Original MDTAXES Forum

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paul

health savings account

for younger people who already get insurance through their work, can they also open a health savings account by paying for the cheapest high deductible plan they can find (and never using it since they have work insurance)? if this is done and this person switches o...

Views: 459 Replies: 1

Last Post: Feb 2, 2009 10:46am
by Andrew Schwartz ...

Anonymous

Bunching Deductions

This past year I had a fair amount of professional expenses related to fellowship (books, licensing fees, course fees, etc..) but they do not exceed the standard deduction when filing jointly with my wife. I also foresee having a high number of profession expenses (b...

Views: 519 Replies: 1

Last Post: Feb 2, 2009 10:43am
by Andrew Schwartz ...

John

Deferred Salary in S-Corp

Looking for an answer to this question: Setting up an S-Corp for medical practice and based on the business plan obviously there will be several months at the beginning where the Corp runs at a loss. I'll be the 100% shareholder and also working in the practice...

Views: 617 Replies: 0

Last Post: Feb 1, 2009 11:01am
by John

liz

filingstautes

if you have been filing married and joint return can i file single this year...

Views: 483 Replies: 1

Last Post: Jan 31, 2009 5:28pm
by Andrew Schwartz ...

Medical Resident

Question re: Schwartz & Schwart policy on resolving potential tax return errors with IRS

My husband and I are considering doing our taxes through Schwartz & Schwartz this year. In case there will be a mistake in a tax return, what is S&S's policy for resolving the matter with the IRS? Will Schwartz & Schwartz resolve the IRS dispute regarding any mistake...

Views: 492 Replies: 1

Last Post: Jan 31, 2009 5:26pm
by Andrew Schwartz ...

Jonathan

Moving expenses

There is an above-the-line deduction for moving expenses to take one's first job. A common question is, does medical school-to-residency count? If so, if one missed this deduction for last year's taxes, can s/he retroactively apply for it?

Views: 491 Replies: 3

Last Post: Jan 30, 2009 5:19am
by Teri L. Botticel...

Crystal

Taxes in another state

Hello, I work for the state of MD. I requested that DC taxes be taken out of my paycheck for the year 2008. Can I file my taxes in MD even though I had DC taxes deducted from my check? If so, how do I go about filing my taxes in MD?

Views: 407 Replies: 1

Last Post: Jan 28, 2009 6:02pm
by Andrew Schwartz ...

Medical Resident

Wasted deductions

Hi, My fiance only had 1/2 year's income (~$25k) and, unfortunately, is unable to utilize all of her deductions (i.e., she has no more tax to deduct, according to TaxAct): Excluded or partial deductions: Lifetime Learning Credit = $1500 out of $2000 Qualified...

Views: 561 Replies: 1

Last Post: Jan 28, 2009 3:44am
by Andrew Schwartz ...

David

sales tax deduction

I am thinking of using my year end credit card statement as proof of sales tax and using that instead of the IRS tables. How do I calculate this? $100 charged to a credit card with 7% sales tax does not mean I paid $7 in sales tax and bought $93 in goods ($93 + 7%...

Views: 409 Replies: 1

Last Post: Jan 28, 2009 3:39am
by Andrew Schwartz ...

Shine Yun, MD

Temporary Job Assignment

I am currently a fellow at the Hospital of the University of Pennsylvania in Philadelphia. My fellowship started in 7/1/2006 and ends at 6/30/2007. Prior to this fellowship, I had been at NYC, finishing up my residency at the Columbia University Medical Center. Af...

Views: 491 Replies: 4

Last Post: Jan 23, 2009 12:20am
by hiya

Medical Resident

Bunch of questions

Hi, First, I'd like to thank Andrew Schwartz for a great web site and radio series. I and my future wife are both medical residents and have several questions. 1) For 2009, I am getting married. Our combined gross income will be $110-$120k. After the stand...

Views: 574 Replies: 2

Last Post: Jan 18, 2009 10:08am
by Adrian

Oncdoc

Deductions for self employment income

I had a question about allowable deductions from consulting money. I am a staff physician at a hospital and earn a few thousand dollars a year extra serving on advisory boards as a consultant. For the holidays, I give me secretaries and nurse practitioners betwee...

