Original MDTAXES Forum

Topic

Author

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Replies

Last Post

Bobbi

A settlement instead of paying taxes

I had a position I held as an Independent Contractor, or so I thought and had no taxes taken out. I was only paid commissions for my job which was not even enough for a poor man to live off of. I recently found out that I should have been categorized as an employee...

Views: 266 Replies: 2

Last Post: Feb 23, 2006 7:35pm
by Harry R. Wigler,...

Ms Parks

maintenance fee on timeshare

can I deduct the maintance fees on my timeshare

Views: 211 Replies: 1

Last Post: Feb 23, 2006 10:00am
by Andrew Schwartz,...

Ms Parks

points on refinancing

Is the loan origination fee the same as the points paid on a refinancing

Views: 221 Replies: 1

Last Post: Feb 23, 2006 7:49am
by Andrew Schwartz,...

eric

412 i plan

My financial advisor mentioned a 412 i plan as a retirement tool. I have 3 employees. I do desire to put away a lot of money for retirement even though I am 20 years or so away. What are your thoughts? My gross income is roughly 286K.

Views: 406 Replies: 2

Last Post: Feb 17, 2006 10:33pm
by eric

MONEY

FILING TAXES

hello, i just brought a home 12/31/04. last year i went to j. hewett for my taxes. this year i went to hr block. i'm not sure if i rec'd all i'm entitle too. how can i made sure i got what i'm entitle as well as deductions along with my new home. i'm a single mom...

Views: 269 Replies: 1

Last Post: Feb 17, 2006 12:26pm
by Harry R. Wigler,...

Ginger

Day Care Income

I ran a day care in my home from January until April of 2005. During that time, I made $1,332.00. My question is this: do I have to fill out a schedule C, depreciate my home, and fill out all expenses, etc. or can I just claim the income somewhere without all that...

Views: 256 Replies: 2

Last Post: Feb 17, 2006 8:30am
by Ginger

jim

reimbursed milage

I use my car for work. My company reimburses for milage, but at lower than the government rate. Can I claim the difference?

Views: 347 Replies: 3

Last Post: Feb 17, 2006 6:35am
by Andrew Schwartz,...

Ben

No 401k for the 1st year

I am a physician working as an employee in a group. They do not offer employer sponsored 401(k) for the 1st year service. What can I do to fund my retirement for this year ( with tax deduction if possible)? Thanks

Views: 389 Replies: 3

Last Post: Feb 17, 2006 6:17am
by Andrew Schwartz,...

Chad

1099-Misc

Hi Andrew, I have several 1099-Misc forms for my physician independent contractor work. Each entity only sent 1 1099 form. Do I have to copy these and send a copy in with my fed, state, and local taxes? Or do 1099-Misc forms NOT get send in with income tax retu...

Views: 330 Replies: 1

Last Post: Feb 17, 2006 6:12am
by Andrew Schwartz,...

blk

Why do I have to pay if I claimed 0 on my W-4?

I put in -0- on my W-4 and now I owe.. Anyone know why??

Views: 362 Replies: 4

Last Post: Feb 15, 2006 12:32pm
by b k

Amy Crouch

claiming income

What is the most amount you can make without claiming it for taxes? Thanks!

Views: 254 Replies: 2

Last Post: Feb 15, 2006 6:14am
by Amy Crouch

NYS "use tax"

1> If I leave enter "0" on the NY state use tax line, will this automatically trigger an Audit on this line or of the remainer of the return? 2> If audited, is burden of proof of amount of use tax on the state or taxpayer? (ie does the state need to prove I owe...

Views: 435 Replies: 1

Last Post: Feb 12, 2006 9:33am
by Andrew Schwartz ...

Rebecca

money received... considered gift?

I'm hoping that you can help me, as my Turbo Tax can only do so much... I have somewhat of a confusing situation, and I'm not sure how to work it into my taxes. My husband's aunt & uncle (Japanese citizens, no social security #) are staying in the US for one ye...

