 What will happen if i dont pay my income tax? |
| income tax is a fraud. The 16th amendemnt protects us from such a tax! The law that states you must pay income taxes has not been produced for the American public. Many times people have set out to ... |
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 Can I claim my girlfriends kids as earned income credit if she don't? |
| My Gf didn't work enough last year to even file taxes. One of her friends that does taxes on the side said I could claim them as EIC since they lived with me and I supported them all last year.I ... |
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 I heard that Bushes tax checks were being sent out when should the people get them? |
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my husband and I earned 45 grand last year we have 3 children can anyone tell me what to expect if anything?... |
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 I Have A Job That Pays ALOT. I'm 16 going on 17 years old. What taxes am I supposed to pay? |
And when do I file to pay them?
I just want to keep myself out of trouble with the IRS. Or whoever keeps track of my money.
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BTW, I live in Dallas Texas.... |
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 Can u help with information on tax credit and child tax plzzzzzzz? |
| hi, i am working part time, 16 hours a week on minimum wage.my partner works 18 hours a week,also on minimum wage. we have a 8 month old girl. am i entitled to anything? i am struggling as i worked ... |
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 "Where's my Stimulus Payment?" link?? |
| I'm still getting an error each time I check the status of my rebate on the IRS website. My husband and I filed joint with 3 qualifying children back in Jan. We are military so e-filing was free.... |
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 Can you answer this please?? |
| Where are all the taxes that the immigrants haven't got back all this years, Not all of them work for cash, and don't tell me that they claim too many dependents, because if it's like ... |
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 We pay taxes for rubbish clearence - would you pay more? |
I heard on the radio that the government has given the green light for local councils to start experimenting with charging for charging households for clearing landfill rubbish by weight.
I... |
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 Tax code 503L? |
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Thanks for that all, but this is my first job and i have been here 2 years so they are the ones who issued my P60
I dont claim expenses and i'm not ... |
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 How to be a millioniore in one month?? |
| I want to earn a million dollors in just one month. Will someone guide me to achieve this goal? Please, if you think that this is silly question, ignore it and dont answer. I dont want to see myself ... |
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| It would cost us $6500 in new taxes if we get legally married. Can we just have a faith based marriage? |
| She does not make enough to pay taxes, after we are married her income will become taxed. married filing seperate gives no real relief, but if we are only married before god and not to the state we ... |
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 Add a deduction after taxes have already been filed? |
| I have already filed my 2006 taxes and have now found further deductions that could possibly get me more than $500 back. Is there something I can do to claim these or am I screwed?... |
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 What can you earn a year without paying tax? |
I know you can earn a certain amount, after that you have to pay tax.
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Thank you :D... |
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 I live in Oregon and I can't afford to pay someone to do my taxes? |
| And I have never done them before myself. I had a tax preparer do my 2006 but when she was finished I couldn't afford to pay her so she filed an extension for me. I don't know what to do ... |
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 How should my wife and I setup our W4 withholdings to minimize paying the IRS at the end of the year? |
How should my wife and I setup our W4 withholdings to minimize paying the IRS and avoiding a refund?
For tax year 2006, my wife and I both had "Married +1" on our W4s. Now after ... |
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 That damn IRS? |
Was it me or has anyone else had there income tax check snatched away by creditors....
It really hurts, that was money spent
I'm talkin like $2400,,,,... |
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Ken E | Got a 1099 form for money my brother gave me? |
Hi,
Last summer we were in foreclouser, big time cc debt just no way out. Well i had to swallow my pride and discussed how hot water we were in. my grand father, then my father both now pased away had a large company. my older brother Tom now owns that company and now a multi millionare, while me and my other brother struggle day to day. My mom asked him to help us out. He gave my mom a check for us for 75k. My mom made sure our house payment was up to date, paid off all of our debts and the rest 10k is put away in a emergency fund. About the same thing with my younger brother erics family. Both Eric and my self got a 1099 form from Duffy companies, Toms company for that amount he gave us. Now i hear we have to put this down as income, we have tried to contact him, but he is in europe traveling. i dont know here i am struggleing and 75k is pennies to him. I am so pissed now because he has gotten everything in life. |
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Ms.MojoRisin
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A corporation cannot give someone a gift, so the money he (The Duffy Company) gave you was characterized as compensation by him. It's unfortunate for you, tax-wise, but your brother's company can write it off their corporate taxes.