Views: 464 Replies: 2

Last Post: Jan 18, 2009 10:04am
by Adrian

JDW

Fellowship Temporary job with a twist

My husband completed a one year (minus one day) clinical fellowship in his specialty (Sports Med) two states away from our home (fellowship = Rush University, Chicago, IL; residency = University of Pennsylvania, Philadelphia, PA; home in Philadelphia, PA). His inten...

Views: 488 Replies: 5

Last Post: Jan 11, 2009 10:12am
by Andrew Schwartz ...

RJM

Simple IRA

My practice offers a simple IRA plan. Does the maximum contribution for 2009 take into account the 3% matching contribution from the practice, or does it just apply to what I contribute?

Views: 553 Replies: 1

Last Post: Dec 29, 2008 5:06pm
by Andrew Schwartz ...

Medical Resident

1) Personal self-employed pension, 2) Taxing of retirement vehicles

Hi, I have two questions: 1) How does the self-employed pension work, in terms of funding it, investing it, and withdrawing from it? 2) Currently, how are the different retirement vehicles (401k, Roth IRA, self-employed pension, Social Security, taxable acco...

Views: 604 Replies: 4

Last Post: Dec 28, 2008 6:37pm
by Lawrence B. Kell...

noncash benefits withholding taxes

My employer offers domestic partner health benefits, BUT I have to pay taxes on the non-cash contribution (the employers portion of the health insurance paid...?) DO I have to pay these taxes...? and how do I know how much is paid on my behalf for insurance and what...

Views: 326 Replies: 0

Last Post: Dec 16, 2008 8:26am
by Tj

Andrew Schwartz CPA

Annual Tax and Basic Financial Planning Presentation - 1/22/09

I'm pleased to announce that Schwartz & Schwartz will be holding their annual complimentary presentation on the tax and basic financial planning issues affecting young healthcare professionals starting at 6 pm on 1/22/09 at the Brookline Holiday Inn. For more info,...

Views: 529 Replies: 2

Last Post: Dec 15, 2008 8:47pm
by ek

Mary

Self Employed Loss

I am a Real Estate self employed agent. We have a buyer that has litigation that his basement leaks and he does not want his home. Although I am covered with Errors and Ommissions insurance, the buyer wants settlement for the insurance comany to buy back the home....

Views: 438 Replies: 1

Last Post: Dec 14, 2008 10:59am
by Andrew Schwartz ...

Mark Roden

employed without 401

I joined a group practice which does not have a 401k. I put away 5000k with an IRA, and rolled over my former employers 403b into the IRA. Is there anything else I can do to put away more for retirement? Do I have to rush to get it in by Dec 31st? many thanks Mark

Views: 379 Replies: 1

Last Post: Dec 6, 2008 2:31pm
by Andrew Schwartz ...

Oleg

rental investment

Hello , I interested in investing my HELOC into rental property . Does it make sense regarding tax didaction ? Thanks , Oleg

Views: 679 Replies: 1

Last Post: Nov 10, 2008 5:00pm
by Andrew Schwartz ...

Christian Zaleski

charity care and tax write offs

i work for my dad, who is an oncologist, hematologist, and internist. anyways, he does a lot of charity care. however, the charity care he provides is evaluation and management in our office. all procedures are done in the hospital. i was wondering if this could...

Views: 538 Replies: 1

Last Post: Oct 29, 2008 6:45am
by Teri Botticelli

CuriousGeorge

Is there any practical limit to how nice a car one can deduct?

This is a hypothetical question. I read that if you are an independent contractor or otherwise incorporated, you can deduct the actual costs for driving between job sites. To maximize this, many people formally define part of their house or apartment as a Home Offi...

Views: 637 Replies: 1

Last Post: Oct 18, 2008 4:31am
by Andrew Schwartz ...

raj

lease or purchase

Just a quick general question regarding eventual vehicle purchase for work ... well actually 2 questions ... If I take a W-2 employee job or a consultant position, can I write off car expenses? I plan to also have a private practice eventually ... In either case, is...

Views: 493 Replies: 1

Last Post: Oct 18, 2008 4:22am
by Andrew Schwartz ...

raj

business expenses - llc, scorp? do i need a business credit card?

The title is kinda self-explanatory, but I was wondering what kind of business set up is best for someone working full time as a w-2/consultant in a hospital/someone else's practice and also part time in their own private practice (eventually 100% private). Also,...

