Orange County Accountant » tax planning

How Much Taxes & Late Fee Would You Pay If You Report $18,000 In Earned Income?

admin — Wed, 24 Feb 2010 14:13:02 +0000

Example if I did NOT file taxes for 2006 and I just now decided to file taxes for earned income of $18,000 as a 1099 form.
For the state of California. About how much money will I have to pay back in taxes and how much will I have to pay in late fees?

Can Your State Income Tax Be A Deduction On Your Federal Taxes?

admin — Tue, 23 Feb 2010 13:30:50 +0000

I am doing my taxes by myself for the first time, and I heard somewhere that your state income taxes can be a write off on your federal income tax. Is that true?

How Do I Go About Filing Taxes If I Am Paid By Cash?

admin — Sun, 21 Feb 2010 15:06:57 +0000

I am going to start getting paid for housecleaning and childcare fo a woman and her children and she will be paying me by either cash or check. I want to be able to get financial aid so I would need to have an income tax return.
How can I file for taxes?
Is it a one time thing around tax time or do I need to pay taxes everytime I get paid?
I will not get paid much, and I have a child, would I have to pay a lot of taxes?

I Have Paid State Taxes In More Than One State This Year. How Do Take Care Of The Situation?

admin — Sat, 06 Feb 2010 13:50:09 +0000

I have NM state taxes withheld from my pension. This year I also worked in CO and state taxes were withheld there. Will I have to pay state tax on the $ earned in CO in NM and will I have to try to recover that CO $ by filing a tax return in both NM and CO?

What Taxes Need To Be Paid On A Lawsuit Settlement?

admin — Fri, 05 Feb 2010 13:32:27 +0000

I need to come up with a figure regarding a settlement with an insurance company because of a permanent debilitating injury to myself. The question is about how much I should expect to pay in taxes. (If it matters, I live in the state of Pennsylvania, in Pittsburgh.)
If I am looking to have somewhere between $1 and $5million in my pocket (well, bank) after the lawyer gets 40%, what should I take into consideration for taxes? Are taxes paid before or after the lawyer?
What I’m looking for is pretty much “If you get $1 million, they would have to pay x, if you get $5 million, they would have to pay y, etc.”
Also, if you know anything about the subject, please let me know if you think that I’m asking for too much or too little. Pretty much I’m early 20s and this has ruined the rest of my life, I am in constant pain, need help to live, and am out of treatment options.
Thank you all so much! I know nothing and need help!

How To Claim Taxes On Salary That Is Overpaid To Me And Repaid Back?

admin — Wed, 03 Feb 2010 14:15:44 +0000

In 2007, I was overpaid by my employer and now they want me to repay the overpayment. Today, I sent them a check for the overpayment. I have paid my 2007 federal and state taxes on the overpayment amount. How do I claim those taxes that I have paid when I file my 2008 taxes soon? Where can I indicate such a deduction on a federal 1040 tax form? Please be detailed in your answer. Thanks.

What Taxes Go Away With Pre 2006 Legal Changes To The Bankruptcy Laws?

admin — Sat, 30 Jan 2010 13:53:48 +0000

My father had back taxes and files for bankruptcy in early 2006 now the federal government is comming after the back taxes. Does the bankruptcy take care of those taxes or is he still liable for them? (Lives in Kansas if this matters)

How Do I Pay More Taxes/forfeit My Tax Return?

admin — Fri, 29 Jan 2010 13:39:56 +0000

I’m 17 and I just got a job with McDonald’s, and I’ve heard about tax returns, and I was wondering how I can pay more taxes and let the government keep my tax return. Is this possible? I want to pay more taxes that the government can actually keep. Thanks

How Does The Tax Deduction Work For State And County Transfer Taxes?

admin — Wed, 27 Jan 2010 13:52:51 +0000

My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are going to take the standard deduction this year? Are transfer taxes deductions or credits?

I Have Already Filed My Taxes. Am I Not Entitled To The Tax Break Congress Just Passed Last Week?

admin — Tue, 26 Jan 2010 13:41:33 +0000

I filed my taxes in Mid-January. Last week conress announced that every tax paying adult will recieve $600 and $300 per child, in an attempt to avoid a recession. Since my taxes were already filed, am I not entitled to this extra tax break?