Original MDTAXES Forum

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Ken Yu

Thank you for this great service. A colleague pays me by check each month to schedule physicians for a moonlighting service. What is the most tax efficient way to declare this income, assuming I am hit with the AMT?

Views: 344 Replies: 2

Last Post: Dec 30, 2005 10:27am
by Ken Yu

Mitchell Godbee

Moonlighting expenses

Hello, I am a resident that does moonlighting and locums tenens work on weekends and vacation days. The income is reported on a 1099 (sole proprietor/indy contractor). I commute to these sites either 30+ or 90+ miles, sometimes spending the night at a hotel. Two q...

Views: 436 Replies: 5

Last Post: Dec 28, 2005 1:22pm
by Andrew Schwartz,...

Russ

Start-up Deductions

Hi! I am currently working part time and planning to open a business in January 2006. Can I deduct the start-up expenses I incur in Nov/Dec 2005 against my 2005 part time job income? Thank you in advance for our help.

Views: 330 Replies: 3

Last Post: Dec 21, 2005 2:41pm
by Gary Davis CPA

Peter Jazzman

Expiring stock options

I have some stock options expiring in January 2006 that are completely out of the money and will most likely expire worthless. I have capital gains in 2005 that I would like to offset against these options. I'm told that if there is no market "bid" for the options...

Views: 225 Replies: 1

Last Post: Dec 19, 2005 7:58pm
by Andrew Schwartz ...

solo401K

What is the best way to open a solo401K account? Any good suggestions on the firm or brokerage that offer solo401K? I'd prefer to manage that myself stead of buying mutual funds.

Views: 364 Replies: 3

Last Post: Dec 8, 2005 8:17am
by Andrew Schwartz ...

stock losses

I know the max amount of losses you claim per year on staocks is $3000. Does the amount beyond that carry forward for $3000 every year until all the losses are claimed? If i lost $20,000 last year and could only get back $3000. Does that mean I can claim $3000 this y...

Views: 249 Replies: 2

Last Post: Dec 4, 2005 5:50pm
by Andrew Schwartz ...

MAG

credit report

I just ordered my credit reports and score for the first time. Alhough my overall score was good (858), there was a string of >30d late payments from a long-ago student loan that I would consider disputing. Is it worth the effort, or is a 858 "good enough" with no ma...

Views: 343 Replies: 3

Last Post: Nov 18, 2005 7:19pm
by eric

salary stipend

I am a starting fellow (considered a 4th year resident by the ACGME) at a large University and receive a "salary stipend". My appointment letter states that "the stipend is for education and training and that no employee-employer relationship exists between myself a...

Views: 346 Replies: 2

Last Post: Nov 8, 2005 9:18am
by VL

Joe

bonus pay

Hi, I am a pediatric hospitalist in L.A. and I do extra shifts within my hospital every month. This moonlighting pay is added to my paycheck every month. Some friends have told me to get that bonus/moonlighting check in a seperate check so my monthly paycheck (incom...

Views: 456 Replies: 1

Last Post: Nov 2, 2005 6:03pm
by Andrew Schwartz ...

drash

403b and Roth IRA

Hello, Since it's near the years end, I wish to fully allocate my retirement income. I have both a 403b from my employer and I have my own roth IRA via an online brokerage house. Question 1. Can I contribute maximally to both the 403b and roth IRA? My incom...

Views: 279 Replies: 1

Last Post: Oct 30, 2005 5:16pm
by Andrew Schwartz ...

Newbie MD

SEP vs self 401K

I discovered the self 401K too late for last year's return. Can I have a SEP for 2004 and self 401K for 2005. Can I contribute to both for 2005? Thanks.

Views: 331 Replies: 1

Last Post: Oct 11, 2005 9:38am
by Andrew Schwartz ...

Newbie MD

New CPA local vs long distance

I've always done my own taxes but now that I'm in my first year of practice I think its time to let a professional do it. The question I have is that I live in a rural area. Is better to have a CPA locally near my location or have one in the big city that I would h...

Views: 291 Replies: 1

Last Post: Oct 11, 2005 5:42am
by Harry R. Wigler,...

Chad

solo 401K limits

Hi, I have a solo 401k and am able to put away $42,000 in 2005. Does anyone know the contribution limit for 2006?? Thanks, Chad

Views: 675 Replies: 2

Last Post: Oct 7, 2005 11:10am
by Andrew Schwartz ...

