| Subject | Date Asked |
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| Office deductions | 11/14/2008 |
Q: I am a consultant (sole proprietorship) whose home office is now too small for all my ...
A: If the new property is utilized strictly, and only, as a business property then you would be able to ...
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| Claiming Non-taxable Settlement money for injuries... | 10/25/2008 |
Q: I would like to start by thanking you in advance for your time & consideration. What are the the ...
A: The tax laws are that settlement money received for personal injury is not taxable, and would not ...
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| Real Estate Loss | 10/22/2008 |
Q: I recently got married. Prior to getting married my wife and I each owned our own condos. After we ...
A: Yes, and no. Yes, you will not be able to take a current year deduction for the passive income ...
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| Payment Plan Appeal | 9/10/2008 |
Q: I applied (and I used an attorney that did not really helped) for a payment plan with the IRS. The ...
A: Yes, you should notify IRS of the funds the state of NY is going to take from you. This will reduce ...
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| Mistake on 2006 Tax Return - I owe the IRS | 8/29/2008 |
Q: I graduated college in December 2005. After searching high and low for a job, I decided to sell ...
A: The answer to your question is MAYBE. I say maybe because you state that you sold insurance as a ...
|
| independent contractor | 8/23/2008 |
Q: My son got a job with a company that told him they will pay him as an independent contractor. We ...
A: How much money should he put away for taxes? To be safe, a big, round number should be about thirty ...
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| Do I have to pay estimated taxes | 8/14/2008 |
Q: I am about to start a job as a contract employee. I have never worked as a contract employee, so I ...
A: With the changes indicated in the facts you stated, calculating the estimated taxes that may be due ...
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| taxes | 8/10/2008 |
Q: do i need to claim money inherited to taxes
A: No, the inheritance of a principle sum of money is not reportable by you as income subject to ...
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| Income Tax / W4 , etc | 8/7/2008 |
Q: For the past 10 years my family and I have lived in Richmond, VA. Recently I have accepted a job ...
A: Assuming that the work in Ohio will not be permanent, and that you plan to continue living ...
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| can a motorcycle be a business tax write off | 8/3/2008 |
Q: can a motorcycle be a business tax write off,if you use it as transportation to go measure up a job
A: Yes, to the extent that any tangible piece of property is put into use for the production of income ...
|
| contest winnings = income? | 7/30/2008 |
Q: I am a stay-at-home-Dad and I have been winning some money lately by entering online logo design ...
A: Yes, you need to claim this as income. The fact that the payers are foreign companies does not make ...
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| Dependants | 7/28/2008 |
Q: I have a 19yr old daughter starting her second year of collage. I have been told by our accountant ...
A: Then you need to get an explanation from the accountant as to why they are telling you that you can ...
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| Dependants | 7/27/2008 |
Q: I have a 19yr old daughter starting her second year of collage. I have been told by our accountant ...
A: Did the accountant give you a reason why? Did your daughter already claim herself on a tax return ...
|
| claiming spouse as a dependant | 7/27/2008 |
Q: My husband is disabled and receives Social Security disabilty monthly payments as well bi-weekly ...
A: Sure...since he apparently is not already claiming himself at a job of his own you should be OK with ...
|
| Work at home | 7/26/2008 |
Q: I'm trying to get a work-at-home-job and found processathome.com where you process rebates on line. ...
A: You will definitely want to get a professional tax preparer to help you report everything to your ...
|
| federal seizure of social secuirty benefits | 7/25/2008 |
Q: Is there a limit as to how much of a person's social security benefits can be seized to pay tax or ...
A: The limit for levy of benefits is 15%, each time your benefit check is paid out to you, until the ...
|
| Renting primary residence | 7/14/2008 |
Q: My family and I recently relocated to California. We owned a home in NY since 2005 and are ...
A: My answer was contingent on you eventually selling the property within a year, or two at the most. ...
|
| Where Do I Start? | 7/13/2008 |
Q: William- It's a mess. I haven't paid taxes in over 7 years and am now facing an IRS lien of $28k. ...
A: Criteria to look for would be to know WHO is going to be personally working your case. Name? ...
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| Real Estate Business Loss | 7/13/2008 |
Q: I am retired and in a position to get a real estate license. Will that help me with a $200,000 loss ...
A: IRS Publication 17 would be a good place to start reading. It will probably refer to another ...
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| Real Estate Business Loss | 7/12/2008 |
Q: I am retired and in a position to get a real estate license. Will that help me with a $200,000 loss ...
A: In order to convert the loss on this property from a nondeductible personal loss on the sale of a ...
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