Views: 322 Replies: 3

Last Post: Feb 12, 2006 9:25am
by Andrew Schwartz ...

David

Personal injury settlement proceeds to attorney in trust for client/1099 Misc

I'm an attorney who settled his first (small) personal injury case in 2005. The insurance co. sent me 1099 Misc which included the full settlement amount, but my fee was only 1/3 of that amount. I'm a sole proprietor who will use a Schedule C to report my income an...

Views: 269 Replies: 1

Last Post: Feb 12, 2006 9:19am
by Andrew Schwartz ...

Ross Taylor

1099-MISC

A CPA said elsewhere in this forum: "The rules state that if someone pays an unincorporated entity more than $600 during the year, they are supposed to issue a 1099-Misc form to that person, and send a copy to the IRS. (Lawyers and healthcare providers are suppose...

Views: 313 Replies: 1

Last Post: Feb 12, 2006 9:16am
by Andrew Schwartz ...

rita estrada

day care credit

is there a way for a non custodial parent that pays for his childs daycare expenses to claim those expenses on his/her federal taxes while not claimning the child?

Views: 259 Replies: 1

Last Post: Feb 12, 2006 9:07am
by Andrew Schwartz ...

Jeremy

medical licensing fees

I am a physician currently in residency. I am wondering if the fees I paid to take my medical licensing exam and to apply for my medical license last year are tax deductible.

Views: 411 Replies: 1

Last Post: Feb 8, 2006 9:42am
by Andrew Schwartz,...

Chad

Follow up

Hi Andrew, Thanks for the reply to my SE tax question. Quick follow up...I have $9000 in school loan interest I paid this year. I make too much to deduct it, but can I consider it a business expense and deduct it in Schedule C since I have independent contractor i...

Views: 223 Replies: 1

Last Post: Feb 8, 2006 9:39am
by Andrew Schwartz,...

Michael M

Mortgage Interest

I been paying the mortgage at my parents new house for all of 2005 and paid the closing costs, can I deduct the mortgage interest and property taxes and closing cost on my tax return, even though the mortgage and the house isn't in my name.

Views: 301 Replies: 1

Last Post: Feb 8, 2006 9:36am
by Andrew Schwartz,...

Kateo

Fed taxes/gas allowance

Can I claim vehicle expenses on my federal taxes if my employer pays a set amount every paycheck and terms it gas allowance?

Views: 272 Replies: 1

Last Post: Feb 7, 2006 5:52am
by Andrew Schwartz,...

DEBBIE

TUITION

CAN YOU DEDUCT TUITION FROM A PRIVATE HIGH SCHOOL FROM YOUR TAXES?

Views: 290 Replies: 1

Last Post: Feb 7, 2006 5:49am
by Andrew Schwartz,...

Bill D.

Catholic School Tuition Increase

The Washington Catholic Archdiocese has implemented an across-the-board increase for teacher salaries. The cost to the parents for this increase is about $900 per student (in our parish). Rather than pay this as additional tuition, can the increase be "donated" to...

Views: 211 Replies: 1

Last Post: Feb 7, 2006 5:48am
by Andrew Schwartz,...

Jesika

independent contractor?

I recently started working for a private business that hires their employees not as "employees" but as "independent contractors." They do not take money out of our checks. I am a college student and am still getting used to the whole tax thing, does this mean at the...

Views: 314 Replies: 1

Last Post: Feb 7, 2006 5:42am
by Andrew Schwartz,...

married filing joint or separate?

What things should married people look at to decide whether it's best to file jointly or separately?

Views: 316 Replies: 1

Last Post: Feb 7, 2006 5:37am
by Andrew Schwartz,...

Chad

SE tax

Hi, I am a physician and made about $220,000 last year. About $55,000 was from a W-2 job and taxes were taken out appropriately. The rest, around %165,000 was from 1099 income, basically independent contractor work. I did pay estimated quarterly tax payments, al...

Views: 244 Replies: 1

Last Post: Feb 7, 2006 5:34am
by Andrew Schwartz,...

