Financial Planning

Recent Answers

2012-02-10 Tax Law (Questions About Taxes) - Form 8332:

Deb,    Thanks for your question.    If your son has a Form 8332, signed by his ex wife releasing the claim to the exemption, he can take the exemption. You may need to override or adjust the computer

2012-02-10 Tax Law (Questions About Taxes) - Schedule E Rental Real Estate Losses:

Lyndon,    Thanks for your question.    The amount of deduction you can take for passive real estate rental losses depends on your adjusted gross income.    If under $100,000, you can take up to $25,000

2012-02-10 Tax Law (Questions About Taxes) - Form 709:

Jan,    Thanks for your question.    You will need to know the original purchase price of the house by the mother.  In addition, you need to know the fair market value on the date of the gift for each

2012-02-10 Tax Law (Questions About Taxes) - Severance witholding:

Jim:    Have you file a tax return since you started drawing your severance payments?  I really render an opinion with out more detail.  If you have overpaid your federal income tax at the end of the year

2012-02-10 Tax Law (Questions About Taxes) - Independent contractor/tutor report on Schedule C:

Michael,    Thanks for your question.    It is your business, use your name, business name, address, and your SS# if you do not have a federal ID number for your business.  Technically, you may not think