Is the sales tax I paid on a vehicle purchase in Texas deductable from my federal income taxes?
Q. I recently became a Texas resident and paid sales tax to Texas on a car I purchased. Is that state sales tax deductable from my federal income taxes (Texas has no state income tax)?
Asked by Michael B - Thu Feb 28 15:42:55 2008 - - 5 Answers - 1 Comments
A. Yes, on your Schedule A, which means you would need to itemize to receive the deduction. If you don't itemize, your standard deduction might be greater than your itemized deductions. You may want to contact a tax professional for your state taxes, as there are additional schedules you will need to file for the tax paid, as well as resident and nonresident state tax returns.
Answered by djarrett65 - Thu Feb 28 15:50:39 2008
Q. I recently became a Texas resident and paid sales tax to Texas on a car I purchased. Is that state sales tax deductable from my federal income taxes (Texas has no state income tax)?
Asked by Michael B - Thu Feb 28 15:42:55 2008 - - 5 Answers - 1 Comments
A. Yes, on your Schedule A, which means you would need to itemize to receive the deduction. If you don't itemize, your standard deduction might be greater than your itemized deductions. You may want to contact a tax professional for your state taxes, as there are additional schedules you will need to file for the tax paid, as well as resident and nonresident state tax returns.
Answered by djarrett65 - Thu Feb 28 15:50:39 2008
Can taxes from my groceries receipts be included when I file my tax?
Q. I heard from other people that they itemized all the receipts from groceries and other items that has taxes on them and they include this when they file their tax. They don't own businesses so I don't get how they can do this. Is there a separate form that I can fill out to include all my expenses that has taxes on them?
Asked by wise investment - Thu Feb 21 21:09:00 2008 - - 3 Answers - 0 Comments
A. If you itemize you can deduct either your income tax or sales tax paid during the year. Even if you elect to deduct the sales tax you paid you don't have to save all of your receipts. You can save them or you can use a table the IRS has that shows the average amount of sales tax a taxpayer who has the amount of income you have would spend. Also, if you elect sales tax you can add tax from certain large purchases, such as SUV, RV, boat, offroad vehicles, etc. You have to look at both and see which is largest.
Answered by just me - Thu Feb 21 21:18:32 2008
Q. I heard from other people that they itemized all the receipts from groceries and other items that has taxes on them and they include this when they file their tax. They don't own businesses so I don't get how they can do this. Is there a separate form that I can fill out to include all my expenses that has taxes on them?
Asked by wise investment - Thu Feb 21 21:09:00 2008 - - 3 Answers - 0 Comments
A. If you itemize you can deduct either your income tax or sales tax paid during the year. Even if you elect to deduct the sales tax you paid you don't have to save all of your receipts. You can save them or you can use a table the IRS has that shows the average amount of sales tax a taxpayer who has the amount of income you have would spend. Also, if you elect sales tax you can add tax from certain large purchases, such as SUV, RV, boat, offroad vehicles, etc. You have to look at both and see which is largest.
Answered by just me - Thu Feb 21 21:18:32 2008
How can Obama "give a tax break" to people who don't pay taxes?
Q. Obama's tax break for 95% of people includes 40+% of people that do not pay taxes. Plus he is not planning to extend the Bush tax cuts, therefor increasing taxes on 49% or tax payers.
Asked by dmbfans101 - Thu Oct 2 18:07:05 2008 - - 5 Answers - 0 Comments
A. he has to call it a "tax break" because calling it what it really is... Marxism, socialism and/or communism might scare too many people (though not those on the left). it's his way of redistributing wealth. you work hard, save some money and try to get ahead? forget about it. obama is going to take what you earned through all of your hard work and give it to someone else. might as well just go on the dole now. in Obama-land hard work is penalized not rewarded.
Answered by eric s - Thu Oct 2 18:17:52 2008
Q. Obama's tax break for 95% of people includes 40+% of people that do not pay taxes. Plus he is not planning to extend the Bush tax cuts, therefor increasing taxes on 49% or tax payers.
Asked by dmbfans101 - Thu Oct 2 18:07:05 2008 - - 5 Answers - 0 Comments
A. he has to call it a "tax break" because calling it what it really is... Marxism, socialism and/or communism might scare too many people (though not those on the left). it's his way of redistributing wealth. you work hard, save some money and try to get ahead? forget about it. obama is going to take what you earned through all of your hard work and give it to someone else. might as well just go on the dole now. in Obama-land hard work is penalized not rewarded.
