Go Net Wise Q&A - Recent questions and answers

I've done a little research but its close

Sun, 12 Feb 2012 22:31:51 +0000

Looking for a little help trying to decide which brokerage firm I should go with for trading stock. I've been watching the pinksheet stocks mostly... so the broker needs to comply with small trades and what not. After reading this last Optionshouse review I am really close to signing up but just want to get a little input first... anyone?

Answered: Is the earned income tax credit unfair to single people and childless couples?

Wed, 25 Jan 2012 15:49:31 +0000

You aren't paying more you are just getting less back.

Not having kids is a choice too.

Answered: Is the government planning to extend the $8,000 tax credit when you purchase a house?

Wed, 25 Jan 2012 15:49:11 +0000

doubtful - if you were otherwise qualified to buy a house, you would have acted upon it by now

Answered: 7500 First time homebuyer tax credit?

Wed, 25 Jan 2012 15:49:03 +0000

on form 5405

Answered: What is the phase out for claiming the child tax credit if married?

Wed, 25 Jan 2012 14:52:12 +0000

The percentage or expenses allowed as a credit goes down with income, but there isn't a phase-out - lowest % is 20% which is for AGI of $43K and up.

Maximum amount you can count for credit is $3000 for one child, $6000 for two or more. So if your income is over $43K, the maximum credit for one child would be 20% of $3K, or $600.

Answered: If i get the 2009 new home-buyer's tax credit and am doing direct deposit when should i expect my tax returns?

Wed, 25 Jan 2012 14:52:06 +0000

Tax RETURNS do not get deposited, they get sent to IRS files. But IRS does direct deposit TAX REFUNDS. To find out the status of your refund call IRS at 1-800-829-1040.
Good luck, call early as the phone hold time could be very lengthy.

Answered: First time homebuyers tax credit question?

Wed, 25 Jan 2012 14:52:01 +0000

Yes, you can claim it on 2009 tax return. It still remains refundable credit; you must return it back.
I suggest that you should take it.

Answered: At what dollar amount does it stop that person wont get all their income tax back?

Wed, 25 Jan 2012 14:37:34 +0000

It depends on your filing status single head of house hold, marrried filing joint or married filing separate.

Table 1-1.2008 Filing Requirements for Most Taxpayers

IF your filing status is... AND at the end of 2008 you
were...* THEN file a return if
your gross income
was at least...**
single under 65 $8,950
  65 or older $10,300
married filing jointly*** under 65 (both spouses) $17,900
  65 or older (one spouse) $18,950
  65 or older (both spouses) $20,000
married filing separately any age $3,500
head of household under 65 $11,500
  65 or older $12,850
qualifying widow(er) with under 65 $14,400
dependent child 65 or older $15,450
It also depends on how many dependents and deduction that you have.

Christine

Any advice included in this message is based on our understanding of current tax law as it applies to the facts that you gave us.

Answered: Difference between income tax and capital gains tax?

Wed, 25 Jan 2012 14:37:27 +0000

The difference has already been explained.
My preference from next April will be CGT, which will be 18% instead of 40% on most disposals.

Answered: Why should tithing still apply today when it was actually equivalent to an income tax in the Old Testament?

Wed, 25 Jan 2012 14:37:18 +0000

Tithing does not apply now, Christians are not bound by the law of Moses and the tithe is part of the law of Moses.

Abraham's tithe was ten percent of his giving.

Answered: What happens if you can't pay the IRS their money?

Wed, 25 Jan 2012 14:20:53 +0000

No, don't panic - they will not arrest you. Just contact the IRS and explain your situation to them, and they should work out something. So long as you are upfront and honest with them, there should be a solution for you. Good luck and take care.

Answered: How can I resolve an amount owed to the IRS with most of the amount owed being penalities and interest?

Wed, 25 Jan 2012 14:20:45 +0000

even if you hire an attorney you will still have to pay all the penalities and interest,IRS always gets their money.hiring a attorney will only cost you more and you will still have to pay..The best thing you can do it go to the IRS building and make up a payment plan to pay off the balance....I have dealt with them before and the only way you solve this is to go to them and face this matter.....

Answered: I want to file my taxes early, does the IRS send out refunds before JAN?

