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Keith

Hello! Here is a good one for you. I am a pediatric fellow. I have 3 incomes...my salary...my moonlighting and I publish on the side. I use my home office to generate all 3 salaries. What are the rules for taking MORE than one home office deduction? Is each home...

Views: 168 Replies: 0

Last Post: Feb 11, 2003 8:59pm
by Keith

Anonymous

extended work travel?

My employer sent me to another city to do a mini-fellowship and paid for most of my housing cost. I believe I can deduct my mileage driving from my home to and from the other city and also the portion of my housing that wasn't covered by my employer, particularly bec...

Views: 337 Replies: 0

Last Post: Feb 11, 2003 3:52pm
by Anonymous

Anonymous

Two different states

I was just wondering on how I would file. The first 6 months of 2002 I worked in NY and the last 6 months in Ohio. I do plan to itemize. How do my deductions affect my state returns, and do they at all? DO I need to separate my itemized deductions based on job. Thank...

Views: 404 Replies: 0

Last Post: Feb 10, 2003 12:58pm
by Anonymous

Anonymous

No Subject

I'm a physician in a large group practice, and I recently started taking classes towards an MBA. Is the tuition deductible since it "maintains or improves skills needed in my present work" (the business management side of medicine) and I am not using it as a prepara...

Views: 355 Replies: 0

Last Post: Feb 9, 2003 8:31pm
by Anonymous

Anonymous

A Home Office - To take or not to Take!?

Hello, I am debating whether or not I qualify for and should take a home-office deduction. My situation is as follows: I am a psychiatry resident, renting an apartment, and working at 2 different hospitals and going to an additional 4 sites for supervision as r...

Views: 325 Replies: 0

Last Post: Feb 3, 2003 12:04pm
by Anonymous

Anonymous

No Subject

RE: Computers and Cell Phones Hi, I'm a 4th year psychiatry resident and had a question about deducting the costs of cell phones and computers. 1) Regarding Cell phones: I bought a cell phone for $100 and use service for about $50.00 a month. My cell phone is...

Views: 282 Replies: 0

Last Post: Feb 3, 2003 9:29am
by Anonymous

Anonymous

home office deduction

I am a fellow physician in training and am interested in if i can qualify for the home office deduction. I use a second bedroom in my apartment as an office. There is my computer, books, files, journals, printer and all I need to work on my research, read journals,...

Views: 313 Replies: 0

Last Post: Jan 29, 2003 9:27am
by Anonymous

Anonymous

No Subject

I was wondering what your input regarding this matter is. We have discussed this on chat but was wondering what the best approach would be. I am a fellow in training and am scheduled to work at the hospital a certain # of shifts a month. For this I receive a set sa...

Views: 289 Replies: 0

Last Post: Jan 29, 2003 9:22am
by Anonymous

J Westfield

MILITARY & TAXES

MILITARY & TAXES Though I have not lived in MD for over 6 years, I do have MD as my "home of record" since my parents live there. I do not own any property in MD or maintain any domicile there. I have been paying MD income taxes since the age of 18. Is this corre...

Views: 145 Replies: 0

Last Post: Jan 29, 2003 4:38am
by J Westfield

K M

On call meals clarification

Could you please clarify your position on deducting on call meal expenses. I have heard that people deduct them, however when I called the IRS they stated that you could not deduct them because you are not traveling from your home area. If you deduct based upon the...

Views: 170 Replies: 0

Last Post: Jan 28, 2003 6:29am
by K M

shawn

owed taxes

how do I find out if I owe back taxes to either state or federal? Is there a site?

Views: 159 Replies: 0

Last Post: Dec 30, 2002 11:53am
by shawn

Roth IRA Capital Losses

Since the market downturn I have lost a substantial amount in my Roth IRA. I don't expect many of these stocks to return to the original purchase price. I had assumed that since it was in my Roth, I cannot take a capital loss on my taxes. However, I recently read...

Views: 190 Replies: 0

Last Post: Dec 26, 2002 6:29pm
by Al

Rob

Tuition deduction

I plan to deduct tuition payed for a dental specialty training program under miscellaneous deductions, but heard that only a maximum of $3,000 can be deducted in 2002. Is this true? I'm paying a lot more than that for tuition!

Views: 316 Replies: 0

Last Post: Dec 22, 2002 4:33pm
by Rob

Richard Schwartz, CPA

Is charitable contribution of value of services provided deductible?

