United States - November 2007

We've used the same tax preparer for many years. Nothing fancy, one of the big name franchise's. Without any major deductions or audit flags we've been selected for an IRS audit. My wife and I are both W-2 workers and collectively earn just under $100K/yr, claim standard deductions (mortgage interest, kids (no EIC), nominal business expenses -- less than $1000/yr for business supplies, lunches, etc... and some mileage for business travel in a car that I own, (less than 10K miles per year and I'm in B2B sales), no investment losses or non-standard or "creative" deductions). Just seems so odd that we'd be selected for an audit. Is my tax preparer accountable to me for this audit? Is selection totally arbitrary or, are certain flags looked for?

2007-11-07 11:14:16 · 12 answers · asked by Baz 2

she has her own business and STILL hasn't turned in her 2006 taxes! I'm worried that it could effect my good credit or our chances of owning a house in California (which is really hard).

2007-11-07 09:37:12 · 5 answers · asked by b down 3

I am a Single Student-Mother, and I was wondering how much I will get back in taxes this year. Does anyone have any idea!?

2007-11-07 09:36:27 · 7 answers · asked by ? 1

I did not file my taxes last year and I was told I have to this year and I need to know how to go about getting my W2's!! Please Help!!

2007-11-07 08:58:11 · 3 answers · asked by racheal 2

I've bought an item on Amazon.com and was charged a sales tax; the item was shipped to the Washington address. Currently, I live in Washington for college, but am a Oregon resident. Is it possible for me to get an exempt of sales tax?

2007-11-07 08:50:23 · 4 answers · asked by Jason 1

Do I have to file federal income tax?

2007-11-07 08:20:04 · 7 answers · asked by cowgirl 2

Im training for MMA to compete in it, professionally one day I hope. One thing I read about a while back which struck me as odd was that professional fighters get a huge amount of their earning taken away by the government, taxed, like basically on the spot, like how taxes are taken out of your paycheck.

In a situation where a fighter earns $10,000.00 for winning a professional fight, one figher said that the government taxed him $4000.00! How is this right? Thats 40% of what he fought hard to get. What ways are there to avoid being taxed like that? I have heard that if the government is going to tax you 40%, if you were to donate half of what they would tax you, then they dont tax you anything. That sounded pretty weird and off beat to me, but is there any way to avoid this kind of stuff?

2007-11-07 08:05:24 · 4 answers · asked by David K 3

2007-11-07 08:02:35 · 5 answers · asked by Anonymous

I bought a house in Arizona in 11/2005 with my now ex-wife and myself on it. when I got divorced I re-did the loan with only my mothers info in Feb of 2006 in fear that the ex might try to take my house away or seek for $. As far as teh ex-wife goes that's not the concern. The concern is that I want to see if tehre is a way where i can report the intrest for my 2007 taxes under my name even though the entire thing is under my mother's info. I cant put it under my name yet cuz my credit isnt that good. Ive heard of "quit claim" and that i can report it under my name as long as only one of us (my mom and I) reporst it. Please help It's like over 20K in interest

2007-11-07 07:48:44 · 4 answers · asked by jd101g 2

1st time homebuyer!

2007-11-07 07:41:29 · 3 answers · asked by KD . 2

Am I just not reading this table correctly?

http://www.truthandpolitics.org/top-rates.php

Will someone please explain.

2007-11-07 07:40:09 · 4 answers · asked by pokerstarsacct1987 1

My boyfriend and I drive the church van - about every 3rd Sunday. Normally - we only have to pick up 1 gentleman. It is usually easier ( as far as time wise ) for us to pick him up in my Tahoe. My question is - can I claim that on my taxes as charitable mileage - as a deduction? The guy lives about 8 miles from the church. Thanks in advance!

2007-11-07 07:31:28 · 6 answers · asked by TUNA_BURGER 1

After an accident left my friend's son paralyzed, our community, friends and family have been raising funds to assist the family with numerous expenses they have incurred with medical as well as equipment needs. Is it possible to open an account that qualifies as a 501(c) so that if larger companies wish to donate they have a tax benefit?

2007-11-07 07:10:15 · 4 answers · asked by suz_e_q_zee 3

2007-11-07 06:24:38 · 5 answers · asked by dqpl 1

I Plan to sell a home before it has been lived in less than 2 years. Anticipated profit is $50K. How does capital gains tax apply to this?

