past year".

Um...can they do that? If I dispute it and say, "I have a different address and I'm over the age of 18" can they still claim me? I want to claim myself (or rather, keep myself as an exemption), but they're going to try to claim me too! How do I keep this from happening?

2007-10-12 11:39:07 · 6 answers · asked by Ariel Q 1

Since I will not be drawing any social security, I am looking for a legal way for a w-2 wage earner or a self employed person to not have to pay in FICA taxes.

2007-10-12 10:39:00 · 15 answers · asked by Nianque 4

i live in Maryland, and i want to get a part time job after school
but i dont want a job if i have to pay taxes on what i earn. i want a job so i can have money to use when i go to collage in 4 years
no stupid answers please

2007-10-12 10:38:56 · 11 answers · asked by Abby B 3

I live in Miami, FL, make $375 - & 450/weekly (without taxes), I'm single & I have no dependents.

2007-10-12 10:17:16 · 2 answers · asked by yeuxchires 1

A person can give multiple 12k to anyone without being taxed but the question is does the IRS question the person receiving?
A lot of people around me are getting married and (so will i in the near future) so naturally i am wondering what the maximum amount a person can receive before the IRS comes to the picture. For example: It doesnt make sense that a person can receive 100k from many people without having to report it to the IRS. The IRS website mentions the amount a person can give as a gift but nothing about the person receiving it.

2007-10-12 07:50:17 · 6 answers · asked by gummymellows 2

i am 23 and single, working in SF, i just got my first paycheck and i was SHOCKED by the amount of tax showned on there!
i think i paid about 40% semi-monthly.....

is that correct??

2007-10-12 07:26:23 · 7 answers · asked by frankie1996 1

I am skiptracing a debtor, and she has a 20k lien current as of april last year,

is she in jail?

2007-10-12 06:56:45 · 4 answers · asked by Anonymous

http://video.google.com/googleplayer.swf?docId=-1656880303867390173&hl=en

2007-10-12 06:07:48 · 15 answers · asked by Anonymous

Hi, for the nonprofit I work at we are in need of several tax id numbers for several places of business. Is there a free place online we can go to find out these Tax ID Numbers, seeing how they are public knowledge and we need them for accounting purposes?

2007-10-12 05:58:23 · 4 answers · asked by nsucollegekid 1

I'm considering filing for the child care tax credit. i don't have a child care benefit plan thru work. i would be claiming $1200 for 2006. is it worth it? what are the set backs if any? what have other peoples' experiences been?

2007-10-12 05:47:24 · 4 answers · asked by Anonymous

I never was fond of the idea that taxes were taken from your pay check, then you go into a store and your taxed there as well, so when one of the candidates for the 2008 election brought up the idea of getting rid of the IRS and replacing it with a flat tax rate on thing we purchase I was happy.

This will I believe make it easier for online sellers, like me, to sell items and wouldn't have to worry about keeping the books, it will also make those underground businesses, i.e. Drug dealers, Prostitution, etc have to pay taxes as well.

(Question raised about that last part, I was always under the assumption that underground businesses were illegal because they didn't pay taxes, atleast this is how laws were set in the beginning to prevent these businesses. So what would the outcome be, without the IRS and a taxable market place?)

2007-10-12 05:17:31 · 5 answers · asked by Derrick 3

ok does this sound right?
I clean house for a friend and family member. I make 60 buck a session and 120 bucks a week. I dont send in to SS or insuarance, or anything. I know they pay me cash everytime, but i didnt do recipts. Now i am going to claim it as income so should i just do an Excel spread sheet for every payment? or buy one of those carbon copy tablets an write out all the times they paid me and then submit the carbon to the tax person?

2007-10-12 05:02:46 · 6 answers · asked by Anonymous

I currently file separate taxes with my husband since the mortgage is under my name only. Would I get more taxes back if i filed jointly with my husband, since we pay more taxes added up together?

2007-10-12 04:23:34 · 6 answers · asked by ahtjina 1

2007-10-12 04:21:37 · 3 answers · asked by Mr Scott 1