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Tax Tips Blog

  • New Tax Resources

    Fellow readers, I am sorry that I have not had the time to update this blog regularly. I have decided the best thing for both myself and my readers is to provide you with the following new tax resources: Read the past posts, questions and answers to my tax tips blog via [...]
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    Posted: May 05, 2009, 2:52pm EDT
    by glgcpa

  • Help Joe the Plumber

    I’m sorry I haven’t posted, things are real busy this time of year.  I wanted to make sure everyone saw this YouTube video, made by Joe The Plumber.  He is on a mission to abolish the IRS and needs your help to do it.  He charges $0.99 a vote (vote [...]
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    Posted: April 06, 2009, 8:27am EDT
    by glgcpa

  • Convert Personal Residence to Rental

    Number of comments: 3
    Mark writes:  Hi Gina!  I have a tax question for you. Here is my question: My wife and I bought a condo back in 1999 for $75,000.  We lived in it as our primary residence for 4 years until 2003.  We then started to rent it out. At the time we started [...]
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    Posted: February 18, 2009, 8:01am EST
    by glgcpa

  • Housing Assistance Tax Act of 2008

    Gary asks:Housing Assistance Tax Act of 2008 lets Filers claim $500 for Individual Filers and $1000 for Joint Filers for those that don’t itemize their deductions. You simply add the $500 or $1000 to the Standard Deduction Amount.  My Question is does this also apply to those that are Married [...]
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    Posted: February 15, 2009, 8:47pm EST
    by glgcpa

  • Multiple Severance Pay Questions

    Number of comments: 1
    Kemal writes:Hello, I have received a severance pay for a year in a lump sum and my company withhold just 25 %. I think this is too less considering my total income for 2008 even though my company knows that the total income including severance would be count for a much [...]
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    Posted: February 08, 2009, 7:04am EST
    by glgcpa

  • Taxability of Expense Sharing

    Megan writes: I am a home owner and a friend has been living with me.  We do not have a rental agreement, but we did discuss an amount that he could pay to contribute to the costs.  Do I need to report this as income?  He does not report it [...]
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    Posted: January 31, 2009, 8:53pm EST
    by glgcpa

  • Seaman’s Tax

    Number of comments: 4
    Kristy writes: Ms. Gina My husband works for a tug boat company in Mississippi. some of the guys he works with have told us about something called a Seaman’s Tax. They said that we can get our money back for the food he buys while out on the water for hours [...]
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    Posted: January 31, 2009, 8:50pm EST
    by glgcpa

  • Deemed Distribution

    Dawn writes: If I inadvertently deposited the class action settlement check from a Traditional IRA into my personal account, do I have 60 days to move the money to my IRA to avoid taxation? My reply:Hello Dawn, thanks for visiting. I’m sorry to say that I am not aware of a [...]
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    Posted: January 22, 2009, 11:07am EST
    by glgcpa

  • 1099 vs W2?

    Number of comments: 3
    Mike asks: My name is Michael and am in need of some help. The company i work for just proposed switching me from a W2 to a 1099. I currently earn 24k a year gross salary but they want to cut my pay to what i make net and have [...]
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    Posted: January 21, 2009, 6:40am EST
    by glgcpa

  • Preparing Your Own Taxes?

    If you’re planning on preparing your own tax return this year and you’re looking for some software to help you, I may have a solution for you…. I’m offering online filing through my software company beginning today, January 15, 2009. It’s interview style very much like TurboTax for a fraction of [...]
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    Posted: January 15, 2009, 11:38am EST
    by glgcpa

  • Texas Sales Tax

    Number of comments: 1
    Kelly writes:Hi! Ok…so I applied for a State Tax ID in June online. I lost the form I needed to send in to get my permit. So I never sold anything or charged tax I got a quarterly form to fole and threw it away :0 I then got a [...]
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    Posted: January 11, 2009, 10:27pm EST
    by glgcpa

  • Rental Real Estate

    Number of comments: 1
    Jeremy writes: Hi Gina, I read through your blog and I wasn’t able to find the answer to my question, so I thought I’d send an email. Thanks in advance. Some background: I’m 25 now and I bought a property in 2005 for $195,000 as my primary residence but soon after moved [...]
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    Posted: January 10, 2009, 3:13pm EST
    by glgcpa

  • Website donations

    Number of comments: 1
    Abner writes:I’ve seen a number of website with donation buttons asking readers if they like the site to help support it by donating. If I were to use such a thing on my site, are there any IRS reporting considerations involved in doing so? Will those donations count as reportable income? Thanks for [...]
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    Posted: January 08, 2009, 1:08am EST
    by glgcpa

  • Application Fees

    Number of comments: 1
    David writes: I’m currently employed in the business/finance field, and applying to PhD programs in economics/finance/business. The programs are certainly conceptually and topically related to my work, but the graduate programs are not a prerequisite for advancement. Application and score/transcript submission fees can easily run over $100 per school, adding up [...]
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    Posted: January 08, 2009, 1:01am EST
    by glgcpa

  • Converting Primary Residence to Rental

    Number of comments: 2
    Savita writes: I own a townhouse that I want to convert from a primary residence to a rental property and move to another house. I do not currently have any mortgage on that house. I do have an open Home equity credit line on it, but I have not withdrawn [...]
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    Posted: January 06, 2009, 9:27am EST
    by glgcpa

  • Capital Loss or Casualty Loss?

