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Ask a CPA: Your Answers

Filing, Claiming, and Deducting

Should I ammend previous years' returns?

Can I deduct equipment that I donated to my son's public school?

What is the proper way to fill out for Zero Coupon Bonds?

How do I file my taxes if I moved from Mass to Rhode Island?

Can I deduct the Roth IRA and Rollover IRA fee from my broker?

Is it necessary to include Form 8606 every year a Roth contribution is made?

Am I being taxed twice on profit from stock options?

Do I pay Mass. taxes on Virginia unemployment compensation?

Must I file a 1040 schedule D?

Can I claim a car I donated in 2002?

If I refinance with the same lender, is the remaining portion of the points paid on the closing deductible?

Should I send an amendment form to the IRS if I forgot to report freelance income?

Is vehicle excise tax a proper write-off for itemized tax deduction?

Can I avoid penalty by using estimated quarterly payments?

Can you deduct state excise taxes on your Federal filing?

How do I report losses from a shared investment account?

Can I claim legal fees?

Can I deduct moving expenses?

Can I claim my boyfriend as a dependant?

Can I claim dependents who do not live with me?

What do I do if I forgot to file last year?

Do I need to file a profit/loss form?

How long do I have to keep prior income tax records?

How do I pay state taxes on my IRA gains?

Can I deduct personal travel expenses?

How do I file my taxes when separated?

Real estate and properties

How much of my rent and utilities can I write off?

How do I amortize my refinanced home loan?

Can my capital gains tax be deferred?

Can I deduct my settlement charges?

What is "passive activity"?

Is the Stamp Tax deductible on my federal taxes?

What can we write off on our vacation/rental condo?

Do I get a tax break for renting an apartment?

Do I have to report capital gains on the sale of a second home now or do I have 2 years to re-invest?

Can interest on a boat be deducted if the boat is primary residence?

Can mortgage interest from two homes be combined in filing our income tax?

Will I pay tax in Massachusetts on a 1031 tax exchange?

How do I report a down payment for a condo?

As a landlord, can I deduct cellphone charges?

Are there tax benefits to putting a plaque on my historic home?

Can I write off expenses from an apartment fire?

What form do I use to report rental property profit?

Do I have to pay tax on the gain from a home sale?

Can I use my 401k balance to purchase a home?

Can I claim my taxes from my escrow account?

Can a condominium’s monthly fee be deductible?

Are my home improvements tax deductible?

What are the tax implications of purchasing an investment property?

How should I report my rental income?

How do I report costs of a recently sold second home?

Can I deduct car payments if I travel to maintain a rental property?

Can I deduct travel expenses to Aruba if I own a rental property there?

Should I mortgage my primary residence or my vacation home?

On the job

How do I file without an active business license?

How do you file an extension for corporate returns?

I paid tax in two states, can I get any of this money back?

Can you include computer expenses in tax-deductible job-hunting expenses?

I didn't file as an independent contractor, what should I do?

Will my husband and I pay taxes in both MA and PA after our move?

Can I deduct a home office if I am not reimbursed for the work I do there?

As an artist, do I have to pay sales tax on direct sales?

My customer is withholding payments; do I have any recourse when filing my taxes?

My firm paid me 20% of the fees paid by clients I brought to the firm, should that be 1099 or W2 income?

If I change jobs, what are the ramifications on my 401k loan?

How do you file an extension for corporate returns?

How should I treat income from focus groups?

To which state do I owe tax from the sale of some ISO stock options?

As a professor, can I deduct home office costs?

Do I need to register my business in other states?

Do I qualify for an IRA deduction?

What are the tax implications of a Commuter Rail employee benefit?

Can I defer reporting income from a 401k?

Do I file a Schedule C as a single member LLC?

Where do I report income from a stock purchase plan discount?

What are the tax benefits of using public transportation to commute?

Can I deduct car expenses if I am an independent contractor?

Do I need to declare tips from bartending?

How do I report income from lawsuits?

Will I be penalized for cashing in my 401k?

How do I deduct babysitting costs?

Can I write of investments in failed companies?

Can I deduct my travel expenses when I carry 100 pounds of tools to work?

Can a home office be treated as a rental property for tax deductions?

What are some tips for independent contractors?

Education

Can I file a Spring Tuition payment as part of my 2003 taxes?

