Original MDTAXES Forum

Topic

Author

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Last Post

Patrice

auto deduction

Is there a limit to the number of vehicles which can be written off for business purposes each year, if all have been used in conducting business, or is it limited to one vehicle?

Views: 495 Replies: 1

Last Post: Jun 20, 2006 9:09am
by Harry R Wigler, ...

Judy

S Corp status

My husband just started in a practice as a physician where most of the partners are individually incorporated (S- Corps). He is not a partner yet and receives a 1099 and works as an independent contractor. This year he filed a schedule C to report income and related...

Views: 417 Replies: 3

Last Post: Jun 5, 2006 11:13am
by Harry R Wigler, ...

susanne rhame

depreciation for hybrid cars

I purchased a hybrid car for my business last December and I thought I remembered reading about a bonus depreciation available for it. I can not find anything about this being the case and wondered if you can help me determine the amount of depreciation I can talk f...

Views: 351 Replies: 2

Last Post: May 31, 2006 1:25pm
by Andrew Schwartz ...

Andrew

Taxes Withehld

If I live in Nebraska and claim one allowance on my W-4 what percentage of my check is going to be withheld?

Views: 405 Replies: 1

Last Post: May 31, 2006 1:24pm
by Andrew Schwartz ...

R Bourne

Real Estate Sales Tax

My wife and I moved out of Md in 2001, leaving our condo in Montgomery County as a rental. We are now selling that property. Our real estate agent says we must pay a real estate sales tax on the property. She said that it can be recouped because we live in SC. How mu...

Views: 331 Replies: 1

Last Post: May 20, 2006 12:44pm
by K. Barry Morgan,...

independent contractor

Great site--thanks for all of the info. In addition to my resident salary, I have signed on to a moonlighting-type position that will pay an est 1500/month; it is actually front-loaded and I am anticipating approx 6000 in the next two months. If they pay me as an i...

Views: 548 Replies: 1

Last Post: May 18, 2006 11:54am
by K. Barry Morgan,...

Mike

Clinical Fellow Stipends and Taxes

My question is regarding the taxation of stipends for clinical fellowship programs. i just found out that my wife will be paid a stiped of $55,000.00 a year however, they will not be withholding taxes as she is considered a "non-employee fellow." My question is how...

Views: 427 Replies: 1

Last Post: May 17, 2006 1:34pm
by Andrew Schwartz ...

temporary job assignment

I am currently in a one-year fellowship in New York city and plan to return to my tax home in wisconsin for the duration of my training. As I understand the rules of the temporary job assignment- I should be able to deduct any duplicate costs (utilities/rent) since...

Views: 284 Replies: 5

Last Post: May 1, 2006 8:40am
by Andrew Schwartz,...

Moses Gunn

Gambling Winnings

I won a few thousands dollars playing the lots. However, I have an offset of the winnings. What forms do I use to file this information? Winnings and losses.

Views: 317 Replies: 1

Last Post: Apr 23, 2006 6:02pm
by Andrew Schwartz ...

dayna

sold automobile

I owned a car, but traded it in last year for a lease. left over, i received a check from the dealership of about $1,500. am i to claim this and where?

Views: 441 Replies: 1

Last Post: Apr 23, 2006 6:01pm
by Andrew Schwartz ...

Troy

acres

How many acres does it take to be considered a farm in the state of kentucky. I live on 7.5 acres and was wondering for next year are there any things I can do for right offs?

Views: 337 Replies: 0

Last Post: Apr 17, 2006 7:27am
by Troy

aaron

taxes

i was in prison for the last 2 months of 2004 and until october of 2005 after which i did cash only jobs. i was the only one who worked and was the sole provider for my ,now 1 year old daughter,even while i was in prison.i did work in prison and got taxed in there. c...

Views: 316 Replies: 0

Last Post: Apr 15, 2006 2:05am
by aaron

Confused

Book Depreciation

As a resident doctor, having received reimbursement for my book purchases this year, it appears the only way to write off anything is to have the value of my library factored in for depreciation. I have about $1500 in books that are actually of use to me in my work...

