Original MDTAXES Forum

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Dennis

attorney fees for social security disability

Form SSA 1099 reflects the attorney fees in box 5. This means it has to be included in my income. Is the only way to deduct this on sch A under misc?

Views: 259 Replies: 0

Last Post: Feb 16, 2004 1:07pm
by Dennis

Mary Talley Bowden MD

How much disability insurance?

I am an otolaryngologist (surgeon) who just finished residency and have no medical problems. My husband's salary is comparable to mine, but he has a much higher earning potential. He has disability insurance through his employer. I currently pay $168/month for $30...

Views: 347 Replies: 3

Last Post: Feb 10, 2004 11:26am
by Lawrence B. Kell...

agormd

Home office deduction

I am a fellow and I use a second bedroom exclusively for managing my work schedule, working on presentatios and my medical research projects. Can I deduct a portion of my rent as ahome office deduction? Thank you

Views: 311 Replies: 1

Last Post: Feb 4, 2004 6:34pm
by Andrew Schwartz ...

C Park

FICA return

Good morning, I wondered where things are regarding the FICA returns mentioned on the website. It looks like that posting was from 2001. I was a resident from 1/00 to 12/02. Am I entitled to this return, and would I still need the letter from the hospital regardin...

Views: 304 Replies: 1

Last Post: Feb 4, 2004 6:32pm
by Andrew Schwartz ...

Karen

bankruptcy and does it afftect taxes

My husband and I recently filed Chapter 7 and was discharged in December, 2003. Will this affect tax filing or refunds?

Views: 253 Replies: 0

Last Post: Feb 4, 2004 8:51am
by Karen

Brad Woodward

Education Expenses Deductible as Business Expenses

I am a physician in a large group practice of 25 docs. While working full time, I've also been enrolled in a MBA program. Pub 970 (IRS) outlines the qualifications for taking educational expenses as a business expense deduction. Specifically, the educational exp...

Views: 345 Replies: 1

Last Post: Jan 12, 2004 11:23am
by Gary Davis CPA

PAMELA

w-4 form

CAN YOU USE YOUR LAST PAYCHECK AS A W-4 FORM.

Views: 254 Replies: 1

Last Post: Jan 4, 2004 3:51pm
by Andrew Schwartz ...

james

incorporation necessary to take "hummer deduction"

I am a resident who has started moonlighting. I want to purchase a new SUV this up coming year (2004) and want to know if I have to incorporate myself (make my own moonlighting company) in order to take advantage of the new "hummer deduction" for the new SUV I want...

Views: 300 Replies: 1

Last Post: Dec 30, 2003 5:47am
by Andrew Schwartz ...

CD Downard

Oregon CPA

I was wondering if you are familiar with a CPA in the Portland, Oregon area who could prepare taxes for me? I am a resident who moved from MA last year, and appreciate the job with last year's taxes!

Views: 210 Replies: 1

Last Post: Dec 18, 2003 6:05pm
by Andrew Schwartz ...

petra mallett

cashing out on primary residence and converting it to a rental

My grandmother's primary house is free and clear and she wants to mortgage it to purchase a condo. She intends to live in the condo and use her now current residence as a rental. Will she have to pay taxes on the cash out since it will not be her primary?? Or will sh...

Views: 267 Replies: 1

Last Post: Dec 18, 2003 6:02pm
by Andrew Schwartz ...

Neil

What's up with the FICA refund?

It's been at least 2 years since I filed. Have not heard anything from the IRS in >1 1/2 years. Has anyone? Has the recent decision changed anything?[ [ ]

Views: 333 Replies: 1

Last Post: Nov 18, 2003 1:34pm
by jesus rios

Laila

tax files

I'm new to U.S.A. taxes, new to Maryland. Could you please help me know the kinds of taxes that needs to be filed by individual and business and the schedules of filing? I hope to hear from anyone. Thank you.

Views: 241 Replies: 1

Last Post: Nov 17, 2003 8:04am
by Laurette

Andrew Schwartz CPA

The FICA Refund Lives On

Check out this memorandum issued by the District Court of Minnesota on the case of U.S. versus the Mayo Foundation (available at http://www.mdtaxes.com/fica-2003.pdf), regarding whether medical residents and fellows should be exempt from FICA taxes. It appears that...

