 Why don't we just have a 15% income tax across the land with no exemptions? |
SORRY - To all those who are so privilaged, they live off the fat of the land. Think of it as bad for the heart.
Additional Details
This way the people who make less, would pay less. <... |
|
 If I wait until 2009 to deposit a commission check, do I pay taxes in 2008 or 2009? |
| I earned a commission (realtor). Do I pay taxes the year it was earned or the year it is deposited into the bank? Would love to include it in 2009 taxes. We're really struggling.... |
|
 Why are people who are not getting the stimulus package rebate so angry? |
Don't they realize that the basic purpose of this rebate is not to help them pay their bills, or make ends meet, or help them afford school, or anything like that.
The only purpose is ... |
|
 Can anyone talk me through the self assessment tax process? |
| Am working freelance for about 3 months, and am absolutly clueless when it comes to practical financial matters, I would be sooo grateful if someone could post up step by step instructions about what ... |
|
 If married for 6 months of the year and now divorced, how do I categorize myself for filing taxes? |
I know that I should consult a tax specialist (and I will), but...
If I was married for 6 months of the year, how do I file my taxes in the US? As a final year of jointly married? M... |
|
 Did anyone get their refund? |
Did anyone personally get their refund today or know of anyone that did?
Additional Details
Thats guys. All of your answeres helped, but I found out what was goin on. Because I am ... |
|
 What is vat? |
| VAT TREATMENT IN WESTBENGAL... |
|
 Does freelancer has to pay taxes? |
| My friend and I are thinking about doing some freelance graphic design. We won't really have a physical office or anything, just a webpage and probably use our cell phone. We haven't really ... |
|
 Who owns the Federal Reserve Bank (the USA 's debt in the trillions; we owe this money to whom? |
The Fed. (headed by Alan Greenspan for years till last year). Regulates the interest rate.
Our debt in the trillions of dollars . To whom do we owe this money; if the US is the richest country ... |
|
 How can i get around paying the IRS 964 dollars for them not taking enough out through out the year? |
| Im in the military and i do what im told. My wife worked as a DOD employee at a child develpment center on base. They didn't take enough taxes out through out the year so we are stuck oweing ... |
|
 Do I need to file income taxes? |
| I recieved almost $6000.00 in Social Security Disability Income, State Disabiltibilty as of 05/06 and $700.00 earned income from my previous employer that was accrued during my medical leave.... |
|
 Why is husband's check on hold? |
My husbands last paycheck was garnished because the student loan place claimed he owed money. They called him and let him know it was current now and up to date (After taking over 550.00)
T... |
|
 Uh oh! I forgot to pay my taxes!? |
Last year I owed a small amount of money for my federal taxes. Not only did I forget to pay, I forgot the amount to pay! What do I do this year?
Additional Details
Serious answers ... |
|
|  |
momof3 | Do you have to pay income tax on money made from recycling scrap metal? |
If so, is there a minimum amount that you can make before you must claim it as income? |
 |
 
Houyhnhnm
|
If you're recycling soda cans that you bought, you have a rock-solid argument that you aren't making income because you are recovering the money you paid for the cans. It's the same principle that when you loan someone $100, only the interest you get is income; the original $100 you get back is recovering your cost.
If your neighbors give you cans to recycle then it's a gift, which is not taxable income, though gift taxes would come into play if someone gives you several tons.
If you pick up cans off the street or make a business arrangement to haul off someone's recyclables and make a profit after hauling, then it's taxable income. The IRS will never admit that any income is too small to not count, but for practical purposes they aren't going to go after $10 of income. The minimum amount is going to vary a lot depending on the situation. If you round off amounts to whole dollars on your return then you can count 49 or 50 cents as zero dollars, depending on your rounding rules.
If your profit, after relavent expenses, is $400 or more then you are legally required to claim it as self-employment income and pay harsh self-employment taxes, in addition to regular income taxes. Whether or not you get a 1099 from the buyer doesn't matter--that's between the buyer and the IRS. From a legal point of view, it also doesn't matter that billions of dollars of this sort of income aren't reported. |
|
jeff410
 |
Yes you do. If you do it as a business for profit you need to file Schedule C and Schedule SE if you make over 400 dollars at it. If you just collect it and sell it when you get enough once in a while, then it should go on the 1040 under Other Income |
|
JAMES
|
More than 400 dollors, you have to pay tax |
|
wesley_1971
|
Are you an individual or a scrap metal company ? If your an individual , probably not unless your recycling an extreme amount of scrap . |
|
jimmyp
|
Technically yes, it is income earned from an activity. However, you can also deduct expenses against that income and you only pay taxes on the difference. Expenses would be cost of driving around to pick up, any processing/sorting costs, and record keeping type of work. However, my understanding is that scrap dealers you sell to pay in cash so there is no paper trail. |
|
bostonianinmo
|
If it's income, it's taxable. If it's your ONLY income, you must file and pay taxes as soon as it exceeds $400. |
|
macdoodle
|
sometimes its good to let sleeping dogs lie. |
|
sableshay
 |
thats a really good question my husband does this on the side and ive never heard anything about having to claim it on taxes your best bet would be to call a tax company and ask, but our tax ppl have never made us claim it on our taxes |
|
Darby
|
Do you get a 1099 for the sale of scrap metal. What can I say without getting myself in a lot of trouble. |
|
Deb
|
technically, yes, but unless you are a company with a large amount you will not have to report it. The junk yard does not give out 1099 or W-2's to individuals for bringing in loads even if you bring them in every day. Don't lose sleep over this.
If you however are a company and the junkyard provides either of the aforementioned, then yes, you must. |
|
klynnh
|
I have a friend that hauls scrap metal but he goes and gets the metal separates it into different types of metal then he takes it to the scrap yard and gets payed for it. He only does like maybe 400.00 a month if that. Does he have to file taxes on that. and if so what if he doesnt have the receipts from the scrap yard where he was payed? Also if he does have to file can he file under having a home business? And what deductions can he use? He's pretty illiterate when it comes to this and so am I! Thanks! |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 39 minutes(s) ago
| | | |
11 | 1 hour(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
10 | 8 hour(s) ago
| | | |
10 | 11 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
9 | 3 day(s) ago
| | | |
10 | 5 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
