We own a house right now that we’re going to do a short sale with.. it’s worth way less than what we owe, but we have to sell it anyway.. Anywho, a friend of mine has already done a short sale recently (I mean purchased a house through a short sale) nearby. She also owns another home in another city. Now she’s thinking of buying our house, and renting it out to us. What are the implications of purchasing another home (would be her 3rd.. she’s not an investor or anything, or a flipper.. but bought them when they were really good prices). Anywho, she owns her own business, with a partner.. a travel agency. Apparently when she bought the 2nd house, that helped her out with tax deductions and such. But what about the 3rd house? I hope my question makes at least a bit of sense.. I’m asking this question for her, and I don’t completely know about this stuff.. hopefully you can kind of see where I’m going with it. ) Thanks in advance.

My parents will file for a 1040A this year and one of the questions goes like this:

If your parents have filed or will file a 1040, were they eligible to file a 1040A or 1040EZ (question 84)?
Select Yes if your parents filed or will file a 1040 but were eligible to file a 1040A or 1040EZ.

In general, your parents are eligible to file a 1040A or 1040EZ if they:

Make less than 0,000 per year,
Do not itemize deductions,
Do not receive income from their own business or farm,
Do not receive self-employment income or alimony,
Are not required to file Schedule D for capital gains.

Your parents are not eligible to file a 1040A or 1040EZ if they:

Make 0,000 or more per year,
Itemize deductions,
Receive income from their own business or farm,
Receive self-employment income or alimony,
Are required to file Schedule D for capital gains.
If your parents filed or will file a 1040 to claim Hope or Lifetime Learning credits, and they would have otherwise been eligible to file a 1040A or 1040EZ, you should answer "Yes" to this question.

Select No if your parents filed or will file a 1040 and were not eligible to file a 1040A or 1040EZ.

Select Don’t know if your parents filed or will file a 1040 and do not know if they were eligible to file a 1040A or 1040EZ.

So if my parents are filing for the 1040A and not the 1040 do I put yes or I don’t know?

I haven’t filed since 2002. They are basing my taxes on my 10-99′s without deductions or my dependents.(I have my own business).

Is there any other forms i need to file besides federal and state? What are forms #? I am in SW Missouri and filling jointly. I have one child under 6 and yearly income under k. I am between 30 & 35. Also, i bought new car last year so i think i qualify for some tax deduction. I didn’t trade in any car. Also, i stay in Mo but work in Kansas.

Once i know what forms to fill i can pretty much do all by myself and take it to professional like H & R block. I can save their time and save some $. How much does it approx. cost. My dad used to pay all this years from his own business and i don’t know how much he used to pay. This year i decided to everything on my own.
What forms for federal?
what forms for Mo State?
Any other forms i need to file?

My fiance owns his own business and it is incorporated. He has filed a loss the past two years on the business and his personal income is low. He has tax credit. I earn about 70,000 a year and have standard deductions.

my boyfriend and i would like to start our own business (canada) and according to my boyfriend’s friends it’s quite common for the wife or girlfriend to have her name on the business and employing the husband/boyfriend to do the work. But is it me or wouldn’t it make sense just to have the business in his name or both of our names considering we live under the same roof and any money goes to both of us anyway? Also, he would be the one to do the work (paint/crackfill)

plus he’s the one doing the work and all i would do is the bookkeeping and phone calls, I guess what i am really wondering is, is it really necessary for me to actually go thru the whole deductions effort for e.i. and etc when the whole kit and kaboodle is going to the both of us.

If it was a friend or a stranger that we were hiring , i’d never ask this but somehow it seems like a lot of trouble in making extra deductions when it would be money coming in and a couple of deductions like taxes, hst and cpp coming out?

We’re both willing to do what’s best. He has his own business in HI & bought a house there. I’m also self employed & have a house in CA. He makes about ,000. I make about ,000. If we file joint federal, can we both write off our property tax for our houses and itemize all deductions for our separate businesses or will they only allow a percentage of it to be written off?What is the best thing to do?What about State tax? We obviously have to file separate because he lives in HI & I in CA right? Can we file joint federal and separate state?HELP.

I am a college student and I own my own business doing videography. I know that the minimum to file federal tax is ,450 after all deductions have been accounted for (cameras, computers, etc).

What I do not understand is, if I make ,451, would I pay tax on all of the money or only what exceeded the minimum of 8,450?
Update: I am referring to federal Income tax. I understand that If i make 3 that I must file for business tax (social security etc)

Hello, I have a question about taxes. I am 24, just out of college, living with my parents, and currently self-employed. This will be my first year filing independently, and I was wondering if I will be able to get any money back. I only made a little over ,000 (in taxable income) for 2008. I was technically not enrolled in college during 2008, but I was finishing my Sr. Project and writing my Sr. Paper. The ,000 was made through my own business, so no taxes were taken from that amount. I have many different expenses and deductions that I can write off, and I was wondering if I get money back even though I have not paid any taxes. I gave at least ,000 to charity, I can write off ,500 in interest on my student loans, and I have business expenses that I can also write off. So, again I really have no idea how taxes work, but my write-offs and deductions exceed my income more than twice. So, I was just wondering how that works- like does it just makes my taxable income {content}, do I get money back, or what?

Thanks for your help!

Two people live together. Person (A) is a sole-proprietor and has their own business, Person (B) is a sole-proprietor and has their own business and separate business as well, in addition to a corporation, again that is separate. Person (B) has less than 00.00 income in their business. Therefore Person (A) is basically supporting Person (B). Can Person (A) claim Person (B) for a write off? Person (B) has a lot of medical deductions. Is it beneficial in anyway? Or is it best to continue to file separately?