Answered by eric s - Thu Oct 2 18:17:52 2008
I have already filed my taxes. Am I not entitled to the tax break congress just passed last week?
Q. I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?
Asked by D M - Sat Jan 26 13:47:49 2008 - - 5 Answers - 0 Comments
A. The stimulus is separate from your 2007 tax return. They actually need your 2007 tax return to be in the system to figure out what you will get if/when the checks are issued in June/July.
Answered by the tax lady - Sat Jan 26 13:54:05 2008
Q. I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?
Asked by D M - Sat Jan 26 13:47:49 2008 - - 5 Answers - 0 Comments
A. The stimulus is separate from your 2007 tax return. They actually need your 2007 tax return to be in the system to figure out what you will get if/when the checks are issued in June/July.
Answered by the tax lady - Sat Jan 26 13:54:05 2008
How does the tax deduction work for state and county transfer taxes?
Q. My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are going to take the standard deduction this year? Are transfer taxes deductions or credits?
Asked by Mike F - Mon Oct 8 16:00:28 2007 - - 3 Answers - 0 Comments
A. The transfer tax you pay is not deductible, it adds to your cost basis. When you sell the house the amount will reduce your gain but if you live in the house for 2 years within a 5 year period the first $500K of gain will be excluded anyway so essentially there is no tax benefit to the transfer tax you pay. You may want to check on whether it is a deduction in Maryland, I seriously doubt it. I searched and found no support for a deduction of the transfer tax in Maryland. Sorry.
Answered by Nick, CPA - Mon Oct 8 16:15:37 2007
Q. My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are going to take the standard deduction this year? Are transfer taxes deductions or credits?
Asked by Mike F - Mon Oct 8 16:00:28 2007 - - 3 Answers - 0 Comments
A. The transfer tax you pay is not deductible, it adds to your cost basis. When you sell the house the amount will reduce your gain but if you live in the house for 2 years within a 5 year period the first $500K of gain will be excluded anyway so essentially there is no tax benefit to the transfer tax you pay. You may want to check on whether it is a deduction in Maryland, I seriously doubt it. I searched and found no support for a deduction of the transfer tax in Maryland. Sorry.
Answered by Nick, CPA - Mon Oct 8 16:15:37 2007
How do I pay more taxes/forfeit my tax return?
Q. I'm 17 and I just got a job with McDonald's, and I've heard about tax returns, and I was wondering how I can pay more taxes and let the government keep my tax return. Is this possible? I want to pay more taxes that the government can actually keep. Thanks I want to give to the government, not a charity. I'm just asking how I can do it. Can you send them a check?
Asked by Pearl Jam - Tue Jun 5 12:53:22 2007 - - 7 Answers - 0 Comments
A. Actually you can make donations to the government. Each department has rules on how you might do such a thing. The following link is for the Department of Commerce. It was just the first that I found so every Department will have something similar. You can not give anything to individuals nor may you give the intent of getting anything back (sort of like with taxes). However it would be much wiser if you were to put that money in some sort of savings plan. When you are "old" you will have lots of money and will not need to be dependent on the government.
Answered by unknown - Tue Jun 5 13:25:35 2007
Q. I'm 17 and I just got a job with McDonald's, and I've heard about tax returns, and I was wondering how I can pay more taxes and let the government keep my tax return. Is this possible? I want to pay more taxes that the government can actually keep. Thanks I want to give to the government, not a charity. I'm just asking how I can do it. Can you send them a check?
Asked by Pearl Jam - Tue Jun 5 12:53:22 2007 - - 7 Answers - 0 Comments
A. Actually you can make donations to the government. Each department has rules on how you might do such a thing. The following link is for the Department of Commerce. It was just the first that I found so every Department will have something similar. You can not give anything to individuals nor may you give the intent of getting anything back (sort of like with taxes). However it would be much wiser if you were to put that money in some sort of savings plan. When you are "old" you will have lots of money and will not need to be dependent on the government.
Answered by unknown - Tue Jun 5 13:25:35 2007
When will the tax rebate check amount be applied to the taxes I owe for 2007?
Q. My husband and I filed jointly and owe taxes for 2007. We are on a payment plan and will not finish paying it off at the time the rebate checks get sent out. I understand that if we do qualify for the rebate, it will be applied to the amount we owe. My question is when should we expect our tax statement to reflect that?
Asked by Anna Z - Wed Apr 2 15:31:55 2008 - - 5 Answers - 0 Comments
A. The check will be "issued" based on the last two digits of the SSN for the name that was first on the return. At that point the money will be applied to your account. About 3 weeks later it should show the difference.
