United States - November 2007

I am paid with personal checks, so I suppose technically I am an independent contractor. No taxes are taken out of the checks, so I have been saving 30% of each that I receive for taxes. I know it's risky, but should I not pay taxes for the personal checks I have received if my employer does not report them? Would the IRS bother me (anytime soon) for $7000? I figure if they come after me years later, I can just negotiate and get on some sort of payment plan then. I really would rather use the money I have saved up to pay off my credit card debt. WaMu and Citibank have to be worse than the IRS, right?

2007-11-22 13:10:27 · 13 answers · asked by kanshefle 1

2007-11-22 13:02:01 · 3 answers · asked by Anonymous

2007-11-22 09:17:28 · 6 answers · asked by Anonymous

I have a neighbor wanting to buy part of my farm land. Is the capital gains tax figured on the price I purchased it for ,or the total amount of the loan (intrest and bank fees)? I plan on having a new house built , will it help with the taxes?

2007-11-22 07:54:55 · 4 answers · asked by steve 2

2007-11-22 06:44:20 · 2 answers · asked by roo 2

I'm looking for a website that will explain all the Tax Deductions for my home furniture bussiness.

2007-11-22 03:32:00 · 5 answers · asked by Anonymous

2007-11-22 03:24:47 · 2 answers · asked by gazelle_us 2

If you are haveing the military move your household goods and you still have a car do you still get payed to drive your car back to your home of record and have the military move your stuff?

2007-11-22 01:16:03 · 1 answers · asked by Anonymous

Would you have to file income taxes or property taxes if you make money from blogging?

2007-11-21 19:48:41 · 8 answers · asked by Henry T 1

2007-11-21 19:37:15 · 9 answers · asked by Anonymous

2007-11-21 17:52:03 · 6 answers · asked by dwaindaddy 2

I heard from some people that black friday sale or after thanksgiving day sale tax free? Is it true?

2007-11-21 16:20:18 · 7 answers · asked by Teo Y 1

I live in ca and I have my checks direct deposited but i havent recieved my paycheck yet and thanksgiving is tomorrow so what should i expect

2007-11-21 16:06:41 · 3 answers · asked by dandj 1

New owners are planning to get rid of us once they have learned how to run business. Do not want to lose my benefits while I search for another job.

2007-11-21 15:09:19 · 3 answers · asked by Para Penguin 2

2007-11-21 14:38:36 · 4 answers · asked by Anonymous

Ok, so in 2005 I did my moms taxes on turbo tax, but my step-dad did his taxes on paper. Somehow one of there kids got claimed for child tax credit on both. The IRS issued the refund as stated on the return, but now they are telling my mother that she owes the money plus fees. Shouldn't they be responsible for giving the refund.

2007-11-21 14:13:36 · 8 answers · asked by Larry T 1

2007-11-21 13:46:09 · 5 answers · asked by curious 1

Please help! Warning: Very detailed question. Thanx in advance anyone that can help me.

I live in Ohio, and I'm a sub-contracted Landscaper/construction guy. I receive a personal check weekly, drive my truck at work, hauling things and dealing with customers.

I had lots of personal time off this year so I brought home about 11,000. First off how much will I owe on that? 15% would be 1650, is that right?

I drove about 6,000 WORK miles of 6600 (90.09% work) on my new truck I bought in Sept. I've spent about $1300 total on gas.

Do I get to write off 36 cents (if thats what the rate is?) for all 6000 work miles? That right there would be like $2000 and would that mean a return for me? Before I even start on the 90ish% of the 1300 in gas receipts? Sounds too good to be true.

That's the way people have been explaining it to me, but It can't be can it?

And new truck was bought for personal use but 90% of it's use is at my job. Can I write a % of payments/insurance too?

2007-11-21 12:51:01 · 6 answers · asked by Anonymous

2007-11-21 12:34:17 · 2 answers · asked by Tina G 1

a value-added consumption tax replaces federal income tax. This tax reform will shift the effect of taxes from income to consumption. are in favor of or against this shift. Also if the tax reform is carried out, how will the Federal Government's potential to conduct a fiscal policy will change?

2007-11-21 12:30:59 · 4 answers · asked by M_E_M_P_H_I_S 1

I've been doing a good amount of business travel lately. My employer reimburses mileage and provides a per diem. However, both those amounts are below the standard IRS rates. For instance, the IRS mileage deduction is $0.485 per mile, while my company reimburses $0.405 cents per mile. The IRS per diem for the region I travel to is $44 / day while my company pays $35 / day.
When I file my 2007 taxes, can I claim the difference between the allowable and actual reimbursements and an unreimbursed business expense?
I travelled 2,000 miles for business, so was reimbursed $810. At the IRS mileage rate, that would have been $970. Can I claim the $160 as an unreimbursed business expense? Is the scenario different for mileage and the per diem?

I'd prefer answers from folks who have actually faced the situation (or tax specialists) rather than speculation. Many thanks!

2007-11-21 09:22:36 · 4 answers · asked by jargent100 5

If I get $366.47 on my next check, after tax reductions and all that other stuff, how much should my check be?

2007-11-21 08:50:36 · 4 answers · asked by Mandy_x3 1

I worked for a school district and recently took all of the money out of a retirement account and was assessed penalties and taxed federally on the amount. I took the money out because I have not worked and needed the money. Since I have not earned any money, can I get the tax I paid back on this when I file my 2008 return?

2007-11-21 08:17:42 · 6 answers · asked by LoraC 2

I have been default on a student loan and they have began garnishing my wages. I heard that if you have dependents they are not allowed to garnish your wages or your income tax refunds. Is this true? How can I stop it? Is my tax refund in jeorpardy?

2007-11-21 08:07:23 · 5 answers · asked by Jambalaya 4

HI, my husband and I just had a new baby in September and I wanted to know what I should change my w-4 to? Or should I just wait until the first of the new year?

2007-11-21 08:03:48 · 6 answers · asked by mrs333luv 1

2007-11-21 07:37:29 · 7 answers · asked by Elle 3

2007-11-21 07:26:05 · 8 answers · asked by Derrick T 2

2007-11-21 07:01:23 · 6 answers · asked by Tireless 2

My boyfriend filed taxes last year after his dad did. He tried to claim himself and basically was told that since he was already claimed that he had to re-do it. Well he has since moved out, but his dad still plans on claiming him. What's the earliest that you can have your taxes done? He wants to get his done first so that his dad can't claim him this year. Also, how much do places usually charge to do your taxes for you? Thanks!

2007-11-21 06:13:28 · 4 answers · asked by Anonymous

I am doing this for tax reasons.

2007-11-21 05:57:37 · 7 answers · asked by LK 2