I did not work for the year 2007. Di I file taxes? If so, how does one do this without a W-2?
Answers: If you did not work and have no wages or income, then NO, you are NOT required to fill out a tax return!
good question. i have no idea. you might want to call and ask h&r block or the IRS directly. I would assume you could fill out the tax form but enter zero for anything applying to income but please do not do that unless you have contacted the proper people. you don't want them coming after you for either not filing of doing it wrong. good luck. i wonder if they have a form for people with no income for a year?
I growsed $7121.97: federal income tax withheld $755.49: state $350.38: how much should i get back no depndnts
Answers: Go to the Turbo Tax calculator, input your data and get a good estimate of your taxes and refund:
http://turbotax.intuit.com/tax-software/...
By the way, since your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes free online:
http://www.irs.gov/efile/article/0,,id=1...
Growsed? Depndnts? Are these words?
What things are tax dedeuctible in a first year small business?
Answers: there are a huge number of things that can be claimed.
basically when you spend money to make money - it's tax deductible.
there are lots of obvious ones - stationary, supplies, diaries, pens etc.
then there are some other cool ones - if it's a home-based business you can claim a proportion of your house that you use, including repairs and maintenance and interest on your mortgage or rent. if you are using your car there is repairs, tyres, petrol etc on the condition you can prove (usually with a log book) that you are using it for business purposes.
depending on your business you may be able to claim a lot more - my business deals with teaching people, and so i can claim magazines that i use, phone calls, my computer and computer costs and lots more. i also claimed my ipod (because i have presentations on it that i can go around to someone's house and plug into peoples tv so it's a business expense).
the main thing is to be sensible. you need a good accountant who claims everything you can - there are plenty out there who will only claim the bare minimum and that's not going to get you far in business. you also need to remember the rules are there to be used for your advantage - they are to help you make your business work and to help encourage small business.
my mum wrote a book called Wealth Creation:What Your Accountant Doesn't Tell You (Fiona Clayton-Law). If you can find it there is a USA version which is worth reading. It was a bestseller in New Zealand. but obviously different countries have different rates so see if you can find the US version. if you can't find it let me know and i'll see what i can do to find you a copy.
hope this helps!
Pam
just about anything.. the great thing about your first year is that its the year you "sturggle" most or need the most time to adjust so you can use just about anything you bought for your business as tax deductable. depending what type of business you have.. the computer your using is most likely tax deductable.. products you use... chairs you buy.. just about anything.. what kind of business do u have n e ways... well good luck!!