United States - December 2007

my daughter and her son are my earned income credit because she is under 18 and both of them are living in my house and she makes way under around 4 or 5 thousand a year.

My question is can my daughter try for earned income credit all by herself.?

I have heard that people can get earned income credit with out children.

Can she.? Even tho she does have a child but he is going on my taxes..?

On her taxes it is stated that she is depended of someone else. Me..

2007-12-24 16:39:11 · 6 answers · asked by LadyCatherine 7

2007-12-24 16:20:24 · 5 answers · asked by bjr4613 1

My stock broker deducted a "Backup Withholding" charge when I sold some shares this year. The charge was much higher than what I should have paid in taxes (it basically assumed the entire amount of the shares as "income", when in fact my income was close to 0 because I sold the shares for the same price I bought them for).

How do I enter this information in my tax returns to get the money back from IRS? I was told that this might be a "deduction". However, I thought deductions were amounts that you didn't want to be taxed for (for example, if you donated money to charity). But this seems to be different --- this is money I want back from the IRS!

Any help will be greatly appreciated! Happy holidays guys!

2007-12-24 15:57:12 · 3 answers · asked by Gistak 1

2007-12-24 13:23:05 · 3 answers · asked by go away 2

My dad never did his taxes this year, and I was wondering if it's too late?

The federal taxes say he gets 800 back, but owes thestate 600, but he never filed.

This is for this past April traxes, for the 2006 work year...

2007-12-24 13:15:08 · 5 answers · asked by festy1986 2

Someone told me that "audits" are usually reserved for those who have very very suspicious income exclusions and are usually for those making at least $35K per year.

Any truth?

2007-12-24 10:35:55 · 6 answers · asked by Anonymous

when can i file my federal income taxes? i have been at the same job all year and our last paycheck is this friday the 28th. i know places here in town will rapid file with your last paycheck stub.is there a date in which this starts?

i know doing a rapid return is expensive and such. i dont want the lectures there. christmas has drained me and i need this money as soon as possible. thanks:)

2007-12-24 09:21:04 · 2 answers · asked by Lucky 5

If so I have 1 dependent my son, I made $541.89 HOW much will I possible get back in tax return. Just an est. Best answer get 10 points today. EXAMPLE: $900, $800, $1200

2007-12-24 09:15:41 · 11 answers · asked by LivingMyLife 5

he pays at just about 10,000 in support a year and his ex-wife works part time, and from what I have read her income has to be double what his support is.

2007-12-24 09:02:45 · 26 answers · asked by abwinters1 2

Is there a website that will allow you to file your income taxes online with your last paycheck stub of the year.

2007-12-24 08:35:19 · 8 answers · asked by Ti Ti 1

I bought a refrigerator in May 2007 and have 12 months to pay it off on my Sears credit card. I've paid for about half of it. Even though I still have a balance, can I depreciate it in my 2007 taxes or should I be expensed because I'm paying for it on my credit card (no interest financing for 12 months)? Does it have to be fully paid off this year before I can depreciate it in 2007?

2007-12-24 07:41:55 · 8 answers · asked by Mega 1

i've worked but not steady.

2007-12-24 07:23:37 · 3 answers · asked by alvinallen04 1

I heard Wednesday is the last day to sell to use the losses against your taxable income? I want to buy back on January 2nd because I believe in the stock. Is this advisable?

2007-12-24 07:18:47 · 5 answers · asked by Nicki W 2

You just won the state lottery. the state gives yo the choice of $1 million today or a 20 year annuity of $75,000 starting one yer from today (assume both are after taxes). what rate of return is built into he annuity

2007-12-24 07:04:24 · 3 answers · asked by Anonymous

I am expecting my first baby in the first week of January.
(Thanks for your congrats :-)) I was wondering if I wait until the arrival of the new born,if it helps siginicant claim in tax refund cliaming?

Thanks

2007-12-24 06:58:09 · 7 answers · asked by carnivorouscat 2

The IRS has a stupid rule that says that you have X amount of time to redeem YOUR money and after that they moniter of your account is prohibited from returning it to you. WHAT do they do with MY money when they decide to keep it?