Sheryl

should I be taxed on reimbursed work related expenses

I am a contract employee for a radiology group. All my work related expenses are reimbursed. For the last 3 years my 1099 has reflected only my annual salary and bonuses. I was just told today that this has not been handled correctly and that all my expenses will...

Views: 322 Replies: 2

Last Post: Feb 5, 2006 1:31pm
by Sheryl

Billie

Injured spouse

Injured Spouse? I filed taxes with my husband and he had no income this past year. He was on Workers Comp the whole year. The IRS intercepted my taxes and now I have to file Injured Spouse claim to get some or all of it back eventually! Do you all know when that woul...

Views: 238 Replies: 1

Last Post: Feb 5, 2006 12:41pm
by Andrew Schwartz ...

Elisha Sherman

Tuition and Fees reduction

I received my bachelors degree in May 2005, and only attended classes full time in the spring semester. I consolidated my loans and received the 1098-E for the interest on the loan. The 1098-T form from the college left box 1 empty and box 2 at .00 and acknowleded in...

Views: 252 Replies: 1

Last Post: Feb 5, 2006 12:33pm
by Andrew Schwartz ...

Brian Cooper

1099

I'm an independent contractor and I built a home for a man and he says he is suppossed to give me a 1099. Is he? I keep track of all my earnings and pay self employment tax at the end of the year(along with the rest of the taxes). I've never had anyone that I've done...

Views: 236 Replies: 1

Last Post: Feb 5, 2006 12:27pm
by Andrew Schwartz ...

AMT?

If I do not claim certain large unreimbursed job-related deductions, I can minimize the amount of AMT I have to pay. The question is, for the same amount of total tax paid, is there an advantage of taking all the deductions and paying more AMT versus not taking the d...

Views: 276 Replies: 1

Last Post: Feb 5, 2006 12:16pm
by Andrew Schwartz ...

lilliandiana

claiming a child on taxes after he is 18

My divorce decree allowed my ex to claim "the minor child, G" (my older son)on his taxes. G is now 18, has always lived with me and still does. Since he is over 18 and thus no longer a minor, does the divorce decree still apply? or can I claim him as a dependant on...

Views: 241 Replies: 1

Last Post: Feb 5, 2006 12:09pm
by Andrew Schwartz ...

George

non-cash donations

I have accumulative non-cash donations with receipts for 2005 for about $4300. How do I have to report this on my tax federal tax return?

Views: 301 Replies: 1

Last Post: Feb 5, 2006 12:03pm
by Andrew Schwartz ...

Dr. Lowell McRoberts

Board Certification Deductions

I'm unclear on my ability to deduct board certification fees. I'm a psychiatrist, and my job requires that I be board certified, although I can practice in the community without being board certified. Can I deduce the board exam fees, as well as the travel expenses...

Views: 384 Replies: 2

Last Post: Feb 2, 2006 7:37pm
by Jon

Bret

How can I become a CPA at this point?

This is a great board. I've recommended it to all my physician friends. My situation is different. At this point I'm thinking of actually getting a CPA. Before you get anxious that I might become a future "competitor," let me assure you that my interest lies enti...

Views: 255 Replies: 2

Last Post: Feb 2, 2006 7:15am
by Bret

divorced parent claiming child

I have 2 children. One I claim and one my ex claims on taxes. Last year he claimed both of the children. I also claimed the one child. Now there is a discrepancy, and he claims that because he had her on his health ins. that he has to claim her. Well, I have her on m...

Views: 195 Replies: 1

Last Post: Feb 1, 2006 6:34pm
by Andrew Schwartz ...

Deirdre

Private School

I live in Ga. I want to know if I can use the mileage from taking my son to school (private school) and his books and write them off on my taxes. He is in the 8th grade.

Views: 192 Replies: 1

Last Post: Feb 1, 2006 6:30pm
by Andrew Schwartz ...

