I want to be considered as a co-owner with my bf’s business. We have not filed any 1099′s but will suffer penalties if we must. I want to claim that I paid myself a salary of 27k which is just enough to cover my mortgage and car note. I am doing this so that I can claim the interest paid on my mortgage (in my name only) as well as a few other deductions such as medical. I also want to receive the stimulus rebate for me and my daughter. Is this tax fraud? What are potential problems? I DO in fact work with my husband on the business. We both make business decisions. We just never really formally "paid" me for my work.
Sorry. We are engaged and have been engaged for a year. And dating for 6. So I just started calling him hubby. for tax purposes, he is my bf.

Why is everyone saying I didn’t work? I DID work, I still DO work for the business. We are just trying to figure out the technicalities of the IRS. In fact, this business was started 3 years ago with a large chunk of my money as well. It just gets complicated because we never defined my position. I guess I am answering my own question. I know I worked for the business, so I guess I know it’s not fraud. But how do I prove that to the IRS? All my work is for nothing because we never filed a 1099? We can’t be the only business in the world that forgot to issue a 1099. What is it? Like a fine?

I have property that I am currently renting. This property is mortgaged and I am able to deduct my interest from my taxes. However, the rental income I receive does not cover the mortgage or my expenses (that is, because of the market, I charge less in rent that I pay in mortgage and maintenance each month). Is it possible to declare this loss on my taxes? I know I have to report the rental income, but it seems I should also be able to report this loss. Is it a business loss or is this considered part of my "expenses" on advertising/caring for the property? Are there specific forms to use (like form c for business loss)?
This property is in another state – so it is not a shared duplex. If I use TurboTax, will this automatically fill out items on Form E, including this loss (I know TurboTax uses this form to allow me to deduct expenses).

I want to make sure I buy the right software that will give me all the correct deductions. In the past I have used HR block online without any problems but we have new items to add to my tax return. I read some reviews (best buy website) on turbo tax some people not being able to file child tax credits or having to pay extra fees for add’l returns…etc…each has pros & cons…I just don’t want to miss out on the best possible refund I can get.

In 2008 I purchased a home.
I have 2 children 5 yrs & 8 yrs so I want to be able to claim them for the additional tax credit. I paid child care fees as well. Not sure what other items I can deduct or what’s new with 2008 tax credits.

I want to file my boyfriends return as well. (Without paying any add’l fees) His will be a simple tax return, as mine will be a little more work due to the house purchase & my children. This year I want to purchase the software not just file online.

Any advice on turbo tax or Hr block premium or non premium….etc. Bestbuy.com offers like 8 different types of programs. I do know I do not need the business one.

Any advice on the best possible program & if any other new credits I can deduct?

Thank you
I also have to add the mortgage intrest etc…in the return. As well as a intrest bank statement 1099 I think.

I am trying to ge a mortgage for the home I am in and get it out of my ex-husbands name. The problem is, I run a licensed child care business out of my home and lenders are not considering it "viable or verifiable" income. Also, I am not sure how to file my taxes this year because if I actually made such and such amount, the lenders will only consider the amount after all deductions. Which brings my total income for the year down to less than 1/2 of what I made. I do not know what to do because if I claim no deductions, I have to pay more taxes, but it also greatly decreases my actual verifiable income. Thank you for any advice!
Okay…I was unsure because this is the first year of doing taxes on my own. In the past, my ex-husband and I filed together and we took every deduction available. And what he paid during the year always took care of what I owed. I am NOT trying to cheat the IRS. I just wanted to know what my options were. Thanks…

And the same for Medicare "Part D" Drug prescription coverage premiums?
I am on disability, and normally would not have to file income tax for that reason, but this year I became a landlord, renting out my old house…moved to an apartment due to the disabilities, so I have to declare that income, (which isn’t MUCH at all, after paying the mortgage) so I may as well take all the medical expense deductions that I can while I am at it, right? And believe me, Medicare takes a HUGE chunk every month for these premiums from my disability check! Seems I should be entitled to using those as deductions on my income tax return. Also, I attempted to open up a small at home web business this year, since I am disabled….and that investment was large…..can I deduct that as a business expense? (The company has not made any sales yet) Please answer only if you have had expert experience in government tax laws. I want to do things correctly, but also want all the deductions available to meThanks

My wife and I have had several significant changes in our lives in the past year. For instance, we will not be receiving the mortgage intrest credit, the child care deduction as well as the deductions for business expenses.

Is there any way to know if we are paying in too little or even possibly too much.

Last year with all the deductions, we received a 2k refund filing married, joint with 2 children.

So far this year, I have filed Married, with 0 deducts, and she is filed married w 2 deducts. How can we know if we are paying enough in taxes to avaoid penalties as well as a hefty tax bill come next year?

I have 4 exemptions for kids, plus myself
husband can only take an exemption for himself

In my name only, I have mortgage and property tax deductions, and some business deductions

I owe some self-employment tax, but also paid taxes the first 4 months as an employee

My husband has no other deductions or credits and did not pay any taxes because his income was so very small after child support and other taxes (state, local, soc sec, medicare)

He owes back child support. My gross income was a little more than twice his.

We have to file jointly to get the EIC credit for my children.

We don’t live in a community property state.
How will my deductions, exemptions, etc. affect the way the refund is apportioned using the Injured Spouse Form?
I guess I wasn’t clear when I spoke of his income. No federal taxes were deducted from his checks because his income is so small.

After the support, state, local, soc. sec. and medicare taxes were taken out, his entire take home pay for the year was less than two of my house payments.

His gross income was about half mine, but most of it did not come to our household.I know that his support is not deductible. I am frustrated that it will be counted as income for our household, because it is not.

I am concerned that they will somehow give him part of the EIC for my children because we are married. He really isn’t supporting them at this point. His money is going to his children.

The bulk of our income, and the money that pays our bills, is from survivor’s benefits because my first husband died.

Thank you so much for answering my question with information I can use rather than making personal attacks and ridiculing us as has happened at a business forum where I asked for help.

From what I understand, there are Michigan tax laws allowing deductions for renters and lendees, but what about those responsible people who have chosen not to live their lives in debt (i.e., have no mortgage or rental dues)? Are they just out of luck?
Does anyone know of a web resource that details this specific situation?

I have two rental properties in California. Previously I lived
in one of them, and rented out the other. Earlier this year,
I moved to Texas and rented both of the Calif houses out.
The only mortgage is on the Calif property, I have none in Tx.

Now one of my renter’s is moving. My question is: If I have to travel back to Calif to clean, run an add, sign off with a new renter or whatever, what -if any- of this can be used as a business expense on my taxes? And would the rent be considered California income, or is it all business income?

I appreciate the serious answers.

My father and I are on the title of this house. He lives in his own house with his new family and runs a business there, but uses this address for tax deductions (the business used to be here). He tells his accountant this place is employee housing, but really it is where my husband and I live. We want to take over the mortgage, without his name on the loan, but he demands that he is dependant on this tax break, although the business is not run here nor are there employees of his living here.