Original MDTAXES Forum

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Rob

Re: Re: tuition deductable during residency?

Thanks for the prompt reply. I believe that the medical school tuition does qualify for deduction, as it is a requirement of my current job, and will improve upon skills in my current profession. Oral and maxillofacial surgery is a dental specialty, not a medical...

Views: 316 Replies: 0

Last Post: Aug 16, 2002 4:52am
by Rob

Andrew Schwartz CPA

Re: FICA - Is it worth filing?

It appears the IRS hasn't decided how to deal with this issue, and, have stopped responding to these refund requests in most instances. However, we generally recommend that you send in the paperwork, just in case the IRS decides to refund the FICA taxes withheld fr...

Views: 441 Replies: 0

Last Post: Aug 15, 2002 5:44am
by Andrew Schwartz ...

Anonymous

FICA - Is it worth filing?

I have not filed yet, and am wondering A)is it worth the effort, and, B)which of the two forms mentioned should I file, or does it matter?

Views: 387 Replies: 0

Last Post: Aug 15, 2002 5:40am
by Anonymous

Andrew Schwartz CPA

Re: tuition deductable during residency?

To be deductible, educational expenses must enhance your skills in your current profession. If the course of study qualifies you for a new trade or business, then you can't deduct the cost of the education. Here's what we've seen with our clients. Dentists stud...

Views: 394 Replies: 0

Last Post: Aug 14, 2002 6:40pm
by Andrew Schwartz ...

Rob

tuition deductable during residency?

I am an oral and maxillofacial surgery resident, which means that I have completed 4 years of dental school and now my residency program is six years in length, 2 of which I am a full-time medical student (without salary) and will receive a medical degree. Can I ful...

Views: 412 Replies: 0

Last Post: Aug 12, 2002 3:18pm
by Rob

Andrew Schwartz CPA

Everything is Deductible...Until You Get Audited

Great Gift Idea. Check out our mugs and mouse pads with the slogan "Everything is Deductible...Until You Get Audited". Everyone has those friends and colleagues who are always boasting about the crazy things they deduct. Available at www.cafepress.com/mdtaxes.

Views: 434 Replies: 0

Last Post: Aug 7, 2002 6:25pm
by Andrew Schwartz ...

Andrew Schwartz CPA

Re: Gifts Received

Gifts are not generally considered income to the recipient. Instead, if your father makes a gift to you and your family in excess of the $11,000 per person per year limitation, he would be subject to the "Gift Tax", and would need to have a discussion with his CPA ab...

Views: 373 Replies: 0

Last Post: Aug 7, 2002 6:20pm
by Andrew Schwartz ...

Anonymous

Gifts Received

My father is going to gift 11,000.00 per year to myself, my wife, and my son(12 yrs old) and I am wondering is this taxable on my end as income?

Views: 374 Replies: 0

Last Post: Aug 7, 2002 6:16pm
by Anonymous

Andrew Schwartz CPA

Re: FICA Taxes for J-1 Visas

The way it works, people on a J-1 Visa usually don't have social security taxes withheld from their pay. The IRS, however, generally defers to the employer to do the right thing about withholding FICA taxes. For that reason, your client should first go to his former...

Views: 363 Replies: 0

Last Post: Jul 31, 2002 7:06am
by Andrew Schwartz ...

MDTAXES CPA

FICA Taxes for J-1 Visas

One of the new MD clients I got is from India who is working on J-1 visa and his wife is on J-2 visa. They asked me about the social security taxes that they paid earlier. His current employer does not withhold his SS taxes. He wants to get his and his wifes' SS taxe...

Views: 259 Replies: 0

Last Post: Jul 31, 2002 7:02am
by MDTAXES CPA

Andrew Schwartz CPA

Re: Amended return for Lifetime Learning Credit

If you filed your 1998 tax return prior to April 15, 1999, you only had until April 15, 2002 to file an amended tax return. However, it would not have mattered anyway, since the Lifetime Learning Credit only applied to classes taken subsequent to July 1, 1998....

Views: 381 Replies: 0

Last Post: Jul 19, 2002 11:11am
by Andrew Schwartz ...

Anonymous

Amended return for Lifetime Learning Credit

I graduated in May, 1998 from medical school, can I still claim the lifetime learning credit or is it too late?

Views: 384 Replies: 0

Last Post: Jul 19, 2002 11:09am
by Anonymous

Andrew Schwartz CPA

Re: FICA TAXES

From what I've heard, this issue is on hold with the IRS until such time they figure out what to do with all these refund claims. The problem is that they don't appear to be working too quickly to resolve this issue. Please continue to notify us if you hear any...

Views: 363 Replies: 0

Last Post: Jul 15, 2002 5:38am
by Andrew Schwartz ...