| Subject | Date Asked |
|
| Filing taxes in Indiana and in a pending divorce. | 11/19/2009 |
Q: My question is: My soon to be ex husband and I are having to file income taxes jointly due to the ...
A: This is something you have to discuss with your divorce attorney. Usually your attorney will ...
|
| Business Start up | 11/17/2009 |
Q: I just started my new business with Mary Kay. I am very new to this and unsure how to keep record of ...
A: In order to keep track of your income and expenses it would probably be easiest to buy an accounting ...
|
| Non-Resident Tax Question - NC | 9/9/2009 |
Q: I am a permanent resident of Florida. Beginning in March, I have been consulting this year in North ...
A: You should file a tax return in each state where you've worked during the year even if you are not a ...
|
| claiming my daughter and unemployed | 9/8/2009 |
Q: I'm currently unemployed and i have a 3 month old daughter, i will like to claim her in my next ...
A: I'm sorry, but I cannot advise you as to whether you should obtain employment or not. As to who ...
|
| LLC Refund question | 9/3/2009 |
Q: I am a 50% member of a 2 member LLC. Our first year in business we took a loss (for argument sake ...
A: I'm not sure I understand your question completely. You have already filed a return without taking ...
|
| LLC | 9/1/2009 |
Q: What is the requirement to write off a company dinner or meeting?
A: Generally, expenses for meals and entertainment where business is discussed are 50% deductible. For ...
|
| Bonus Forfeited | 7/24/2009 |
Q: I am getting a bonus at work but one of the stipulations is that if I leave the company in the next ...
A: In theory, your company is supposed to file an amended return with the IRS and you should receive a ...
|
| social security and taxes | 7/23/2009 |
Q: My parents are on social security but do not make enought to have to file income taxes anymore. ...
A: The answer depends on your parents' specific circumstances. Just because they are not required to ...
|
| Innocent Spouse | 7/18/2009 |
Q: My husband and I have a small business that made no money. He has a child from a previous marriage ...
A: I'm sorry, but I'm not sure exactly what your question is. Can you please clarify what you mean by ...
|
| Amended tax returns | 7/17/2009 |
Q: My ex-husband was self-employed and did not pay quarterly taxes. As a result, our individual tax ...
A: You should contact your divorce attorney to see what your divorce agreement says about unpaid taxes, ...
|
| referrals | 7/16/2009 |
Q: Good morning, I have an LLC. I do remodels and pretty much anything around the house. The majority ...
A: Any person or non-corporate entity to whom you pay more than $600 should receive a form 1099. ...
|
| LLC Formation and Amending Tax Returns | 7/15/2009 |
Q: A friend told me that I can amend 2008's tax return once I create my LLC this year...is this ...
A: I don't see how an LLC would help you avoid self-employment tax, that's something you have to pay on ...
|
| Self-employed or small business | 6/28/2009 |
Q: Recently I have become a contractor of a company and am wondering about the tax ...
A: I think your question is actually whether to stay a Sole Proprietor or to organize an entity (LLC, ...
|
| Rent to be claimed as tax deductions | 6/27/2009 |
Q: I heard that they are trying to allow the rent to be claim as a tax deduction . i don't know if that ...
A: Rent is not deductible on your federal tax returns. It could be that your state is considering ...
|
| frequent flyer miles | 6/16/2009 |
Q: As an independent contractor (ie, I receive 1099's), I have been told that my travel to and from ...
A: There is controversy about taking deductions for business travel when frequent flyer miles are used. ...
|
| Side work | 6/15/2009 |
Q: I work in marketing but i have a background in construction. I did side work and only charged $3500. ...
A: If you had income of at least $400 this year as an independent contractor you must file Schedule C ...
|
| Claiming Office expenses on Taxes | 5/5/2009 |
Q: I am attempting to work for a company that employes people to work from home, however I am unable to ...
A: Generally speaking, they are treated as Unreimbursed Employee Expenses subject to the 2% floor as ...
|
| Claiming Office expenses on Taxes | 5/2/2009 |
Q: I am attempting to work for a company that employes people to work from home, however I am unable to ...
A: This would be a Miscellaneous Itemized Deduction in the category of Unreimbursed Employee Expense. ...
|
| working throughout us | 5/1/2009 |
Q: I worked for a company out of Memphis. I got paid out of CA property. I traveled to several ...
A: You are in fact required to file a tax return in every state where you work. You don't have to pay ...
|
| filing status | 4/30/2009 |
Q: I live in CA and in the process of divorcing, not finalized yet. We began living apart since March ...
