2007 Income Tax Return Question

by A. McFadden
(Atlanta)

2007 Income Tax Return Question

If I divorced in 2007 and sold the house in the process, Do I need to report this sale of home on my return?

The house was sold for 245k, after commission for the realtors and the existing mortgage paid off. My ex and I shared a check of 6k.

2010 Client Tax Statement-Gains (Losses) From Sale Of Securities

by gaetan lizotte
(windsor, ontario)

I received this paper from my bank, I have a gain from my MUTUAL FUND but where or which form do I have to used to report this gain since there is no form number on this paper.

thanks

2010 Tax Return

If I didnt file for 2010 can I file 1040ez for 2011?

Thank you for your 2010 tax return question. If you didn't file for 2010 and weren't required to, and you are otherwise eligible, you absolutely can file 1040ez for 2011.

Regards!

2010 Tax Stimulus for Social Security Recipients

Is there a $250 dollar stimulus check for social security recipients and when are they to be sent?

Hi,

Thanks for your question. Yes, there is a $250 stimulus check for social security recipients that should have been automatically received in 2009. If you did not receive it, then you should be able to recover it on your 2009 tax return.

Can I Claim Child Born October 2011

My daughter was born October 5 2011, can I claim her on my tax return?

Thank you for your question regarding whether you can claim your child born in October 2011.

Yes, you absolutely CAN claim your child born in October 2011 on your 2011 income tax return.

Regards!

Can I File an Income Tax Retun for FY-2005 now in 2011?

by Rakesh Maheshwari
(Pune, MH, INDIA)

Hello Sir, I have not filed a return from year 2005 till 2011. I started earning from the year 2005.

However, please note that my company has deducted tax from my income from time to time and has provided me with the appropriate Form 16.

Please let me know if I can now file a return and CLAIM the excess tax I had given to the Govt. of India from year 2005 onwards?

It would be great of you to also let me point to the process for this and tax return forms for the years.

Regards,
Rakesh

EIN Number For 2007 Taxes

by Leilani
(Missouri)

I am filing past taxes and the only payer ID number I have is their social security number. But when I try to put it in online it will not accept it how do I remedy this..

Goals and Advice for the New Year

What are your goals for the new year? Do you have any financial or business advice with all of the economic challenges we face?

Great question! New Year's Eve is a day for reflection and planning. What went well during the prior year? What didn't go well? Were the goals I set achieved? And what's the plan for 2009?

Let's think about the big picture that exists in the world today and then consider the big picture of our lives and where we are in them. Then we can set our business and personal goals for the year. First, we should review our successes and failures from the past year. This gives us something to build upon as we plan for the coming year.

Every year, I like to go for a walk with my family to breathe in the crisp, fresh, January air and reflect upon all the new lessons we have learned. Let's have that conversation together here, through this forum!

I like to break my goals down into personal/family goals and then business ones. And I try to think of them within the context of my inner and outer environment. More on that in a second.

I would absolutely love to hear from ALL of you about how 2008 was for you, and what you hope to achieve in 2009 as well. But, I'll go first with this post...

I have one urgent goal for 2009. My top urgent goal? Prepare my office and tax coorespondance for the new tax season. I know that sounds rather small, but it's on my immediate to do list.

Business-wise, "the business" (I don't think of it as a business but as a passion) has gone well during 2008. Even after the Recession and losing some bookkeeping clients due to the closing of business doors, my business is continueing to grow. Speaking of the R word, let's move to the "outer-environment" within which we must form our goals for the coming year...

We all have to be ready for the full impact of the Recession during 2009. You all likely have already been impacted by it in some way. Hopefully, you haven't lost your home to foreclosure, or lost much money in the stock markets. Whatever the impact, all the experts tell us to expect things to get worse before they get better.

Businesses are expected to grow more slowly. Many businesses will close (for example, the retail industry has already been hugely damaged). This major outer-impact will trickle down to our businesses, whether we sell goods or services or advertising from them. And if you're in retail, you're hurting.

In short, we must make sure to assess the impact of the recession on ourselves and our businesses, realistically. We can't close our eyes to this or gloss over the impact it will have.

We need to be ready for things to get tougher. "Slower growth" is what we can expect, for the most part. And negative growth will happen if you stand still. As always, the answer is persistence. We should be ready to re-double our efforts, both in products and service.

All is not doom and gloom, of course. Every Recession turns around. A new world will emerge from it, hopefully one that is less "spoiled" and ready to WORK, once again, for what we can AFFORD.

"The U.S., still the engine of the world, has a history of electing a president that makes a difference. Hopefully, Barack Obama returns America to what made it great.

Obama needs to inspire a return to the ideals that made America great, and hopefully inspire the rest of the world, too (I've never seen a U.S. president capture the world's imagination like he has)...

He needs to inspire INDIVIDUALS to end their lazy excesses, from mind-numbing reality TV to falling for sub-prime rates and easy credit. He needs to inspire people to work hard and save money -- too many people have been buying too much stuff that they can't afford. People have been trained, by both government and banks/retail/advertising/etc. NOT to take personal responsibility for lazy, ignorant decisions.

It's time for all that to stop. Will that deepen the Recession? Yes, in the short-term. We need to get realistic about what we can afford and stop buying beyond our means.