Can I write off the difference between out-of-pocket costs of tuition and my reimbursement program?

Does financial aid consider the incomes of biological and step parents?

Do I need to pay taxes on my work-study income?

As an international student, why am I not eligible for a tax refund on the 1040NR?

Is a small business owner able to pay college tuition for an employee?

Is my daughter eligible for the education tax credit?

Can I deduct costs of student loans?

Do I qualify for the education tax credit for 2003?

Can I deduct a job training course?

Should I consider college loans when filing?

Am I eligible to deduct graduate school tuition?

How do I file tuition reimbursement?

Can I deduct tuition for out-of-school education for my 12 year old?

How should my daughter report out-of-state income from a university fellowship?

As a student and a full-time employee, should I write off my education costs?

Do I qualify for an education credit?

Can funds from a section 529 be withdrawn tax-free for foreign universities?

In the family

What do I do if my deceased husband didn't sign our tax return?

Can I claim my 20 year old daughter as a dependent?

Can I claim a childcare deduction?

How is “head of household” defined with adult children still at home?

Are there taxes on an inherited IRA?

Can my husband and I both itemize if we file as “married, filing separately”?

Can I deduct the monthly cost of nursery school?

Can I deduct childcare costs if I employ my estranged husband?

Can you deduct the cost of preschool?

If a married couple is filing a joint return, can both open an IRA?

Can I donate $10,000 to my son, and not claim it as earnings on my income tax?

How can hiring your children provide significant tax savings to the family business?

Is child support something I can write off?

Does a Flexible Spending Account make sense for childcare costs?

Who claims the dependent deduction when your teenager starts working?

If I give my ex-husband the marital home and continue to pay the mortgage, can I still deduct the interest?

Are attorney and CPA fees deductible for divorce proceedings?

Are my husband and I qualified to take a dependent care expense credit?

Can I deduct legal fees from my divorce appeal?

Can I claim my daughter and her baby as dependents?

How should my boyfriend and I claim our mortgage?

Can I claim my daughter's boyfriend as a dependent?

How do I file residual income for my daughter's estate?

How do I file taxes for my deceased mom?

Can I claim single, head of household if I am recently separated?

How do I deduct an IRA as a housewife?

At what age can I hire my children?

If my mother cashes shares, can I claim her as a dependent?

As a newlywed, what should I be aware of when filing for 2003?

Health and medical

How do I report a confidential illness settlement?

Can the daily fees of a nursing home be deducted as medical expenses?

Can I deduct health club membership for my wife with diabetes?

Can I deduct COBRA premiums?

How do I deduct COBRA payments?

What deductions are available for the handicapped?

Can I claim medical expenses supporting a parent outside the US?

Can I receive a tax break on income from health studies?

Can I deduct HMO medical co-payments?

What can I do to reduce the tax hit from my severance pay?

Why must I pay taxes on my surrendered whole life policy?

Getting audited

How does the IRS decide who to audit?

Do legitimate deductions increase the probability of an audit?

General questions

Where do I report income from a stock purchase plan discount?

How do I report winnings from playing fantasy sports games?

Is a former employer required to provide me a W-2?

What is the "Alternative Minimum Tax"?

What is the typical amount a CPA charges a single adult to do his or her taxes?

I owe back taxes, should I apply for an offer in compromise?

Should my non-profit's treasurer be bonded if he is a CPA?

How long does it take to get your federal taxes back?

Should I invest my capital gains in an IRA?

Is it worth filing an amended return?

Are Social Security numbers mandatory?

Do I pay Mass. taxes on Virginia unemployment compensation?

Is it safe to let the IRS reimburse electronically?

Can I find a guide to certain property value on-line somewhere?

Can I appeal to file taxes in May this year?

Is the money from an auto insurance settlement taxable?

Can I withdraw from my Roth IRA without penalty?

Why do I owe taxes when I claim no exemptions?

How do I calculate loss from sold mutual funds?

How much money can you receive from family as a gift?

What do I do with a 1099-G?

How do I pay my taxes quarterly?

How do I calculate my minimum required distribution from retirement savings?

Should I file even if I owe $0?

What can I deduct as a charitable contribution associated with running the Boston Marathon?

How can I write off losses from a reverse stock split?

Am I entitled to an automatic 2 month extension to file?

How do I calculate a cost basis for transferred stocks?

For more information consult a CPA

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