United States - December 2007

I am almost at the mandatory required age to take distribution from my 457 Deferred Compensation Plan (city government retirement plan) otherwise I have to pay a penalty. What is the best way to take it to preserve my asset and pass it down to my children after my death, and not create a tax problem (meaning Uncle Sam gets a big chunk instead of my children at my death). Thank you all.
Jimmy

2007-12-10 08:31:51 · 5 answers · asked by Jimmy 1

A. workers' compensation
B. FICA tax
C. Unemployment insurance
D. federal income tax

2007-12-10 08:25:59 · 5 answers · asked by Sam 1

Hi, I want to start a home cleaning service, but I am interested in hiring independent contractors to do the bulk of the work, so that they will be responsible for filing their own taxes. Is it possible to register my business as a sole proprietorship if I intend to have independent contractors?

2007-12-10 08:07:14 · 3 answers · asked by kimmy 2

I don't owe alot not compared to the usual but it is in the hundreds

2007-12-10 08:00:17 · 5 answers · asked by andrea 1

i'm 16, will be 17 on the 25th and i wanted to know if i have to file my own taxes. I only worked for about 2-3 months, i'm not sure if i can still be filed as a dependent on my moms taxes and can she file my earnings? i live in texas also if that matters. thanks much!

2007-12-10 07:49:31 · 10 answers · asked by HOPElessly Devoted 2

2007-12-10 07:40:38 · 4 answers · asked by Anonymous

No employment tax, no compliance costs, to pass on in their prices?

2007-12-10 07:29:57 · 5 answers · asked by Anonymous

How do I decrease the amount of money that is withheld from my paycheck every month? I want the most money per month possible. What allowances/exeptions do I write down?

2007-12-10 07:04:47 · 11 answers · asked by mark m 1

I bought a home in Wyoming in August, then left my job in California (never owned a home in California) and moved to Wyoming. I also took the lump sum on my 401K, but did pay 7% in taxes on the lump sum distribution. I am now working out here. I realize my taxes are going to be a mess, anything special Ishould know -extra deductions, special taxes?

2007-12-10 06:53:50 · 4 answers · asked by Helpfull? 3

I stay at home with my daughter. My husband jus left for Iraq a month ago. We have lived in TX the past year... No state tax... Is there anything I can put or anything to get the most that I can get back?

2007-12-10 06:06:39 · 4 answers · asked by Anonymous

2007-12-10 05:40:13 · 4 answers · asked by Shawn S 1

If my property taxes are billed late and do not become due and payable until next year, can I still deduct them on this year's return. Let me clarify. Tax bills went out today; they are due early January. If my mortgage company does not pay them until the due date (I have already paid all amounts into escrow) can I still deduct them on my 2007 return.

I would appreciate any advice from tax professionals or anyone else that knows. Code references will be especially appreciated.

2007-12-10 05:34:56 · 6 answers · asked by Anonymous

2007-12-10 05:31:37 · 6 answers · asked by jocelynjh31 1

I am a student that is 25 living in the state of Texas. I was wondering what I could deducted from my taxes to get the optimal refund.

I'm not married and do not have kids, I have a federal student loan for school, and dont own any property. Any advice or web sites you can direct me to would be greatly appreciated.

Also if I am taking online classes as well as classes on campus, can I deduct my internet as part of school?

2007-12-10 05:05:47 · 5 answers · asked by comrad_420 2

How much does H&R Block charge for a basic 1040 preperation? How about for more advanced 1040s?

2007-12-10 04:55:21 · 3 answers · asked by Tax Man 2

I am an insurance agent that works for my mom. Does she have to do something in order for me to file?

2007-12-10 04:52:42 · 16 answers · asked by Bon Voyage 2

Okay...Im just trying to get a little info before tax season!

So, I am married and did not make any income this year...so, everyone says that we claim a persoal exemption?
Well, how do you do that?
Last year was the same way....but, they did not give me any money back....I dont think my tax guy knew what he was doing!

Please help!

2007-12-10 04:36:46 · 3 answers · asked by mr.t'smom 2

the settlement didnt even cover the entire cost of the medical bills. we had a pay the attorney from the settlement money. so basically we were left with barely anything. do i even have to pay taxes on it?

2007-12-10 04:03:25 · 3 answers · asked by Anonymous

2007-12-10 03:29:47 · 3 answers · asked by Mike S 1

I've been married a year. Is that going to cause a problem with my tax return?

2007-12-10 02:54:54 · 8 answers · asked by cpaw03 2

I realize the speculative nature of this question, but I'm just curious if anyone has any expertise that might apply.

I currently have my retirement savings split between a traditional (tax-deferred) IRA and a Roth IRA. I am taking a year off from work and live in FL, a state with no state income tax. Now would be an ideal time for me to convert my traditional IRA to a Roth at a low rate of taxation.

My one concern (although I find this scenario very unlikely) is this: if the income tax is repealed in this country, will those of us who chose to pay tax up front for a Roth account simply lose all of that tax money that we've paid? Will those with traditional IRAs hit the jackpot as all of the sudden their tax-deferred accounts become tax-free? What stipulations, if any, would eliminate this seemingly unfair situation?

2007-12-10 02:44:13 · 6 answers · asked by jtabbsvt 5

2007-12-10 02:34:44 · 2 answers · asked by Debbie W 1

My ex was just recently served with child support and I have not received a payment yet. I have been raising our 3 year old daughter soley on my own and he has no contact with her whatsoever. He states that since he is paying child support now, mind you I have not received a payment yet, he is going to claim my daughter on his taxes. Can he do this? I live in Iowa if that makes a difference.

2007-12-10 02:25:06 · 10 answers · asked by Sarah 1

I'm U.S. citizen and live overseas with my husband who is not U.S. resident. I also have no income. In this case, do I still need to apply tax form? If so, which form should I use?

2007-12-10 02:23:38 · 1 answers · asked by Nao 1

I won't be in the country when we're gonna do the taxes,how can I do my taxes?

Can I do them in advance?

Can I do them online?

Thanks!

2007-12-10 01:51:58 · 5 answers · asked by Anonymous

A friend of mine has not filed his taxes in approximately 5 years and is now looking into buying a house. How does he go about filing his past taxes? Can he file his 2007 taxes prior to the other years?

2007-12-10 01:42:00 · 6 answers · asked by nu_girlie 2

I took an early withdrawl from my 401K to cover a house purchase and college this year but now don't think I had enough withheld to cover the taxes and early withdrawa penalty. I would like to make sure enough is withheld so I dont get hit with more interstest and penalties. How do I pay my estimated amount I think i owe the IRS. Do I use the quaterly payment estimate of taxes and send that to the IRS. When is it due. Is January 15 the cutoff date to get payments in during 2007?

2007-12-10 01:14:44 · 3 answers · asked by maxton 2

2007-12-10 00:33:48 · 3 answers · asked by Dee P 1

I know the costs of our jobs. I know the income. How do I figure out percentage profit loss based on this?

2007-12-10 00:00:55 · 3 answers · asked by Tonya B 2

I have $18K in my 401K, considering cashing out to pay credit card debt of $18K. My income for the end of year is under $15K however I am married and file joint. Will i be taxed? I know the penalty will apply. Is it any different if I file Married filing seperate? Thx!!

2007-12-09 20:17:33 · 2 answers · asked by lmarks42 1