United States - November 2007

Let's say for example I make $500,000 and have a $20,000 property tax bill. According to what I've read, if you make over $100,000 and have prop tax deductions you are subject to AMT. But, does that mean I cannot lower my taxable income to $480,000 and save about $8,500 in taxes?

Can I have my domestic partner, or anybody in the house pay the prop tax if s/he makes under $100,000 so they can get the deduction? Thnx.

2007-11-25 13:25:09 · 2 answers · asked by squawcreekrentals 1

I am a flight instructor and I am classified as an independent contractor with my flight school. I am not disputing the fact I am an independent contractor, I've signed papers declaring this and I receive a 1099 for wages. I would like to know if I can write off my driving expenses to and from the airport? I drive an hour to the airport and an hour home each day (all highway, a peaceful drive). I have a home office where I fill out logbooks, schedule flights, email students, make lesson plans, stay current with the ever changing aviation regulations, etc. I use my office quite often for work. How could I set this situation up so I can lessen the punch of high fuel costs by deducting my business commutes from my personal driving? I would like to do this so the IRS does not have a problem with it.

I've done online searches but could not find the information I needed. An answer from someone with experience in this field would be greatly appreciated.

2007-11-25 12:07:39 · 4 answers · asked by Anonymous

will that affect our income taxes in any way shape or form?

2007-11-25 11:39:30 · 7 answers · asked by Brianna'sMomma 5

What does this mean? UI'm in high school and can't understand. How do you pay the tax, and how to government know whether or not I'm investing? IF I invest in mutual fund will the gov. tKE THE MONEY OR do i need to consult a CPA?


How will you pay the annual state and federal income taxes that will be due?

If a fund returned a steady 4.5% annually, you would have invested $200,000 and your fund would be worth $327,831. Your gain would be $127,831 before taxes. Some of the tax would be due each year and the balance of the tax would be due when then shares are sold.

2007-11-25 11:39:21 · 7 answers · asked by dk 6

I was recently hired on as an independent contractor and i am in charge of paying all the taxes. How do i go abouts figuring out what i need to take out of each check to pay in quarterly. I don't want to have to pay in at the end of the year.

2007-11-25 11:36:14 · 6 answers · asked by Anonymous

i know you can go to your local HR block but i was just curious if there was a way to do it online????

2007-11-25 11:03:20 · 4 answers · asked by Jami 3

I usually do my own, but I'm not sure what to do this year:
I moved into my fiances parents house on June 15 of this year.
I have 2 children. My fiance is the father of one. I used to file as head of household and claimed both kids when I had my own place. While my fiance filed as single. My fiance makes about twice as much money as I do. How should we file this year to get the most money refunded?

2007-11-25 10:48:04 · 4 answers · asked by Anonymous

I am married and have two children and I am the provider of my household. I pay child support for my daughter and I was wondering if I claim married will they take all of it even though I am in arrears?

2007-11-25 09:26:21 · 2 answers · asked by mel 3

The sales tax rate in a state is 7.5%. If you pay a tax of $8.00 on an item that you purchase, what is its selling price?

2007-11-25 09:17:21 · 3 answers · asked by ladybugg0829 2

A business pays several taxes which type of tax would be the most beneficial to a business?

A citizen also pays many types of taxes. Which type is most beneficial to a citizen?

2007-11-25 08:41:18 · 1 answers · asked by M_E_M_P_H_I_S 1

2007-11-25 08:12:46 · 4 answers · asked by rico p 1

My previous IRS tax documentation was lost in a fire. How can I obtain a copy of my IRS tax files from previous years?

2007-11-25 08:02:35 · 3 answers · asked by Brandon C 3

i live in new york city, and i like to pay my bills online,but i don't want to open an account to pay my bills if they are going to seize it..i owe close to 8,ooo..but they are taking it from my pay at 135 per check

2007-11-25 07:42:28 · 2 answers · asked by kingbrosshifi 1

I have both and would like to reap the tax deduction

2007-11-25 07:11:49 · 2 answers · asked by sunshinegirl 1

I am looking to make some basic pre-paid cremations plans to avoid a financial burden on my relatives. Is this a legitimate tax dedection in NY State? My research says 'no' with the IRS. P.s. All rude and snotty answers will be reported, so take it elsewhere.

2007-11-25 07:07:00 · 4 answers · asked by gervoi 3

2007-11-25 06:46:01 · 7 answers · asked by sc red lady 1

Will i get a better tax benefit since I have to pay self employment taxes on my income?

2007-11-25 06:17:17 · 4 answers · asked by Charles 1

I have not yet called. Last year I I rremember taking my pay check stub in, and getting a early loan on my taxes. Does any one know for sure when there suppose to be starting this? Allot of people are saying december 10 and others the first week of december??

2007-11-25 05:54:30 · 7 answers · asked by laura O 1

A 501 (3) C non-profit dog rescue was asking for $1000 in donations to pay for the surgery needed by a little dog. Instead of giving them the money, then adopting the dog, I adopted the dog and had the surgery done. Is the $1000 I spent deductable?

2007-11-25 05:34:04 · 4 answers · asked by Anonymous

does everyone have one?

2007-11-25 05:10:41 · 6 answers · asked by nehelenia75 2

2007-11-25 05:08:24 · 4 answers · asked by Anonymous

2007-11-25 04:47:54 · 2 answers · asked by Jen 1

2007-11-25 04:39:53 · 3 answers · asked by peterson51785 3

How can video/car/appliance rentals be subject to sales taxes if they're not being sold to you? Why am I being taxed on something I'm expected to give back?

2007-11-25 03:30:46 · 4 answers · asked by G0ODOLBOY 1

2007-11-25 02:52:52 · 2 answers · asked by claire 1

2007-11-25 00:50:53 · 5 answers · asked by Anonymous

I got married July of this year.

2007-11-24 15:46:15 · 6 answers · asked by Valentina 1

Or can we file head of household each since we live seperately? We have legal separation papers. We live in NC. I'm just not sure if we need to still file married this year.

2007-11-24 14:49:32 · 4 answers · asked by threeboysmamma 3

Hi!
I just got married, and my husband and I are trying to get everything updated. We earn about the same amount of money, and we do not have any children. I went through some related answers, and from what I understand, neither of us can file as head of household, correct? Given that fact as well as that we don't have any children, we shouldn't have any exemptions on our W4?
My main question is when we file our taxes next year, will we be counted as married for the entire year or just the past couple of months? The reason I ask this is I currently have two exemptions taken out and my husband has one, and I'm concerned we will end up owing a lot of money because from what I've read, married couples have more taken out through out the year.
Hopefully, I gave enough information so someone could shed some light on this situation and not confuse anyone who could help me. I thank you in advance for your assistance.

2007-11-24 14:45:17 · 3 answers · asked by KatieKat 1

2007-11-24 14:16:29 · 20 answers · asked by Anonymous