My wife had a business last year. Should we still file our taxes jointly?

My wife had a business last year. Should we still file our taxes jointly?
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answer:How was the business organized? Did she draw a salary? The business may have to file its own return. I would bite the bullet and get professional help.
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my wife has a catastrophic illness and has to draw upon her IRA. How will this affect our taxes filing jointly

Description : my wife has a catastrophic illness and has to draw upon her IRA. How will this affect our taxes filing jointly

Last Answer : You may be safe from paying a tax. People may need to tap into their individual retirement account before turning age fifty-nine and a half. Withdrawing money before that age subjects the funds to an ... Read more: http://taxes.about.com/b/2008/09/22/taking-early-distributions-from-an-ira.htm

My soon to be exhusband wants me to file taxes jointly. Will I be responsible for his debt?

Description : My soon to be exhusband wants me to file taxes jointly. Will I be responsible for his debt?

Last Answer : Not trying to “pass the buck,” but you REALLY need to consult with a CPA regarding all such tax questions, because I don’t feel that you can get a definitive answer here, without a bunch of highly personal questions being asked of you.

If I file taxes via Turbo Tax or go to H&R Block, how long will it take to get a refund?

Description : If I file taxes via Turbo Tax or go to H&R Block, how long will it take to get a refund?

Last Answer : answer:I just did mine through the TurboTax free edition. I got my w2 on 1/15, filed on 1/18. The IRS began processing refunds on 1 / 30. Mine cleared in my bank account on 2/8. They’re pretty damn quick. Direct deposit is the way to go.

Can my business expenses be written off against my wife's income since we file jointly?

Description : Can my business expenses be written off against my wife's income since we file jointly?

Last Answer : answer:I am not strictly a tax practitioner or expert and this is sketchy advice, however, your business income and expenses go on the schedule C and pass through to the 1040 form, it ... is not intended as legal advice and you should consult a qualified tax practitioner for a definitive answer.

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Description : A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year.

Last Answer : d. an asset that a company expects to convert to cash or use up within one year.

When do I have to pay taxes if I'm given stock options for services?

Description : When do I have to pay taxes if I'm given stock options for services?

Last Answer : Is the company stock listed publicly? Where do you live? Options are different to actual stocks. Be careful.

A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Description : A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : b. determine cost of goods sold for the period.

A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Description : A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : a. verify the accuracy of the accounting records.

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Description : . The first item listed under current liabilities is usually a. accounts payable. b. notes payable. c. salaries payable. d. taxes payable.

Last Answer : b. notes payable.

Local taxes are an examples of secured creditors.

Description : Local taxes are an examples of secured creditors.

Last Answer : FALSE

husband and wife live together but file separately. both are itemizing deductions. husband pays mortgage and r/e taxes. house in both names. does the mortgage interest and r/e taxes have to be split if all paid by husband or is husband entitled to take ?

Description : husband and wife live together but file separately. both are itemizing deductions. husband pays mortgage and r/e taxes. house in both names. does the mortgage interest and r/e taxes have to be split if all paid by husband or is husband entitled to take ?

Last Answer : “husband and wife live together but file separately. both are itemizing deductions. husband pays mortgage and r/e taxes. house in both names. does the mortgage interest and r/e taxes have to be split if all paid by husband or is husband entitled to take full deduction.”

Deepak, Ashwani and Tarun jointly promised to pay ` 90,000 to Pradeep. Deepak was compelled by Pradeep to pay the entire amount of ` 90,000. Here: A. Deepak can file a suit against Pradeep for recovery of amount exceeding his share. B. Deepak is entitled to recover ` 30,000 each from Ashwani and Tarun C. On payment by Deepak, the contract is discharged and Ashwani and Tarun are also not liable to Deepak. D. Pradeep is not justified here and is liable to refund the entire amount to Deepak.

Description : Deepak, Ashwani and Tarun jointly promised to pay ` 90,000 to Pradeep. Deepak was compelled by Pradeep to pay the entire amount of ` 90,000. Here: A. Deepak can file a suit against Pradeep for ... to Deepak. D. Pradeep is not justified here and is liable to refund the entire amount to Deepak.

Last Answer : B. Deepak is entitled to recover ` 30,000 each from Ashwani and Tarun

Has anyone had to file taxes as a small business or partnership before?

Description : Has anyone had to file taxes as a small business or partnership before?

Last Answer : I’ve been doing taxes for over 30 years, lots of partnerships, corps, etc. For a first timer, I would recomend taxcut

In trend percentage the base year is ---------------------------- a) The first year b) Last year c) Any year d) Second year

Description : In trend percentage the base year is ---------------------------- a) The first year b) Last year c) Any year d) Second year

Last Answer : a) The first year

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Description : Which statement about long-term investments is not true? a. They will be held for more than one year. b. They are not currently used in the operation of the business. c. They include investments in stock of other companies and land held for future use. d. They can never include cash accounts.

Last Answer : d. They can never include cash accounts.

