EagleKeeper, YHPM which is extremely time sensitive, as the swat team has arrived and my hostages are hungry.
My bulletproof vest is a deductible business expense, right?
My bulletproof vest is a deductible business expense, right?
Be careful - a pissed off IRS examiner may not like the CC receipt - it does not go into enough detail.
Make it a wash unless the business is paying interest on the loan.
If paying interest; then your personal returns must declare the interest.
Financially it is a "wash" but are you saying simply dont report the in/out transactions?
Explain to the swat team why there are hostages.EagleKeeper, YHPM which is extremely time sensitive, as the swat team has arrived and my hostages are hungry.
My bulletproof vest is a deductible business expense, right?
Points are not reported on a 1098, only on a closing statementbought a new to us house, the mortgage was sold before we made the first payment. My question is, I got the 1098 interest statement from the mortgage company that it was sold to and that is currently still our mortgage company, but the statement did not have the points(1 point orig) we payed on there. I'm guessing that since they did not start the loan, they would not report it, and that the mortgage company that we had at time of closing would report it. Should I persue getting a 1098 from the first company or just report it with no 1098? If I do it with no 1098, will I be able to strictly efile without having to send paperwork (settlement statement) in?
Points are not reported on a 1098, only on a closing statement
Without seeing the 1098, I would be making a wild guess.What is box 2 on the 1098 for then?
Run a quick evaluation to see if you want to itemize the state tax this year.I'm expecting a big state tax return this year - about $8k due to various credits and probably too much withholding (got married in December, didnt adjust state w-4). Since we itemize, this state return counts as income on my next year's federal tax return.
In my understanding, that means I'll be paying taxes on the $8k next year, which isn't insignificant. Would it be better to defer the state tax return to next year and try to pay very little in withholding to the state throughout 2011 and let the 2010 income pay for my 2011 taxes? Is there a point in trying to eliminate the "surplus" so that it doesn't end up being counted as income? TIA!
I know a woman who has come to me with a tax question I have no clue about. I will probably wind up helping her complete her tax forms and want to make sure it is all done above the board.
She has a teenage daughter who lives with her. She receives some form of housing assistance. She went through a divorce and formerly worked for her husband. I believe she had no real income(no alimony etc), but has been working as a housecleaner under the table. I believe she may come out ahead on her taxes but don't know.
Regular 1040? self employed or statutory employee? what will she need to verify income? am I on the right track?
Without seeing the 1098, I would be making a wild guess.
I do know that my 1098 from last year (2009) had no points identifed on it.
My closing statement had points identified.
It may be that different companies may do things differently.
If you feel the points are missing, use what is on the closing statement - that is what is considered to be the accurate legal document that you should be using for such.
I know that every 1098 i've seen, has a box for points. The year we bought our first house had the box populated, every year since it was unpopulated. anyways, will I have to send in the closing statement in to the irs for proof?
She should file as a dependant.what should be an easy question:
My mother in law lives with my wife and I and is on disability. She has no employment to speak of, yet attends college across the street. She received a 1098-T showing she was billed $2242.00 for tuition and received a $3525.00 grant. Does she have to file taxes?
She should file as a dependant.
You can claim her as an dependant and take credit for the tuition
she pays us rent, and we don't provide more than half of her support. Assuming we don't claim her as a dependent..does she still have to file? or should she file for any reason?
You should declare it. Most ads that offer $$ to open an account state that the amount will be reported as interest to the gov.I opened a "share certificate" through the credit union, earned a $70 "dividend". In doing some googling, some sources seem to say this is a tax-free type of account, and I'm a bit confused by the use of "dividend" on the statement. Do i need to claim this as interest or not?
SS is not deducted based on annual pay - it is deducted as a percentage of what your paycheck is.I lived in NYC/NYS for 6 months (July - Dec) and worked in NYS 8 months (May - Dec). Is it worth filing using the Part-Year Resident form if I didn't have an income outside of NYS/NYC? Will I only have to pay taxes for the 6 months I lived here (or 8 months I earned an income here)? I won't be filing in the other state I lived as I wasn't receiving mail there and wasn't working there, just staying with family (though I guess technically I should be filing for those 2 months I was working and living there).
W/R to SS, since I only worked 2/3 of the year, but SS was deducted based on my annual salary, can I file to get back the 1/3 or so that I overpaid? If possible, can I do this on the 1040EZ or do I need to use the 1040 or 1040A?
You do not need to report who is controlling the IRA.I rolled my IRA & ROTH IRA from Fidelity to USAA federal savings bank. How do i report this on my tax return? I'm currently using TurboTax software and couldn't figure it out for the life of me.
Do I even need to report this rollover? I don't want the IRS to come back years down the road saying that they don't have record of my IRA & ROTH IRA being opened with USAA. And then they want to tax all of it as income.
SS is not deducted based on annual pay - it is deducted as a percentage of what your paycheck is.
Overpayment is only possible if you have high income and worked for multiple employers at the same time.
We will not answer state tax questions; the expertise is not here.