Answered by the tax lady - Wed Apr 2 15:36:50 2008
Q. My husband and I filed jointly and owe taxes for 2007. We are on a payment plan and will not finish paying it off at the time the rebate checks get sent out. I understand that if we do qualify for the rebate, it will be applied to the amount we owe. My question is when should we expect our tax statement to reflect that?
Asked by Anna Z - Wed Apr 2 15:31:55 2008 - - 5 Answers - 0 Comments
A. The check will be "issued" based on the last two digits of the SSN for the name that was first on the return. At that point the money will be applied to your account. About 3 weeks later it should show the difference.
Answered by the tax lady - Wed Apr 2 15:36:50 2008
Tax revenue is down because people are spending less on gas, what other ways can we increase taxes?
Q. federal, state gasoline tax revenue is way down we need this money to fix our roads and bridges we need othe ideas to raise taxes another way we can tax car tires, motor oil, auto insurance any better ideas? I was thinking about taxing TV's, TV cable service, beer, salty snacks such as potato chips, and Lazy-Boy recliner chairs
Asked by Joe B - Tue Jul 29 05:48:16 2008 - - 5 Answers - 0 Comments
A. Tax everything that is bad for our health and we do not need. Alcohol, Cigarettes, Soda, Candy etc... Take taxes off everything we need.
Answered by David A - Tue Jul 29 05:53:47 2008
Q. federal, state gasoline tax revenue is way down we need this money to fix our roads and bridges we need othe ideas to raise taxes another way we can tax car tires, motor oil, auto insurance any better ideas? I was thinking about taxing TV's, TV cable service, beer, salty snacks such as potato chips, and Lazy-Boy recliner chairs
Asked by Joe B - Tue Jul 29 05:48:16 2008 - - 5 Answers - 0 Comments
A. Tax everything that is bad for our health and we do not need. Alcohol, Cigarettes, Soda, Candy etc... Take taxes off everything we need.
Answered by David A - Tue Jul 29 05:53:47 2008
Business tax question: Do I pay taxes for work done for an overseas company?
Q. I'm a one-person consulting company in the US. I performed consulting work for a company in Germany, all done remotely. They direct deposited to my business bank account in the US once the work was completed. Do I pay federal taxes on that income? I assume yes, but is it treated any different from if that company was in the US? Also, how in the heck do I figure out the amount of federal tax on my income? The FICA, etc., etc.? I have the IRS booklet on it, but I can't figure it out. Thank you! Also, how in the heck do I figure out the amount of federal tax on my income? The FICA, etc., etc.? I have the IRS booklet on it, but I can't figure it out. I should clarify that I'm talking about taxes for an S-type corporation, not individual.
Asked by Capt Kirk - Fri Feb 2 00:33:54 2007 - - 4 Answers - 0 Comments
A. Yes you pay tax on income "from whatever source derived". Use Sch C. Get some help. You have a lot of deduction you can take againsst the income and reduce your self-employment taxes.
Answered by Nusha - Fri Feb 2 00:39:31 2007
Q. I'm a one-person consulting company in the US. I performed consulting work for a company in Germany, all done remotely. They direct deposited to my business bank account in the US once the work was completed. Do I pay federal taxes on that income? I assume yes, but is it treated any different from if that company was in the US? Also, how in the heck do I figure out the amount of federal tax on my income? The FICA, etc., etc.? I have the IRS booklet on it, but I can't figure it out. Thank you! Also, how in the heck do I figure out the amount of federal tax on my income? The FICA, etc., etc.? I have the IRS booklet on it, but I can't figure it out. I should clarify that I'm talking about taxes for an S-type corporation, not individual.
Asked by Capt Kirk - Fri Feb 2 00:33:54 2007 - - 4 Answers - 0 Comments
A. Yes you pay tax on income "from whatever source derived". Use Sch C. Get some help. You have a lot of deduction you can take againsst the income and reduce your self-employment taxes.
Answered by Nusha - Fri Feb 2 00:39:31 2007
Am I likey to get a higher tax refund by doing taxes myself or having a professional do them?
Q. I'm thinking of doing my taxes this year. I plan to buy Turbo Tax, and a book called 1001 Tax Deductibles and research which ones I am elegible for... but is it better for a professional to do it?