In a business, raw materials, components, work in progress and finished goods are jointly regarded as - (1) capital stock (2) inventory (3) investment (4) net worth

Description : In a business, raw materials, components, work in progress and finished goods are jointly regarded as - (1) capital stock (2) inventory (3) investment (4) net worth

Last Answer : (2) inventory Explanation: Inventory refers to raw materials, work-in-process goods and completely finished goods that are considered to be the portion of a business's assets that are ... of the primary sources of revenue generation and subsequent earnings for the company's shareholders/owners.

B) CaixaBank Explanation: As per the agreement, they will expand banks‘ guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local enterprises The banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.

Description : B) CaixaBank Explanation: As per the agreement, they will expand banks guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local ... finance and export credit agency finance, infrastructure finance and networking services, among others.

Last Answer : Recently an Indian bank launched next generation features on its app „iMobile‟ which will enable customers to instantly pay taxes and book railway tickets within the app. Name the bank. A) Federal Bank B) Punjab National Bank C) Kotak Mahindra Bank D) ICICI Bank E) Bandhan Bank

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Description : A and B started a business jointly. A’s investment was thrice the investment of B and the period of his investment was two times the period of investment of B. If B received Rs.4000 as profit, then their total profit is : a) Rs.16,000 b) Rs.20,000 c) Rs.24,000 d) Rs.28,000 e) None of these

Last Answer : Suppose B invested Rs. x for y months. Then, A invested Rs.3x for 2y months. So, A : B = (3x × 2y) : (x × y) = 6xy : xy = 6 : 1 So, B’s profit : total profit = 1 : 7 Let the total profit be Rs. x. Then, 1 / 7 = 40000 / x Or x = 28000. Answer: d)

Under the training method, both the technical institutes and business organizations jointly impart training to their members? a. Inductions Training b. Apprenticeship Training c. Vestibule Training d. Internship Training

Description : Under the training method, both the technical institutes and business organizations jointly impart training to their members? a. Inductions Training b. Apprenticeship Training c. Vestibule Training d. Internship Training

Last Answer : d. Internship Training

In a business, raw materials, components, work in progress and finished goods are jointly regarded as (1) capital stock (2)inventory (3) investment (4)net worth

Description : In a business, raw materials, components, work in progress and finished goods are jointly regarded as (1) capital stock (2)inventory (3) investment (4)net worth

Last Answer : inventory

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Description : P, Q and R jointly thought of engaging themselves in a business venture. It was agreed that P would invest Rs. 3250 for 6 months, Q, Rs. 4200 for 5 months and R, Rs. 5,000 for 3 months. P wants to be the ... Calculate the share of Q in the profit. A) Rs. 1800 B) Rs. 1260 C) Rs. 1580 D) Rs. 1940

Last Answer : Answer: B) For managing, P received = 10% of Rs. 3700 = Rs. 370. Balance = Rs. (3700 - 370) = Rs. 3330. Ratio of their investments = (3250 x 6) : (4200 x 5) : (5000 x 3)  = 19500 : 21000 : 15000  = 13 : 14 : 10 Q's share = Rs. 3330x 14 / 37 = Rs. 1260

X, Y, Z jointly engaged in a business. It was agreed that X would invest Rs. 14500 for 4 months,Y Rs 19000 for 7 months and Z Rs 25000 for 6 months. X wants to be a working partner and he was to receive 14% of the profit and total profit earned by X was Rs 43929. Calculate share of Z A) 55750 B) 58472 C) 67500 D) 65250

Description : X, Y, Z jointly engaged in a business. It was agreed that X would invest Rs. 14500 for 4 months,Y Rs 19000 for 7 months and Z Rs 25000 for 6 months. X wants to be a working partner and he was to ... and total profit earned by X was Rs 43929. Calculate share of Z A) 55750 B) 58472 C) 67500 D) 65250

Last Answer : Answer: C)  Ratio of X, Y, Z profit is 14500*4:19000*7:25000*6=58:133:150  Total profit be' a'  X receives 14% of a as profit for active partner  Remaining profit=86% of a  X's total profit=[86/ ... 341]+14/100*a=43929  9762/34100*a=43929 => a= Rs.153450  Share of Z =153450/341*150 =Rs 67500

At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Description : At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000 ... a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Last Answer : b. $1,400,000 and 30%.

My ex wife owe over $20,000.00 in back taxes. Years owed 95,98,99, and 2000.I recently filed this missing years and now have a fairly accurate assessment of what we owe. Unable to pay without filing Chapter 7 or 13.Income is stretched to the limit. ?

Description : My ex wife owe over $20,000.00 in back taxes. Years owed 95,98,99, and 2000.I recently filed this missing years and now have a fairly accurate assessment of what we owe. Unable to pay without filing Chapter 7 or 13.Income is stretched to the limit. ?

Last Answer : If she is your ex-wife, you probably aren't liable for her back taxes. Usually, your legal separation agreement will stipulate that you are each responsible for your own taxes. If so, I would think you're off the hook for this.