Kimberly

children and taxes

My children, 15 and 16 have a prt time job, they have probably only made about 800-900 dollars each, how do I or do I need to include them on our taxes or should they file on their own

Views: 265 Replies: 1

Last Post: Feb 1, 2006 6:28pm
by Andrew Schwartz ...

mom

private school and uniforms

Can I deduct my childrens tuition or uniform expense ,they attend a private school?

Views: 217 Replies: 1

Last Post: Feb 1, 2006 6:24pm
by Andrew Schwartz ...

Richard

2005 taxes

I heard that you can claim the intrest you payed for the year on your truck loan with your taxes.. Is this true?

Views: 286 Replies: 1

Last Post: Feb 1, 2006 7:49am
by Andrew Schwartz,...

home office deduction

just a quick question. I have a small one bedroom apartment in boston. The "living room" is basically used for work only. There is no TV, stereo, or cough. I have my desk, computer system, and books. There is a small kitchen built in to the side of the wall though. M...

Views: 279 Replies: 1

Last Post: Feb 1, 2006 7:48am
by Andrew Schwartz,...

tddgrimm

hoh

does my girlfriend qualify for a dependent for hoh if i pay all of the expenses and she is living within my home

Views: 230 Replies: 0

Last Post: Jan 31, 2006 6:08pm
by tddgrimm

tax losses and schedule D

Hi, I lost $20,000 in capital gains in 2004 (stocks). I know I can claim $3000 every year until that amount goes down to zero. My question is, do I have to put the schedule D from 2004 that lists all the stock transactions showing that loss amount in my 2005 tax ret...

Views: 231 Replies: 1

Last Post: Jan 26, 2006 5:42pm
by Andrew Schwartz ...

Robert

FICA refund to heirs?

Hello, I recently heard that FICA can be refunded to heirs if the deceased didn't survive long enough to benefit from the amount they contributed over their career. Is this true and if so, how is it done? Thanks, Robert

Views: 251 Replies: 1

Last Post: Jan 24, 2006 6:25pm
by Andrew Schwartz ...

Judy

Health Insurance Premiums

My husband just started working at a practice where they pay him as an independent contractor in Anesthesiology. However, they are also paying his Health Insurance premioums every month which will be included in his taxable income on a 1099. Will he be able to deduct...

Views: 310 Replies: 3

Last Post: Jan 24, 2006 6:24pm
by Andrew Schwartz ...

Steve

FICA Repayment during residency

Does any one know the current status with the irs for filing and repayment of your fica during residency ???

Views: 314 Replies: 1

Last Post: Jan 20, 2006 1:57pm
by Andrew Schwartz,...

Caren Beasley

first job

I know you cannot itemize the cost of interviewing for residency because it is considered a "first job". Can I itemize the cost of looking for a position after residency? I assume a residency position would be considered a first physician job, but I can see how this...

Views: 283 Replies: 1

Last Post: Jan 20, 2006 1:51pm
by Andrew Schwartz,...

Dr. Oliver Lear

medical billing advice

I am looking to outsource my medical billing. Any advice? Thank you, Oliver

Views: 225 Replies: 3

Last Post: Jan 16, 2006 12:32pm
by Anthony LaMantia...

Elisabeth

Babysitting deductions

I only work part-time but I still have to hire a babysitter. Very expensive to do so! How can I claim this deduction on my taxes if the babysitter says she cannot report these earnings herself because she is getting social security pay? Please help with a suggesti...

Views: 329 Replies: 3

Last Post: Dec 31, 2005 10:27am
by Andrew Schwartz ...

eric

hybrid cars

Can you talk about the tax benefits of purchasing a hybrid car? I plan to purchase a toyota prius in 2006. Will I be able to take "hybrid car" deduction and a sales tax deduction on the purchase? Thank you in advance for your response.

Views: 375 Replies: 1

Last Post: Dec 31, 2005 10:23am
by anonymous

eric

timeshare

Another question: I have a timeshare that I have been trying to dump. I have thought about donating it the charity. What are the tax ramifications?

Views: 366 Replies: 1

Last Post: Dec 31, 2005 10:21am
by Andrew Schwartz ...