Wed, 25 Jan 2012 14:20:38 +0000

You are misunderstanding what HRB offers. The IRS will not even accept returns before mid-January. The forms and instructions aren't even completed yet.

Valentines day ideas please :)?

Wed, 25 Jan 2012 14:11:52 +0000

i want to make my gf a present for valentines day, she lives in a different state than i do but i really dont have any ideas. it should be creative.. thanks ::))

Answered: valentines day ideas?

Wed, 25 Jan 2012 14:11:49 +0000

Write him a love poem.

Good luck!

Answered: I have a problem with my child tax credit claim ?

Wed, 25 Jan 2012 13:56:05 +0000

child tax credit has the worst system ever, i have been trying for the last 3 days to get through aswell.you just have to keep phoning but your situation is realy bad you should make a complaint to them when you get through. they where over paying me for a year they had the wrong details on their system but when i got the notes to check, my details wer correct so i thought i was getting the write money they then said i had to pay it all back it was over £1000. i made a complaint and won so didnt have to pay anything back. make sure when you do get through that you keep everything they send you and take notes of all the times and names of people you phone and talk to as they are terrible. do they have your corract address i cant believe they havnt been in touch in a year you should be getting money every week. hope this makes you feel better

Answered: Will people on Soc Sec Disability receive the tax credit checks even though they don't file taxes?

Wed, 25 Jan 2012 13:55:59 +0000

To the best of my understanding from the media , it sounds as though a person on Disability should receive the Tax Credit check. Guess a lot of questions are yet to be resolved in this matter. Only time will tell.

Do I qualify for the first time home buyers tax credit?

Wed, 25 Jan 2012 13:55:44 +0000

I am married. The last home that I owned I purchased alone, but I did put my wife's name on the deed. She was not used to purchase to home in any way. We sold that home about 4 months ago. We would like to purchase another. She has not owned a home in the last 4 years. Could she technically qualify for the credit because she has not purchased a home? Any help would be greatly appreciated.

Obama to give senior citizens permanent income tax break?

Wed, 25 Jan 2012 13:20:24 +0000

Senior citizens making less than $50,000 a year would be exempt from income tax for the rest of their lives. Fair? Not fair? Just another gimmick to buy votes?

Is there a way for me to pay local taxes but not federal? IE income tax?

Wed, 25 Jan 2012 13:20:16 +0000

I Find the Income tax Immoral and I do not support my federal governments actions of the last 10 years. How can i finically support my local governments without feeding an out of control bureaucratic cancer?

If I live and work in Washington for a California based company do I pay CA state income tax?

Wed, 25 Jan 2012 13:20:09 +0000

I currently work and live in CA. I am in the process of moving to WA where I will be telecommuting for the same CA company. I will only be in CA maybe once a month for a meeting. Will I still have to pay CA state income tax and CA disability even though I live in WA? How does that work?

How much difference would I see on my taxes for a second child tax credit?

Wed, 25 Jan 2012 12:59:46 +0000

I have a new child with an unknown ss number. My return is around $2700 without adding him. Is it a flat amount or do all of my variables determine the amount?

Is the 800 per person tax credit a for sure thing?

Wed, 25 Jan 2012 12:59:38 +0000

or is it still just being talked about? I'm a little confused on what this would mean. Hypothetically, if you got 300 back in taxes normally, would this mean you would get a check for 1,100 this year?

How exactly will the $15K tax credit in the newly passed stimulus bill benefit home buyers?

Wed, 25 Jan 2012 12:59:28 +0000

Is it simply a check for $15,000 that may used at the receiver's discretion, assuming s/he qualifies? And if it doesn't have to be repaid, isn't it simply free money? And is this a good policy?

How does the IRS know if I have paid for long distance phone calls to claim the phone tax.?

Wed, 25 Jan 2012 12:28:14 +0000

So this tax season, we can claim money for this spanish-american war tax. its a tax that was put on long distance phone calls. I have had only a cell phone. can i claim this tax? do you think the irs would check my phone records?

I started an online business in 2007 can the IRS deny my advertising deductions?

