Do you have to do Taxes if you never had a job, and older than 18 years old?

If you didn't receive any income, you're not required to file. You may be required to file if you received any one of the following: W-2 from work, 1099 from self employment, interest or dividend income, had stock trades, received K-1s from Partnerships or S Corps.

How would i listed an inherited ranch that is rented out and paid taxes on in taxes?

You report the rental activity on a Schdeule "E" Form 1040.

Will being listed as a dependent on my parent's tax form decrease my tax return?

The IRS allows you a personal deduction against taxable income which you will lose if your parents claim you. The loss of the deduction will increase your tax and thereby reduce your refund.

If a family member pays me to do work for them, is it taxable?

A contractor reports self-employment income and expenses on a Schedule "C" Form 1040. That income includes money received from family members for contracting work performed.

Can you deduct travel expense for side work?

Commuting costs are not deductible; however, if your home office is your principal place of work traveling to other sites where you do business may be deductible. When deducting automobile expenses (Schedule C, Line 9) you can either take the standard mileage deductions or you can calculate actual expenses and depreciation and multiply that by your business use percentage. Either way you need to keep accurate records of your business vehicle use. Parking fees and tolls are added to these figures before entering them on Line 9. Depending on your particular situation you may need to file a Form 4562. 

Quarterly & Estimated Tax?

2012 Form 1040-ES Estimated Tax for Individuals
You can pay your estimated tax for 2012 in four equal amounts by the dates shown below:
1st payment . . April 17, 2012
2nd payment .. June 15, 2012
3rd payment . . Sept. 17, 2012
4th payment . . Jan. 15, 2013
You must mail the estimated tax payments to the IRS at a special address designated by the IRS depending on the state you live in.
Estimated tax is the method used to pay tax on income that is not subject to withholding (for example, earnings from self-employment, interest, dividends, rents, alimony, etc.). In addition, if you do not elect voluntary withholding, you should make estimated tax payments on other taxable income, such as unemployment compensation and the taxable part of your social security benefits.
In most cases, you must pay estimated tax for 2012 if both of the following apply:
1. You expect to owe at least $1,000 in tax for 2012, after subtracting your withholding and refundable credits.
2. You expect your withholding and refundable credits to be less than the smaller of:
a. 90% of the tax to be shown on your 2012 tax return, or
b. 100% of the tax shown on your 2011 tax return.

Total number of allowances you are claiming? help? I have two kids and one on the way my fiancee doesn't work?

The bookkeeper or office manager at work will ask you to fill out a W-4 form which reflects how many dependents you have and your marital status. You are married and have three children. I suggest you file like that. You will not owe any taxes for 2012 and will receive a nice refund in 2013 that will come in handy. It's better to receive a nice refund the following year then to receive an extra $25 in the bi-weekly paycheck.

I have just started a pooper scoop business in NY state. It has exploded! Do I have to collectt tax for Taxes?

As a slogan you can use: Don't get into a loop, let me scoop your poop!
You need to register for a sales tax number with the state and collect sales tax. Services are taxable in NYS.  Here's the link: http://www.tax.ny.gov/pubs_and_bulls/tg_…

Im suposed to get a refund but i can`t prove my income?

Of course. The IRS has no reason not to believe you. Try to reconstruct the income you received. In a calendar agenda try to do it by date. Each time you believe you babysat, put down the approximate hours and the time, from when to when. At least you have something to show the IRS if you get audited. The refund is yours, don't lose it for lack of responsibility on the part of the people who hired you.

What taxes get taken out of paycheck?

Make sure you fill out a W-4 form with your employer prior to employment. Your employer will deduct the following taxes from your paycheck based on your input on the form:

1. Federal withholding tax
2. State withholding tax
3. Social Security
4. Medicare

College student filed federal taxes as an independent but is a dependent?

