I have been paying AMT every year since 2001. Is there anyway to pay less or get part of what I paid back?
128663
The AMT generates a tax credit that you carryforward each year.  As you reduce your preference items like state and local taxes and miscellaneous itemized deductions, you get to use the AMT credit.  Once caught in the AMT trap, you need serious planning ahead of time to get out of it.
71678
Great Answers so far!   You are off to a great start.\n\nBelieve it or not, you also need information from your 2004 return.  You need to know how much you paid to the IRS in Taxes.  It is found on the 1040, 2004, on line number 43.\n\nYou need this because you must determine if you have an underpayment penalty.  BTW, you dont want one do you?  If you paid in more than 90% of what you owe this year, you will not pay any penalty.  \n\nTo avoid this penalty next year, for April 2007, you need to pay quarterly taxes this year.  Your first quarterly is due April 15.  Surprize!  The quarterly payment  should be one quarter of your this years total tax, if it appears that you are going along with about the same amount of income as last year.\n\nYour quarterly will be 150, maybe, see below.\n\nYes, you are going to enter the 27,000 on a Schedule C.\n\nYes, you need to get a look at a Schedule C and see all the possible deductions you can take.\n\nStart with your car deductions.  In general, you have to determine whether you will use the total number of business miles X the government rate or use the actual expenses including depreciation for the driving the business miles.  \n\nWhich do you think is easier?  \n\nYou guessed it the government rate.  It is per business mile!!  Ok it is tricky.  in the first 8 months, it is 40.5 cents per mile.  After Sept. 1, it is 48.5 cents per mile.\n\nSee the government actually thinks you have been keeping track in writing.  Not the reciepts, the actual NUMBER of miles.  If you need help, let me know.\n\nAnyway, you get all the expenses you can because you want to reduce the income on the Sch C.  All the C income is taxed as Self Employment tax of about 15.3%. \n\nThen the income goes back to the front of your 1040 and flows from there.\n\nSo, on my computer, ProSeries, also from Intuit, but not TurboTax, assuming all the best and no penalty for underpayment and 10,000 business miles, your wife had no income, you had no interest income, and nothing else either plus or minus, AND you are at least 25 years old!!! you owe $598 for 2005.  \n\nBe sure to send in the quarterly of 150!!  There is a special form for it so that it gets properly credited.\n\nIf both of you are not at least 25, let me know.  If you or your wife are were at least 25, on December 31, go in peace.\n\nBTW, you may want to very soon get your tax taxes going and get them finished off too.\n\nMeanwhile, I hope I was some help.  If you want to contact me feel free.  \n\nIf you are wondering why I wrote and take the time to put it on my machine, I just didn´t want you to get scared at the sight of $3500.00!  I know my wife and I would not have liked seeing that!!\n\nGood Luck.
591250
Don't do it.  It's an insanely high price to pay for a thousand-dollar loan.  As for how much you have to pay monthly, that's impossible to tell unless you can also tell me how long they are giving you to pay it back.\n\nDon't cash it.  You'd be paying $37 monthly for principal and interest, plus a $37 monthly charge.  This would make a total of $74 month.  That's pretty close to an effective rate of about 73% and you would pay a total of around $1,600 for a $1,000 loan.
139098
Contact the company directly and give them supporting documents to prove it is only one and it is too old. Ex: cancelled checks to show payment. And in the future after repaying an old or even a current debt, always ask them to send you a letter showing a zero balance. That way when there is confusion in the future you have proof it was paid and the date.
623323
The statute of limitations has run on that debt.  What you can do is contact the person and make them promise to pay anyway, and then another year will run from the subsequent promise.  You must sue before a year's time. Get your friend to agree to pay you back the money owed plus interest and fees.  Even is he/she makes a fake promise just to get you off their back, the courts will uphold.
205190
You will have to wait until next year to file that income since it was recieved in 2006.  What you can do is pay estimated taxes on the amount you just recieved if you haven't already been taxed on it.
341551
were you not aware of this at the time?  Did you think that by luck you were just not being charged?  If $500 is what you owe thru the time you were there, then yes...you should pay it.
363984
No, but its not very sensible as you are continuing to mount up interest charges.  Contact them and see if you can come to some arrangement which will make it easier to pay.  \nDONT IGNORE IT ANY LONGER!!!!
7276
Actually, you need to include the recovery amount as part of your gross income the year you got them.\n\nFor instance, you got 2001 taxable year state refund in 2004.  You need to include the 2001 state refund (part or all) in the tax year 2004.\n\nAnyhow, you should have got a 1099-G in the year 2004.\n\nOf course, Pub 525 tells you how to determine what is the correct amount of recovery. \n\nI received a Form 1099-G, for my state tax refund. Do I have to include this amount as income on my return?\n\nIf you did not itemize your deductions on your Federal tax return for the same year as the state or local tax refund applies to, do not report any of the refund as income. \n\nIf you itemized deductions on your Federal tax return for 2003, and received a refund of state or local taxes in 2004, you may have to include all or part of the refund as income on your 2004 tax return. Report your taxable State or Local Refunds on Form 1040, Line 10. You cannot use Form 1040A or 1040EZ. Refer to Tax Topic 405, Refund of State and Local Taxes , and Publication 525 , Taxable and Nontaxable Income , for further information.