Natalie

Maryland RN first time home buyer

My question is I am purchasing my first home in November on my own. I am an RN in Maryland making in the 50,000 range. I begin my job Oct 1, and settle Nov 10. So the previous tax year I was a student and income was 0. Question is should I claim 0 or 1 on payroll tax...

Views: 302 Replies: 1

Last Post: Sep 28, 2005 6:15pm
by Laurette Dearden

Harrison

Nanny

Am considering hiring a nanny and would like some info about whether I need to withold her taxes, federal or state, or social security, or whether she can take care of all of it on her own. If I do need to go about witholding for her, how do I go about setting it u...

Views: 313 Replies: 3

Last Post: Sep 16, 2005 8:35am
by Gary Davis CPA

Aaron Goldfarb

FICA returns

I spoke with my local IRS agent in California and she had great news. She told me that she has received notice of a possible pay out of our returns. She stated that the IRS will make settlement offers that first must be approved by the social security administration...

Views: 346 Replies: 0

Last Post: Sep 11, 2005 3:17pm
by Aaron Goldfarb

Roman

attorney looking for a CPA in NYC for business opportunity

I am a starting out attorney looking for a CPA/financial planner in NYC/Manhattan who is interested in setting up a practice and jointly seek business opportunities. for more info contact Roman qwe123c(at)hotmail

Views: 447 Replies: 0

Last Post: Aug 27, 2005 6:08pm
by Roman

Jenna Timm

2 MD's living together filing separately

My boyfriend and I are both EM physicians grossing about 150K per year. We live together and share expenses and share our bank account. For filing taxes, would it be better to file jointly or separately? If it is better to file joint taxes, is there a way without...

Views: 410 Replies: 1

Last Post: Aug 26, 2005 3:33pm
by Harry R. Wigler,...

joe

the new 401K Roth / 403B Roth

Dear Mr Schwartz, I would very much be interested if you'd do a piece in your monthly newsletter or on this message board about the new 401K Roth and 403B Roth vehicles that I understand are coming soon. Please share some info. What are the income eligibility gui...

Views: 593 Replies: 7

Last Post: Aug 20, 2005 12:54pm
by EDWIN E. CARNEY

Aaron Goldfarb

FICA refund class action suit

I have been waiting nearly 5 years for my refund and I think the IRS may never pay. I heard a class action suit in Massachusetts was settled in favor of the residents. I was thinking of filing a similar suit here on the west coast. If anyone is interested or knows...

Views: 539 Replies: 2

Last Post: Aug 19, 2005 7:44pm
by Michael Naylor

NICK FIORE

STUDENT LOANS

I HAVE A CLIENT WHO HAS A MEDICAL P.C. SHE WILL BE RECEIVING A LUMP SUM OF $80,000, WHICH SHE WANTS TO USE TO REPAY PART OF HER $125,000 STUDENT LOANS. THE $80,000 WILL BE DEPOSITED AS INCOME.BUT CAN THE $80,000 BE DEDUCTED AS EDUCATIONAL EXPENSE, ETC.? I DON'T THIN...

Views: 571 Replies: 1

Last Post: Aug 5, 2005 4:22am
by Andrew Schwartz ...

Greg

Lawyer Fees Deductible?

Are the fees that a lawyer charges to review an employment contract with a hospital tax deductible?

Views: 259 Replies: 1

Last Post: Jul 28, 2005 8:53am
by Andrew Schwartz ...

Lee

Where do I deduct Solo 401(k) contributions?

I've been looking all over, but I can't find out exactly where Solo 401(k) contributions are supposed to be deducted on my tax return. Do they get included as business expenses on Schedule C or do they go on line 32 of my 1040 or do they go somewhere else that my li...

Views: 431 Replies: 2

Last Post: Jul 26, 2005 7:11pm
by Lee

Aaron Gold

FICA refund

Has anyone heard anything on the FICA refunds? I keep calling the agent in my area, but she is not very helpful. She just tells me she has not heard anything. Any updates would be appreciated.

Views: 303 Replies: 2

Last Post: Jul 18, 2005 7:30pm
by Schlomo

Vehicle Deduction

Hi, I am a dentist and incorporated as S-corp. Is it a good idea to take the vehicle deduction on actual basis? If so, is it necessary to have the Vehicle registered under the corporations name. OR Is it possible to take the vehicle deduction on actual basis e...

Views: 389 Replies: 2

Last Post: Jul 17, 2005 6:53pm
by Andrew Schwartz ...

