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Posts Tagged ‘thanks in advance’

Question: A question regarding the issuing of 1099’s for interest on a loan to a business of which he is a shareholder:?

A shareholder loaned business $ in ‘05, business booked principle and interest but did not pay out interest on loan each year since. Shareholder was 1099′d for the interest accrued. What are the implications of the shareholder’s request to reissue 1099(s) reversing the interest that was booked but not received? Thanks in advance.

Answer: The business LIED when it issued a 1099-INT for interest that wasn't paid during that year.

The 1099-INT meant the business underreported it's income for the year and set the shareholder up for overreporting the income on his tax return (or having the IRS add the money in and bill him for it later).

A Trio of Foolish Tax Tips

You have more control over your taxes than you think.

Do I need to save receipts for small amounts for IRS and audit purposes?

I have a credit card issued by the nonprofit I work for. I am expected to turn in receipts, which I get, but sometimes receipts for small things–like postage–get lost. Does the IRS really care about a missing receipt for .95? Is there a threshold amount for saving receipts–say, anything over ?

Thanks, in advance, for your help with this! If you can point me to any tax code that discusses this, I will be even more grateful!

Question: Federal income Tax question.?

I filled out my tax paper work wrong when I started my current job. I wrote exempt for federal income tax. After I caught on to my mistake It was corrected. I was just wondering if that will effect my refund in any way. Will I owe money? Another thing I noticed is my last two paychecks have $0 taken out for federal. I haven’t changed anything on my tax forms since it was corrected so is this a mistake? Obviously I do not know too much about taxes so any advice would be greatly appreciated! Thanks in advance!

BTW I have a dependent child that my husband and myself claim on our taxes. We file married filing jointly if that helps answer the question.
Not to be rude, but please read the question before answering.

Answer: It depends how long after you started you caught the error, and if you see 0 being taken out for taxes, yes you and you husband will owe money. Now, it all depends how much your husband makes, if he makes alot more than you than he is in a higher tax bracket. You on the other hand seem to be in a lower tax braket that totally affects your refund or deposit. When taxes are done all W-2 forms for your husband and yourself are added, because he is on a higher tax bracket, once they add your wages you fall into that bracket, so that means they did not take out enough taxes, you will either owe money, or if you get earned income credit for your child, you will get less of a credit.

Peace out

Health costs: No relief in sight

State employees are in for another health care rate hit in 2011, on top of out-of-pocket and premium increases for 2010 that took effect three days ago.

Pinoy Memories 36

I got laid off, I lost my house and now I’m renting an apartment. This might be a long shot but I’m just wondering if there is any tax deductions available for renters. Am I eligible to get tax deductions or any types of tax refund on the rent money that am paying? If so what % of it is refunded? Thanks in advance.

Question: Incorporation – help with website Vs. corporation name and to figure out if I can do contracting/1099?

Two Questions:
(1) I have incorporated with one name in California (A, Inc. for example) while my business (web based service) is running in the industry as www.b.com (for example). Am I still covered in terms of liabilities? Do I need to keep same name? Where do I need to write that this service (www.b.com) is owned by A, Inc?

(2) Also, I am planning to do full time contracting on the side (using this corporation) and will be doing corp-to-corp deal with a company who will be paying me for the consultancy/contracting work.
My web based business and this consulting field are totally different. Is it OK? Any legal issue?

Thanks in advance

Answer: It should be fine - but you are at the point where you should consult with a CPA about reporting requirements for your businesses.

(AFX UK Focus) 2010-02-17 23:39 Nikkei to edge up after Wall St rise, yen's dip

TOKYO, Feb 18 (Reuters) - Japan's Nikkei average is expected to edge higher on Thursday after U.S. stocks rose on stronger-than-expected corporate results and upbeat economic data, and with the yen hovering near a one-month low against the dollar.