United States - November 2007

2007-11-13 11:41:34 · 2 answers · asked by ferk12 1

I am submitting some financial docs and now they want an Audited Income Statement - I have no clue - I use Quickbooks but I don't see it listed under reports
Thank You!

2007-11-13 11:11:49 · 3 answers · asked by Anonymous

Hi, I am doing some graphic design freelance and I am making about $3000 a month from it.
I would like to buy a new computer and maybe lease a car with that money, can I use it as my deductable? I have a full-time job too so how does it work?
Do I fill W-2 or 1099? will someone give me some advice? Thanks so much

2007-11-13 11:00:55 · 1 answers · asked by bchen521 2

Sales taxes owed....$40,000 in New York State..

2007-11-13 10:02:53 · 4 answers · asked by Mike 1

Do i receive the "federal w/t" part on my work payment summary, (paycheck) on my tax return?

2007-11-13 09:03:15 · 7 answers · asked by xstal_101 3

Say you were a dog-walker or solo interior decorator, paid in cash by your clients. How would you go about finding out if and how the IRS expects to be paid?

2007-11-13 08:37:10 · 8 answers · asked by Anonymous

If we bought the house this year and then refinanced within the year (for a rate reduction only); do we get to use both settlement figures for the tax deductions? I know there are certain allowable deductions when purchasing or refinancing -- but can they both be used in same year's taxes?

2007-11-13 08:36:39 · 3 answers · asked by Goddess 5

2007-11-13 08:32:27 · 2 answers · asked by mia mobley 1

Say you drive 60 miles one way to work and someone is willing to pay you to advertise on your car. Are you technically employed by them? If so, can the mileage driven, even though it's to another job, be written off as buisness miles on your vehicle? Tax returns allot a certain amount per mile, thirty-something cents last I checked. That could be a huge write off. Any tax specialists out there?

2007-11-13 08:28:58 · 3 answers · asked by jurassicbeaver 2

I would like to withdraw my contributions only from Roth IRA. I was told by ETRADE that they will send a 1099 to IRS and I need to pay tax/penalty unless I tell the IRS that I'm withdrawing my contributions only. Does anyone know what forms I need to file with tax so that I don't have to pay tax and penalty (I'm under 59 and not under Disability). Thanks so much for your help.

2007-11-13 08:18:43 · 9 answers · asked by Anilchachan 1

I have a second mortgage on my house that I currently owe about $50,000 on. My mom has recently offered to help me out and pay it for me. In other words, she would write the check out to the mortgage company. My question is, is this considered income for me? Do I have to declare that I "earned" these $50,000 on my tax return? Am I going to have to pay anything?

2007-11-13 08:18:02 · 9 answers · asked by Anonymous

I am getting married next month, Dec. Now my qeustion is does she have to include me on her taxes for 2007? I heard if we got married with in the first 6 months of the year, then she would have to. But not if its in the last six months of the year. Anyone know this info?

Please and Thank you!!

2007-11-13 07:12:36 · 6 answers · asked by duh..... 1

I recently got married on August 11, 2007 and would like to know if I can file single for 2007 or if I need to file married. Also, do I need to change my deduction amount on my W-4 this year or can I wait until next year? Please tell me how to handle these things with the tax season coming soon.

2007-11-13 07:08:57 · 9 answers · asked by Anonymous

The website only gives me the information for 2006 and the phone numbers keep circling me through hotlines and touchtones and voice systems.... any ideas on how I can access this information without a hassle?

2007-11-13 07:04:08 · 6 answers · asked by Challah back Girl... 5

On our tax info at our jobs, my husband claims one for federal and I also claim one for federal. I only work part time so I was recently advised that we should change him to claiming 2 and me claiming 0 because he makes more than I do. Each week they take $250 out of his check in taxes alone, $130 of it is federal taxes... if we do this, how much less do you think on average would be taken out? I realize by me claiming 0 a little more will be coming out of mine but I think it will help w/ his because we get a very large refund check each year and I'd rather have more money throughout the year...

2007-11-13 07:02:10 · 5 answers · asked by bigdude07 1

My father has given me and my husband $90,000 to put down on a house. He is living with us also, but isn't on the title. He had to sign a gift letter. Will he have to pay a tax on that? If so, how much would that be? I'm pretty confused with gift taxes. I read that there is a $12,000 limit a year, but a lifetime of $1,000,000. As long as he reports the amount with the IRS will he have to pay anything? When we sell the house, we will be giving his money back.

2007-11-13 06:28:58 · 5 answers · asked by Anonymous

Im a U.S. citizen for about 2 years. But when i deal with my college Finanical-aid, i filled out the application as a u.s. citizen, but school told me that my social sercuity doesn't claim me as an U.S. citizen. therefore i had to bring in my citizen paper every sesmaster to prove that im a citizen.

what do i need to do inorder for social sercuity to claim me as citizen.

