Latest threads in Taxes General Forumshow only best voted threads
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New installment agreement after default?
I recently hired an attorney/tax advisor to work on my behalf with the IRS on my tax issues. I owed $2067.00 for my 2004 Federal income tax. I was able to get an installment agreement approved for...
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17 years ago
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Rights to software sold. Capital gains or ordinary income?
Sorry, I thought that I had already posted this, but my newsreader was acting a bit off kilter. I have a software product that I have developed over the last 6 years or so. While I have been made...
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17 years ago
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Selling software asset - CGT or Income Tax?
I have written a software program that I have licensed to customers to use for the last 6 years or so. Recently, I have been made another offer to purchase this product outright with source, etc and...
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17 years ago
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How Long Does a Business have to request a W-9?
We had a company that has not done business with us since 10/1/2005. They sent us a W-9 on 6/2006 along with a Blanet Certificate of Resale, and Application for Credit. Anyone know why they would be...
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17 years ago
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"offset hypothetical social security" removed from disability check
My father-in-law is on disability as a former state employee in NC. His most recent check of $1800 was reduced by $1200 by a line-item listed as 'offset hypothetical social security' on the stub. This...
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17 years ago
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Roth IRA contribution limit
I have a question regarding the Roth IRA contribution limit. I made a contribution of $3000 to my 2005 Roth IRA before the April 17 2006 deadline thinking the limit for me was $4000 (I don't have...
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17 years ago
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401k Loan Default
I left my company and defaulted on a 401k loan. The amount owed was about 12000 dollars. Do I have to pay the 10 percent fee and fed taxes now, or within a quarter, or can I wait until I file next...
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17 years ago
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Bussiness Gain or Loss
I have a day job. I also have a website selling a software I developed. I use a vendor to process credit card transaction for me. The vendor send me 1099 form. I do not register a company with the...
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17 years ago
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couple social security tax
I am married and filing jointly. Both my wife and I work. I paid full $5580 Social Security Tax in 2005 which is the limit. My wife paid about $2000. I know there is a limit for Social Security Tax....
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17 years ago
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Filing 1040X to correct mistake on tuition deduction
I got a question here regarding 1040X. couldn't find the answer i needed on the instruction and here i am hoping you guys can help. I recently filed my income tax, i filed jointly with my wife. i did...
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17 years ago
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deducting charitable cell phone bills?
I just got a $175 cell phone bill. It would have been $75 if my wife hadn't used it extensively as part of her volunteer work as VP of a charity. Can the $100 be deducted? How exactly? I have read her...
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17 years ago
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self employment income reporting error ... help please!
I started an online business last May of selling imported goods from China. I obtained a seller's permit from the city of Oakland and set up the business as a sole proprietorship. I recently received...
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17 years ago
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Can I avoid underpayment penalty?
This is the first time in 35 years that I am making estimated tax payments instead of simply relying on withholding. Based on my (perhaps faulty) assessment of the situation, it appears that I cannot...
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17 years ago
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can a 5% owner of LLC receive a W-2 salary?
I'm probably missing some information, or my brain is fried. Client is retired, but has been offered a position with an LLC. He will own 5% of it and receive income. To negotiate the right amount, he...
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17 years ago
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CCH TAX NEWS for June 16, 2006
CCH TAX NEWS for June 16, 2006 FEDERAL NEWS Loans to S Corporation Resulted in Basis in Debt; Insolvency Allowed Taxpayer to Exclude Debt Discharge Income (Miller, TCM) NEWS Iowa --Multiple Taxes:...
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17 years ago
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