NoMoneyLeft

How come and no one responds on-time?

Y'all suck here and only post answers when you feel convenient and not when we need you. No one was here pre-tax time!! Where were u all? Taking our money, right?

Views: 584 Replies: 2

Last Post: Jul 16, 2005 4:18pm
by eric

Tom

Student loan payment

My wife will be signing a 3 yr contract soon with a hospital that will help pay off her student loan.(Its Consolidated) The payments will be a large amount of money paid in her first paycheck of each year. Her contract states that if she does not complete each year...

Views: 338 Replies: 2

Last Post: Jul 10, 2005 6:32pm
by Andrew Schwartz ...

Caren Beasley

out of country CME

There is a CME class I would like to take in Canada. Will I be able to deduct an out-of-country CME class the same way I would deduct a class in the US? Thanks!

Views: 489 Replies: 1

Last Post: Jul 10, 2005 6:15pm
by Andrew Schwartz ...

Jeff Neal

Tuition stipend

I am a 2nd year who contracted with a hospital before entering medical school such that they give me a tuition stipend which I will work off for them in a 1:1 manner (i.e. they pay 1 year now and I work 1 year upon completion of residency.) I received a 1099 reflect...

Views: 330 Replies: 2

Last Post: Jul 5, 2005 3:58pm
by Gary Davis CPA

Craig Hofmeister

Tax-deferred savings for children

I have a question of gifting securities to a child. I have a 5 month old daughter and have taken advantage of both a coverdell and a 529. My mother would like to gift a few securities of her choosing to her granddaughter via uniform gift to minors act (UGMA)....

Views: 218 Replies: 1

Last Post: Jun 22, 2005 7:12am
by Susan Schwartz

Geri Fellow

Is incorporating a good idea

Hello, I am will be starting my first post residency employment this July. As your aware, that puts me in a major tax bind? I also moonlight a considerable amount and am paid without deduction of taxes. First, I'm glad that moonlighting doens't deduct taxes....

Views: 330 Replies: 1

Last Post: Jun 18, 2005 11:58am
by Andrew Schwartz ...

anonymous

Deduction for child

I make $85,000 and I want to see if my spouse and can stay at home with our new baby. I live in RI and work in MA. If I claim them both as dependents and claim 2 what amount will be withheld from my paycheck. I get paid bi-monthly. Also, what is the deduction for...

Views: 427 Replies: 1

Last Post: Jun 13, 2005 6:10pm
by Andrew Schwartz ...

Caren Beasley

maximun on itemized deductions

I am a resident who earns less than 50k per year. I know there is a 2% AGI floor on itemized deductions, but is there a maximum amount you can deduct? It seems amazing to me I can spend 10k on various CME classes and expenses and itemize that many deductions. Thanks...

Views: 343 Replies: 2

Last Post: Jun 13, 2005 11:05am
by Gary Davis CPA

DANIEL

fellowship tax info

Hi I am a medical fellow in California, and would like to know how can I reduce my taxes. can I itemize evrything that I spend in a year? Please help me since with this salary it is very hard to liveon> Thank you Daniel

Views: 469 Replies: 1

Last Post: Jun 11, 2005 6:28am
by Andrew Schwartz ...

Caren Beasley

CME cruise

I know there are many options to take a CME cruise, where half of the day on the cruise you are in the classroom. The costs of these cruises are often broken down into CME costs and cruise costs. Can you itemize both of these costs (as well as travel to get to the s...

Views: 503 Replies: 1

Last Post: Jun 10, 2005 7:51am
by Andrew Schwartz ...

FJM

Temporary Assignement Deduction

My permanent residence while in Medical School was in Washington. Currently I am a resident in Missouri for 1 year as a transitional resident. I will move to another state to complete my residency. Am I allowed to deduct my rent/meals etc for "temporary assignmen...

Views: 425 Replies: 1

Last Post: Jun 2, 2005 5:28pm
by Andrew Schwartz ...

Rose

Catch Up Contributins

Question: I turned 50 this year and asked by employer if they offered catch up contributions through my 401K savings plan. I currently contribute the maximum. They told me I could do catch up contributions but I would need to send them a check for 4,000.00. I thou...

Views: 501 Replies: 1

Last Post: May 4, 2005 1:18pm
by Andrew Schwartz ...

Loss deduction on Form 1040

Also in connection with the above questions, I have loss in my Dentist Practice but not enough basis of stock in corporation. Is there any way I can deduct the whole loss on Form 1040 against my husbands W-2 income .

