Personal Taxes
The most frequently asked tax questions related to Personal Taxes
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.
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.
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/
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 percentage is the personal income taxes collected to the total federal revenues collected ?
Asked Tuesday, January 16, 2001 by an anonymous userCPA Answer:
Income tax represent .396% or more of the total revenues collected. It is the largest revenue generator for the federal government.
What exactly is an Audit ?
Asked Thursday, January 11, 2001 by an anonymous userCPA Answer:
Yes. www.taxpenalty.com