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Taxes

Prize Winnings Have a Price Tag

Posted November 2, 2009 1:58 PM

Q: Dear Dr. Don, I recently won a grand prize from a promotional company for a trip for two to Bora Bora for five nights. The prize is valued at $9,500. I am trying to figure out what tax I will be liable for to the Internal Revenue Service. The rules state any person winning over $600 will be reported to the IRS and I will be sent a 1099 form. Based on the valued amount of the trip, do you have Read more...

See also: 1099, IRS, prize winnings, tax bracket

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Taxes

When to Deduct Travel Expenses

Posted October 13, 2009 6:53 PM

Q: Dear Tax Talk, I have two offices, one in my home and one in our corporate office in another state, 1,700 miles away. I travel between the two bimonthly. Can I deduct any of the travel expenses for flying and/or driving between the two? -- KD A: Dear KD, You cover a lot of territory and provide few details. Deductible business expenses include travel expenses while away from your home. Read more...

See also: corporate office, home office, tax deductions, travel expenses

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Retirement

Roth IRA Mistake Costs Plenty

Posted September 27, 2009 5:47 PM

Q: Dear Tax Talk, On April 13, 2007, I contributed $4,000 to my 2006 Roth IRA. The same year, I contributed $4,000 to my 2007 Roth IRA. My adjusted gross income for 2006 was over the $110,000 income limit. My adjusted gross income for 2007 was under the $114,000 income limit. I've already intermingled the money to buy and sell stocks. Overall, my Roth IRA account has a negative balance Read more...

See also: penalties, Roth IRA, taxes

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Taxes

Figuring Car Depreciation

Posted September 8, 2009 4:54 PM

Q: Dear Tax Talk, How do I calculate the rate of depreciation for a $110,000 car? -- Rachel A: Dear Rachel, Normally the cost of an asset used for business purposes is written off over its useful life. Depreciation is calculated on an accelerated basis for most personal property (as opposed to straight-line depreciation for real property). Useful lives are assigned depending on the Read more...

See also: car value, cars, deduction, depreciation

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Taxes

Property Taxes Too High? Get Help

Posted August 27, 2009 1:56 PM

Home prices are falling everywhere, but homeowners hoping for lower property taxes may find themselves disappointed when the bill arrives. If you think your home's assessed value is too high, you can appeal the tax assessor's verdict -- either on your own or with the help of a third party who will handle the grievance process for you. These third parties are generally attorneys or Read more...

See also: home prices, homeowners, property tax

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Taxes

Energy-Efficient Home Tax Credit

Posted August 20, 2009 2:34 PM

Q: Dear Tax Talk, Can I get a tax credit for making my home more energy efficient, or is that gone? -- Ginger A: Dear Ginger, If you missed out on the earlier tax credits for energy-efficient improvements, they have been reintroduced for 2009 and 2010. The maximum total amount that can be claimed for all products placed in service in 2009 and 2010 for most home improvements is Read more...

See also: energy efficiency, tax credit

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Taxes

Tax Credit for Child Care

Posted August 13, 2009 11:27 PM

Q: Dear Tax Talk, Is my family eligible for a federal tax credit for child care expenses if it is a relative who is providing the care and we are paying the person by personal check? -- Scott A: Dear Scott, You may be able to claim a credit if you pay someone to care for your dependent who is under age 13 or who is not able to care for himself or herself. To qualify, you must pay these Read more...

See also: child care, IRS, tax credit, tax laws

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Humor

They Tax Everything

Posted August 13, 2009 9:12 AM

A little boy wanted $100 badly and prayed for two weeks, but nothing happened. Then he decided to write God a letter requesting the funds. When the postal authorities received the letter addressed to God, USA, they decided to send it to the president, who was so touched and amused that he had his secretary send the boy a $5 bill. The boy's response: Dear God. Thank you very much for Read more...

See also: child, taxes, washington

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Retirement

Should Tax Fears Alter Retirement Plan?

Posted August 4, 2009 5:31 PM

Q: Dear Dr. Don, My employer offers a 401(k) and a Roth 401(k) option. In light of the potential for much higher taxes in the future, would it be wise to focus 100 percent of my retirement savings in the Roth 401(k) alternative? -- Mike Myriad A: Dear Mike, Roth 401(k) plans made their debut in January 2006. They were scheduled to sunset in 2010 but instead were extended by the Pension Read more...

See also: 401(k), Roth 401(k), taxes

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Taxes

Deducting Moving Costs

Posted July 28, 2009 10:49 PM

Q: Dear Tax Talk, I am moving from Miami to Tampa, Fla., to start a new job. What kinds of moving expenses are deductible? -- Dennis A: Job-related moving expenses are tax deductible as an adjustment to gross income. This means that they will provide a tax benefit even if you don't itemize your deductions. To be deductible you have to meet three tests: Your move is closely related to Read more...