Baden Shoe Store has a beginning merchandise inventory of $30,000. During the period, purchases were $140,000; purchase returns, $4,000; and freight-in $10,000. A physical count of inventory at the end of the period revealed that $20,000 was still on hand. The cost of goods available for sale was a. $164,000. b. $156,000. c. $176,000. d. $184,000.

Description : Baden Shoe Store has a beginning merchandise inventory of $30,000. During the period, purchases were $140,000; purchase returns, $4,000; and freight-in $10,000. A physical count of inventory at the end of the period revealed ... for sale was a. $164,000. b. $156,000. c. $176,000. d. $184,000.

Last Answer : c. Purchases Returns and Allo

years old male complaining from scaly lesion in his chest , then become hypopigmented , last 2 months in winter he spend his time neat to sea, by examination showed hypopigmented lesion over chest & arms Dx : Vitiligo taenia versicolor

Description : years old male complaining from scaly lesion in his chest , then become hypopigmented , last 2 months in winter he spend his time neat to sea, by examination showed hypopigmented lesion over chest & arms Dx : Vitiligo taenia versicolor

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Description : The following information is available for the W hotel for the latest thirty day period. Number of rooms available per night 40 Percentage occupancy achieved 65% Room servicing cost incurred Rs. 3900 The room servicing cost per occupied room- ... (a) Rs 3.25 (b) Rs 5.00 (c) Rs 97.50 (d) Rs 150.00

Last Answer : (b) Rs 5.00

I need a great small business accountant and financial advisor in the Bay Area. Any recommendations?

Description : I need a great small business accountant and financial advisor in the Bay Area. Any recommendations?

Last Answer : You are asking for two entirely different skill sets….assuming you want both in the same person.

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Description : The credit terms offered to a customer by a business firm are 2/10, n/30, which means that a. the customer must pay the bill within 10 days. b. the customer can deduct a 2% discount if the ... date. d. two sales returns can be made within 10 days of the invoice date and no returns thereafter.

Last Answer : c. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.

As an incentive for customers to pay their accounts promptly, a business may offer its customers a. a sales discount. b. free delivery. c. a sales allowance. d. a sales return.

Description : As an incentive for customers to pay their accounts promptly, a business may offer its customers a. a sales discount. b. free delivery. c. a sales allowance. d. a sales return.

Last Answer : a. a sales discount.

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Description : Which of the following steps in the accounting cycle would not generally be performed daily? a. Journalize transactions b. Post to ledger accounts c. Prepare adjusting entries d. Analyze business transactions

Last Answer : c. Prepare adjusting entries

. Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

Description : . Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

Last Answer : b. Prepare a worksheet

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Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

A LLP is a new form of legal business entity with unlimited liability.

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

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Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE

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Last Answer : (B) Absorption

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Last Answer : (B) Absorption

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Last Answer : (A) Amalgamation

Rent received by a company (whose main business is real estate) is classified as a) Investing activity b) Financing activity c) Operating activity d) Cash equivalent

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Last Answer : c) Operating activity

Ratio analysis is a study of relationship among various --------------- factors in a business a) Operational b) Official c) Financial d) Others

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Last Answer : c) Financial

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Last Answer : c) 1:1

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Description : The ratio that highlight the end result of business activities are known as ---------------- ratios a) Liquidity b) Leverage c) Activity d) Profitability

Last Answer : d) Profitability

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Last Answer : c) Liquidity ratio

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Can I file my taxes online and still get help if I need it?

Description : Can I file my taxes online and still get help if I need it?

Last Answer : You can file your taxes online at turbotax.com and get free tax help via chat and forums if you need it. This is how I file my taxes every year and I have never had a problem.

Whoever, being a public servant, and being legally bound as such public servant, not to purchase or bid for certain property, purchases or bids for that property, either in his own name or in the name of another, or jointly, or in shares with others, shall be punished with a) Simple imprisonment for a term which may be extend 1 year or with fine or both b) Simple imprisonment for a term which may be extend 2 year or with fine or both c) Simple imprisonment for a term which may be extend 3 year or with fine or both d) None of these

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Last Answer : b) Simple imprisonment for a term which may be extend 2 year or with fine or both

On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to Merchandise Inventory. b. credit of $2,800 to Sales. c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Description : On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to ... c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

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At the beginning of April, Logan Enterprises had a $400 balance in the Supplies account. During the month, Logan purhchased additional supplies for $500. At April 30, the company had $350 of supplies on hand. The balance in the supplies expense account that will be closed to Income Summary is a. $350. b. $400. c. .$500. d. $550.

Description : At the beginning of April, Logan Enterprises had a $400 balance in the Supplies account. During the month, Logan purhchased additional supplies for $500. At April 30, the company had $350 of supplies on hand. The balance ... be closed to Income Summary is a. $350. b. $400. c. .$500. d. $550.

Last Answer : d. $550.