United States - October 2007

My question is, let's say I put 50k in a stock, and it doubles the next day and I sell. So now I have 100k, but I owe takes on 50k. Let's suppose this was done in January of 2007. Can I wait until April 15 of 2008 to pay the taxes, or do I have to make estimated quarterly taxes in April of 2007? I have never heard of this estimated taxes nonesense. When does it apply?

2007-10-29 13:57:34 · 4 answers · asked by Scorpio 1

Do you spend most of your time looking for loopholes and finding out ways for people and organizations to avoid paying taxes?

When you do, do you feel as if you are doing something morally wrong?

Many taxes are used for social servies to help people who are less well-off. Does the work of a tax accountant somehow work against these social services (because of the focus on finding ways for people to pay less tax)?

2007-10-29 13:55:28 · 3 answers · asked by winback 1

Let's say I put 50k in a stock and it doubles and I sell it. Now I have 100k, but I owe taxes on 50k. Let's say I sold the position at the beginning of the calendar year. Can I wait until April of the following year to pay the taxes?

2007-10-29 13:42:51 · 11 answers · asked by Scorpio 1

It was not a public stock. It was a friend and we helped her and her husband start a business. We gave them 1000 for 1000 shares of common stock in their private company. They tried hard and for a while they were doing well, but the market changed and they lost everything.

No biggie, it was money we expected to lose but would have been happy if it made out. (Like any other gamble.)

I know we take a capital gains loss on Schedule D. But are they supposed to give us any particular tax form or something to show that the stock we paid for went to $0?

(We have copies of their corporate tax forms for the prior years, and this year they will fill out the final tax form showing the total loss. But I don't imagine we're supposed to send their tax form in with ours.)

They were a regular C corp, not a sub-S or anything.

2007-10-29 13:34:45 · 4 answers · asked by Anonymous

What is the Labor laws concerning garnisment of wages.

2007-10-29 13:31:17 · 4 answers · asked by Kay H 1

2007-10-29 13:31:02 · 2 answers · asked by Anonymous

2007-10-29 13:26:30 · 10 answers · asked by lupe5 1

Can I claim my mom who has a fixed income,ssi and a brother whom is not working in the past year.

I live with and pay more then half of support?

2007-10-29 13:19:57 · 8 answers · asked by Butterflied 3

I just read that this year most mutual funds will be having very large distributions. If my mutual funds are all in my IRA how will this effect me?

2007-10-29 13:19:33 · 6 answers · asked by prozac452 2

i was about to sign up for a survey site when the terms read that anyone paid over $600 is required to have an IRS form sent to them. even though i'm not with reading documents and stuff, i don't want to get stuck with tax issues. also, i saw on oprah how many people were tricked by false contests and sweepstakes so i'm just wondering.

2007-10-29 12:42:56 · 2 answers · asked by sou 2

My fiance and I are getting married in about 3 weeks (Nov. 20). We have no children, do not own a home yet, and are both W-2 employees in the state of Michigan. Is it likely that we will have to pay taxes? And, would there be a difference if we were to just file jointly or file singly, if that's a possibility? If additional information is needed, please ask!

2007-10-29 12:29:51 · 7 answers · asked by Kaylin 2

Around when do the 2007 Tax Returns come back from employers? Will I be able tog et a cash advance anytime soon? Someone please help me!!!!!

2007-10-29 12:29:27 · 4 answers · asked by Anonymous

whats the age limit

2007-10-29 11:16:25 · 3 answers · asked by Jerome E 1

How much percent of your earned income does social security and medicare take out?

2007-10-29 10:18:16 · 3 answers · asked by Saints1325 2

Figures we'll use are home purchased at $215,000, sold at $275,000 with $30,000 in upgrades and realtor expenses/closing costs (net of $30,000 it appears) within a 15 percent tax income bracket. I'm an idiot on this subject and appreciate your help. I understand the more than 2 year ownership rule but have to sell at 15 months without any of the 3 allowable tax breaks (medical, employment, etc.).

2007-10-29 10:03:06 · 3 answers · asked by Too Old For Idol 4

I was terribly lazy in college and did not file my tax returns as I did not make much money and didn't really worry about getting $100 back from Uncle Sam. I figure I should probably go ahead and get these done, but the oldest is from 5 years ago. How far back can I go to file these returns? My brother tells me he thinks it is only 3 yrs back, but he's pretty much just guessing. Can someone clarify thsi for me?

