IRS Tax Relief

I am in the process of buying my first home, and I am wondering how the $8000 tax credit will help me if at all. I have never owed anything on my taxes, I have always got a refund. Someone told me that if you didn’t owe anything on your taxes that you would actually [...]

I converted a Traditional IRA to a Roth IRA. The federal taxes were withheld – all is well with that (I think). The state taxes were not withheld. Now I owe the state a bunch of money. Can I take the owed amount (or less) from the Roth IRA to pay [...]

An accountant who handled taxes did not report the taxable income correctly. Clients actually owed taxes but did not realize it. The IRS notified them a year later. The IRS is billing for the taxes owed and a near $2000 penalty which includes interest. Is it ok to sue the accountant for the penalty?

I owe about $6,800 in taxes this year (2008). And my tax bill says I now owe $7,062 for taxes due plus $241 in interest. The taxes I owe are based on interest/dividend income. I didn’t think you had to pay a penalty for not making quarterly payments on this type of [...]

I work remotely for a company from my home. When they pay me, they do not take any taxes out. If I live in North Carolina, how much should I put aside for taxes? If I have only been working for them since January, when do I pay this tax, in February 2009?

I have received my paycheck and want to make sure I was paid correctly. My check stub lists deductions but I am not sure if they are correct. How can I make sure the required taxes were taken and that the correct amount has been deducted?
The deductions listed on my check are:
FICA
FIT
State
Benefits
Local/SDI
Other Deductions

I started a year ago doing 2 maintianece contract work and got about $40,000.00 in 2006 and I still had not paid taxes because I didn’t know where or how to. My contract place just gave me a 1099Form. I’m single and I recently just got a regular W-2 job. I’m in [...]

I recently purchased a brand new car. I paid $1280 in sales tax for Michigan. How much additional will I get back in Federal taxes? I make $30,000 a year and I am married and have 2 children. Help me out if you can.

It seems like rich people are more likely to own and operate businesses that employ people than poor people are. But Obama wants to raise taxes on the rich. I’m sure he means well, but what exactly does he think it will accomplish? If you were a rich business owner, and your [...]

We have been asked to rent out our home for the Republican National Convention in Minnesota because we have a large home within a mile of the convention location. We have been offered $15,000 for 5 days. We have never rented out our home before and I have no idea whether we need [...]