Did you sign a promissory note? Is it your intention to pay this money back with interest? If not, then you're stuck with taxable income. If your brother had given you money out of his own pocket, you would have not had tax implications, but he personally would have had a gift tax issue.
Be thankful that someone bailed you out and work something out with the IRS to pay the taxes on this amount. |
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mikeeyman
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It doesn't appear to be borrowed money... If the money did come from the company... They have to 1099 you as an individual. A cash payment from a company to an individual above $600 has to be 1099'ed. They would be breaking the law otherwise.
If the payment went to your mom... Then she should have gotten the 1099. |
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wartz
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Your brother erred. Borrowed money is not income to the borrower so unless you did something to earn it, you will not owe tax on it. Be prepared to explain this to IRS.
Spend some of the emergency money on some spelling lessons. |
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Judy1
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Your brother is a jerk. A rich jerk maybe, but a jerk. But you already knew that. Does your mom know about this? She should kick his backside.
And since you didn't do work for the company, it's actually illegal for him to send you the 1099 and try to write it off as a business expense - a gift to family is NOT a valid business expense. You could report him to the IRS, but that probably only makes a bad family situation worse.
Good luck. |
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Mrs Apple
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Any form of income you receive is taxable. Therefore, you'll have to state it in your income taxes. I believe your brother is using this $75,000 that he gave you as a deductible on his side, so that's why you're receiving a 1099. Most likely, your brother hired an accountant to do his taxes and he had to state where the $75,000 went. Since the money has already been reported to the IRS, it's quite hard to erase that. Maybe you're better off selling the house instead and renting instead? |
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kelly
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your brother is trying to pull a fast one, the only way that you can serve a 1099 if you were to work for his company or to do services for his comany which he would need invoices for that, but you did not and you can prove that, you can't 1099 on a gift and thats what it was a gift from your mother. |
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OliveJuice
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I would be pretty angry too. If the money was a gift to you and your brother yo do have to claim it as income.. If it was a loan and you are making payments you do not. If it was a loan and you stop making payments and he forgives the balance you do have to report the balance as income. If he gave the money to your Mother SHE has to report it as income. My brother wouldn't have given or loaned me a dime. |
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KS
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Hello there,
Before you start kicking your brother - a few things you should be aware of, and talk to your brother about.
1. If your brother gave you/your mom the money as a gift (out of his pocket, not the company books), then you pay no taxes on it. In fact, he would need to report it to the IRS and pay taxes/take credit for it. I will not go into the details here, since it seems evident that the money came from the company.
2. If your brother gave you the money from his company books, then it is not a gift from a brother per se! He will need to send you a 1099, and you will need to report it as income.
How he handles it for the company tax filing is another issue (justifying a gift like that), and I know nothing about it, so I will stay away from it.
Overall, don't let the responses here cause a rift between you and your brother, and don't let your jealousy cloud your thinking.
You should be thankful that he helped you out - there are a million people out there who didn't get help from their closest relatives, so be thankful.
Talk to him, and discuss with an accountant - but don't let your jealousy (which is quite evident in your question) morph the facts. |
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Deliah
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I am sitting in awe at some of the replies you received. Mrs. Apple, WRONG.
Mikeey, WRONG, the recepient of a gift does NOT pay any taxes on the gift the giver pays any taxes due. There could be a side deal between them but with IRS it is the giver.
As stated you should never have received a 1099, based on the info you have given us. But since you have it will now haunt you with the IRS until it is clarified.
ADDED
My reply to Mikeey was based on information that has now been deleted from his/her post! |
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