Asked by greenconfidence - Tue Dec 4 20:02:04 2007 - - 5 Answers - 0 Comments
A. It will save the money that you pay the professionals, but since they are professionals, they might know some things you are eligible for, that you might not find on your own, or in that book of yours. I would suggest using HR Block.
Answered by PacificHR S - Tue Dec 4 20:22:19 2007
Q. I'm thinking of doing my taxes this year. I plan to buy Turbo Tax, and a book called 1001 Tax Deductibles and research which ones I am elegible for... but is it better for a professional to do it?
Asked by greenconfidence - Tue Dec 4 20:02:04 2007 - - 5 Answers - 0 Comments
A. It will save the money that you pay the professionals, but since they are professionals, they might know some things you are eligible for, that you might not find on your own, or in that book of yours. I would suggest using HR Block.
Answered by PacificHR S - Tue Dec 4 20:22:19 2007
How should a first time tax filer file his taxes?
Q. I'm filing my taxes or tax return or whatever you call it for the first time. What should I do?
Asked by canopy82 - Sat Jan 27 10:16:29 2007 - - 4 Answers - 0 Comments
A. What they said.
Answered by Carbonbased Lifeform - Sun Jan 28 01:30:03 2007
Q. I'm filing my taxes or tax return or whatever you call it for the first time. What should I do?
Asked by canopy82 - Sat Jan 27 10:16:29 2007 - - 4 Answers - 0 Comments
A. What they said.
Answered by Carbonbased Lifeform - Sun Jan 28 01:30:03 2007
Does the IRS tax you after you already paid the federal and the state taxes on lottery winning?
Q. 1.I am not sure,so I ask. After the federal and state taxes on your lottery winning is already paid,does the IRS tax you anymore? 2.What do you think about taxes on lottery winnings? Even though,buying a lottery ticket is the same as a voluntary tax.
Asked by millie - Wed Sep 16 19:55:04 2009 - - 5 Answers - 0 Comments
A. if you have problems with tax, check out this site
Answered by allison - Sun Sep 20 12:43:12 2009
Q. 1.I am not sure,so I ask. After the federal and state taxes on your lottery winning is already paid,does the IRS tax you anymore? 2.What do you think about taxes on lottery winnings? Even though,buying a lottery ticket is the same as a voluntary tax.
Asked by millie - Wed Sep 16 19:55:04 2009 - - 5 Answers - 0 Comments
A. if you have problems with tax, check out this site
Answered by allison - Sun Sep 20 12:43:12 2009
Can a tax professional help me reduce the amount of taxes I owe?
Q. I owe a pretty hefty amount in taxes since I am self employed. I usually do my taxes by myself on turbotax. If I use a tax professional, can they help to pay less? by tax professional I mean an EA
Asked by DoveyBuzzy - Wed Feb 6 11:13:27 2008 - - 3 Answers - 0 Comments
A. Tax professionals know additional deductions and credits that you can take. They may also know how to handle certain transactions that will affect you less on taxes. As far as if they are magicians and can magically make your tax liability, the answer is NO. If they claim to be able to reduce your tax amount without an initial interview or looking over your return and documentation, then I would stay away from them. An honest CPA or EA will interview you and take notes and file your taxes honestly and keep you out of trouble with the IRS.
Answered by tofuisgood_2000 - Wed Feb 6 11:23:25 2008
Q. I owe a pretty hefty amount in taxes since I am self employed. I usually do my taxes by myself on turbotax. If I use a tax professional, can they help to pay less? by tax professional I mean an EA
Asked by DoveyBuzzy - Wed Feb 6 11:13:27 2008 - - 3 Answers - 0 Comments
A. Tax professionals know additional deductions and credits that you can take. They may also know how to handle certain transactions that will affect you less on taxes. As far as if they are magicians and can magically make your tax liability, the answer is NO. If they claim to be able to reduce your tax amount without an initial interview or looking over your return and documentation, then I would stay away from them. An honest CPA or EA will interview you and take notes and file your taxes honestly and keep you out of trouble with the IRS.
Answered by tofuisgood_2000 - Wed Feb 6 11:23:25 2008
How much did they tax cigarettes and alcohol in MANATEE, FL any other taxes?
Q. They taxed an outrageous amount. I coulld see a couple of cents but this is dollars.They taxed us smokers that much they should have this bail out thing paid for real quick.That is'nt counting the new tax on alcohol too .Does anyone Know how much they raised all of these taxes and on what?