You have to amend his return. Amend it before you file your return. His information is in the IRS computers and your return will get kicked out for declaring him, he already declared himself on his return. Be careful and be patient. Don't ever ask the IRS to prepare anything on your behalf. Go to a tax professional, you'll get the best advise possible. Good luck

If I paid for a medical expense in 2011 and it's unexpectedly refunded in 2012, can I still deduct it on?

Do not deduct medical expenses of any kind for which you received a reimbursement. Similarly, if you receive a reimbursement from insurance in a subsequent year for an expense previously deducted, the reimbursement is included in your adjusted gross income in the year the reimbursement was received. Include the reimbursement on line 10 of Form 1040.

Do doctors lose money paying taxes?

Live your dream. Sports medicine is an excellent profession. Even after taxes you'll earn much more then the average person. Your father should be proud of you that you have such high hopes. A Doctor is the highest profession there is. Good luck.

I am having to go back and file my taxes for years 2007?

If 1099s were issued to your boyfriend, they were also issued to the IRS. You have a chance to deduct expenses against that 1099 income to reduce your tax liability. You have to file a return to show the IRS what those expenses are. If you ask the IRS to calculate your tax, they will do so based on information they received from outside sources, such as 1099s and will add on penalty and interest. 1099s belong on a Schedule "C". Try to deduct expenses. Keep receipts in case you get audited.

Can I get in trouble with the IRS for participating in a section 79 plan?

You will not get in trouble. An Approved I.R.S. Section 79 Plan is 100% legal and offers great retirement planning opportunities for successful business owners of both large and small companies.

Tax benefits of turning mowing hobby into a business?

As his "little side job" means you have to declare the income on a Schedule "C" and you may deduct business expenses to arrive at the net profit. The net profit may be subject to social security tax and gets carried to your 1040 which will probably increase your federal tax liability. Your husband mows laws to earn extra money so I assume he wouldn't run it at a loss.

Buying a $25k car with all cash?

Very unrealistic your uncle has saved 25K+ on a salary of 19K. How does he live? If you're asking if it looks suspicious, you already know the answer.

If im leasing a small kitchen inside a Chevron do i need to pay taxes in TX?

You have income, you have to report it. Schedule "C" on your Form 1040. You can deduct your purchases and other expenses against the revenue you received to arrive at your net income. Keep good records and receipts in case you get audited.

I am a freelance writer who had a client that went bankrupt in 2011, owing me over $4,000. Can I claim a loss?

If you use the cash method of accounting, you normally report income when you receive payment. You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income.

OMG HELP: HOW DO I DO TAXES?

"Doing taxes" means filing a tax return. The IRS may or may not know everything about you regarding your income and expenses, so you have to tell them. You tell them by filing a tax return. I recommend spending a little $$$ so a tax preparer can do your return the right way. You only get one chance in life, why not do it right.

Can I claim my 20 year old daughter as a dependent if she studied a semester abroad?

A child who is away at school, whether college, trade school, technical school or boarding school, is regarded by the IRS as living with you for the purposes of tax filing. If your child meets the other criteria to be qualified as a dependent child on your tax return and is attending school away from home, you can claim the child as a dependent and receive the dependency tax exemption.

What can i do if my former employer hasnt sent my w-2 forms yet?

If you have not received your Form W-2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.

What it you found diamonds and gold, and simply decided to dig it up and put it away. Do you have to pay tax?

On your balance sheet you can Debit - assets (diamonds and gold) and Credit - GOD. He works miracles. You pay tax when you sell it. Your basis is -0- so you have pure gain.

I received a 1099 from the gccf but it has the whole amount taxable including the 16,000 my attourney recieved?

Issue him a 1099 and send a copy to the IRS. Keep all relevant information and disbursements including checks and receipts in case you get audited. The $36,000 is reflected as income by you and the $16,000 is reflected as an expense by you. He has to show the $16,000 as income.

Do you have to report tax on cash received for wedding?

You don't report the gifts received from your guests.  A couple can gift $13,000 each for a total of $26,000 filing a joint return.  But stay married!  Don't do the Kim Kardashian thing.