2007-11-13 06:07:07 · 4 answers · asked by ab 1

A nation that taxes its exports is doing nothing more than attempting to get the people of other nations to pay for the operations of its own government, but it does so at the expense of making its products more expensive in the international marketplace. That's why some nations take the step of removing all taxes from the products they export.

In the US we tax things at all stages of a products manufacturing. That means that from step to step the percentage of the price passed along that is due to taxes gets larger and larger. Some years ago I read somewhere that in an automobile sitting on the showroom floor at a US car dealer the amount of the sticker price that was due to taxes was 60%. On a car with a $30,000 sticker price that would mean that $18.000 of the sticker price was due to taxes. The absolute accuracy of that statement is immaterial for our purposes, but it is probably fairly close.

Now, suppose we take the step of removing all taxes from the autos we produce that are sitting on our docks for export. All of a sudden that $30,000 car would be selling in the international marketplace for $12,000. At that price we could probably be selling Cadillacs to the Japanese for less than they could buy their own Toyotas, and it would mean no cut in wages for our workers and no cut in profits for our automakers. Just imagine what removing all taxes from US exports would do for US based businesses, and for our workers.

For US citizens there would be absolutely no change in the prices we pay for autos and other US made products. It would just mean a huge boost in our export sales.

2007-11-13 06:06:33 · 2 answers · asked by George B 6

2007-11-13 05:41:28 · 3 answers · asked by timido 2

2007-11-13 05:35:09 · 5 answers · asked by FooFoo says dis ees boolsheet! 5

How does this effect our tax return when we file jointly? Last year (our daughter was born in Oct '06) we filed jointly with one dependent and our usually substantial tax return really suffered. What did we do wrong?

2007-11-13 05:03:33 · 7 answers · asked by U2 Fan 4 LIFE! 1

just a general id question

2007-11-13 04:47:40 · 4 answers · asked by ladygodiva5 2

I want to set up an S corp where I am 49% owner, my wife is 51%. We will therefore be a minority corp which is an advantage for us. She does not work so the question is can I take any losses on the S corp and apply exclusively to my earnings (I have another job) ?

Thanks

2007-11-13 04:27:46 · 2 answers · asked by oberon3 1

If I had proof that I've been paying the mortgage and my name
is on the title, can I claim interest deduction on my 1040
under "interest not reported on 1099".

2007-11-13 04:26:40 · 5 answers · asked by huy mai 2

You're supposed to report gambling winnings on your IRS tax forms, and you can deduct losses up to the amount of those winnings. But the IRS's definition of "winnings" is imprecise. Here are several example questions:

In January, I win $500 on a slot machine. In February, I lose $500 on slots. What do I report on my taxes?

On Friday, I win $500 on a slot machine. On Saturday, I lose $500 on slots. What do I report?

In the morning, I win $500 on a slot machine. In the afternoon, I lose $500 on slots. What do I report?

I'm playing roulette, betting $500/spin on red. On the first spin, a red number appears and I win $500. On the next spin a black number appears and I lose $500. Then I quit playing. What do I report on my taxes?

As you can see, the questions are generally related to what counts as a taxable "win", and over what period of time. If I play 100 spins of a $3/play slot machine and break even, I technically won $150 and lost $150 that session. What do I report?

2007-11-13 04:10:35 · 6 answers · asked by Stacy Friedman 2

Attention Tax Honesty members. Forget 861 and the 16th!Stop asking if the Income Tax is Constitutional. That's the wrong question. It doesn't matter!! If you don't have income you don't owe income tax.

Your homework: Study Eisner v Macomber starting at "Income may be defined as..." and ending at "Nothing else answers the description." That is THE official legal definition of income. Period.

ANY profit above "capital investment" is defined as income. If you earn profits you are subject to the income tax, period. Totally constitutional on all fronts.

But:

-We are not serfs mandated to surrender our compensation for laboring for our living to the king.

-Labor is property - too short to prove here. Research it.

-You trade labor for equal compensation. Paychecks are not profit! Labor has value!

-We have the right to contract, to pursue happiness and earn a living. Making a profit above that is taxable as a privalege.

See Eisner. No income, no tax!

2007-11-13 03:11:57 · 8 answers · asked by Fogy 1

We purchased a house this year and we have one child, will we get a refund or will we have to pay in?? Also, what is itemizing? What should we be sure to take with us when we file?

2007-11-13 02:41:18 · 5 answers · asked by sessa_rhea 2

I have some school money squirreled away in my bank account, but I have to file for bankruptcy b/c I tried to open a small cafe with my mom (all in my name). We lost our shirts, and I was left holding the bag.

Anyways, I know I'm SUPPOSED to tell if I have money in the bank, but suppose I don't ... will they find out anyway?

2007-11-13 02:35:59 · 9 answers · asked by Random_Girl 3

How would I file?

2007-11-13 02:17:07 · 5 answers · asked by gbluhmski 1

1. State one or a few the state(s) that has the lowest income tax.

2. How much?

3. Put a reference or your answer is not legitimate.

10 points will be given for best answer.

2007-11-13 02:13:50 · 9 answers · asked by TeenQuey 2