Asked by Tammy F - Wed Mar 18 05:11:28 2009 - - 2 Answers - 0 Comments
Q. They taxed an outrageous amount. I coulld see a couple of cents but this is dollars.They taxed us smokers that much they should have this bail out thing paid for real quick.That is'nt counting the new tax on alcohol too .Does anyone Know how much they raised all of these taxes and on what?
Asked by Tammy F - Wed Mar 18 05:11:28 2009 - - 2 Answers - 0 Comments
Can I qualify for the lifetime learning tax credit if I owe no taxes?
Q. I was reading the IRS guide for this credit and they have a series of questions to answer if you qualify. I am good until it gets to decision 8. Decision (8). Do you have a tax liability (Form 1040, line 46 minus lines 47, 48, and 49) (Form 1040A, line 28 minus lines 29 and 30)? I didn't owe any taxes. So I didn't have a tax liability? If you don't have a tax liability it says you can't get the credit. Why is this the case. Thanks.
Asked by jayman1958 - Thu Nov 29 21:36:30 2007 - - 3 Answers - 1 Comments
A. The LLC is not a refundable credit. It can only reduce your tax liability to zero. If your tax liability is already zero the LLC is of no use to you.
Answered by Bostonian In MO - Thu Nov 29 21:47:10 2007
Q. I was reading the IRS guide for this credit and they have a series of questions to answer if you qualify. I am good until it gets to decision 8. Decision (8). Do you have a tax liability (Form 1040, line 46 minus lines 47, 48, and 49) (Form 1040A, line 28 minus lines 29 and 30)? I didn't owe any taxes. So I didn't have a tax liability? If you don't have a tax liability it says you can't get the credit. Why is this the case. Thanks.
Asked by jayman1958 - Thu Nov 29 21:36:30 2007 - - 3 Answers - 1 Comments
A. The LLC is not a refundable credit. It can only reduce your tax liability to zero. If your tax liability is already zero the LLC is of no use to you.
Answered by Bostonian In MO - Thu Nov 29 21:47:10 2007
Do you think the tax cheats in Hussein Obama's Cabinet convinced Congress higher taxes were a good thing?
Q. He sent Geitner, a proven tax cheat, to Capital Hill to convince Congress higher taxes were a good thing. Do you think he was successful?
Asked by I hate Hussein Obama - Tue Mar 3 23:39:46 2009 - - 9 Answers - 0 Comments
A. If I cheat on my taxes, can I get a Cabinet Appointment too? I mean that must be the only qualification. We have a community organizer as President. I am a Walmart Door Greeter. I am surely qualified to be the Secretary of Immigration?
Answered by m e brooks - Tue Mar 3 23:46:20 2009
Q. He sent Geitner, a proven tax cheat, to Capital Hill to convince Congress higher taxes were a good thing. Do you think he was successful?
Asked by I hate Hussein Obama - Tue Mar 3 23:39:46 2009 - - 9 Answers - 0 Comments
A. If I cheat on my taxes, can I get a Cabinet Appointment too? I mean that must be the only qualification. We have a community organizer as President. I am a Walmart Door Greeter. I am surely qualified to be the Secretary of Immigration?
Answered by m e brooks - Tue Mar 3 23:46:20 2009
When do I owe property taxes after purchasing a tax exempt property?
Q. I bought a tax exempt foreclosure in March07, taxes weren't assessed until November07. I have not receive a bill yet. Do I owe taxes for the entire 2007, or just for Nov and Dec07 since there was no tax value before.
Asked by ber - Mon Jan 28 04:03:08 2008 - - 2 Answers - 0 Comments
A. This is worth a phone call to the tax assessor. Have the parcel tax ID number handy.
Answered by rhsaunders - Mon Jan 28 04:16:25 2008
Q. I bought a tax exempt foreclosure in March07, taxes weren't assessed until November07. I have not receive a bill yet. Do I owe taxes for the entire 2007, or just for Nov and Dec07 since there was no tax value before.
Asked by ber - Mon Jan 28 04:03:08 2008 - - 2 Answers - 0 Comments
A. This is worth a phone call to the tax assessor. Have the parcel tax ID number handy.
Answered by rhsaunders - Mon Jan 28 04:16:25 2008
How would a non profit organization still awaiting tax exempt status file taxes?
Q. If a non-profit has earned some money (even if a rather negligible amount), how does it file taxes while waiting for tax exempt status?