2007-11-07 05:56:06 · 4 answers · asked by Anonymous

Ok well its November and I just found out that my allowences on my W-4 was entered as a 4 this whole time instead of a 1 like I had put when I filled it out. Is this going to really hurt me? (A little background...I'm married...1 child...make about $36,000 before taxes...husband works and makes a good deal more then me(not sure how much).) Is this going to really hurt us come tax time in a couple months?

2007-11-07 05:47:21 · 3 answers · asked by Mom to Matt & Makayla 4

2007-11-07 05:45:32 · 4 answers · asked by Drifter 2

Hi. I have a taxable account with a brokerage firm that contains mutual funds. I know I will have to pay federal income tax on the gains from these funds. My question is, do I also pay VA state tax on the gains?

2007-11-07 05:16:58 · 1 answers · asked by steel5x 1

okay, I have a full-time job (as well as my hubby) but I need some extra income, so I applied for a part time job.
I got the job and now they have called me back for an interview, but I just today (of course) thought about the outrageous tax rates our lovely government likes to charge us when we have to get a 2nd job....can anybody tell me what the tax rate would be for the 2nd job?
(I live in MO)

2007-11-07 05:16:15 · 2 answers · asked by CJ&Drewsmomma 4

For example I invest 13,,000 and earn 6,000 dollars so my total portfolio is worth 19,000.
How much would I owe the government?

2007-11-07 04:22:05 · 0 answers · asked by B 1

2007-11-07 04:19:12 · 3 answers · asked by agent 99 1

I filed my amended tax return using form 1040X because I had forgotten to include forms 1099-G in my total income. This resulted in additional tax of $140 which I sent with the form in the form of check. I filed this amended return after 15th of April 2007.
I have recieved a letter from IRS acknowledging the reciept of $140. I have been asked to send a certain amount which is interest on this money.
I have also been asked to pay additional $100 for late filing penalty.
My question: Do I have to pay this penalty because I filed amended return after the deadline of April 15th 2007?

2007-11-07 04:12:57 · 5 answers · asked by Immi 1

bank gave 2 secured loans in 2005 to company A. One was 1 million used to buy equipment for the plant. the second one was line of credit partially used to buy a truck and then a later draw to buy raw material. Company A failed to file taxes end of 2005. In 2007 the irs filed a tax lien. Does the tax lien take priority over the security interest on 1st loan. Does it take priority over the truck; how about the draw used for raw material?

2007-11-07 04:04:46 · 1 answers · asked by Anonymous

2007-11-07 03:19:43 · 2 answers · asked by Lola 1

I paid 10,000 in interest (5,000 related to tax exempt investment) to the bank for loans to purchase inestment. Also i have the following

1. Capital gains from sale of stocks 5000
2. Dividend income from stocks 3000
3. Interest from saving account 10000

2007-11-07 03:10:32 · 4 answers · asked by ssss 1

2007-11-07 03:01:57 · 3 answers · asked by Jessica S 2

When I filed my income tax last year, I was 24 years old and living at home with home w/ my mom (still am). I was also working part-time (made about $7500) and going to school part-time. I could've sworn that I read somewhere that I could claim independent no matter what (according to all the factors I've listed above).

However, my mother claimed me as a dependent since I still live with her rent free. The woman who did her return even said she could claim me. My mom even mentioned that she purchased a textbook for me (which she did not). I am slighlty peeved.

Yeah I do live rent free, but I buy my own clothes...pay for my books, pay for my bus and cab fare, personal items, ...

Sorry for rambling, but who is right? We both got letters from the IRS saying that one of us has to amend.

2007-11-07 02:14:47 · 8 answers · asked by Cameron 2

I am buying house in PA, and have no clue if I need to got to a PA tax preparer or my regular preparer in MD?! I understand that it may or not not be a big difference since I'm moving so close to the end of the year.

2007-11-07 02:01:41 · 4 answers · asked by King Crow 1

Do you always leave off the "1" in a number like this: 1742xxxx00-0. This is what a customer gave me. Are these correct starting numbers 75-, 32- 74-, 20-? Any and all correct number sequences would be greatly appreciated.

2007-11-07 01:30:50 · 4 answers · asked by doctor robert 1

2007-11-06 22:27:05 · 3 answers · asked by Anonymous