Wed, 25 Jan 2012 12:28:08 +0000

I started an online business in 2007 but because of the economy had a loss every year till 2010. Can the IRS deny my advertising deductions because of the profit motive issue? If so It would bankrupt me because I did least 50k in advertising each year.

Why does the IRS need birth certificates?

Wed, 25 Jan 2012 12:28:00 +0000

Why is it that the IRS needs a copy of birth certificates? Can they not get a copy of it themselves? Or do they not have access to the birth certificates.

Valentines Day Ideas?

Wed, 25 Jan 2012 12:09:49 +0000

My name is Taylor and this guy i have been talking to for like a months name is Taylor.
Does anyone have any ideas on what I should do for him on Valentines Day?

Valentines Day Ideas? Teens?

Wed, 25 Jan 2012 12:09:44 +0000

Im 15yrs Old, and I dont know what to do for Valentines day! I need ideas that are affordable and reasonable, ideas to do at home or out around? Gift ideas too maybe? Shes very special to me and I have no idea what to do!! :) Something sweet and romantic please, even ideas i can build off so its more personal!

How to do federal income tax when I transfered money from my 401K to a Rollover IRA account? Please help. Thx!

Wed, 25 Jan 2012 12:03:30 +0000

In 2006, I transfered money from my employer sponsor 401K directly into my Rollover IRA account. They sent me a 1099-R form for the distribution although this money is tax exemption. How am I going to report this 1099-R in my income tax? Thanks for your help! Le Nghp

Has anyone heard about the American Opportunity Credit for students at tax time?

Wed, 25 Jan 2012 12:03:26 +0000

In regarding attending college around tax time, I've recently read about the American Opportunity Credit (tax) and the Tuition . fees tax deduction. How does the role of federal or private student loans affect taking advantage of these programs?

California tax I want to file my income tax separate from wife?

Wed, 25 Jan 2012 12:03:15 +0000

My wife and I we being filling income taxes together but this year we want to file income tax separate is that possible!!!

what documents are valid to confirm and claim the child tax credit?

Wed, 25 Jan 2012 12:03:12 +0000

IVE BEEN SELECTED FOR AN AUDIT FOR THE CHILD TAX CREDIT I DONT HAVE PROOF BECAUSE I PAYED IN CASH DO I HAVE THE PERSON WRITE A LETTER, AND IF THAT DO NOT EXCEPT IT WILL I STILL GET MY RETURN WITHOUT THAT PORTION?

Do I have to file a seperate Income Tax for my 16 year old?

Wed, 25 Jan 2012 12:02:56 +0000

Do I have to file a seperate Income Tax for my 16 year old as he worked and made a modest amount of $134.67 in wages? When I fill out my taxes can I still claim him as a dependent?

Do I qualify for earned income tax credit?

Wed, 25 Jan 2012 12:02:53 +0000

You cannot be a qualifying child in order to be eligible for the credit but I DO meet the criteria for a qualifying child (i am 20,full time student and live at home)...BUT my parents are both retired and do not have to file taxes so they wont be claiming me. So on the form can I anwser that i am NOT a qualifying child to my parents?

when do you recieve your first time homebuyers tax credit?

Wed, 25 Jan 2012 11:06:52 +0000

Me and my husband are buying our first house. And he seems to think that right after we close we get mailed a check for $8,000. I told him he was nuts lol I had the impression that you get it when you file taxes next year for 2009.

How can the Congress extend the home buyers tax credit but not the unemployment extension?

Wed, 25 Jan 2012 11:06:45 +0000

So people with the means to buy a home gets billions of dollars but the unemployed fend for themselves?

How long is the wait for the 8000 tax credit?

Wed, 25 Jan 2012 11:06:40 +0000

We recently purchased our first home and then we amended our taxes (through the TurboTax site) and snail mailed it in about a week ago. I cant seem to find anywhere that gives any kind of estimate on how long until they send out our check. So any experts out there have any idea?? Thanks.

when lenders ask for the previous years income tax return, do they want returns filed by an accountant or me?

Wed, 25 Jan 2012 10:46:10 +0000

I have a situation where lender requires my 2007 income tax return to verify my self-employed income for a mortgage application and my accountant will not have ready in time to allow lender to process loan and then be able to waive conditions on my offer to purchase. Should I get my records back and file myself?