Views: 659 Replies: 1

Last Post: Oct 18, 2008 4:17am
by Andrew Schwartz ...

eric

retirement for spouse

My wife and I are both physicians. I am in solo practice (incorporated as an S Corp) and she is a parttime employee of a 8 doctor practice. It does not appear that she will be eligible for a retirement plan. I am in the process of constructing a new office and h...

Views: 836 Replies: 4

Last Post: Sep 17, 2008 7:55pm
by eric

Ben

Extra income

Hi, I work as an employee in a group with a W2 income. Recently, an agency asked me to do some review work for medicare which pays well. I have the options of getting paid through my work place which they have contract, or compensated as an individual contractor...

Views: 733 Replies: 2

Last Post: Sep 15, 2008 5:44pm
by Andrew Schwartz ...

health care contract lawyer

hi- any recommendations for a good contract lawyer in Boston area for physician job contracts?

Views: 645 Replies: 2

Last Post: Sep 14, 2008 12:21pm
by Gerry Oginski

nandi

401k/safe harbor gaffe

hi, i am a solo owner and a s- corp. for the year 2007 i made teh employee contribution of 15,500 but not the employer contribution part of it. i further more did not make the optional part of the contribution 1. can i make it now? 2. is there a penalty? 3. how...

Views: 634 Replies: 1

Last Post: Sep 1, 2008 6:07pm
by Andrew Schwartz ...

Changing lease on medical equipment

I entered a lease on medical equipment (vein ablation) but the company recently went bankrupt and was purchased by another company. Though they claim to be continuing to offer product support, I have questions about their viability. Key Bank is handling the lease t...

Views: 666 Replies: 1

Last Post: Sep 1, 2008 6:04pm
by Andrew Schwartz ...

David McMillen

hsa

Hello. I am in a high deductible health insurance plan and we use my HSA as a Roth. We have no plans to touch it and plan to let it grow indefinitely. If I decide to withdraw from it say, 30 years from now, do I need to keep medical receipts that long for proper "r...

Views: 773 Replies: 1

Last Post: Aug 21, 2008 2:21pm
by Andrew Schwartz ...

dr in practice

Practice related meals

Hello, I'm a busy solo practioner in private practice with a s-corp entity. Since I'm always traveling between office, hospital, nursing home, I tend to grab lunch on the go in order to save time at eg: McDonalds. Is this meal deductible? Would I be able to deduc...

Views: 797 Replies: 1

Last Post: Aug 18, 2008 2:31pm
by Andrew Schwartz ...

eric

hiring kids..

I have an interesting question. I listened to your podcast on the advantages of hiring kids or a spouse. My three kids are young (all under 5). However, it seems reasonable to use them as advertising for my practice. I plan to use them on a website or on promo...

Views: 823 Replies: 4

Last Post: Aug 5, 2008 10:08pm
by eric

Adrian

travel costs

what costs during business travel are deductible? I am sure flight, hotel, taxi is fully deductible - but what about the meals i had while on travel - does it have to be only a "business" meeting meal, or can it include breakfast, lunch and dinner while travelling? i...

Views: 761 Replies: 3

Last Post: Aug 1, 2008 10:48am
by Gary Davis

Keeping tax receipts

I'm cleaning out my file cabinet, and someone told me to hold onto 10 years worth of tax returns. I just got a fast scanner and can scan tons of documents quickly. Is it ok to scan items and keep the records as a pdf, or are there specific items that I should keep...

Views: 825 Replies: 3

Last Post: Jul 26, 2008 9:49am
by Andrew Schwartz ...

Anonymous

FDIC Insurance Loss

I lost 15K of unsecured amount after FDIC took over IndyMac bank . May write it off with 2008 taxes ?

Views: 679 Replies: 1

Last Post: Jul 26, 2008 9:47am
by Andrew Schwartz ...

Sharonda Millner

How can I avoid capital gains taxes?

I moved to Houston, TX around November of 2004 and rented out the condo I own in Silver Spring, MD until now. I am in the process of closing on the sale of the condo and want to know what I can do with the money I make off the sale to avoid capital gains taxes? I p...

Views: 884 Replies: 2

Last Post: Jul 3, 2008 5:37pm
by Sharonda Millner

Wayne

2008 Special Vehicle Depreciation

In order to get the special vehicle depreciation, does the vehicle have to meet any special criteria like over 6000 lbs? I believe there was special criteria for section 178(?) depreciation which applied to luxury cars.

