Personal Taxes
The most frequently asked tax questions related to Personal Taxes
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 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/
What is Bond OID accretion ?
Asked Friday, January 26, 2001 by an anonymous userCPA Answer:
The difference between the discounted purchase price and the value at maturity is the return or yield on the bond and is called accretion. A bond's accretion must be calculated annually and this amount must be reported to the IRS as income on Form 1099. OID bonds are generally issued at a low or zero coupon and are issued at a deep discount relative to the bond's par value.
Margin interest - reportable to IRS ?
Asked Friday, January 26, 2001 by an anonymous userCPA Answer:
The IRS does not require brokerage firms to report margin interest on form 1099-INT. Generally, the amount is reported on the statement you receive from your brokerage firm as margin interest paid on the non-reportable section of the Consolidated 1099.
What exactly is an Audit ?
Asked Thursday, January 11, 2001 by an anonymous userCPA Answer:
Yes. www.taxpenalty.com
Are my excess foster care payments tax deductible ?
Asked Tuesday, January 02, 2001 by an anonymous userCPA Answer:
The amount of expenses in excess of any state agency reimbursements for caring for a foster child in your home is deductible as a chariable itemized deduction on IRS Schedule A.
Social Security Benefits Reduction - younger than 65 and earning wages
Asked Thursday, December 28, 2000 by an anonymous userCPA Answer:
If you are under full retirement age for the entire year, SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2012, that limit is $14,640 ($14,160 in 2011).
In the year you reach full retirement age, SSA deducts $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age. If you will reach full retirement age in 2012, the limit on your earnings for the months before full retirement age is$38,880 ($37,680 in 2011).
(If you were born in 1945 or 1946, your full retirement age is 66 years.). Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
In the year you reach full retirement age, SSA deducts $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age. If you will reach full retirement age in 2012, the limit on your earnings for the months before full retirement age is$38,880 ($37,680 in 2011).
(If you were born in 1945 or 1946, your full retirement age is 66 years.). Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.