Ask TaxGuru

Roth IRA liquidation

mattrfl — Sat, 07 Nov 2009 17:49:42 GMT

I plan to liquidate my Roth IRA this year to take a tax loss (subject to 2% AGI threshold on schedule A). My questions are: 1) Can I open a new Roth IRA next year or is there a waiting period that...

How much does a student have to make before they are required to file a tax return?

sahar — Sat, 07 Nov 2009 17:10:32 GMT

How much does a student have to make before they are required to file a tax return? Thanks..:confused:

Shared home and income but single.....

billandmisty78 — Sat, 07 Nov 2009 07:47:15 GMT

I am divorced and living with my ex (we reconciled) for the past 2 years. We have 4 children together that live with us. She files and claims 3 which puts her up for EIC and I file 1 child. Is...

Arizona S-Corp

dbelgum — Fri, 06 Nov 2009 19:59:25 GMT

California charges 1.5% on S-corp income. Please let me know if Arizona taxes S-corps in a similar fashion - either % of income of some other annual fees. Thanks.

Vehicle write-off?

janobonano — Thu, 05 Nov 2009 03:31:06 GMT

I started an LLC this year (freelance graphic design.) I have been using my own car for errands, meetings, deliveries, etc. I was wondering if I could write-off the monthly payments. Would it...

house buying

xslpsht — Wed, 04 Nov 2009 19:38:47 GMT

we are buying maybe our first home. now i like to know if it will be tax advantage if i buy the house or my father who lives overseas. we live in texas. My father would like us to have the house and...

Seven Facts about the Nonbusiness Energy Property Credit

Samatg — Wed, 04 Nov 2009 02:53:52 GMT

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been...

Relocating

ladybug — Tue, 03 Nov 2009 17:08:59 GMT

My husband has a new job that will require our family to relocate. Our house in Wisconsin is now for sale. We are planning on renting until our house sells. The job is in Iowa, but on the border of...

What records does an Employer need to maintain to comply with the Federal Statutes?

TaxGuru — Tue, 03 Nov 2009 00:54:26 GMT

Federal statutes require that employers should maintain certain paperwork for all their employees. These laws require that all employers should maintain the following records as follows; 1. certain...

LLC in NJ, TX or DE

Pranav — Fri, 30 Oct 2009 23:58:04 GMT

I am planning to form an LLC for a small rep company for selling S/W. My partner is a TX resident and I am a NJ resident. Please suggest which is the best way to go. Thanks in Advance.