6 Tax Questions Answered Just In Time to File Your Taxes

Getting ready to file your taxes? Here are some great answers to questions that you may have this year when filing your taxes!

  • Can I Deduct Attorney Fees? Yes. This would fall under legal and professional fees. As long as your meetings were business related, they are considered ordinary and necessary business expenses……… read here for the full answer
  • Who Gets an Audit? There are many circumstances surrounding the IRS audit selections. The IRS enters all tax return information into a software shortly after they receive the return and the software performs some calculations to determine reasonableness of the return compared to prior years and other tax returns similar…… read the full answer here
  • Are there Penalties for Withdrawing my IRA? You should be aware there are provisions that exempt you from the 10% penalty. One of them being un-reimbursed medical expenses in excess of 7.5% of your AGI (meaning if you have enough medical expenses to get a deduction on Schedule A, then you can avoid the 10% penalty)……. read the full answer here
  • How Do I Claim Child Care Expenses? Day care is eligible for a credit which is a direct reduction of tax. Much more beneficial than a deduction. As long as taxpayer and spouse have earned income you can deduct the daycare…… read the full answer here
  • Can I Claim My Child’s College Expenses? These amounts are reduced by scholarships, fellowships, grants, employer-provided assistance, or any other benefit. Depending on the situation (i.e. what year of school the expenses are for combined with filing status and the Adjusted Gross Income of the taxpayer will determine if the items will be treated as a deduction or a credit, and to what extent the credit applies…….  read the full answer here
  • Is Your Refund Penalized for Filing Late? You will not be charged if the IRS owes you a refund. They can assess a failure to file, or assess tax based on the information they receive (which is all income from reportable sources & limited deduction info) so the result will be a tax due……   read the full answer here

You should always ask your accountant if you are not sure about certain topics when filing your taxes.

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Ask An Accountant- What Expenses Can I Not Claim On My Taxes?


Thanks to Momondealz for this informative post each week!
Although tax season is over, tax questions arise year round. My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com
Question:
What expenses can you not claim on your taxes?
Answer:
The items not deductible are expenses that would not be used to generate a profit. One example would be groceries. You could not deduct groceries from a shopping trip that you used to post on your website. The groceries are a necessary item needed to sustain life, not make a profit. Commuting mileage cannot be deducted, only the mileage to and from couponing class held outside of your home/office. Personal expenses and profit distributions are not deductble. This question is better answered by including what is deductible…epenses directly related to the generation of profit, that are not necessary living expenses
*Please keep in mind this post is for informational purposes only and answers given are very general. Many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.

photo credit: austinpost.org

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Higher Social Security Taxes:What does that mean for bloggers?

While looking at the news today on Yahoo, I cam across this article talking about the Social Security Tax being raised. While people who work for someone will be affected to the people who will be hit hardest are those that are self employed, such as bloggers. Those who work for someone have 1/2 of the % taken out of their check and the other half is paid by their employer, well bloggers and those who are self employed have to pay the full percentage themselves. In 2012 the rate will go up to 12.4%, meaning 12.4% of a self employed person’s income goes straight to Social Security Tax.

While there are some bloggers that do make [Read more…]

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