Category Archives: Bookkeeping

05 Feb, 2012

How To Tax Questions

How do I handle the sale of a home equity financed vacant lot on which I intended to build? by Jim (Waukesha, WI, USA) We purchased a lot in December 2007 with the intention of building within 8 months. We paid cash, but financed it with a HELOC of over $110,000. No payments were made [...]

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03 Feb, 2012

Education Questions

Education Expenses My daughter started college last fall (2010) at a four year state university, we live in Florida. My husband and I bought the Florida Prepaid College (529) and we received a 1099-G from them showing the dispersement, basis, and earnings. We received a 1098-T from her university only showing box 2 (qualified tuition) [...]

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01 Feb, 2012

Fees on Airline and Phone Bills

Fees on Airline and Phone Bills Can the fees included on the tax for airline tickets, car rentals, and phone bill be included as itemized deductions. Yes, typically the fees included on the tax for airline tickets, car rentals and phone bills would be included in your unreimbursed employee deductions on your Schedule A itemized [...]

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14 Jan, 2012

Tax Organizer, Makes Tax Time a Breeze

Makes Tax Time a Breeze A tax organizer can help by facilitating the process of pulling together your tax information. This basic organizer is designed for new tax or bookkeeping clients and allows you to enter your information right on the screen. (Although you won’t be able to save it) You can then [...]

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15 Dec, 2011

Commissions

Commissions by johnson (minnesota) Fred is an insurance agent who receives commission on each policy he sells. In 2006, he purchased a policy for his own life, naming his wife the beneficiary. He did not report the commission on the policy as gross income because he considered the commission a reduction in his cost (like [...]

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13 Dec, 2011

how I can be minimise my longterm capital gains tax

how I can be minimise my longterm capital gains tax by abhijit majumdar (durgapur.W.B) I have sold one plot and earned Rs 1100000/as long term capital gain (aftr indexisation)Now I have planned to purchase one flat of Rs 2300000/out of which Rs 300000/three lahk will be invested by me and rest 2000000/(twenty lakh)will come from [...]

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11 Dec, 2011

SSDI Income

SSDI Income I receive SSDI income, and my child receives income as my dependent. If that is his only source of income, does he have to file a tax return, or is it necessary for me to claim his income on my own tax return?

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09 Dec, 2011

K 1 form 1065

K 1 form 1065 If you inherited a partnership (LP) (Domestic Partner)type of entity -(individual) upon your mothers death The partnership is a Seniors citizens home and was sold. Do u have to pay tax on this money since it was inherited from the mother? someone said there is a one million exemption before you [...]

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07 Dec, 2011

Can I have my husband’s paycheck made out in my name?

Can I have my husband’s paycheck made out in my name? by Wondering… (mi) My husband is caring for my aunt and is paid from her bank account. Can I have the checks made out to me so he doesn’t spend it all at the bar? If yes, how do we claim it on our [...]

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05 Dec, 2011

Claiming Fiance as a Dependent

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