>Earlier this year I donated a bilateral LASIK surgical procedure to my daughters' school for a fund-raiser. The group received non-profit status. The value of the donated service was $4850. It went for $3000 at the auction. What paperwork do I need from the group to...

Views: 191 Replies: 0

Last Post: Dec 6, 2002 12:03pm
by Richard Schwartz...

Andrew Schwartz CPA

Answers to 5 Commonly Asked Questions

> 1.) Are travel expenses for travelling to a moonlighting job deductible, and does this include road tolls? Travel expenses in connection with driving between your home and a regular place of business is not deductible. Driving between job sites is deductible....

Views: 490 Replies: 0

Last Post: Dec 4, 2002 6:12am
by Andrew Schwartz ...

Hospital matching for a 403B during residency

My hospital refuses to match contributions to a 403B plan for residents. They do match with anyone else in the hospital from executive to cafeteria worker. Their reasoning is 1) that residents are not considered permanent employees and 2) are they employees or stu...

Views: 194 Replies: 0

Last Post: Nov 26, 2002 4:10pm
by Al

Dale

SIMPLE/solo 401k

Can you please tell me if I can roll a SIMPLE IRA into a new solo 401k after the 2 year period from its inception ? Thank you

Views: 203 Replies: 0

Last Post: Nov 19, 2002 12:20pm
by Dale

Loretta

Andrew Schwartz was interviewed by NBC

This morning, Andrew Schwartz CPA, the editor of The MDTAXES website, was interviewed by the Boston affiliate of NBC (Channel 7) about year end tax planning strategies. The piece is scheduled to air Tuesday night, November 26th, on the 11 pm news. The reporter from...

Views: 232 Replies: 0

Last Post: Nov 18, 2002 12:30pm
by Loretta

Anonymous

Bad news regarding the FICA refund

Doesn't look good for any more FICA refunds. Below is an analysis of IRS Chief Counsel Advice 200212029: Compensation of Medical Residents Does Not Qualify for Student FICA Exception Services provided to patients by medical residents are in the nature of �on-t...

Views: 333 Replies: 0

Last Post: Nov 18, 2002 5:44am
by Anonymous

Andrea Wiseman

Orthopedic Surgeons' increasing profits via installing MRI Scanner in offic

Do you as CPAs advise on such issues? There is no single thing a Orthopedic group can do to increase profits like this than to install their own MRI System.....the Radiologists have figures this out decades ago. 2 patients a day breaks even----5 year profits could...

Views: 222 Replies: 0

Last Post: Nov 13, 2002 1:00pm
by Andrea Wiseman

soc sec statement

I am one of those many people waiting for the IRS to figure out what they're going to do about the FICA fiasco. Recently, I received my latest social security statement and it shows that I have not paid into the system only on those years for which I filed amended r...

Views: 256 Replies: 0

Last Post: Nov 8, 2002 4:50pm
by rb

Business expense?

Im just wondering. Are the fees that Ill have to pay to take the US Medical Licensing Exam deductible as business expenses?

Views: 221 Replies: 0

Last Post: Nov 8, 2002 12:59am
by AC

Andrew Schwartz

Re: SIMPLE IRAS

Here's the rules that appear in IRS' Publication 560, Retirement Plans for Small Businesses: "Deadline for setting up a SIMPLE IRA plan. You can set up a SIMPLE IRA plan effective on any date between January 1 and October 1 of a year, provided you did not previous...

Views: 315 Replies: 0

Last Post: Oct 20, 2002 3:09pm
by Andrew Schwartz

SIMPLE IRAS

I will have roughly $7500 in moonlighting income for 2002 (paid as an independent contractor). I was considering opening a Simple IRA and contributing the portion that cannot be deductde for work-related expenses. Is there still an Oct 1 deadline for establishing thi...

Views: 239 Replies: 0

Last Post: Oct 20, 2002 9:45am
by MF

Andrew Schwartz CPA

Re: Re: Re: 403(b) & Roth IRAs

Yes, but why would you? In most cases, if you're covered under a retirement plan at work, you're not entitled to make a deductible contribution to a traditional IRA. So you have the choice of making a non-deductible contribution to a traditional IRA that grows ta...

Views: 245 Replies: 0

Last Post: Oct 11, 2002 12:07pm
by Andrew Schwartz ...

Agormd

Re: Re: No Subject

can i contribute 3000$ to a traditional IRA instead of the ROth? --- --- --- --- --- --- --- --- --- Replying to:To find out the maximum you can contribute to your 403(b), contact your employer's benefits department or find out who is administering the plan and...