2007-12-24 04:27:29 · 3 answers · asked by zil 1

My husband works.
I am a stay-at-home mom.
We have 2 children.

He makes anywhere between $35,000 to $40,000 annually depending on available overtime.

What are the different scenarios for different withholdings?

2007-12-24 03:34:03 · 6 answers · asked by punchy333 6

2007-12-24 02:01:00 · 6 answers · asked by cecelia k 1

2007-12-24 01:14:32 · 4 answers · asked by Anonymous

I have some additional IRA/104K information from my old employer that I forgot to include.

I forgot to include the distribution amount and the federal tax withheld -- 2 simple items only.

The IRS gave sent me a CP2000 notice and they caught the extra income part but they left out the federal tax withheld part (sneaky little devils). It strikes me as odd that they made this error since it's plain knowledge that IRA/401K distrubutions are "automatically" subject to 20% federal tax withholding. I made about $400 in payments before I realized my error and the IRS agent said that if everything works out then they'll refund my payments. Is this true?

How tough do you guys see this task as being?

2007-12-24 00:43:21 · 5 answers · asked by Anonymous

Got married this year in September. He made 120K (income & investments). I made close to 90K. We just closed on a house in October (300K). For 9 months out of the year my W4 withholdings were single/5. His were single/1.

I'm concerned

1. I didn't have enough taken out because I was claiming for myself and children. before i was married this worked out! I got some $ back.

2. Can we get any credit for closing costs and taxes paid on our home?

3. Will charitable gifts reduce our tax liability? around $5000 given this year.

4. Are we better off filing joint or separately?

I'm scared we're going to have a huge tax bill come tax time.

2007-12-23 23:52:47 · 8 answers · asked by HRH PrincessFreestarr 3

I did my taxes with a tax program to get a clear picture before the year ends.
I'm an employee who started my own business, but it didn't do good, so I'm trying a different thing that requires at least $25k investment in equipments. I'm thinking of doing one now before the year ends for 8k, which will put my business at a loss of $15k, but will return a tax refund of $4k.
What I am concerned is how will the irs take this?

2007-12-23 22:07:32 · 6 answers · asked by Diego B 1

2007-12-23 22:06:15 · 2 answers · asked by great_and_mighty_adam_levine 4

I have two table from two different source having Account no. and their amount in each table. I have to compare both table and have to find Matched and Umatched data in another table.
Can any one help me .........thanks in advance...I have to get subtotal first then have to compare the table

Question like this
source I Source II
Account Amount Account Amount
001 500 001 500
002 700 002 700
002 800 002 800
005 1000 007 1200
008 1200 008 1500
008 300 009 2500

2007-12-23 18:36:39 · 1 answers · asked by Anonymous

80% of the cost price was financed thru mortgage loan. So I have two notes, mortgage and installment loan. Can the interest on the installment loan tax deductible? If so can you please also provide reference to the source preferably IRS.

2007-12-23 18:35:17 · 2 answers · asked by Rohit D 1

2007-12-23 17:56:56 · 3 answers · asked by js_boo_4life 1

i am single and live in CA...or can i wait until next year to file for 07 and 08?

2007-12-23 16:08:44 · 10 answers · asked by A D 1

I fild exempt all year long. I am a single mother of two. I was told the other day I cant file exempt all year long. I was also told I am gonna have to pay. I sthis true?

2007-12-23 15:12:33 · 5 answers · asked by azjss 2

I know this line is for income , but if i had a loss on rental property is this the correct place to report that loss?

i used shedule E and got an over all loss. I did have income of $10000 however.

how does this work?

2007-12-23 15:03:55 · 5 answers · asked by viajero_intergalactico 6

Hello, I am the CEO of a small web design company. I'm also heavily invested in the stock market. I'm wondering if it is possible to channel my capital gains that I make through the stock market through my small, incorporated S Corporation, to save on taxes. Currently, short term capital gains in the stock market are upwards of 35-40 % for larger gains. Thats just way too much to be giving to the government.

Thanks if anyone can help.

2007-12-23 14:56:44 · 1 answers · asked by Anonymous