Money Snatchers

Most consumers don’t realize they have to tell the IRS if they settle a debt for less than was owed.

The Crow Creek Sioux Tribe has settled its tax debt with the IRS and lined up a loan that will enable it to buy back the 11 square miles of land the IRS sold at auction in December, the tribal chairman said.

Roselyn asked: I work a regular full-time job and normally file a W2 form on my taxes every year with zero dependants. This year however, I began selling designer handbags on Ebay in November and have since grossed about $10,000 more or less. With this additional income, how do I claim a return [...]

Barkley Hound asked: This question is just theoretical since you would be throwing money away. If the amount withheld from your pay is greater than or equal to your tax liability are there any criminal repercussions for not filing a tax return? All penalties are based on percentages of the amount owed. Please don’t just [...]

toocool4skool asked: i run a small home biz and this is my first year to file tax as such. i don’t have all the gas receipts properly and even worst i don’t have a mileage log either. as long as i can in some way include reasonable mileage on my tax return i [...]

depreciation asked: I have to prepair this for my tax class and I have some trouble with the calculations. for example line 13 asks for wages. I have been given the wages for the employees, but i looked at a project done by someone last semester and they have a different #, but [...]

Erik K asked: I am a 100% owner and sole employee/principal of an S-Corporation that was converted from a C-Corporation on 1/1/2006.
For 2006, I have paid myself $32k in W-2 income and have made Owner Distributions (not W-2 payroll) of $49k. As of 12/31/06, there is approximately $20k remaining as Profit (and in cash) [...]