I'm a teacher-only income-& put $ into an IRA for 05.  If this deductable and do I have to add form 8606?
361465
You can find the IRA contribution deductibility via the link below.  \n\nhttp://www.banksite.com/investments/how_much_ira_save.htm
144789
Yes you can, but if your employer offers a 401k, a contribution to a traditional IRA may not be tax deductible.  Go to www.irs.gov and download publication 590 for the details.
133338
depends on what method you choose and what kind of machinery. also if you take additional first year depreciation.\n\nsee irs.gov
175727
Do you use your cable for personal use or for only educational use?  If you use it for personal use, I wouldn't even bother.  It will be too much of a pain to explain to the IRS.  And, you would have to apportion personal vs. business use.\n\nHowever, if you only use it for educational use, then you could deduct it on your Schedule A if you itemize deductions as a deduction to 2% of your AGI.
453503
It is true...you can use a self directed IRA to defer your tax obligations until your retirement age. Any money that you place into the IRA and any profit that you make can be kept into the IRA account and your not required to pay taxes until you make with drawls at your retirement age. Of course you always want to consult a CPA professional on the specific requirements of this program. But I believe you have it correct in a generalized format. A lot of hard money lenders use that vehicle or a trust to minimize their tax obligations.
371480
Yes.  You can deduct any investment-related expenses against the investment income you generate.  Use Schedule A.
768980
For taxes, use form 4797.  It will be taxed as ordinary income (not a capital gain since it was held less than one year).  You won't be able to take section 179 (or any other depreciation) on this asset since it was held for less than one year.\n\nAs for the finanicals, I would recommend gain on sale of assets or some other type of miscellaneous income category.
378795
not if you are looking at as a "deduction"\nit's a flat rate up to a ceiling, based on taxable gross income. best way to reduce it is, pretax deductions (401, pretax med insurance, fsa, etc)
1066977
You will file 1040 and only income you will show would be income from business. You can take whatever deductions you are entitled to on the same form.
1043200
If it is from a traditional IRA-YES.  If it is from a ROTH IRA-MAYBE.  You really need to bring your documents to a CPA or Enrolled Agent for review.  I have listed some articles below that can help.  The first is on ROTH IRAs and the second on traditional IRAs. \n\nBe sure to have tax withholding on any distribution to avoid owing IRS.
320520
Absolutely though, you would need to check with a tax professional to determine whether the amounts deposited into your IRA are tax deferred or after-tax.  It all depends upon your income level.\n\nMax out your 401(k) contributions if at all possible. You're overall savings through the 401(k) far outweight the ultimate reduction in your "cash in hand" each pay check.
213910
Yes, you have to report it.  It was already reported to the IRS from the financial institution on a 1099r.  They would have sent you one also.  If you don't have it, you need to contact them and get it.  When you took the money out, hopefully you told the financial institution that you were taking out the money for education.  You needed to do that for them to put the withdrawal in the correct box on the 1099r.  \n\nI am a financial advisor, not a tax professional, so to make sure that everything is correct, I would advise you to have a tax professional take a look at everything.
77544
You can only file, this years and 2 previous years. I prepare taxes for low income families in my community. So i know what im saying. Im actually taiking courses every saturday with an irs agent as the instructor. I've done this for the past 2 years.
418429
You can use 1040ES. Here is the link for the form:\nhttp://www.irs.gov/pub/irs-pdf/f1040es.pdf\n\nZhicheng Lai\nEnrolled Agent
897653
Your investment is in an IRA so there won't be a taxable distribution (unless you pull the money out of the investment).  Sometimes there can be account closure fees that mutual funds may charge or the financial institution you are working with.  If you are in a bad investment, it can be worth any fee to move into a stronger investment.  Look for long-term results rather than just the past 3 or 5 years.  Good Luck.
1153541
1. Put money away in a 401K.   If your company matches it, you can make money on it right away.  Second, it reduces your taxable income (as you are not charged taxes on the money you save), and might put you in a lower tax bracket.  You can save $14,000 annually.\n\nTry $50 a month for starters.\n\nIf your company does not have a 401Kput money into a IRA.  Again, the money you put away is not taxed.  You can save up to $4000 annually.
273964
Not sure about CA rules, but Fed does allow you to deduct any education related expenses (up to a maximum).  This is tuition, fees, books, pencils, and computers, though they don't count any room & board.  You have the option of filing it out as a deduction (where you deduct it from AGI and calculate your tax afterward) or you can take the lifetime learning credit (where they give a break on the actual final tax amount that you owe).  The limit on the deduction is $4,000.  The credit is a calculation based on many factors.  \nIt will depend on several things such as income and other deductions as to which is more beneficial.  Calculate it both ways and figure out which nets you the best result.  For the computer, you can only deduct the % that you use for school, so if you also play around on it a lot, that % is not deductible (though it is nearly impossible for the IRS to refute the % you use).\nDon't forget that any student loans count toward the overall expense for the year.  Even though you don't have to pay them back immediately, you are taking on that liability.