Views: 368 Replies: 1

Last Post: Oct 8, 2003 10:52am
by Karen G

Los Lobos

Gifts, etc.

I am interested in purchasing a house, but my folks want to help with about 100Gs for the downpayment. What is the best way for them to give this to me? 1. A one time gift of 100Gs into my bank account, 2. A loan, 30 year fixed interest of .00001%, or 3. transfer the...

Views: 267 Replies: 1

Last Post: Sep 25, 2003 9:43am
by Gary Davis

cjsbones

individual 401ks - protection from creditors

I am incorporated as a PA (S-corp). I have opened a individual 401K with TD Waterhouse but am concerned about whether individual 401ks are afforded protection from creditors by ERISA like other, large corporation 401ks that have many participants.

Views: 293 Replies: 2

Last Post: Sep 5, 2003 7:18pm
by cjsbones

Cynthia L. Schuler

New Car Deductions

An article in Physicians Money Digest recently advocated new car purchases over $40,000, ie. a luxury car used exclusively for business gets a "special" deduction of 50% off purchase price, up to 15,500.00 or so. So does this really work?-our medial group tax accoun...

Views: 331 Replies: 1

Last Post: Sep 3, 2003 6:04pm
by Andrew Schwartz ...

Manish

Question about equipment purchases

I am a physician right out of residency, planning to start a solo IM practice by early october. I have a question about equipment purchases and purchasing of electronic medical records system. I don't think I will have much income by the end of this year, and wil...

Views: 226 Replies: 1

Last Post: Aug 24, 2003 6:38pm
by Andrew Schwartz ...

Joshua Obermeyerson

Mortgages and Tax Incentives

If my monthly mortgage I just took on is 4500 a month, and since about 99% of that is interest at this point, can I count on getting about 33% of that back (33% x 4500 x 12months) at the end of the year? Is there any advantage to me filing quarterly if I am having tr...

Views: 262 Replies: 1

Last Post: Aug 24, 2003 6:29pm
by Andrew Schwartz ...

Sarah

student loan consolidation help

I was lured into consolidating my Direct Stafford Loans with the government in 2001, because interest rates were at an "all time low." Now I have a LARGE consolidation loan at a fixed interest rate of 6% and am being told there is no way I can re-consolidate at the...

Views: 339 Replies: 2

Last Post: Aug 5, 2003 6:30pm
by Paula Craw

Bindu Chopra

FICA Taxes communication from IRS

Sir, Based on the information available on this website I filed for my FICA taxes for my residency period. I followed all the steps mentioned by you. I recently recieved communication from IRS that they need letter from the university specifially addressed towar...

Views: 278 Replies: 0

Last Post: Jul 26, 2003 4:53pm
by Bindu Chopra

Harrison

Stafford Consolidation

My Stafford loans were originally from different lenders and then all bought by Wells Fargo. Now that I want to consolidate to the low interest rates, Wells Fargo is refusing to release them to lenders that have better incentives, such as a 1/4% reduction for automat...

Views: 278 Replies: 2

Last Post: Jul 22, 2003 6:24pm
by Paula Craw

Manish

Just out of residency -- need help looking for an accountant

Hello I am right out of residency, going to start up a solo IM practice in Maryland. What is a good way to find an accountant who knows the ins and outs of working with physicians? Are there any special degrees that accountants hold which makes them more quali...

Views: 292 Replies: 1

Last Post: Jul 22, 2003 8:26am
by Andrew Schwartz ...

Ortho fellow

auto lease md

I am joining a new orthopaedic practice as an employee for the next two years and need a new car. Can I and is there any benefit to me asking the practice to lease a car and deduct the payments from my salary pre-tax? If they do can I still make deductions on my in...

Views: 301 Replies: 1

Last Post: Jul 20, 2003 6:19pm
by Andrew Schwartz ...

Anonymous

deductions from job

I will be joining a solo practitioner in July. Is there anything (car payments, disability, life insurance) that can be assumed by the co-operation and be deducted from my pay check (tax/fica benefit to me).