Views: 190 Replies: 0

Last Post: Oct 10, 2002 6:18pm
by Agormd

Andrew Schwartz

Re: No Subject

To find out the maximum you can contribute to your 403(b), contact your employer's benefits department or find out who is administering the plan and give them a call. The retirement plan rules changed dramatically effective 1/1/02, and you're probably allowed to con...

Views: 314 Replies: 0

Last Post: Oct 10, 2002 6:09pm
by Andrew Schwartz

Andrew Schwartz

Re: State taxes

You'll need to file tax returns in both states as a part-year resident of each state. You'll report to NY all of the income you earned the first part of the year, and then report to OH all of the income you earned subsequent to your move. Each state has specific ru...

Views: 323 Replies: 0

Last Post: Oct 10, 2002 6:05pm
by Andrew Schwartz

Agormd

State taxes

How do I file my state taxes? From jan to june i worked in Ny and paid state taxes there. Since July 1st I have been working in Ohio and will be livinghere for the next few years. How do I go about filing my state taxes? Thank you

Views: 237 Replies: 0

Last Post: Oct 10, 2002 5:26pm
by Agormd

Anonymous

No Subject

If my salary for 2002 is 50000 and I receive a pension of 10% of my salary, which is 5000$ a year, can i still contribute the max of an additonal 11,000$ to my 403b plan. Also, in addition to my 403b can i contribute the additional 3000$ towards a roth or traditio...

Views: 302 Replies: 0

Last Post: Oct 8, 2002 10:53am
by Anonymous

Andrew Schwartz

Deductible Mileage

Many people ask us about when the miles they drive qualify as tax deductible. Here's the answer to that question. As a rule of thumb, the mileage driven between your home and a regular place of business is not deductible mileage. Driving between job sites, betwe...

Views: 424 Replies: 0

Last Post: Sep 24, 2002 6:16pm
by Andrew Schwartz

Anonymous

ROR on real estate

Assume I am building a commercial structure to rent to a single tenant. Total for land and building: $1 million. How do I realistically calculate ROR on my investment? Is it as straightforward as dividing total investment into net, after-tax cash flow -- or...

Views: 300 Replies: 0

Last Post: Sep 21, 2002 9:48am
by Anonymous

WILLIAM BOLASH CPA

Re: Corporation

I agree with Jim Boyle re: the use of the C-corp. A number of times clients have asked me why they don't have an S-corp. I throw the question back: Why do think an S-corp would be advantageous to you? The answer is usually something like..."well, the gal at...

Views: 186 Replies: 0

Last Post: Sep 13, 2002 11:22am
by WILLIAM BOLASH C...

WILLIAM BOLASH CPA

Re: student loans

I assume your question deals with tax deductibility of student loan payments if one is in private practice. The short answer is "no." First thing to consider...loan payments are a repayment of borrowed capital and, as such, are not "expenses." Secondly, to ded...

Views: 173 Replies: 0

Last Post: Sep 13, 2002 10:15am
by WILLIAM BOLASH C...

anthony izokaitis

student loans

Can student loans be a write off in a private practice? thank you

Views: 224 Replies: 0

Last Post: Sep 10, 2002 11:11am
by anthony izokaiti...

Andrew Schwartz

Re: retirement funds

Unfortunately, when you work for an organization, and they take out taxes and issue you a W-2 at the end of the year, you're bound by whatever retirement plans offered by that employer. If you don't work enough hours to qualify for your employer's 401(k) plan, then...

Views: 240 Replies: 0

Last Post: Sep 7, 2002 10:46am
by Andrew Schwartz

Andrew Schwartz

Re: Simple IRAs

Believe it or not, it does sound right to me. With a Simple IRA, if you earn at least $7,000 in net moonlighting income as an independent contractor, you can contribute $7,000 into a Simple IRA for the year. The only catch is your combined contributions into your S...

Views: 347 Replies: 0

Last Post: Sep 7, 2002 10:38am
by Andrew Schwartz

Anonymous

Simple IRAs

I have $6600 in independent moonlighting income for 2002. I'm told by my investment company that I can contribute 100% of this into a simple IRA, as long as my Simple IRA + 401K contributions don't exceed $11,000 for the year, which they won't. I recently switched jo...