Views: 676 Replies: 1

Last Post: Apr 13, 2006 10:08am
by Alan Green CPA

shaq

relief work travel expenses

Hi, Wondering if i could deduct travel expenses involved in traveling overseas for relief work. (worked 2 weeks overseas in relief hospital after earthquake) And what form do i need to fill? Thanks, Shaq

Views: 411 Replies: 1

Last Post: Apr 13, 2006 9:53am
by Alan Green CPA

Caren

CME

Hi, Last year I went to a CME class on botox and dermal fillers. I was required to bring a model. I brought my husband as my model. Can I now deduct his flight and meals, or can I only deduct my expenses? Thanks for your help.

Views: 506 Replies: 1

Last Post: Apr 13, 2006 9:31am
by Alan Green CPA

Billy

tax deduction

I am a recent med school grad. Can I deduct my expenses "job hunting" related to my internship. These expenses are travel and testing.

Views: 421 Replies: 2

Last Post: Apr 6, 2006 9:25am
by Rodney Look

chris

social security

How much can a person earn before social security benefits are taxed?

Views: 407 Replies: 1

Last Post: Apr 5, 2006 12:10pm
by Andrew Schwartz,...

Mike

Retirement Contributions

Hi, Thank you for this excellent website. I am finishing my medical fellowship this year and for the first time will earn enough to exceed the income limits for contributing to a Roth IRA. I plan to max out my 403b with a 15K contribution. Are there any other tax-...

Views: 588 Replies: 1

Last Post: Apr 5, 2006 12:08pm
by Andrew Schwartz,...

Scott

FICA

Is this a loop hole that is now closed or is it still open to residents who are practicing now? I alrady have 10 years in fro previous work and frankly I could use the cash since I took a pay cut to be an inter/resident in Emergency Medicine when I was making 20 and...

Views: 483 Replies: 1

Last Post: Apr 1, 2006 6:05pm
by Andrew Schwartz,...

Scott

Computer

I bought my wife a laptop computer (she is a resident as well) primarily cuase I could never get on my other 2 computers. She uses it almost exlusively for work (ie lit searches, work-email, pringint articles.) Can I deduct the outright cost or do I have depreciate...

Views: 464 Replies: 1

Last Post: Apr 1, 2006 6:03pm
by Andrew Schwartz,...

Scott

Did I miss the boat

When I started medical school I was a paramedic and I wourked full time until my company closed 6 months before graduation. Could I have been deducting the cost of education since it was to better my current career in the same proximity to my field? Any way to go b...

Views: 421 Replies: 2

Last Post: Apr 1, 2006 6:01pm
by Andrew Schwartz,...

Brian

403b

Will be starting a new job in 7/06. My current position has a 403b. Just want to confirm that I can max out the 403b even though will only be there for 6 months. Thanks in advance.

Views: 450 Replies: 2

Last Post: Apr 1, 2006 5:55pm
by Andrew Schwartz,...

Pete

Son's payments: Temporarily on a second home yntil sold.

Are parents receipts (not fair value, only a few hundred dollars to help with the upkeep) from Son temporarily, until we decide to sell, living on a second home reportable? Answer I got was: It's a gift. How can I prove it? What about activity not to make a pr...

Views: 315 Replies: 1

Last Post: Apr 1, 2006 5:53pm
by Andrew Schwartz,...

drashish

daycare expense

Hello, If I need to fly my mom up to provide daycare for 1 of my children while I'm working and my wife has to care for our other DTR who is sick in a hospital, can I deduct that cost of my mom's flight as part of daycare?

Views: 305 Replies: 1

Last Post: Apr 1, 2006 8:07am
by drashish

eric

windfall

Thank you for providing a wealth of information on this wonderful site. My question concerns my brother. He has worked for a steel mill in Western Pennsylvania for most of his life. He is ready to retire and has been offered a very generous package. He will get a...

Views: 614 Replies: 1

Last Post: Apr 1, 2006 8:04am
by eric

Peter

Receipts from Son

My son lives temporarily on a second home and pays me $500.00 a month as a way of helping me out to cover some costs until he decides to buy the house. What is the Tax impact?