Views: 449 Replies: 0

Last Post: Jun 27, 2003 1:14pm
by Anonymous

Anonymous

No Subject

Are lost wages for time worked due to an office shut down deductible as a causality loss?

Views: 357 Replies: 0

Last Post: Jun 3, 2003 4:51pm
by Anonymous

Jerry

Corporation - C vs S comparison

Does anyone know where I can find a side-by-side comparison of C vs S Corporation formats, with advantages and disadvantages of each form ? Some mention about retirement benefits but I don't understand how it would be different under either one.

Views: 244 Replies: 0

Last Post: Jun 3, 2003 10:25am
by Jerry

Eric

FICA

Just FYI, but I received a letter from the IRS stating, "This issue still has not been resolved...." Maybe a continued little flicker of hope?

Views: 373 Replies: 0

Last Post: May 20, 2003 11:52am
by Eric

Anonymous

Deduction of charitable donation and form 8283

I recently donated kitchen cabinets to a charitable organization which were estimated to be valued at approximately $2000. If a contribution is more than $500, my understanding is that we have to fill out a form 8283. Is there an official appraisal for the value of...

Views: 413 Replies: 0

Last Post: May 8, 2003 12:38pm
by Anonymous

Anonymous

No Subject

I will be working in the State of NJ but living in NYC. Any words of wisdom so that I do not get taxed by NJ State, NY State, and NYC?

Views: 314 Replies: 0

Last Post: May 7, 2003 9:28am
by Anonymous

NetGuy

1099-Misc

I moonlight for a state agency (Michigan) and they sent me 1099-misc with my income in box 6 (medical and heatlh care payments) as opposed to box 7 (nonemployee compensation). Interchange of these 2 boxes make a big difference in tax I pay. My question is did they...

Views: 235 Replies: 0

Last Post: Apr 13, 2003 3:22pm
by NetGuy

SurferMD

Does the IRS memorandum settle the resident FICA issue?

Is the IRS' Chief Counsel Advice Memorandum on student status for the resident FICA reimbursement http://www.irs.gov/pub/irs-wd/0212029.pdf the final word in this matter? Is the issue completely settled, or is there still a chance to get the reimbursement? I was...

Views: 211 Replies: 0

Last Post: Mar 29, 2003 5:02pm
by SurferMD

Ajit

Board Exam - tax deductible?

are the fees paid for a specialty board exam tax deductible?

Views: 295 Replies: 0

Last Post: Mar 29, 2003 4:19pm
by Ajit

D. Scott Moore, M.S., D.O.

Deduction of Student loan interest

I am a resident physician with a significant debt that is accruing interest while it is in forbearance. Unfortunately, I have only paid a small amount of interest in the last fiscal year. Can I deduct accrued interest on which I HAVE NOT paid? I was under the impr...

Views: 214 Replies: 0

Last Post: Mar 28, 2003 12:20pm
by D. Scott Moore, ...

james

how to report income forfeited to employer?

I made money last year from various health insurance companies for caring for patients in the hospital. This income was paid to me as 1099 income. Generally I'd be able to keep this and report it on a schedule C and SE form as taxable self employment income. Howe...

Views: 202 Replies: 0

Last Post: Mar 18, 2003 6:20am
by james

akg

deductible list

I am a solo practitioner and am looking for common deductations for internist/family practice office. I would appreciate if any body would give me a lead

Views: 239 Replies: 0

Last Post: Mar 9, 2003 5:32pm
by akg

Anonymous

Depreciation of Library????

I looked at the list of commonly deducted items for healthcare practitioners, and am confused about one of them. What do they mean by depreciation of reference books? I bought necessary reference books this year. So does that mean this year the cost of the b...

Views: 333 Replies: 0

Last Post: Mar 8, 2003 10:35am
by Anonymous

bumd

No Subject

Quick question. I'm filling out section A (itemized dedcutions) for my federal taxes and was wondering if I could depreciate some office furniture/computer that I purchased in 2001. I was wondering if I can use the section 179 deduction. And second, if I can use t...

Views: 158 Replies: 0

Last Post: Mar 6, 2003 2:26pm
by bumd

Anonymous

Lifetime Learning Credit

My spouse is a medical-school student and I am employed. Our tax status is married, filing jointly; our MAGI is $56,000; and we otherwise meet all the criteria for the Lifetime Learning Credit. Does the first $5000 we paid in medical-school tuition qualify under th...