    Number of comments: 3
    JS Writes:A Happy & Healthy New Year to you and yours. Just a thought: If a taxpayer invested with Madoff, and receives no eventual proceeds, would this be treated as a deductible theft loss or a total distribution loss on schedule A? Would the answer be different if the taxpayer received $1,000, but [...]
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    Posted: January 05, 2009, 1:26pm EST
    by glgcpa

  • IRA to Roth Rollover

    Charles writes: I was wondering if a traditional IRA is rolled over to a ROTH IRA, is that considered income or a capital gain? The reason why I am asking this is if I lost $20,000 in the stock market, I have a loss toward any capital gains. So, If [...]
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    Posted: December 29, 2008, 8:27pm EST
    by glgcpa

  • 2009 Mileage & Expense Log Calendar

    Number of comments: 2
    Once again I have about 10 extra 2009 Mileage & Expense Log Calendars, which I will mail to the first 10 people in the U.S. who would like one, just email me your name and address. In addition to being a 2009 calendar this book has space to record your business, [...]
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    Posted: December 24, 2008, 10:03am EST
    by glgcpa

  • Where to record expenses?

    Number of comments: 1
    Vincent writes:Thanks for your article, “Deduct Home Phone, Internet, Cell Phone“, but I was also hoping you would have told us *where* to deduct these qualified phone, modem, ISP, etc. charges. I never know if they should be counted as office expenses, utilities, fees, or something else. Also, as for [...]
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    Posted: December 24, 2008, 9:51am EST
    by glgcpa

  • Sales Tax on Gas Purchases

    Sandra writes: Dear Gina, A friend of mine saves EVERY gasoline receipt after she fills up her (personal use) car. She claims she can deduct ~ ~ 38 cents per gallon of gas because the Federal and State Gasoline taxes..are tax deductible. Is she correct? My reply:Sandra, Thanks so much for visiting. Someone [...]
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    Posted: December 23, 2008, 9:19am EST
    by glgcpa

  • Low Income Housing Credit

    Steve writes: hello,i have a passive low income housing credit for a partnership I am in but could not take it last year because of income . I was wondering if you could tell me the parameters of the income level for these deductions and the carry over rules that [...]
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    Posted: December 22, 2008, 7:32am EST
    by glgcpa

  • Recovery Rebate Credit

    Number of comments: 4
    The Recovery Rebate Credit for 2009 is an option if you didn’t receive your economic stimulus payment in 2008 or if something happened in 2008 that would cause your economic stimulus payment to be greater than you received, such as the birth of a child. Just as there was with [...]
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    Posted: December 17, 2008, 6:57am EST
    by glgcpa

  • Rental in S-Corporation

    Number of comments: 2
    Tina writes: I am considering transferring my previous home to a S-Corporation and renting it.  However I am a bit confused about the S corporation. From what I understand: 1) I will first contribute towards the capital of S corporation (assume $30000 - ie 10%). 2) Using this money as downpayment (10%), the [...]
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    Posted: December 15, 2008, 2:44pm EST
    by glgcpa

  • New Business Owner

    Kevin writes: I own a landscaping company. Ive been in business for almost 9 months I have an assumed name, a business license, a business banking account, no insurance, no employees. My business account is set up with my social security number so I do not have an EIN number. [...]
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    Posted: December 11, 2008, 6:57pm EST
    by glgcpa

  • Children as Independent Contractors

    NOTE: I have received several requests as to why I have not been posting.  There are many reasons, but mostly because most of the questions I am receiving I have previously answered.  If you search my site you may be able to find an answer to your question.  Having said [...]
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    Posted: December 09, 2008, 4:28pm EST
    by glgcpa

  • Estimated Taxes - Self-Employed

    Number of comments: 4
    Jeffrey: Hi, I have a question regarding being self employed and what taxes must be paid. I’ve been reading over the IRS documents regarding self-employment and the self-employment tax, however I was wondering if income tax must be paid on top of that tax. Basically, I would like to know what [...]
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    Posted: September 30, 2008, 6:07pm EDT
    by glgcpa

  • Zero capital gains for 2008

    Number of comments: 2
    Jay writes: Hello Gina! I’m married and I file jointly with my wife. Our taxable income is about $45,000. I believe this means I can have capital gains of about $20K without paying taxes on these gains this year or next (assuming my income stays the same for 2009, which I [...]
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    Posted: September 26, 2008, 7:42pm EDT
    by glgcpa