2007-10-29 09:56:39 · 7 answers · asked by Trevor P 1

and clothing on my taxes for my work. I am employed, not an independant contractor. I go to the location in my town twice a week, and travel 66 miles 3 days a week to another town. I don't stay over night though. My FA told me that I can claim my meals, and haircuts and clothing costs as an expense for tax deductions. I thought you could only claim meals if you stay overnight? Can I really claim my haircuts and clothing? I don't have a uniform, just a business casual dress code, and neat, kept appearance. Can someone clarify this for me? I already knew I can claim the mileage, but the other things threw me off.

2007-10-29 09:53:00 · 10 answers · asked by ALFimzadi 5

My parents are gifting me $50,000 for down payment on a house. I they can give me $12,000 per year/each, but that we have to file form 709 with the IRS. But I would think that as the receiver I would have to file this form with my 1040, but from what I find in the internet, it would be my parents who file the 709. Anfy answers would be most appreciated.

2007-10-29 09:48:45 · 3 answers · asked by Anonymous

2007-10-29 08:01:06 · 6 answers · asked by blue2228 1

my company is encouraging me to enroll in the FSA plan. I dont know if it is worth it for me. My question is, if I get the plan and put in like $1000 or $1500 and I make almost $60,000/yr, is it worth it for me? Tax- wise? B/c thats why ppl get the plan, for the tax benefits, but if I only save a minimal amount, I dont want to do it b/c I dont want $40 or $60 taken out of every paycheck. Thanks in advance!

2007-10-29 07:28:47 · 2 answers · asked by prava 2

I own an LLC that creates websites. I want to create a site that does product reviews. Can I write off the products I review (tech equipment, game consoles, purses, etc) as business expense?

2007-10-29 07:25:34 · 4 answers · asked by colaks 1

2007-10-29 06:32:19 · 5 answers · asked by Stacey J 1

I am filing single for the first time this year and I heard there are deductions I can add.

Can anyone give me a list or link to the deductions I could get?
I know about medical is there anything else?

Thanks!!

2007-10-29 06:28:25 · 7 answers · asked by White Trash Beautiful 4

2007-10-29 06:27:07 · 10 answers · asked by mdelyn 1

I want to take a seminar to learn how to properly do my taxes. It costs $1,000, and includes books, cds and in-class training. I'm not running a business - yet. Can I write this cost off? Perhaps as a tax expense or something else? I live in California and I'm in the 28% bracket.

2007-10-29 06:15:43 · 7 answers · asked by D 1

Are 2006's tax returns for what you did in 2005 or 2006?

2007-10-29 05:40:28 · 13 answers · asked by Anonymous

Back around 2000 or 2001, I didn't file a tax return. Bad, I know, but that was also the begining of a tumultous time that saw me moving to several foreign countries, among other things. Other than this problem, I am caught up on my taxes for other years, and this one year that I didn't file, I made very little money (I was only working PT as a college student), under the amount that is even taxable to begin with, so if I'd been smart, I would've gotten money back in the end. I just want to know- if I file them now, what kind of punishment will Uncle Sam have in store for me? I'm pretty scared...

2007-10-28 23:42:00 · 7 answers · asked by Hallie E 3

Just would like the estimate date?

2007-10-28 21:49:43 · 9 answers · asked by mickey 1

I'm working loosely with a not for profit called SIFE. Our mutual project is to help a student at a NYC college get her product to market. Under what circumstances could we sell the product and not charge sales taxes, if any?

If the venue were at the college, which is itself a not-for-profit, would we be tax-exempt?

I appreciate any and all guidance.

2007-10-28 17:25:46 · 2 answers · asked by bishopsjewels 3

I just started earning my total income as a self-employed, single individual, from years of being in Corporate America. So I am trying to amass as much knowledge about the ways of taxes, now that I no longer have it yanked from my paychecks. One of that parts that I am trying to find out is when do I have to pay my estimated taxes? I have been keeping track of what one-third of each of my paychecks would total up to (rough estimate of my taxes) and setting that aside. Do I have to pay quarterly or do I have the option to pay the whole thing by april 15th?
Thank you for your help!

2007-10-28 17:07:26 · 6 answers · asked by belrayne 1