Views: 701 Replies: 1

Last Post: Jun 30, 2008 5:09pm
by Andrew Schwartz ...

catgotit

Malpractice Tail

I have to pay $36000 for tail coverage of a malpractice insurance. Will I be able to write it off under employee expenses and does AMT negate most of that. Income of around 275000. Thanks for help.

Views: 835 Replies: 1

Last Post: Jun 29, 2008 5:15pm
by Andrew Schwartz ...

Ken

Solo 401(k)

Hi Andrew, This is a great site, you have provided me with great advice over the years. I am employed through a University, and max out my 403(b), but I also generate some income through an LLC. Even with maxing out my 403(b), if I set up a Solo 401(k) through my...

Views: 737 Replies: 10

Last Post: Jun 15, 2008 1:28pm
by jsimmons@ida.net

nandi

cafeteria plan

hi, can you give info on the cafeteria plan. what is the advantage and disadvantages. is it very expensive to set it up. thank you nandi

Views: 535 Replies: 2

Last Post: Jun 15, 2008 11:06am
by jsimmons@ida.net

Adrian

IRA - SEP-IRA

If i max out my SEP-IRA can i still add to another IRA with pre-tax money - is there a limit of pre-tax dollars that can be put away (like multiple IRAs?) what about a non-working spouse - can i create/add to an IRA? or am i stuck with post-tax investments/annu...

Views: 769 Replies: 4

Last Post: Jun 15, 2008 10:55am
by jsimmons@ida.net

Linda

Profit sharing- overpaid

Hi Andrew, I paid more into my profit sharing plan for 2007 than was allowed. My financial consultant told me that instead of moving that money out of the investment, I just have to claim it as a 2008 contribution into either my 401k or my PSP and I should be fine....

Views: 547 Replies: 2

Last Post: Jun 15, 2008 10:46am
by jsimmons@ida.net

dan

re:IRA and 401 K

Hi Andrew, Could you tell us if we can maintain an IRA with 10,00 limit for a joint couple and also in addition , I can do a 401 k for me in the hospital .. Are there any limits ? Thanks

Views: 491 Replies: 2

Last Post: Jun 15, 2008 10:36am
by jsimmons@ida.net

confused

Home Offfice Deduction

I am on track to make about $15,000 on a W2 Form this year. I rent an apartment and was hoping to deduct some of the rent under the Home Office portion of my rent. What is involved with this? Is this a red flag for auditing?

Views: 794 Replies: 3

Last Post: Jun 6, 2008 12:53pm
by Andrew Schwartz ...

Walt Hendron

Non-Residentant filing of State Income Tax - form 505

Where do I find the form?

Views: 479 Replies: 1

Last Post: May 30, 2008 4:16am
by Andrew Schwartz ...

Brian

Andrew: Red Flags for Auditing?

Hello Andrew, I enjoyed your interviews that were posted in the homepage of the website. You briefly mentioned your auditing rate for your physician clients. I was wondering from your experience what in those returns made the IRS suspicious? Not that I want to avo...

Views: 683 Replies: 1

Last Post: Apr 17, 2008 5:54pm
by Andrew Schwartz ...

Jo Hicks

depreciation of royalties

How do I figure depreciation on oil and gas royalties?

Views: 455 Replies: 1

Last Post: Apr 17, 2008 12:00pm
by Andrew Schwartz ...

Annette

home refinance

I am refinancing my home for the current amount of my mortgage and am paying points to buy the rate down. If I pay for the points this year can I claim them as a tax deduction this year since I am not taking out any equity? It is normal practice in my area to pay poi...

Views: 576 Replies: 1

Last Post: Apr 17, 2008 11:55am
by Andrew Schwartz ...

k.f.

automobile deduction

In planning for the 2008 tax year (already!), I have a question re: purchasing a vehicle and the work-related automobile deduction. You very nicely outlined deducting mileage vs. actual expenses on your website(http://www.mdtaxes.com/news1206.html). However, I w...

Views: 464 Replies: 3

Last Post: Apr 12, 2008 5:58pm
by Andrew Schwartz ...

Rob

Private Mortgage Insurance

My wife and I are planning to buy a house soon and are confused about the new tax law regarding Private mortgage insurance. Is it now deductible the same way as mortgage interest, and is there an income limit to take the deduction? As I understand, there is no income...

Views: 513 Replies: 1

Last Post: Apr 10, 2008 7:00pm
by Andrew Schwartz ...