A: You can use either Married Filing Jointly or Married Filing Separately status in your case. Which ...
|
| Dissolving partnership/taxes | 4/26/2009 |
Q: I dissolved a partnership half way through the year. My partner kept the business and agreed to ...
A: The answer to this question is different for each individual business. You should check your ...
|
| Mortgage Interest | 4/25/2009 |
Q: Me and my friend co-borrow a mortgage. We both live in the same house but the mortgage is in my ...
A: Since both you and your friend live in the home as your primary residence and are both personally ...
|
| 1099 and taxes | 3/25/2009 |
Q: I was told by our tax guy that I should file for a federal ein # and open a S corp. He told me that ...
A: Your accountant was probably talking about the fact that you can pay yourself a salary and only pay ...
|
| Residential Rental Tax Deductions | 3/1/2009 |
Q: Alexandra, Reference: Residential Rental Expense Deductions for 2008 Federal Income Tax. ...
A: Your first assumption is correct: you would carry the passing loss forward to following years. The ...
|
| taxes | 2/27/2009 |
Q: Where can I get accurate info about the tax deduction for new car buyers under the stimulus bill? ...
A: The most accurate information can be found on the IRS website at www.irs.com. For stimulus as it ...
|
| Small Business taxes and minors | 2/24/2009 |
Q: I am starting a small business. It will only operate for 4 weeks a year. I will be paying minors ...
A: Which tax treatment is more beneficial depends on each minor's circumstances. Generally when you ...
|
| how many years to keep | 2/22/2009 |
Q: I am in the middle of shredding papers and want to know how many years of back taxes I need to keep. ...
A: The tax code is pretty complicated and there are several deadlines that the IRS has. The statute of ...
|
| per diem on taxes | 2/20/2009 |
Q: My husband works out of state quite a lot during the year. He recieves $50 a day to live on, plus ...
A: You can deduct the expenses on Schedule A as Unreimbused Employee Expenses, but you can only deduct ...
|
| social security | 2/19/2009 |
Q: my parents both in their 70's only received social security with no additional income, they also ...
A: Yes, your parents still have to file a tax return, and the form that they should receive from the ...
|
| RENTAL PROPERTY | 2/16/2009 |
Q: If I buy a rental home and 10 years from now, start living in it, do I need to pay capital gains ...
A: In order to exclude a portion of the gain on sale of a primary home you have to meet the ownership ...
|
| Mileage | 2/15/2009 |
Q: If my company temporarily sent me to another office location within our group three days a week to ...
A: If you reasonably expect this assignment to last less than 1 year, then yes you can. You would ...
|
| I reimbursement considered "other compensation"? | 2/14/2009 |
Q: I am working as an editorial assistant and am apparently considered an independent contractor (no ...
A: You have two options: 1. Report the reimbursed amount as income on Schedule C and also as an ...
|
| Independent Health Care | 2/12/2009 |
Q: I used to contract and paid for my own health care for most of 2008. Towards the end of the year I ...
A: Since you were self-employed for the first part of 2008, you can deduct those medical expenses in ...
|
| Signing Bonus Taxation, not on w-2 nor 1099 | 2/10/2009 |
Q: I received a signing bonus in Feb 08 for my job which started in June 08. The bonus was paid to me ...
A: This can be a tricky situation. Your signing bonus is in fact part of your wages, so you ...
|
| Independent Contractor vs. Employee | 2/8/2009 |
Q: I am working for a family as a nanny 12-16 hours a week. I am not sure what to do about my taxes. ...
A: Since you are an employee who worked in their home, you should receive a W-2 from your employers and ...
|
| Bad Debt | 2/7/2009 |
Q: My husband is a commissioned salesman. He had to repay $5500.00 for an account that did not pay ...
A: If your husband reasonably thought at the time that he received the income that he had an ...
|
| house payment & other bills | 2/5/2009 |
Q: my boyfriend owns the house we live in but i pay half of the mortgage payment by putting the money ...
A: I'm sorry to say that your payments are not tax deductibe. The rules say that unless you're a ...
|
| W2 forms | 2/3/2009 |
Q: Every year my employer dosn't give us our w2's until sometime in March. Is their any way I can ...
A: Your employer is required to send out your W2 by January 31 and you should receive it no later than ...
|
| rental property sales | 2/3/2009 |
Q: My husband myself and daughter owned a two BR house. We rented one room for 4 years. She lived ...
A: There are two questions that come to my mind when I read your inquiry: 1. Were you and your husband ...
|