  • Non-deductible IRA

    Number of comments: 1
    Steve writes: I’m sure this question has been covered, but I can’t seem to find the answer I’m looking for…. My spouse does not work. I participate in a 401K. Our modified AGI likely will be 160+. As far as I can tell, we cannot contribute to a Roth IRA. I [...]
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    Posted: September 08, 2008, 8:20am EDT
    by glgcpa

  • Gifting

    Mike writes: My wife and I are trying to help our youngest daughter - a single mom - get her own house close to us so we can help with after school care, etc. Advise is needed on gifting, gift splitting, and the best way to handle all this without my [...]
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    Posted: August 28, 2008, 12:20pm EDT
    by glgcpa

  • Early Withdrawal from Roth IRA

    Number of comments: 1
    Edwards writes: I took approx $5000 out of a Roth Ira that I funded in 2005. I took the money out in 2006 to invest in a startup business (which is going along fairly well). This Roth was funded with a one time contribution. I miscalculated the amount of funds that would [...]
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    Posted: August 20, 2008, 11:55am EDT
    by glgcpa

  • Hiring Children

    Number of comments: 1
    Melissa writes: Hope you can help me with a couple of questions: I am starting a small dog walking business and I am going to pay my children that are ages between 11-14 yrs to make flyers and put them out ,do some light office work and perhaps help with the walking.Since [...]
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    Posted: August 18, 2008, 6:07pm EDT
    by glgcpa

  • Sponsorship

    Kurt writes: I sponsor my son who races dirt bikes in semi-professional events. My previous accountant deducted this as advertising, but my current accountant says it’s not deductible. I think about Nascar and how the companies who support the drivers must get that as a tax deduction. If they can do it, [...]
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    Posted: August 11, 2008, 9:26am EDT
    by glgcpa

  • Deducting Medical Expenses

    Number of comments: 1
    Adrian writes: Hello Gina. I am glad I have found your website and read great advices of yours.  I have an humble question. I am an United States citizen and my mother is from Poland. She came here on non-immigrant visa and I am going to apply for her green card [...]
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    Posted: August 06, 2008, 4:33pm EDT
    by glgcpa

  • Charitable Organization

    Number of comments: 1
    Vivian writes: I recently sent off my form 1023 to get my organization recognized by the IRS as a qualified 501(c)(3). We are incorporated as a nonprofit in the state of Texas. Providing that I get a favorable letter of determination, since I am the founder of the corporation do I [...]
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    Posted: August 02, 2008, 12:52pm EDT
    by glgcpa

  • Sales Tax as Itemized Deduction

    Number of comments: 3
    Joe asks: Can multiple purchases be grouped together for itemized deduction of sales tax for major purchases (multiple small Home Depot and Lowes purchases for landscaping or remodel)? My reply: Hello Joe! You have the option of taking either your State Income Taxes or Sales Taxes as an itemized deduction. If you choose to [...]
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    Posted: July 30, 2008, 11:07am EDT
    by glgcpa

  • Kiddie Tax

    Dave writes: I have a couple questions regarding the dreaded kiddie tax changes….I can’t find where they give better details on this to help me with some clients whose children are students and may be “on the border” in this tax situation. An example is: A client of mine has a child [...]
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    Posted: July 27, 2008, 9:47am EDT
    by glgcpa

  • 0% Capital Gains Strategy

    Number of comments: 2
    Anne writes: Hello Gina, I have some clients who may benefit from the new 0% capital gains starting in 2008. I have some clients that are sole proprietors, giving them some room to potentially get themselves into the required tax bracket needed to obtain this capital gain rate. So, my question arises [...]
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    Posted: July 26, 2008, 9:38am EDT
    by glgcpa

  • Roth IRA questions…

    Number of comments: 1
    Lucille writes: Dear Mrs. Gina, I hope that you can give me some advice. I have a Roth IRA (not converted from a traditional) and it has slowly been losing value. What I would like to know if there is a penalty if I withdraw the funds and reinvest funds into [...]
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    Posted: July 25, 2008, 8:53am EDT
    by glgcpa

  • Are Income Taxes Illegal?

    Dominic writes: Hello my name is Dominic. I live in Arizona. I just have couple of questions for you. In what page of any law book stipulates Americans must pay an income tax? I have been trying  to conduct research and i can not not find anything saying it is [...]
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    Posted: July 21, 2008, 8:12pm EDT
    by glgcpa

  • Independent Contractor Deductions

    Number of comments: 6
    Rick writes: Hello Gina, Found your website doing a google search. I’m looking for a good list of deductible items for an independent contractor. I am a pharmacist with a regular job, but also do some relief work. I only do extra work about 8 times per year, but I don’t have [...]
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    Posted: July 21, 2008, 10:24am EDT
    by glgcpa

  • Estate Concerns

    Ruth asks: My father died recently, and I’m trying to organize his financial affairs. I’m the only heir, and executor of his estate. He had a lot of debt and very few assets, so there will not be enough money to pay everything. He has a small amount of money in [...]
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    Posted: July 17, 2008, 10:54pm EDT
    by glgcpa
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