Asked by pinkflamingo - Fri Jan 2 15:55:01 2009 - - 1 Answers - 0 Comments
A. Some operating reserves, usually less than 5% net income can remain in accounts, and not affect non profit status. It depends on many factors, like how the income was generated, donations, expenses, even type of operations. If I'm correctly interpreting that the funds in question are negligible, file as if the exemption were granted. My guts are telling me to prepare both returns. Just to ensure that the tax liability is small, just in case. I have never seen a non profit not be granted exemption. I have heard stories of Uncle Sam lifting exemptions in later years, through audit, creating a tax nightmare, but believe those situations were fraudulent, and rare. As long as the organization in question fulfills its charitable mission… [cont.]
Answered by Kevin R - Fri Jan 2 18:13:53 2009
Q. If a non-profit has earned some money (even if a rather negligible amount), how does it file taxes while waiting for tax exempt status?
Asked by pinkflamingo - Fri Jan 2 15:55:01 2009 - - 1 Answers - 0 Comments
A. Some operating reserves, usually less than 5% net income can remain in accounts, and not affect non profit status. It depends on many factors, like how the income was generated, donations, expenses, even type of operations. If I'm correctly interpreting that the funds in question are negligible, file as if the exemption were granted. My guts are telling me to prepare both returns. Just to ensure that the tax liability is small, just in case. I have never seen a non profit not be granted exemption. I have heard stories of Uncle Sam lifting exemptions in later years, through audit, creating a tax nightmare, but believe those situations were fraudulent, and rare. As long as the organization in question fulfills its charitable mission… [cont.]
Answered by Kevin R - Fri Jan 2 18:13:53 2009
Can I stop the process of my tax fefund, I filed my taxes a week ago and I have to wait 8 to 15 days?
Q. I filed my taxes a week ago through a tax service like h&r block but I want to stop the process, and file my taxes the free way?
Asked by TorTorlOViEjAEA - Fri Feb 15 01:51:33 2008 - - 4 Answers - 0 Comments
A. You already bought the service so it is too late.
Answered by shipwreck - Fri Feb 15 01:55:41 2008
Q. I filed my taxes a week ago through a tax service like h&r block but I want to stop the process, and file my taxes the free way?
Asked by TorTorlOViEjAEA - Fri Feb 15 01:51:33 2008 - - 4 Answers - 0 Comments
A. You already bought the service so it is too late.
Answered by shipwreck - Fri Feb 15 01:55:41 2008
I've been filing a business write-off on my personal taxes. How do I close out the business on my tax return?
Q. I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?
Asked by sullivan_vl - Sat Apr 7 08:17:06 2007 - - 2 Answers - 0 Comments
A. As the other poster mentioned, if you have any income from writing, it will need to be reported, regardless of your write offs. Even if you just report the writing income this year without deducting any related expenses, there's a fairly good chance that you're going to be audited for one of the prior years. You're going to need to prove that you had profit motive for operating this business. Truthfully, I think you're going to have a really hard time proving that your writing was a real business and not a hobby, but that discussion is best left to you and your accountant.
Answered by SuzeY - Sat Apr 7 18:03:47 2007
Q. I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?
Asked by sullivan_vl - Sat Apr 7 08:17:06 2007 - - 2 Answers - 0 Comments
A. As the other poster mentioned, if you have any income from writing, it will need to be reported, regardless of your write offs. Even if you just report the writing income this year without deducting any related expenses, there's a fairly good chance that you're going to be audited for one of the prior years. You're going to need to prove that you had profit motive for operating this business. Truthfully, I think you're going to have a really hard time proving that your writing was a real business and not a hobby, but that discussion is best left to you and your accountant.
Answered by SuzeY - Sat Apr 7 18:03:47 2007
From Yahoo Answer Search: 'taxes'
Thu Jan 14 17:27:25 2010 [ refresh local cache ]
[Hide]▼
news.google.com
TheNewsTribune.com
The city imposes a 10 percent tax for gross receipts on cardroom, pull tabs and punch card games. There also is a 50 percent penalty on late payments, ...
and more »
www1.whdh.com
205px x 389px | 9.90kB
[source page]
Feds say Pa philanthropist being investigated for tax evasion claim he paid no taxes on $3 2M philadelphia federal prosecutors contend a businessman known for pledging money to help track down criminals has pocketed $3 2 million of income over the past several years while not
illinoisreview.typepad.com
IR
Sat, 09 Jan 2010 15:18:52 GM
Democrat Gov. Pat Quinn reiterated one again that he intends to raise . taxes. if elected governor. "We have to raise . taxes. to pay our bills," he told the SouthtownStar. "We're in a fiscal crisis that cutting alone won't fix. We've...
[Hide]▲