Views: 349 Replies: 0

Last Post: Sep 7, 2002 10:34am
by Anonymous

retirement funds

Please help! I work for Kaiser as a per diem physician and I am not qualified for any of their retirement plans. However, I am given a w-2 form even though I am not their regular employee; so I can't classify myself as an independent contract. What are my retireme...

Views: 260 Replies: 0

Last Post: Sep 3, 2002 3:48pm
by vu

Andrew Schwartz CPA

Re: Deducting the 6 week course in DC

We have many clients who go to Washington DC each year, and you better believe that we write-off the cost of that 6 week trip. We deduct the cost of getting to and from DC, the cost of the hotel, and a per diem for food of $46 per day (which is half deductible)....

Views: 265 Replies: 0

Last Post: Aug 29, 2002 7:08am
by Andrew Schwartz ...

Anonymous

Deducting the 6 week course in DC

I have been moonlighting as an independent contractor and I am soon going to attend a 6 week radiologic-pathology course in D.C. very soon. Since this is purely an educational trip, is the entire 6 week lodging in the hotel, the travel to and from DC, and the meals d...

Views: 309 Replies: 0

Last Post: Aug 29, 2002 7:06am
by Anonymous

Andrew Schwartz CPA

Re: 529 Plans

The 529 Plan is a great way to save for your child's education. Even if the current rules expire in 2010, I still think that contributing money into a 529 account on behalf of your child makes sense for the following reasons: 1. Money invested within a 529 accou...

Views: 310 Replies: 0

Last Post: Aug 29, 2002 6:52am
by Andrew Schwartz ...

Anonymous

529 Plans

I recently gave birth to our first son and he hopefully will enter college around 2020. Should I trust that Congress will vote to continue the great tax savings of the 529 plans, which will expire in 10 years, or should I invest in some other vehicle?

Views: 370 Replies: 0

Last Post: Aug 29, 2002 6:49am
by Anonymous

Andrew Schwartz CPA

Re: class action settlement

My understanding is that you should only be taxed to the extent that your settlement exceeds the amount of money you spent to fix the problem. This tax concept is known as the "origin of the claim test", where the money you receive is first seen as a non-taxable r...

Views: 265 Replies: 0

Last Post: Aug 28, 2002 11:10am
by Andrew Schwartz ...

f.tausk

Re: Re: Immigration Fees...tax deductible?

I agree with your statement. About 15 years ago I claimed a deduction for the fees paid to a lawyer for changing my status from H1 to Permanent Resident. That year I happened to be audited by the IRS, and that was the only item that was disallowed, and had to pay bac...

Views: 249 Replies: 0

Last Post: Aug 23, 2002 6:29pm
by f.tausk

Steve D

class action settlement

I am receiving a class action settlement do to a faulty exterior covering used on my former house. I paid about as much to fix the house as I am receiving from the settlement. I am told the settlement will be taxed. Can I offset the amount received by the money pa...

Views: 279 Replies: 0

Last Post: Aug 23, 2002 5:49pm
by Steve D

Andrew Schwartz CPA

Re: fica and residents

Unfortunately, I think you just need to wait until the IRS figures out what to do with all of the refund claims that they have received. --- --- --- --- --- --- --- --- --- Replying to:I filed the request for return of ss taxes during residency as suggested. Ho...

Views: 335 Replies: 0

Last Post: Aug 22, 2002 5:39am
by Andrew Schwartz ...

Andrew Schwartz CPA

Re: Immigration Fees...tax deductible?

My understanding of the rules is that legal fees incurred in connection with applying for a work-related visa are deductible as a professional expense, but fees paid in connection with obtaining permanent residency or citizenship, which are more personal in nature, a...

Views: 333 Replies: 0

Last Post: Aug 22, 2002 5:34am
by Andrew Schwartz ...

Andrew Chong MD

Immigration Fees...tax deductible?

Im a non-US citizen Resident currently on a temporary work visa in the process of applying for a permanent one. However it involves using an immigration lawyer. Im wondering if the cost of hiring an immigration lawyer is deductible as a business expense or something...

Views: 250 Replies: 0

Last Post: Aug 21, 2002 6:39pm
by Andrew Chong MD

f.tausk

fica and residents

I filed the request for return of ss taxes during residency as suggested. However, I never heard back from the IRS. Shouldn't they acknowledge the receipt ? Should I continue to wait ? Thank you very much for your service and help.

Views: 289 Replies: 0

Last Post: Aug 18, 2002 8:34pm
by f.tausk