When do i have to file my tax returns by?

You have to "postmark" the envelope in the post office on or before April 17th, 2012. You may ask for an extension but it is not an extension of time to pay your taxes, merely to file the return. You have to estimate the amount you'll owe and pay it with your extension, again on or before April 17th, 2012. In order to know if you'll get a refund and how much, I would have to know more about your income and deductions. If you'd like more information, please write me, I'm a preparer: GreatReturns3x@yahoo.com

Accounting jobs for recent graduates?

Look in the Sunday New York Times Classified Section.  You don't need to look anywhere else.  There are small CPA firms looking for accounting majors who just graduated.  They're called Junior Accountants.  They obviously don't expect you to have your CPA, you need to take the exam and have the practice first.  Don't give up.  Accounting is a great profession.  Contrary to what you may think, they would rather have someone with no experience then someone who has been trained poorly.  Stick with it and Good Luck!

P.S.  In the meantime go out and get accounts for yourself.  You can get small monthly write-up work and year end personal and corporate tax work.  You need money, right?  We're in tax season.  Buy a tax software program, learn how to use it, do simple returns to start.  Try to read the tax code as much as possible.  Most of it comes from experience and repetition.

I work under the at a beauty supply store for about 3 urs now I have a son and was never able to file taxes ?

You are and were able to file taxes and probably receive a refund, declaring your son as a dependent. Just because your employer doesn't or didn't issue you a tax document like a 1099 or a W-2 doesn't mean you can't or couldn't or shouldn't file a tax return.  Schedule "C" Part 1 asks for "Gross Receipts" received.  You enter the amount you received from your employer.  Show your son as a dependent and you'll probably receive a refund from the IRS, even though neither you nor your employer paid any withholding taxes to the government during the year.  The IRS helps people with children who don't earn a lot of money, whether self-employed or employed by another.  You may be able to file back taxes as well.  You're eligible to file Form 1040 for 2008, 2009 and 2010.

Tax deductions- What can you deduct as a Group Fitness Instructor and/or Personal Trainer?

Personal Trainers work hard.  Many invest a great deal of time and hard-earned money in the profession; expenses such as certifications, uniforms, CPR training, continuing education credits, business cards and fitness equipment really add up.  The good news is that a significant portion of the costs of doing business can be deducted.  The bad news is that, because personal training is still a young profession, the Internal Revenue Service (IRS) doesn’t always readily understand the deductions.

What is the IRS doing when they are deciding whether to accept or deny your return?

Verifying the following:

1. The last name for the primary taxpayer on the return matches what the IRS and/or the Social Security Administration (SSA) have on file.

2. The Social Security Number (SSN) and last name entered for the qualifying child matches what the IRS and/or Social Security Administration (SSA) have on file. The qualifying SSN of the dependent on Schedule EIC, Earned Income Credit, must match data from the IRS Master File.
If the child does not qualify as a dependent, the child is not eligible to be a qualifying child for EIC.

3. The Employer Identification Number (EIN) of the business reported on Form(s) W-2, W-2G, W-2GU, 499R-2/W-2PR, 1099R, or 2439 matches the EIN on the IRS Master File.

4. The last name for the secondary taxpayer on the return matches the IRS Master File and/or Social Security Administration (SSA) records.

5. The last name of the dependent on the return matches the IRS Master File and/or Social Security Administration (SSA) records.

6. If the qualifying child’s Social Security Number (SSN) listed for the purpose of claiming Earned Income Credit (EIC) has been used on another tax return.

7. If the dependent’s Social Security Number (SSN) claimed on the tax return and/or Schedule EIC, Earned Income Credit has been used on another tax return.

8. If the dependent's SSN was used as a Primary SSN or Secondary SSN on another return and was claimed as an exemption on that return.

9. The Date of Birth (DOB) of the primary taxpayer or spouse matches the IRS Master File.

10. The year of birth for the qualifying child matches what the IRS and/or Social Security Administration (SSA) have on file.