Gina's Tax Articles Details

Hello....
2008-01-26 05:53:00
It appears that cyberspace has swallowed all my articles. Due to time restraints I will not be reposting them.I have however republished several of my more popular articles on my business website.If you wandered here looking for a low-cost option for preparing your own taxes, it just a click away.Best wishes,Gina ...

Roth IRA for College Savings
2008-01-18 12:31:00
Emily writes: My financial adviser suggested that I open a Roth IRA as a way of providing for my childrens' educations, since I can take early distributions from my Roth IRA without penalty for qualified educational expenses. I thought that the same kind of distributions can be made from regular IRA's (i.e. traditional, rollover, SEP, etc)? If so, is there something particularly appealing about ...
College

Sales Tax or State Tax Deduction?
2008-01-12 06:08:00
Brett asks: I bought a new car last year and I think I'll get a larger deduction if I deduct my sales tax instead of my state income tax. When I calculate my sales tax deduction do I get to include all the sales tax I paid on my gasoline? My reply: Hello Brett! Interesting question. The tax on gasoline isn't just one tax - it could be several different kinds of tax. First you have your ...
Sales State Tax

Donation of Intellectual Property
2007-12-22 16:02:00
Dennis asks: I am composer, and I rent out the score and instrumental parts from time to time. I have some special way of reporting the rental income of intellectual property on my Schedule C. I'm not sure exactly how and where, because Turbotax always takes care of it. This year I donated the rental of two of my pieces to a local small legitimate 501c3 non-profit. I usually get a thousand ...
Intellectual Intellectual Property Property

2007 Maximum IRA Contribution
2007-12-14 02:05:00
Ron asks: Under current law, what is the maximum contribution allowable to a traditional IRA for 2007? (Even with the indexing, I expect to make too much to be eligible for a Roth contribution.) We are married, filing jointly, have plenty of earned income to support an IRA contribution, and neither my wife nor I will reach 50 years of age in 2007. Thanks for any help. My reply: Hello Ron! The ...
Contribution

Ways to Lower AGI?
2007-12-09 14:48:00
Scott asks: I am trying to lower my AGI to remain elgible for ROTH IRA contributions. Can any of you give me some ideas? I have maxed out my 401k. My company does not have a flexible spending plan. Any other ideas? My reply: Eligibility for Roth IRA contributions are based on Modified Adjusted Gross Income (MAGI). You must take your Adjusted Gross Income (AGI) shown on your tax return, subtract ...

Deductibility of 529 Plans
2007-12-02 16:36:00
For those of you still following, I'm sorry for my lack of postings. As anyone who knows me will tell you, for me, tax seasons starts November 15th and this year it's been pretty busy. Most of the questions I have received are ones that I've already answered, so I didn't feel the need to post them. This one, although short is new... Carla asks: Are 529 plan contributions deductible, and if so ...
Deductibility Plans

SEP-IRA
2007-11-09 20:24:00
Rich asks: I'm thinking about opening a SEP-IRA this year. I believe the contribution limit is 25% of profits up to $44,000. If I have two different sole proprietorships, would I have to open two different SEP-IRAs or could I contribute 25% of total profits to just one IRA? TIA. My reply: First if you already have a traditional IRA account you do not need to open any new accounts, but some ...

5-year Capital Gains Rates
2007-11-05 18:55:00
Tim writes: Hello. I've now been investing and learning a little over 5 years. Somewhere I remember reading that if one holds stocks or funds for over five years the tax basis is even lower that the year and a day basis. I don't remember where I read that but if you can enlighten me, I would appreciate it very much. My reply: Oh Tim. There was a tax rule in 2001, known for a brief time ...
Capital Capital Gains Gains Rates

Unimproved Land
2007-11-02 16:51:00
Doug writes: I recently purchased some property (unimproved land) as an investment and possibly a location for a dream home. At the time of purchase I wasn't too concerned over the tax implications, expecting that nothing would be deductible. Am I correct? Can any of my expenses (loan interest, surveys, permits, etc.)be deducted? My reply: If this is an investment, you can deduct your interest ...

Property Taxes and AMT
2007-10-28 21:26:00
Debbie writes: I can pay my property taxes in 2007 and claim them in 2007, or pay them in January and claim them for 2008. In 2007 we are in a higher tax bracket than we will be in for 2008. So, it makes sense to use the property tax (and state income tax) deduction this year, but only up until the point when it would trigger AMT, right? In other words, the most efficient way to work it would ...
Property Taxes

Mileage & Expense Log Calendar
2007-10-26 21:48:00
Hello readers! I have about a dozen or so extra 2008 Mileage & Expense Log Calendars, so if you'd like me to send you one, just send me an email with your name and complete address (use the comments section) and if I still have some left when I get your email I'll send it in the mail shortly thereafter. This is a regular 12 month calendar with important tax dates noted and some pages in the ...
Calendar Log

Miscellaneous Deductions
2007-10-25 23:20:00
Olivia asks: What are some sample miscellaneous deductions? I have an investment newsletter scheduled to renew on the 31st and I might let it renew or cancel it...but I don't know if it's even deductible to me. My AGI should be around $75,000 for 2007, so I'd need Misc. deductions of at least 2% before I can get a benefit, correct? Are charitable contributions counted as misc. deductions? What ...