See also: job relocation, moving, tax deduction

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Taxes

Writing Off Job-Hunting Costs

Posted June 12, 2009 9:18 AM

If it's time to find another job, you know how much networking can help. Just make sure you don't overlook some outside assistance that could pay off when you start collecting a paycheck from your new employer -- the tax code. You can deduct many of your job-hunting expenses. That's not that surprising because it's in the Internal Revenue Service's best interest to have you earning taxable Read more...

See also: career transistions, job-hunting, tax write-offs

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Taxes

Claiming a Child As Tax-Exempt

Posted May 24, 2009 11:48 PM

Q: Dear Tax Talk, My question is regarding my boyfriend and his ex-wife. They are divorced with two daughters. His ex is a very difficult person to deal with, to say the least. She has taken him to court several times over the last five years. One of those times, she added that they will alternate the girls as tax-exempt on their tax returns. The judge granted this request. For 2008, he was Read more...

See also: divorce, non-custodial parent, tax returns

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Humor

Taxing Problem

Posted April 15, 2009 9:38 PM

A robber with a pistol confronts a person on the street. "Give me all your money!" the robber says. "Don't you know who I am?" the would-be victim says archly. "I'm a United States senator." "In that case," says the robber, "give me back all my money!" Read more...

See also: robbery, taxes, thief

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Taxes

Need More Time to File? Just Ask

Posted April 14, 2009 11:09 PM

The tax-filing clock is ticking. You can't turn it back, but there is a way to change your filing deadline to months instead of days and hours. Just ask the Internal Revenue Service for more time to file your return. You should have plenty of company. Around 10 million filers request extensions each year. Regardless of how many filers seek extensions, they'll all find that the IRS has Read more...

See also: IRS, tax deadline, tax season

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Retirement

IRS Rules for Early IRA Withdrawals

Posted April 6, 2009 11:21 PM

You've been saving diligently for your retirement, but now you need some of that cash to cover today's expenses. Can you get to it without incurring Uncle Sam's tax wrath? In some instances, the answer is yes. When you take money out of an Individual Retirement Account before you reach age 59½, the Internal Revenue Service considers these premature distributions. In addition to owing any tax Read more...

See also: education, ira, Roth IRA, taxes

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Taxes

9 Wackiest Tax Deductions

Posted March 29, 2009 3:51 PM

Did you hear the one about the instant "nephew"? The $35,000 in dance lessons? The new definition of office paperwork? That's right, it's time for the fourth installment of Bankrate's "wackiest tax deductions," our homage to the endlessly creative ways some taxpayers dream up to try to limbo under the tax code. In our first installment, taxpayers tried to write off Read more...

See also: deductions, IRS, itemizing

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Taxes

How to Prepare for an Audit

Posted March 17, 2009 11:15 PM

It's the last thing most people want to see at this tax-paying time of the year: A plain brown envelope marked "Official Government Business" with the return address of the Internal Revenue Service. But don't panic. The news might not be as bad as you think. While a full-blown tax audit might be your first thought, that notice might be the extent of your contact with the IRS. Read more...

See also: audit, IRS, preparing

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Taxes

10 Overlooked Tax Breaks

Posted March 15, 2009 6:21 PM

Tax time is winding down. For most of us who've yet to file a return, the reason for the delay is that we owe Uncle Sam. We might be able to shave off some of that IRS bill, however, by making sure we take every tax deduction, credit or other income adjustment possible. Here are 10 tax breaks -- some for itemizers only, others that any filer can claim -- that often get overlooked but Read more...

See also: itemizing, tax deductions, tax season

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Writing Off Small Business Losses

Posted March 10, 2009 9:18 PM

Q: Dear Tax Talk, My husband and I own an electrical contracting business. I, not having prior business-management knowledge, have had to learn as we go. Our business is an LLC. We did not realize that meant that whatever income the business earned would be added to our personal income, nor were we advised that we needed to make quarterly income tax deposits for our business income to avoid Read more...

See also: small business, taxes

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Starting/Managing a Business

Writing Off Small Business Losses

Posted March 10, 2009 9:18 PM

Q: Dear Tax Talk, My husband and I own an electrical contracting business. I, not having prior business-management knowledge, have had to learn as we go. Our business is an LLC. We did not realize that meant that whatever income the business earned would be added to our personal income, nor were we advised that we needed to make quarterly income tax deposits for our business income to avoid Read more...

See also: business management, small business, taxes

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