Ask a CPA

Individuals are entitled to claim a personal exemption for themselves and any dependents they support.
The personal exemption reduces your taxable income. The personal exemption amount is indexed annually for inflation. The 2013 phase-out begins with AGI over $300,000 for married filing joint returns and over $250,000 for non married filing joint returns.
For tax year 2013, the personal exemption amount is $3,900.
There was no phase out in years 2012 and 2011.

Employers must give or mail employeees' copies B, C and 2 of Form W-2 on or before January 31st of the following calender year. A W-2 must be issued if any of the following criteria exists: if there was any witholding; if wages exceed the amount of one exemption ; to any employee paid more than $600; or to any person you paid an amount for services if you are in a trade or business. An employer may be subject to penalties for non-compliance.

15 year property includes any municipal wastewater treatment plant, any telephone distribution plant and comparable equipment used for 2-way exchange of voice and data communication, any qualified restaurant property that is a building, any qualified leasehold improvement property, any section 1250 property that is a retail motor fuels outlet whether or not food or other convenience items are sold there, initial clearing and grading land improvements for gas utility property, certain electric transmission property.

Residential rental property consisting of a building in which 80% or more of the total rent is from dwelling units is considered 27.5 year property.
It also includes manufactured homes that are residential rental property and elevators and escalators.

Nonresidential real property is real property that is not residential real property or property with a class life of less than 27.5 years.
For nonresidential real property placed in service after 1986 and before 5/13/93 the cost is to be recovered over 31.5 years not 39.

The first step in the college loan process is to fill out the FAFSA form. This form can be obtained from your child's high school guidance office and can also be obtained on the web at www.fafsa.ed.gov. Once you complete the application, you will find out what loan programs you are eligible for. Please speak to a CPA in your area for other loan options.

Yes. If you converted a conventional IRA to a Roth IRA, and now want to reconvert it back to a conventional IRA, you may do so with limitations. When you changed the IRA to a Roth IRA, it is termed a "conversion".
When you change it back from a Roth IRA to conventional IRA it is termed a "re-characterization".
The IRS has imposed a waiting period before a reconversion may be made. You may not convert to a ROTH IRA, re-characterize to a traditional IRA and Reconvert the same funds to a Roth IRA in the same calendar year.
You must wait more than 30 days from the date of the re-characterization before a valid reconversion may be made.
You may also file an amended return (IRS Forms 1040X with Form 8606) to make this re-characterization.

No. You are allowed to re-characterize your Roth IRA to a conventional IRA up until the final due date of the income tax return. This means the due date plus extensions translate from April 15th to potentially Oct 15th.

No. You may re-characterize your Roth IRA to a conventional IRA by filing an amended return. You would file IRS Form 1040X with Form 8606. This would enable you to get a refund on the Roth conversion payment amount you already paid with the original 1040 income tax return.

Yes. The IRS lets you make changes from Roth IRAs to regular IRAs and back, more than once. After you re-characterize a Roth IRA to a regular IRA, you can convert it again but not until the following year, or thirty days later, whichever takes longer.