How much income tax do they take?

Wed, 25 Jan 2012 10:46:02 +0000

My husband and I made approx. 35000.00, we have 2 kids. Dont do rrsp, rent our house, not self employed,no claims other than the normal stuff, we paid almost 8000.00 in income tax between the two of us. we owe the govt nothing ( debts)how much do we have to pay of that? do you think we will see at least half of that back? sure would be nice.

Can I Call the IRS to get my fathers income tax?

Wed, 25 Jan 2012 10:45:55 +0000

I got into a huge fight with my father and i really need his income tax for 2009( for my school). Is it possible for me to call them and ask for it without his permission?

IRS is requesting back payroll taxes but we had no employees. How do I resolve this?

Wed, 25 Jan 2012 10:35:51 +0000

Back in 2002 my ex husband and i had a LLC business. We separated in Aug 02 and no longer had employees. Due to his lack of bookkeeping and failing to file taxes, the IRS has determined that we owe over $4k in payroll taxes for '02. We have been assigned a Revenue Officer but he is not nice at all. Is there a way to prove to the IRS that we did not have employees and thus no longer owe payroll taxes?

How does the IRS find a bank account?

Wed, 25 Jan 2012 10:35:45 +0000

I heard banks are not required to report you have a bank account to the IRS unless it earns interest or you deposit $10,000 or more. I have a friend that had his money removed from his account. Did he let them know somehow or do they just know?

What will happen when you get reported to the IRS?

Wed, 25 Jan 2012 10:35:36 +0000

What will happen if you get reported to the IRS for putting a made up social security number on a job application?

tax credit question and break up of relationship?

Wed, 25 Jan 2012 10:10:56 +0000

just a question bout child tax credits. me and my partner have broken up and are going to have to cohabit for a bit longer as we are tied into a contract until march 2011. we currently make a joint claim am i to carry on with the joint claim even though we are no longer together or do i apply for a single claim?

Can i file for tax credit if previous owner installed a 95% HE furnace since he didn't file it?

Wed, 25 Jan 2012 10:10:50 +0000

I placed a bid on home the other day. the owner had rjust eplaced the furnace with one that is eligible for the tax credit. fars i know, he didn't file for the tax credits. if i end up buying the house, i get the receipts and if he didn't file for the tax credits, will it be lawful for me to file and receive the tax credits?

thanks

WHY WHY WHY is the IRS taking soooo damn long with the child tax credit, and other credit forms?

Wed, 25 Jan 2012 10:10:35 +0000

It's really bugging me. I (like most americans at the current depressing time that our economy is in) am broke. & i need my money lol. Why is it that I now have to wait until mid feb (i have kids & plenty credits involved) to file correctly ? It sucks that they're taking so long with those forms. Does anyone think they might do it any quicker ?

Ideas for Love/sex coupon book, Valentines Day???

Wed, 25 Jan 2012 10:07:39 +0000

Asked the question before...need more ideas!

Love/sex coupon book for Valentines Day, IDEAS???
Love/sex coupon book ideas???
I am making a Love/sex coupon book for my bf of two years for Valentines Day.

What ideas do you (male and female) have???

What would make you guys out there happy and appreciative???

Romantic, sexy and kinky...all OK.

Valentines Day ideas?

Wed, 25 Jan 2012 10:07:33 +0000

OUR CHURCH GROUP HAS A ANNUAL VALENTINES DAY DINNER FOR ALL THE COUPLE IN OUR GROUP. IT IS A VERY ROMANTIC SETTING. WE USUALLY HAVE ABOUT
7-9 COUPLES. I AM TRYING TO FIND SOME IDEAS FOR ROMANTIC GAMES WE CAN PLAY. ALL IDEAS WILL BE APPRECIATED. THANK YOU

CRYSTAL

How much income tax would i pay earning £10,000 a year?

Wed, 25 Jan 2012 09:29:25 +0000

hi I Just want a rough estimate on how much income tax will be deducted from a £10,000 yearly wage? Im 24, and have been on benefits for the last 5 years due to having 3 children). Ive tried looking online to see how much they may take off me but I cant find anything.