Views: 515 Replies: 1

Last Post: Apr 1, 2006 8:01am
by Peter

Ken

common situation, but answer not easliy found re home sale max exclusion

What is the maximum exclusion a married couple is allowed to take if they both own a home (both on title), but only one spouse meets the use test when the home sales? Assume they would file a joint return. Since they are both on the title, would they each have a 50...

Views: 498 Replies: 2

Last Post: Apr 1, 2006 7:59am
by Ken

Ken

gift tax question as it applies to a non US citizen donor

Is there a unified credit that is given to a non-US citizen who gives to a US citizen? If a non-US citizen, but still a permanent resident of the US, gives to the donee is there any gift tax consequence? If so, would any credit be allowed, or would the actual tax h...

Views: 319 Replies: 1

Last Post: Mar 30, 2006 9:29am
by Claudio De Velli...

Stephen

4th year medical student

I am currently a 4th year medical student graduating in May and moving to Iowa for residency. I have heard that the application, travel and interview expenses for residency are tax deductible. Is this information correct, or are these expenses only deductible if yo...

Views: 369 Replies: 2

Last Post: Mar 27, 2006 8:45am
by Bruce

FICA question

FICA question

Has there been any update from the IRS about whether those of us who were residents in 1999-2002 should expect a FICA refund?

Views: 281 Replies: 0

Last Post: Mar 27, 2006 5:38am
by FICA question

Noel McElwee CRNA

Estate Taxes

My father is a widowrer who owns his home. He wants to put my name on the deed, so that when he dies, the house becomes mine. In order to avoid inheritance tax, should the deed be recorded as "Tenants In Common" or "Joint Tenants"? We want to avoid any type of proba...

Views: 349 Replies: 1

Last Post: Mar 26, 2006 6:18pm
by Andrew Schwartz ...

Scott

usual and customary

I am full of questionw 1) how much of a deduction can one take on cleaning white coats...Who really keeps their dry cleaing bills let alone gets thme itemized by the cleaner. 2) I am required to keep an e-mail account outside of my hospital accout as when on ou...

Views: 337 Replies: 1

Last Post: Mar 26, 2006 6:15pm
by Andrew Schwartz ...

Scott

Other nonspecific deductions

Hi, Was wondering if anyone had generated a list nonspcific to HC professionals for common deductions...( I have the other Lsit specific to young healthcare pros)ie health care expenses, milage (BTY what are the dates for pre change and post change per mile)...

Views: 274 Replies: 1

Last Post: Mar 26, 2006 6:11pm
by Andrew Schwartz ...

FMG

Foreign medical graduate

Hi There, I am Foreign medical graduate and started residency in july 05. I understand that, residency search expenses(interveiw & travel) are not deductable. Am I eligible for life time learning credit,though I did my medical school outside of USA and just move...

Views: 409 Replies: 1

Last Post: Mar 26, 2006 6:07pm
by Andrew Schwartz ...

nikki

which job to take?

I am considering two jobs at this time. Both have the same salary about 200K, job A is as a city employee in the state of Florida with all types of benefits/insurance. Job B is indep contractor type with full malpractice payed but that is it. I am single young, healt...

Views: 315 Replies: 1

Last Post: Mar 26, 2006 6:03pm
by Andrew Schwartz ...

professional society

How hard is it to legitimately create a 'professional society', have a meeting somewhere, discuss some business, and write it off? thanks

Views: 322 Replies: 1

Last Post: Mar 26, 2006 5:58pm
by Andrew Schwartz ...

Scott

Transport to physicins ofice

I see a doc once a week to 2 weeks. I live at the train station and find it much easier to take the train and subway. Can I deduct the train cost and subway costs rather than the milage that I would use if I used my car to get there?

Views: 476 Replies: 1

Last Post: Mar 21, 2006 6:52pm
by K. Barry Morgan,...

Sam

IRA deduction phaseout for Safe Harbor Employees

Could someone please explain why I am subject to IRA deduction phaseouts even though I was a "Safe Harbor" employee while a resident during the first half of 2005? On my W-2 form from the hospital, "retirement plan" is checked in box 13. Is Safe Harbor a type of ret...