Views: 404 Replies: 3

Last Post: May 4, 2005 9:47am
by Gary Davis CPA

Steve Kaplan

Self employment income

I am an employed physician who also has a small amount of self-employed, "moonlighting" income for which I receive a 1099 form. I pay all of my own malpractice, CME, and licensing fees with after-tax dollars. To what extent can I deduct these expenses on Schedu...

Views: 388 Replies: 1

Last Post: Apr 20, 2005 1:34pm
by Andrew Schwartz ...

John

Parking fees at work

I pay about $27 a month to park at my work and it is deducted from my paycheck automatically. Can I claim that on my taxes? Would it be a Misc deduction? thank you

Views: 519 Replies: 1

Last Post: Apr 20, 2005 1:25pm
by Andrew Schwartz ...

eric jones

taxes

Now Fed. owed me 1,706.00 but the person that did my taxes only gave me 1,690.00. What should I do and who should I talk to.

Views: 372 Replies: 1

Last Post: Apr 20, 2005 1:23pm
by Andrew Schwartz ...

Edward Frech

moonlighting

my wife and i are both mds and both moonlight at the same offsite hospital. i understand that i must report this as self-employment and be taxed the SE tax under provisions of the 1099MISC listing of nonemployee compensation. my question relates to: is it necessa...

Views: 354 Replies: 1

Last Post: Apr 20, 2005 1:20pm
by Andrew Schwartz ...

Sasha Kennison

tracking deductions for moonlighting

I am a resident that has just started moonlighting this year, and know that it will be 1099 income on next year's taxes. Could you tell my what type of expenses I am allowed to deduct next year so I can start saving that information now. Mileage? Books? licensing f...

Views: 369 Replies: 1

Last Post: Apr 20, 2005 1:15pm
by Andrew Schwartz ...

Treasa Wales

overtime pay

For a seasonal business like lawncare, do I have to pay my employees overtime wages if they work more than 40 hrs. in one week? Do you know where I can go to find documentation on this subject?

Views: 265 Replies: 1

Last Post: Apr 20, 2005 1:12pm
by Andrew Schwartz ...

mike

401K solo plan

I earn over 200,000 a year and maxed out my elective 401K deferral with my employer at 13,000, with no company match to speak of. I also make 20,000 moonlighting as a indepedent contractor. I want to put all of the 20,000 into the solo 401K plan but am confused...

Views: 594 Replies: 1

Last Post: Apr 20, 2005 1:03pm
by Andrew Schwartz ...

Work "party" at my home

Hello, I had a staff party for my division at my home. It included food/drink costs and hired waitstaff. How do I deduct this for tax purposes? Is the entire party deductible (only work people were there) and the event was work-related. Is the food/drink 50% deducti...

Views: 462 Replies: 0

Last Post: Mar 29, 2005 4:01pm
by AB

audit safety

If I've already received a refund does that mean the IRS will not audit me this year? If not, when can one be assured they are not going to be selected for an IRS audit? If receipt of a refund is an indicator, what about people who owe additional taxes with their...

Views: 482 Replies: 1

Last Post: Mar 14, 2005 1:33pm
by Hub Hawthorn

Compensation to shareholder of S corp

Hi, How much is the reasonable compensation for S-corp shareholder. I started Dentist Practice in Anu-04 and I with my husband are the only shareholder in S Corp. In the first year I have about 30k of loss and I am expecting to break even or make a marginal profit...

Views: 368 Replies: 1

Last Post: Mar 11, 2005 2:24pm
by Gary Davis CPA

Joseph Cherayil

Sole Propreiter?

I am currently employed full time. I am planning to moonlight as an independent contractor in nearby hospitals, thro some of the placement agencies. Do I have to register as a sole proprieter in PA? How do I do that? Does that help me save taxes or write off some exp...

Views: 292 Replies: 1

Last Post: Mar 6, 2005 4:12pm
by Eric C. Dasta, C...

Kevin Jackson

once more on the "Hummer Deduction"

A few questions on the "Hummer Deduction": - Has the deduction been capped at $25,000 for 2005 or is it still at $100,000? - Is there still a "bonus" % depreciation write-off allowed in the first year? - Does the deduction apply to used vehicles that meet the we...

Views: 298 Replies: 0

Last Post: Feb 25, 2005 11:01am
by Kevin Jackson