Income from Barter
2007-10-20 14:04:00
Abby asks: I've been baby sitting for favors with friends for the last several years. I babysit for an afternoon, they help with yard work, that sort of thing. This year I started babysitting for someone in exchange for her professional services, and I expect to receive around $1500 of services from her by year end. Am I considered to be earning income equal to the cost of the services she's ...
Income

Retirement Income and Taxes
2007-10-14 10:01:00
Rob asks: Hello Gina. I've been trying to figure out what my income and taxes will be in retirement and was hoping to get some help. If a married couple does not work after the age of 65, and we receive money from pensions/social security/401k/Traditional IRA/Roth IRA annually and/or monthly, do we have to pay Social Security & Medicare (7.65%) taxes on any of the income we receive from these ...
Income Retirement Taxes

Irrevocable Trust Earnings
2007-10-11 19:36:00
Amy asks: If a special needs irrevocable trust is set up and a distribution is made to beneficiary with the special need, are the earnings of the trust up to the amount of the distribution passed onto the beneficiary and therefore not taxed to the trust? Thank you, Amy My reply: You are correct, Amy. The trust has a "distribution deduction" for amounts paid or required to be paid to a ...
Earnings

Deductibility of Disability Insurance
2007-10-07 23:35:00
Bob writes: I was under the impression that disability premiums were tax deductible. But looking at irs.gov, looks like I'm wrong. Personal DI premiums are clearly listed in the can not deduct category. What if you are self-employed? Deductible then or no? What if the premiums are being paid with after-tax dollars? My reply: Generally, disability insurance premiums are not deductible. If you ...
Deductibility Insurance

SEP-IRA Contribution
2007-10-02 12:35:00
Karen writes: I know this is an easy stupid question and I need an answer really fast. I'm trying to do my 2006 taxes. I'm filing joint. I have maxed out my 401K and will not be making any additional IRA contributions. I'm not yet 50. I had a business for a part of the year this year. My income from my job for part of the year barely makes it above the $76,000 mark for Social Security, so I ...
Contribution

Reduce Your Property Taxes
2007-09-30 18:37:00
If reviewing your assessed value of your home is not a regular routine, given the current real estate trend, you may want to start making it one. Property tax bills are generated by taking the assessed value of your home and multiplying that value by the tax rate for the area where your home is located. Your assessed value is suppose to come close to the fair market value of your home. If home ...
Property Taxes

Gifts to Trust
2007-09-30 03:31:00
Sally asks: I have been of the understanding that a yearly gift up to the amount allowed, this year being $11,000, has to be with no strings attached. The receiver has to be aware of and have access to use the gift. Lately, I've heard comments that hint the gift can be put in a trust for the receiver with stipulations as to use of the money. Is this correct? Thank you My reply: Hello ...
Gifts

Minor Children Stock Sale
2007-09-23 21:58:00
Brandon asks: I opened custodial stock accounts for each of my kids when they were born. If I sell some of the stocks that I bought do I need to file tax returns for each of my kids? Do I need to pay taxes on the gains (they should be around $15,000 each)? Someone told me that any gains from minor children do not need to be reported. Thanks, Brandon My reply: Hello Brandon. Yes, each of your ...
Children Minor Stock

Minister Housing Allowance
2007-09-23 00:15:00
I am a pastor and I'm looking into buying a home. I want to make sure the home I purchase does not have a fair rental value greater than what I'm receiving as a housing allowance. How do I know what this amount is? My reply: Your housing allowance is determined by negotiating that amount with your religious organization. You are allowed to exclude from Federal income tax the LESSER of the ...
Housing Minister

Clergy and Self-Employment Taxes
2007-09-20 04:47:00
This article is a general overview of clergy and their obligation to pay self-employment taxes in response to an anonymous reader. I strongly recommend that you discuss this article with your qualified tax professional. If you are an ordained, commissioned or licensed member of a religious order or a christian science practitioner and you object, based on religious reasons, to receiving ...
Employment Taxes

Rental Income and Expenses
2007-09-15 19:54:00
Tammy writes: I've been renting out the lower section of my house. It has a separate entrance from the rest of the house and also its own sink. My renter has full kitchen privileges. I have been collecting 1/2 of my utility costs (TV/Internet, water, electricity), in a separate check, from the renter as well. I have been treating her monthly rent as taxable income and the utility money as a ...
Expenses Income

Diabetes testing supplies are deductible
2007-09-09 13:35:00
Tony asks: I pay for my own health insurance and that alone allows me to meet the 7.5% threshold for deducting medical expenses on my tax return. Now I find out that I'm pre-diabetic, so I've been testing my blood glucose a few times a week. I don't have a doctor's order or prescription. Insurance does not pay and I wouldn't meet the deductible even if it did. Cost of the monitor was minor but ...
Diabetes

Avoid AMT at all costs?
2007-09-06 12:25:00
Bill writes: I've had to pay AMT for the last two years. This year, I have an unusually large income. It seems to me that if I take this income all at once this year, I'll avoid AMT. I believe I'm calculating this correctly because while the deductions disallowed by the AMT have stayed the same in size, my taxable income has gone up. Therefore, the additional income is being taxed at the top tax ...
Costs

Son pays rent
2007-09-04 16:38:00
Mark writes: My son is no longer a full time student. He lives at home, and the deal is he pays us rent until he either moves out or goes back to school full time. My question is: how is this handled, tax-wise. I assume I declare the rental income, but are there other issues I have to be aware of? Never been a landlord before. Thanks for your help. My reply: Hello Mark! If I were your advisor ...

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