 Income support/carers allowance? |
| what will happen with the new budget 2010?... |
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 Canada income tax. Tradesperson tool allowance.? |
| can my tool receipts from 2009 be used on my 2010 tax return?... |
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| What does "Your initial claim has been processed. Please file your biweekly claims as instructed" mean? |
| I filed for unemployment three weeks ago. As I checked on the status of my claim online, I didnt get any reply on status. Then that came up. Does that mean I am approved?... |
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 Tax free allowances 2010/11,are they putting it up this year cos it don't look like it? |
| It was £6,475.00 for 2009/10 and on the government site still's the same for 2010/11...........is this correct......something else the government keeps quiet about so we actually pay more taxes?... |
|
 inheritance question? |
If an individual is the beneficiary of stocks totaling 460,000 will s/he have to pay taxes (either inheritance or estate) upon receipt of the money after the family member dies?
thanks!
A... |
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 Can I get Tax Return? I'm a Delivery Driver at Pizza Hut and a non - citizen? |
| I use my own car and my own fuel they I have no hourly rate they just give me $5 per delivery.... |
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 Need tax advice: 2008 was a rough year for me and I did not file taxes. Without giving excuses I would like? |
resolve this issue asap. I have gotten a letter from the IRS stating :
he Department has received your wage (W2) information and has no record of your NC individual income tax return for the tax ... |
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 I work for myself and pay in my taxes. The company I was went with under. Can I draw unemployment? |
| I get a 1099 at the end of year from any of the business that I work for (from my home office. This last business I was with for 3 years and they ran out of money. Can I draw unemployment too?... |
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 How does donation affect my tax refund? |
| I want to get rid of my car and few of the companies that give cash for cars told me that they can give me $500 deduction on my taxes. does this mean that If I have to pay e.g $1300 as tax, and if I ... |
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 What is the 'baby element of the child tax credit'? |
What exactly is the 'baby element' of the child tax credit that will be scrapped by 2011/12?
Additional Details
so does that mean you wont be able to get tax credits for your ... |
|
 Is it me or has this been a bit of shite year so far for the UK? |
| Let me see ........ cannibal killer , botched election bullshit government , derek bird , world cup germany defeat 4-1 or was it 4-2 ? Even our goals are so crap they dont count , oh and the deficit ... |
|
 Interest & principal deduction on second home loan? |
I have browsed through the web and I know it is possible to claim principal and interest for the second home. The caveat being that I need to show actual or notional rent from the second home.
<... |
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 CAN I CLAIM A TAX REBATE, AND IF SO, HOW DO I DO IT? (united kingdom)? |
During the financial year 2009/2010 I made in total £4455 and was taxed £891...
firstly am i able to make a tax rebate claim and if so, how do i do it?
thanks in advance.... |
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 Am I able to receive Certification of U.S. Residency without having had to paid taxes for 4 years? |
| I am an undergrad who is going to teach English in South Korea for a year, and under international tax treaties I am able to earn money there without paying taxes if I provide a Certificate of R... |
|
 OVERTIME PAY CALCULATION please kind person with PAYE EXPERIENCE? |
Hi everyone,
I would like some advice on my OT calculation here.
I work 39 hours a week (£6 an hour)
My annual salary is £11232 (£936 monthly and £234 weekly)
... |
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 What Self employment taxes do i have to pay , how much , and how? |
What taxes does one have to pay being self employed.
Self employment tax (social security and medicare) I assume , and then Federal & State taxes.
Could someone give me definites and ... |
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 anybody in here just got their income tax check later then usual? |
| i filed in march and just received my state check in June and i'm still waiting on my federal. i just wanted to know if i'm the only ... |
|
 What would someones income have to be to be considered rich before taxes? |
| just out of curiosity because i met someone today who claimed they were not rich and made a substantial amount of money per ... |
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| Does anyone claim Child&working tax credit when self employed selling on Ebay? |
Hello
I work part time (self employed) 16 hours p/w I`m on low income on approx £200 p/m , I have 2 small children
I really would like to start working from home opening my ... |
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A.G. | If I filed a K-1 Form with a loss, why does my tax software tell me that I still owe taxes? |
I DJ, so I file a 1099-MISC every year.
This year, my net profit was $6914, and the calculated taxes I owe came out to $-579.
I also participated in an S-Corporation in which I contributed a lot of money to, and we had a huge loss for the year, split between four partners.
They sent me a K-1 Form, where I could claim $-7767 on my taxes, so I plugged it into my H&R Block At Home Deluxe software.
Although it now states my "Total (Gross) Income" is $-853, and "Adjusted Gross" is $-1,342, it still says I owe $579 in taxes.
I was under the impression that my K-1 would offset my personal self employment income. Am I mistaken? Or, am I doing something wrong with the software?
Should I file on paper instead?
Thank you for your help =) |
 |
 
ernesthinton
 |
Check the answers on Passive Activity Losses and the Rules of Material Participation versus Active Participation. That is why I don't like software for doing complicated returns. All those questions and answers can cause you more problems than it is worth. If you answered the Passive Activity Loss page incorrectly, your loss will be reduced...
Your software may not be sophisticated enough to process technical tax data, it won't be the first one that is not up to par.
Do your return by hand. That is your best bet.. |
|
the tax lady
 |
The software is only as good as the user, but if you did it right, the software should come up with the same answer.
You have left out details.
1. What was your W-2 from the S-corp? And if you answer, I got a 1099-Misc from the S-corp you made more than one mistake (seek professional help).
2. If the 1099-Misc was from something else, then look at the back of the tax return. You should be showing self-employment tax which is added to your $0 tax bill. SE Tax is not offset by negative income. |
|
Wayne Z
 |
The $579 is your self-employment taxes (Social Security and Medicare) on your self-employment income.
This tax can not be off-set using S-Corp losses. |
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Mathew
|
It is very likely that the tax owed is a result of your self employment tax. You would have a loss for income tax purposes but that will not off set the SE tax. Look at line 56 on the 1040 form. You should see a number there of something like $997 which would have been your SE tax. A number of things could have reduced that to the $579 you are getting. The loss on the S-Corp. will not reduce those SE-taxes. |
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