Views: 367 Replies: 0

Last Post: Mar 5, 2003 3:04pm
by Anonymous

Samue Mensah

2001 W2 question

How can I find out info from my W2 from 2001. I sem to have misplaced mine. I need to know how to obtain info today from it to complete my taxes.

Views: 175 Replies: 0

Last Post: Mar 4, 2003 6:19am
by Samue Mensah

Anonymous

New Development in the Home Office Deduction

I just read a Wall Street Journal article this morning that taking a deduction for a home office no longer requires you to pay taxes on that portion of your home, even if you sell it within two years of taking the deduction. Is this true?

Views: 416 Replies: 0

Last Post: Feb 27, 2003 6:20am
by Anonymous

Anonymous

Wife part-year resident

My wife became a FL resident in '02. She has FL income. I am still a MD resident. We are filing married/jointly for Fed. What would our filing status for MD be?

Views: 333 Replies: 0

Last Post: Feb 26, 2003 10:42am
by Anonymous

Rob

Deductible trip

I recently went on vacation, but spent an entire day visiting a colleague's office, learning a lot about record keeping and practice management. How much of my travel expenses can I deduct? Total mileage round trip? One or two nights hotel surrounding the office...

Views: 385 Replies: 0

Last Post: Feb 25, 2003 3:02pm
by Rob

bumd

Schedule C

Please help me verify that if I am deducting my "business use of my home" with Form 8829, as a medical resident I do not have a cost of goods sold/gross receipts on Schedule C. Or do I consider my salary as gross receipts on schedule C?

Views: 206 Replies: 0

Last Post: Feb 25, 2003 6:41am
by bumd

Anonymous

TurboTax

Do you think TurboTax and other similar programs are good?

Views: 404 Replies: 0

Last Post: Feb 24, 2003 12:05pm
by Anonymous

OrthoFellow

Fellowship Temporary Assignment Deduction

I am currently doing a one year orthopaedic surgery fellowship in California (8/2002-7/2003). Prior to this I was an orthopaedic resident in NY(7/1997-6/2002). Upon completion of the fellowship I am returning to NY to start my practice. Can I deduct expenses for th...

Views: 171 Replies: 0

Last Post: Feb 23, 2003 11:28pm
by OrthoFellow

Anonymous

missing 1099-G

I never received form 1099-G for my 2001 tax year Californina refund. Since I know the amount, can I use the information provided on my 2000 1099-G (franchise tax board address and payer's FEIN)? My return is otherwise complete.

Views: 407 Replies: 0

Last Post: Feb 23, 2003 4:50pm
by Anonymous

Anonymous

No Subject

What do you think of tax-filing programs, such as TurboTax or the H&R Block product?

Views: 431 Replies: 0

Last Post: Feb 20, 2003 4:47pm
by Anonymous

Kevin

More FICA questions

Does the FICA deduction that everyone is trying to get only apply to resident income earned before FY2000? It seems the new classification by the IRS now makes us all "employees" and ineligible. Should I file for a refund on taxes for FY 2000, 2001, and 2002? BTW,...

Views: 231 Replies: 0

Last Post: Feb 19, 2003 2:05pm
by Kevin

Alexander Gurfinkel

Deductible items?

Hello! I am a PGY-3 resident (Peds) in Philadelphia. In preparation of taxes I am wondering if the following items are deductible, i.e. is it worth the time/money to itemize: 1. travel expenses: hotel, air, etc. r/t my seearch for a job (I am continuing educat...

Views: 242 Replies: 0

Last Post: Feb 18, 2003 7:38pm
by Alexander Gurfin...

A Patton

signing bonus and stipends (1099-MIsc)

I am a third year resident (NJ) who signed a contract to start a practice in a rural community (KY)in November of 2002. I received a $10,000 signing bonus and a $1000/month stipend until I start in July of 2003. I received a 1099-Misc for 2002 with $12,000 non-emp...

Views: 183 Replies: 0

Last Post: Feb 14, 2003 7:57pm
by A Patton