235584
Don't be scared. The worst option for them is that you declare bankruptcy - then they'll have difficulty getting their money back.\n\nAlternatively, get a local debt advice company to approach them on your behalf, and they'll come to an arrangement - you might end up only paying off half or a thirdof what you owe.\n\nBut seriously, get in contact with your creditors. They'd rather see some return on their investment in the long run. What country do you live in? Depends also on local debt laws.
34393
Hi PaintedTiger, \n\n Well you have certainly painted yourself into this corner, haven't you now? I know, I know, bad joke, but hey what can I say? You gave me that joke. \n The first thing I would suggest is that you call your creditors and explain your situation and ask for an extension. You would be surprised how often creditors are willing to work out a payment arrangement with you. If you blow them off or wait too long, then you will pay the price. Call them today!!\n  As for your utilities, gas, electric or heat, there are a number of community programs available depending on where you live. I suggest you contact your local city hall or maybe the library and ask for assistance. If your in a cold climate I know there have been a number of oil assistant programs. Check on those if needed. \n  Well I hope this info helps and please keep a positive attitude, because in the grand scheme of things, this is no biggie, no smallie either.
287749
Its really hard to tell how much you can get anyway with paying. I use to do this kind of work. So it depends on how long you have owed them, was you credit good (always made payments on time) until this happened or it was a little rocky sometimes,then what kind of finance company was it ( automobile, private loan from a bank or credit card co, home buying) & has it gone into collections yet?? All these things sometimes makes a difference. But you can always make them an offer. Cause they have told you what the debit was, what they would settle for. So now I would make them an offer. Maybe start with whatever $ amount you can pay right now..then if that fails then offer a little more but it will take you a little bit longer to pay that $ amount. And just go from there. If all else fells, make 1 lump sum, & payments on the rest. BEST OF WISHES, I KNOW ITS HARD!!
306321
You pose 2 separate questions.\n1 - Did you really underpay?  We cant answer that on this board because we do not know the facts.\n2 - Assuming you did underpay, they can force you to pay it but will probably write it off or discount it for that small sum.
198035
Dude, you knew when your payments were due.  You should have called them when you realized that your bill was late.\n\nBe responsible & own up to your own mistake.  Pay the stupid-tax and chalk it up as educational costs!
162682
If you paid part of the bill then you should be fine. You need to call the office & let them know when you can have the rest of the payment & go from there. Just hope you're not in a cold climate.
475204
multiply amount owed(pay off) by % and add. subtract that amount from the original amount. if I am understanding you correctly.
70390
The standard downpayment used to be 20 percent of the purchase cost.  Times have changed dramatically.  I know NUMEROUS people who have bought homes with 0-5 percent down in the last  10 years, especially since interest rates plummeted around 2001-2002.  \n\nI just purchased a home in 2004, and we were required to put a downpayment of roughly 5% of the purchase cost. We were able to get a conventional interest rate of 5.5% at the time. Our mortgage payments have been very manageable. If you are concerned about building equity faster or saving on interest, you can always pay a little extra each month (a little goes a LONG way).  We've payed an extra $100/mo., and we've knocked 6 months off the life of our loan so far, which is huge.\n\nThese days, many, many lenders have 95-100% LTV (loan-to-value) loan programs for first-time buyers (THAT is key). You should call banks and mortage brokers in your area and ASK them if they have any 95-100% LTV loan programs, and ask what you need to qualify (there might be income restrictions, in my case there weren't any).  It's true that if you put less than 20% down, you have to pay PMI (basically mortgage insurance), but I believe the majority of new homebuyers today pay that.  It seems fairly standard.  The BEST part is that PMI is NOT permanent.  You can have your PMI payments stopped after you accumulate 22% equity in your home (which should only take a few years between your home appreciating in value, plus you making payments decreasing the amount you owe).  If you go this route, there are MILLIONS who have gone it with you, and some of us (me, included), don't regret it one bit.\n\nGetting an FHA loan is sometimes easier because your loan is guaranteed by the federal government, but they have limits on how much you can borrow. Before I ever applied for anything, I pulled my own credit report from MyFico.com, and made an appt. with a local bank rep to discuss my options. \n\nThere are three big things to prepare before you shop for a loan:\n\n1.  Make sure your credit is as clean as possible (that means do NOT open any new credit right before or during your lending process).\n\n2.  Make sure your debt-to-income ratio is as LOW as possible.  This means that you want to try to make sure you are not spending more than 36% of your income on debts like rent, car, credit cards, etc.  Some lenders might want to see that ratio a LOT lower.\n\n3.  Save for your downpayment PLUS have a little leftover for after you close on the home.  Once you get in there, chances are, you'll need the cash for repairs or to furnish the place.\n\nBest of luck to you!