Ask TaxGuru

What amount of 1098T deduction can I deduct

Wanda — Fri, 10 Feb 2012 06:25:58 GMT

I received my sons 1098T as well as my daughters. Both have tuition expenses however box 7 (saying that part of the tuition is from academic period Jan -Mar 2012) is checked. Do I deduct this amount...

Figuring up tips

Lindsey731 — Fri, 10 Feb 2012 02:26:55 GMT

I'm a waitress and usually keep up with my tips on my phone calendar well it got erased soo I need help figuring up what my tips should be based on my wages.

Owe money..Help!

oregonandre — Thu, 09 Feb 2012 18:24:43 GMT

So for the first time in my life I owe the IRS money. Im trying to weigh my options in paying it. Its around $5000 #1 Set up a payment plan. As i understand it, I would be charged around 5%...

What's the difference between Section 179 and Bonus Depreciation?

TaxGuru — Thu, 09 Feb 2012 01:08:39 GMT

It is worth understanding that the most important difference between Section 179 and Bonus Depreciation is that "*both new and used equipment qualify for Section 179 Deduction, whereas Bonus...

What are the California requirements to claim the Renters Credit in 2011?

TaxGuru — Wed, 08 Feb 2012 23:31:05 GMT

*_Nonrefundable Renter's credit_* Per California Franchise Tax, the Non Refundable Renter's Credit for renters is available for the following taxpayers as follows; 1. Single or married/RDP filing...

What are California State's Exemption amounts for 2011?

TaxGuru — Wed, 08 Feb 2012 23:27:49 GMT

_Exemption credits_ The following represent the exemption credit for the various filing status as shown below; 1. Domestic Partner (RDP) filing jointly or qualifying widow(er) $204. 2. Single,...

1099 without 1096

swacker — Wed, 08 Feb 2012 20:58:57 GMT

How do I proceed with processing our 1096 if I forgot to put it in with the packet of 1099's sent to the IRS?

Inherited property & HIGH cost of RE Taxes

Liros — Wed, 08 Feb 2012 05:12:52 GMT

My parents are in their 70�s receiving SS benefits and a non gov. pension and own a SFH, with no mortgage. Several years ago, they inherited my grandmother�s SFH. This property also has no...

Mistake on 2010 filing impacting 2011

damonk258 — Wed, 08 Feb 2012 03:54:00 GMT

I move a 401k to a traditional IRA in 2010 and mistaken identified as an ROTH IRA in turbo tax and it updated form 8086 with a deferred tax payment for 2011 and 2012. I discovered this when doing my...

IRS issues new increased reporting requirments for 1099-Misc questions to Business in 2011!

TaxGuru — Tue, 07 Feb 2012 21:27:54 GMT

In an effort to increase further compliance, effective for tax year 2011, for all Business Tax Returns (S-Corps, C-Corps, Partnerships and Schedule C, Sole Proprietorships), the IRS has included two...