Views: 247 Replies: 1

Last Post: Mar 16, 2006 12:54pm
by Alan Green, CPA

Teri Matthews

What to do once you've figured the inclusion amount for a leased vehicle write off

I have figured my inclusion amount for my leased vehicle. Is the inclusion amount ($43.00) deducted from my lease payment per month, or just once for the year? My lease payment is $569.49 per month. Is it $569.49 - $43.00 = $526.49, or the total of the lease payme...

Views: 305 Replies: 2

Last Post: Mar 13, 2006 8:50am
by Teri Matthews

Noel McElwee CRNA

SE TAX REPORTING

I am a LLC Sole Propreiter of an Anesthesia and medical/Legal Consulting Company. My "stay at home husband", although not a paid employee, shares in the profits the company makes. Other than his interest income, my income is his only earnings. We file a joint retur...

Views: 346 Replies: 3

Last Post: Mar 12, 2006 6:34pm
by Andrew Schwartz ...

Bob Gordon

tax loss on a Roth IRA conversion?

Can I sell my Roth Ira convertion for a tax loss? It has been more than 5 years since the convertion. I read an article several years ago about how to do it, but I can't find the article. Thank, bob

Views: 386 Replies: 1

Last Post: Mar 12, 2006 6:19pm
by Andrew Schwartz ...

w2 and k1

Our practice is set up as an S corporation. I received a salary throughout the year reflected on my w2. Eg my w2 gross was 150K. When all of the expenses and year end is figured out I only made 140K and was overpaid 10K. I owe this back to the S corp and should...

Views: 273 Replies: 3

Last Post: Mar 12, 2006 6:16pm
by Andrew Schwartz ...

gaby

business loss?

I worked as both an employee and as an independent contractor (IC) for 6 months last year. My wages as an IC were less than my total expenses on schedule C resulting in a 'loss'. The form then asks if all or some of the investment was a risk. How do I know?--Then...

Views: 355 Replies: 1

Last Post: Mar 10, 2006 12:42pm
by Allan J Rolnick,...

Susana Garcia

Real Estate Partnership

My husband and I are shareholders in a partnership that purchased an acre to build a clinic that we can then lease to my husband'a practice. In 2005 all we did was buy the land, incur start up costs, legal costs, and pay real estate taxes. Since our intention i...

Views: 344 Replies: 1

Last Post: Mar 10, 2006 12:38pm
by Allan J Rolnick,...

greg v.

what IRS form is used to deduct legal fees?

What IRS form is used to deduct legal fees?

Views: 289 Replies: 4

Last Post: Mar 6, 2006 8:12am
by amy

ning zhou

Can my parents file if I claim them as dependents?

I calimed my parents as dependents. My parents had no unearned income. My mother has earned income of $954.00, of which $53.74 federal tax and $46.27 Massachusetts state tax were withheld. My parents would like to get that money back. My question is: (a) Can my...

Views: 356 Replies: 1

Last Post: Mar 5, 2006 6:03pm
by Andrew Schwartz ...

Stas Zhuk

Travel Expenses

I am an intern. Before graduating from med school, I traveled half of the U.S. interviewing at different hospitals for my residency. I have spent ~3000 dollars on all that. That is mostly hotels, airfare, car rentals, and food. Also a fancy suit. I kept the receipts....

Views: 311 Replies: 1

Last Post: Mar 5, 2006 6:00pm
by Andrew Schwartz ...

Jeff foley

claiming my son

my son turned 18 dec of 2005. he works and has earned approx 6600.00. how do i put him on my taxes or can i claim him.

Views: 257 Replies: 1

Last Post: Mar 5, 2006 5:53pm
by Andrew Schwartz ...

phillip

Claimed 0 with my company but i still owe taxes...why?

Does anyone know why claiming 0 still doesn't take out enough taxes through out the year?

Views: 295 Replies: 1

Last Post: Mar 5, 2006 5:51pm
by Andrew Schwartz ...

kathy

1st time home buyer

Can I file a deduction for my down payment on a construction loan?

Views: 302 Replies: 2

Last Post: Feb 27, 2006 7:44pm
by SERENNA PARKS