Personal Taxes
The most frequently asked tax questions related to Personal Taxes
Can I claim Head of Household filing status because my relatives signed a multiple support agreement?
Asked Thursday, January 05, 2012 by an anonymous userCPA Answer:
No. You are not eligible to choose head of household filing status if the qualifying person is your dependent because a multiple support agreement Form 2120 was filed.
Is the costs of me driving to work deductible?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
No. In general, costs of commuting between your home and workplace are not deductible. Costs for gas for
Leased auto - income inclusion
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
If you leased a vehicle for more than 30 days and you deduct the lease charges as opposed to using the standard mileage allowance then you must add to your income a income inclusion amount which is based on a IRS table.
IRS pub 463 has the lease tables.
IRS pub 463 has the lease tables.
What is the Bonus depreciation limit for vehicles in 2011?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
Bonus first year depreciation for vehicles placed in service in 2011 that were new and used over 50% for business is $11,060 for auto's and $11,260 for light trucks and vans.
Are there favorable tax deductions for a SUV?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
Yes. The full cost of a heavy SUV (sport utility vehicle) can be deducted if not pre owned and placed in service new and used 100% for business. If the weight is between 6000 and 14000 pounds then there is a $25,000 limit on first year expensing of the vehicle.
Are traffic tickets deductible?
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
No. Fines for traffic violations, parking violations are not deductible.
Artists - Special rules
Asked Monday, November 28, 2011 by an anonymous userCPA Answer:
If you meet certain requirements to be identified as a "Performing Artist" you can deduct all of your car expenses as a adjustment to income directly on Form 1040 instead as a itemized deduction on Schedule A. There is a 5 step requirement test that must be answered before a person is identified as a Performing artist.
What is the IRS Publication that deals with Innocent spouse relief ?
Asked Tuesday, February 13, 2001 by an anonymous userCPA Answer:
IRS Publication 971 explains the 3 types of innocent spouse relief available. It describes who may qualify for innocent spouse relief, the separation of liability or equitable relief and how to apply. Go to the IRS website at www.irs.gov.
How do I get New York City forms ?
Asked Wednesday, February 07, 2001 by an anonymous userCPA Answer:
If you need to get tax forms and instructions from the NYC Department of Finance, you can access the NYC government web site at http://www.nyc.gov/portal/site/nycgov/menuitem.cab0ced5cf276e94cbb5668001c789a0/