Financial Planning

Recent Answers

2009-11-08 Tax Law (Questions About Taxes) - Tax ID for deceased and Trust transfers:

Patti, Thanks for your question. You need to get a taxpayer ID number for the estate and for the trusts. Transferring the homes into the names of the beneficiaries is a legal matter. As a CPA

2009-11-08 Tax Law (Questions About Taxes) - Filing requirement:

Since there is no income and no expense and you have not filed a previous return, this is likely below their radar. Since there is no tax involved, you can either file a zero return, or skip filing the

2009-11-07 Tax Law (Questions About Taxes) - Income taxes for co-owned rental property:

Lincoln, Thanks for your question. Since it is not a partnership or an LLC, it is simply a joint venture. Each of you reports half the revenue and half the expenses on Schedule E of your 1040.

2009-11-06 Tax Law (Questions About Taxes) - tax treatment of services that may include housing:

Ken, Thanks for your question. First off, under the arrangement you have outlined, he would not be an independent contractor, but an employee. Since he is providing management services and is required

2009-11-06 Tax Law (Questions About Taxes) - Disability Income and FICA Tax:

I can't speak for the insurance company, but my wife is on disability, I have done numerous returns that included disability income and none of them have ever paid FICA tax. I don't have a citation for