Looking over barack obama’s tax returns I noticed that he had made donations to a non-profit organization in the years of 2004-2006. I can’t figure out what organization it is that he is donating too. Is NAMBLA a church of some kind? A homeless shelter or environmental group? The reason we were studying is because he has no deductions for his college student loan. Michelle had her college paid for because of he skin color and obviously not because of her grades. Also there is a man, name escapes me, who claims to have paid for obama’s college. I guess both obama’s misspoke when they tried to claim that they had "just finished paying off our student loans" but I don’t really care about that. So who or what is NAMBLA and why is barack donating money to them?

I realize its obamas money and he can donate to anyone, or any group that he wants, I am just curious. Any help would be appreciated as I am trying to help my business partners daughter with picking a topic for a college English class’ essay.

I have been selling few items on ebay and thru craiglist, mostly re-selling items for a profit. I kept an xl sheet document of my costs and money received. I have not registered myself as a small business or self employed. I am (planning to report) the income on our tax returns. Does this qualify me as self employed (so that I can claim dependent care deductions, otherwise I cannot claim – spouse works, I have no w2 & turbo tax wont let me add ebay earnings as income for dep care purposes)

I have a small business (restaurant).

My 2005 tax returns were totally off. Gross sales and COGS were off 110% (K to110K and 26K to 55K), and lots of deductions were not included. This is a family business and my brother did the returns and totally screwed up. The old 2005 return paid the IRS 0. With the amended returns, I’m going to be paying them 00. The amended return numbers are pretty similar to my past returns.

I’m really paranoid because I’m afraid this might trigger an audit

It seems to me the only solutions the government can offer are either tax increases (end subsidies) or offer the public tax deductions on their tax returns to help offset the high price? The oil companies have no short-term incentive to use their profits to look for alternate sources. What do they care as they are making billions? We are a short-term looking society? No one cares enough for the future. This is a huge problem that is affecting every sector and every person and business. The government should end the subsidies, make them pay taxes just like the rest of us. Cry me a river.
What do you think? What solution would you offer to the government? Is it realistic? Why?
Reelbro: Then what about the tax subsidies that I’ve seen reported by the media? Is that not correct? I’ll check myself but do you know?
If that’s true then it seems those tax dollars should go back to the American people that buy gas and oil to help them in this tough economy.
Companies have more money than do individual taxpayers. That’s a no brainer. Of course they pay more. It’s not as if they would be more generous to their workers.

I am self employed, While trying to find receipts and things for utility bills and other receipts, I found deductions that I forgot to report. I also reported "MORE" income then I actually made.(Yes, I actually said I made more money than I really did) I am a horrible book keeper and should never do my own tax returns, I did use Turbo Tax.

Anyway, going over things, I discovered that pretty much the whole return was done wrong. I tried not to deduct to much because I didn’t want to throw up red flags, So I actually stopped looking for more deductions. I was actually trying to avoid showing a loss on my 1040 schedule C , Not good when you are trying to buy stuff on credit when you are self employed. But anyway, I still get this face to face examination letter questioning deductions I did take. I can’t find the receipts for some of this stuff. I do have receipts for allot of the deductions I am entitled too, but didn’t report. I am seriously stressed out and I really want to correct this 2008 return before the examination if possible. Can I do it? Anybody know? Should I just take the receipts for deduction I didn’t take? I don’t really care about a refund, I just don’t want the IRS to throw me in jail and take my business and my house!!

Help!

`Bob from Baltimore
I can’t find receipts for some of the items in question. I did pay by check and some things I paid online. Will the transactions that shows up in my bank statements serve as a receipt for the items I am being asked for?

I am self employed and owe taxes from 2003 through now. (about 6000 total).

To qualify for an installment plan I have to have all my tax returns filed (i do) and be up yo date on 2007 estimated quarterly taxes. This is where my question comes into play.

Last year I made about 30,000 but after all business deductions my adjusted groos income was around 12000.

Are the estmiated tax payments based on the total I made last year or the adjusted amount after dedudtions?

My old Tax man has a program that does my taxs. I’m a small sole proprietor contracting business. Can I purchase a consumer (or standard) version of a program that will generate my tax returns complete with deduction, amortization schedules, depreciation ect? I would need something that is helpful to someone that is willing to learn. iknow- I’m gonna get all these answers that tell me not to do it myself- thats fine- humor me- is ther esoftware available that will perform this for me?

We have been trying to get a loan for a new vehicle and every time we do, we have the problem of proving our income, because we are self-employed. Our tax returns are very misleading, because we get to deduct things that most people don’t, Like a % of utilities, property tax, house interest, car interest, business supplies, ect….. So after all the deductions it shows we make far less than we really do. And the lenders don’t take that into consideration. What do we do??????
MR Jack C. We DO NOT cheat on our taxes. WE DO have to pay our fair share!!!!!!!!!! If you don’t know what your talking about and can’t help, then SHUT UP!!!!!!!!!!!!!!!!!!
Thank you to everyone, I should give you a few more details. Another problem is We don’t deposit every check into our checking and savings account, We pay alot of bills by money order and cash since most offices are here in town. So our bank statements don’t even give a good source of income. We were approved for a loan for 23,000 based on what we told them we make, when we faxed our tax forms to them they said they would have to drop the amount because it showed far less was made. We even sent them the 1099 to show what he actually made, But they said by law they had to use the amount on the tax form after all deductions. We have been making the same amount payment on the car we are trading in, so we can make the payment, It is just proving that we make more than our taxes show.

Hellos,

Before reading:
I’m 17 and I’m giving you a scenario of assumptions and accusations, reply accordingly if you will, it will be much obliged.

Okay

Assume I live in Arizona, and assume I apply for a job at Kohl’s with no prior work experience (as it is not required.) Assume that they higher me and assume Arizona’s Minimum Wage is $ 6.90 and assume that starting salary in this business is MW + $ 0.40, which is .30. Okay, and assume I work 32 hours a week,

32 * $ 7.30 = $ 233.60

Note: Remember I’m 17, I’m not sure if there’s any bonus to being a minor in this area (tax returns, etc), if there is, do tell.

My question to you:
What would my income tax deduction be, and the finalized pay check would equal out to what?

Now assume I’m employed for 15 weeks. Around what amount money would I rake in (I know it depends but, given that information, what can you conclude?)

I’m just getting into the business world so I don’t know much about taxes or filing out w-4 forms properly. I’m 19, full time student at the university of colorado and i’m home for the summer working as an intern. I receive hourly pay of .45 with a monthly stipend. My parents are still fully supporting me and I work just to get a little extra money. I got my first pay check today and my father pointed out that I must have filled out my w-4 form incorrectly because I was being taxed federal income taxes, SS, federal medicare, CA income taxes, and CA Vol. Disability. (and well thats a pretty big lump of money if you’re not making much) I figured out that I won’t get any of that money back until I file my tax returns for 07 correct? But when I correct the w-4 what should I put down???