Is there anything besides a tax-deferred annunity to put my excess income into?
80062
Consult a financial consultant that specializes in Tax-Sheltered investments.  In the days before the IRA and 401K's they were quite popular.
187662
File a tax return. If you want a refund as you employer to give you a w4 form and change the number of exemptions that you want to take. You can also have them hold More out of each check
471753
1. Make sure you maximize your tax deductions. Plow more money back into the business - marketing, new computers, etc. and claim them as deductions\n\n2. Open a Self Employment 401K http://www.powerhomebiz.com/vol149/401k.htm and maximize it. You can put in as much as $16,000 per year + 25% of business profits. It is tax deferred so you don't pay taxes now, but at least you can use it to save for your retirement.
286500
Claim yourself, you will get much more money. You're parent's can't claim you unless they paid 51% or more of your total expenses for the year.\n\nPlus, you are going to have to file state returns for the multiple states you earned income in. You'll only have to file one federal.\n\nIf you moved for work, or incurred any expenses in finding your job, you will be able to deduct those expenses as well, including mileage.
453258
try to deffer the payments as much as possible so that if this ends up being you only source of income then you will end up paying less taxes i don't think that it will be tax free. unless it is a roth IRA where you paid taxes upfront to later have tax free money when you get the money.
338784
Besides the obvious of having more expenses than revenue you can try a sub-s corp.  A sub-s will allow you to pay yourself a salary and benefits.  You do get taxed on the profits as a pass-through.  This also would allow you to setup SEP-IRA or other pension benefits and the corp would contribute.
363232
i am a tax preparer and the best thing for you to do is to go ahead and file and let them (irs) take what you owe so when you get trough paying them you can have your money for yourself.  Please have a dependent so that you can get enough back so that maybe you may only have to pay back two years, not child support but the irs
47706
Yes, it may.\n\nRoth is a better choice.  But if you make too much money to qualify for a Roth IRA (and it doesn't take much - I think $150K or something pretty minimal), then you may want to contribute to a traditional IRA, on the bet that you can postpone the taxes on your gains, at the hope that your tax rate will be less when you withdraw the money.
199653
it becomes your income for that year, so its added to your gorss income for tax purposes. having the employer paying the premiums doesnt make the difference.  was the loan more than the policy? what interest rate was charged on your 'loan'?  once you have the premiums cash in hand i think you should see an investment broker or such and get assistance on socking most of it away in to an rrsp or something so you wont be taxed to siberia on it.
336506
You would be better off spreading it out, but if you want the money now, just claim more exemptions on your W-4 so they take less tax out. In the end, it doesn't matter because you'll just resolve it on tax day, so it only matters whether you want the money all right now.
644752
I assume you are saying you didn't pay your estimated quarterly taxes for last year (if not, ignore this eMail).  I'd suggest figuring out what you should have paid, and paying it ASAP. You send in the payment with an extension request (you can extend your 2005 return until October 15th, but you still have to pay what you estimate you will owe when you request the extension).  Extend immediately since the extension request should have been received by 4/15.\n\nThe penalty is about 10%, the interest is about 8%.  The IRS will happily figure out this penalty and interest and tell you the extra you need to pay.\n\nOf course if you owe state taxes and didn't pay those either you better do the same for your state, and the state will also tell you the extra you need to pay.
38741
None.  You're you allowed to exempt up to 250k of the gain from taxes, if you're filing single or seperately.  And 500k if you're married filing jointly.
1014955
Report the income now, if subsidized so that you won't have any issues of paying back rent later. It can add up quickly.
345782
get an extension, and spend that time thinking about how to arrange the money to pay your taxes, or perhaps consult an accountant or someone to help you with your problem.  I think they will give you better advice than myself.
820563
Don't worry, if you pay excess tax just visit your tax office- or try visiting www.gov.uk and find an online form. Just tell them you have been paying too much tax- the time limit is about 4 years so 5 months is not a problem.\n\nYou will be able to have your no tax and basic tax allowances recognised- once that happens your tax will be recalculated (spreading these allowances over the rest of the tax year) and will much lower for the rest of the year.
304477
Just fill out the form for lump sum distribution.  Please be aware you might be penalize for early withdraw and also consider the tax consequences.
103012
Go to H&R Block, they will itemize EVERYTHING. Or you can do it yourself, but you have to pay a little extra online :o)