Self-reliance. Responsibility. Independence. Ethics. I am hoping that one man can restore the bedrock." - Ken Evoy

OK, that's the biggest of the outer-environment.

Finally, at the much smaller end of things, and in my own little way, I'll now start this thread with MY business goals, followed by personal/family ones...

First, given all of the above, my website through Site Build It! is more important than ever. Massive layoffs are underway and more to come in 2009, together with the difficulty of finding a new job. Retail is devastated. Major industries are hammered. So building my own business, creating my own independence and self-reliance, is increasingly vital (the American Dream is now the World Dream).

On the business side, of course, the goal is to grow Horne Financial Services and www.Bookkeeping-Basics.net and make them both better and better.

Looking forward personally, my family goals are pretty simple...

Enjoy family together here in Sonoma County.

Help Billy and Olivia with school and sports, volunteering for both when I can. Help husband Billy study for his upcoming Firefighting exams, and study myself for the EA exam.

I'm really just looking forward to watching and helping the kids grow as they experiences all the wonders of life.

Do much more family traveling, and, of course...

Enjoy being with my husband of 7 years. As the children continue to grow, we continue to learn and grow and plan for the future.

I wish you and all who you hold dear a stimulating, rewarding, increasingly self-reliant, happy and healthy 2009. And I'd love to hear your goals for 2009. After all, "without goals, you have no roadmap. And if you have no roadmap in these times, you just might become roadkill." - Ken Evoy

Yes, it's a good time to look back... and then look ahead.

See you "next year."

All the best,
Stephanie

Half The Year

I live in new york city and i hav only worked for 6 months thae other 6 months i was in school . can i still collect a nice refund check this year when i file?

Having a Baby in 2011

by Virginia
(Pennsylvania)

My friend had her first child in September of 2011, how much does she qualify to get back in taxes if she made $13,000 and claims head of household?

Home Basis For State For Deceased in 2010

Person deceased in May 2010. Estate has no income other than a home sale. No surviving spouse.
Estate less than 500,000. Basis of home sold should be market value on date of death. Are there any papers that have to be filed to
use market value as basis instead of deceased adjusted cost basis which is lower than market value?

How To File 2011 Taxes

My husband and I split in June 2011, but on my W-4 still states married. Do I need to have him present when filing my income taxes?

Residents For 2011

My husband and I lived in Indiana till the end of August 2011, now we live in different states, do we use Indiana as our state of resident for our taxes? We are filing jointly for 2011. The only income he had was dissability, I am claiming income from little odd and end jobs I did, and my 14 yr old recieved SSI from her Deceased father.

SELF ASS.YEAR 2011-2012 AMT PAID TWICE DUE TO NET BANKING ERROR

by NILESH TANDEL
(MUMBAI-OPERA HOUSE)

SIR

DUE TO NET BANKING ERROR WITH BANK OF BARODA , GOWALIA TANK , MUMBAI SELF ASS.TAX FOR A.Y 2011-12 ONLINE PAYMENT MADE TWICE OF SAME AMOUNT. SO PLEASE ADVICE US THAT WE CAN ADJUST THE ANOTHER PAYMENT AS ADVANCE TAX FOR A.Y 2012-13 , OR CAN BE REVERSE BY BANK.

Share of Dividends Claimed when Divorces in Tax Year 2010

(Erie PA)

I was divorced in November, 2010. I am now sole owner of a mutual fund that used to be a joint account. Do I have to claim 100% of the dividends earned in 2010 even though he also owned in for 11 months of the year?

Should I Amend My 2009 Return?

by Melanie
(Florida)

My accountant did our s corp taxes (husband is president and only employee) and personal taxes last year. We profitted $14,000 from our business but never paid ourselves on payroll. We have 5 children and he said we could not use that income to get the child tax credit or earned income credit. Is that right or should I find another accountant? Shouldn't we have gotten something back? Should I amend our 2009 return and try to get a refund?

Son Born in 2011

If my son was born in September of 2011 and I made 36,000 in 2011, how much will I receive in a refund if anything?

State Tax Refund 2010

Hello, I just filed my income taxes on Turbo Tax I need help. They won't send my refund until I tell them what my 2010 state refund was I got I think it was $30.00 Dollars but I'm not a 100 % percent sure can you please help me I live in michigan I file easy form! I really need to know this so i can recieve my refund for 2011 Please and thank you.

Unfiled Tax Return for 2007- 2010

I have not filed my taxes for 4years for the first 3 i dnt have any dependents but for the 4th year i do how much can the penalty be for each year not filed and will the 4th year with the dependent cover it?

Which Year?

I was paid in 2011 for woek performed in 2010. Which year do I reoirt the income -2010 or 2011?

Wife Died April 2011

by William
(New Stanton, Pa. USA)

My wife died 4/24/2011. Can I still claim her as a dependent for 2011?

WRONG ASSTT YEAR WRITTEN

by BN SHAH
(AHMEDABAD)

IN MY SELE ASSESSMENT TAX BY MISTAKE WRONG ASSTT. YEAR WRITTEN. I HAVE MENSTION 2010-11 INSTED OF 2011-12. PLEASE SUGGGEST ME WHAT I HAVE TO DO? GUIDE ME.

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