Archive for 'Ask the Tax Pro'

Ask the Tax Pro: What Am I Supposed to Do With This 1099-R?

Posted on06. Mar, 2011 by .

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Here’s the redacted version of what David asked: In 2010 a previous employer informed that they were forcing me to take my 401K contributions out of their plan and roll it into another IRA of my choosing. According to their rules, I had enough capital in the account such as they couldn’t force me to [...]

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Ask the Tax Pro: Does My Son Have to File a Tax Return?

Posted on02. Mar, 2011 by .

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Barbara asks: My 16-year-old son earned $1,250.00 in modeling income this year. He was issued a 1099-MISC and his income was reported in Box 7. Does he have to report this income and pay a self employment tax? Initially when I first started reading your e-mail, I thought it was going to be a kiddie [...]

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Ask the Tax Pro: Can I be Both a Contractor and an Employee?

Posted on04. Feb, 2011 by .

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Taxpayer says: Hello and thank you for your helpful website! I have been unable to find an answer to this question and I hope you can help. I live in California and work part-time for a small business that is a corporation. I will be moving to Texas and my current employer and I have [...]

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Ask the Tax Pro: Can I Deduct Legal Fees for a Divorce?

Posted on21. Jan, 2011 by .

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This question was asked in the comments section of one of my Ask the Tax Pro posts, and it’s a really good question; one that I get asked often. Taxpayer asks: I was sued in 2010 for a divorce that never went through. I spent $3,000 in atty fees. I am self-employed as a Physical [...]

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Ask the Tax Pro: I Was Audited, Can I Still File?

Posted on17. Jan, 2011 by .

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Tabari asks: I was audited last year, but with all the moving, I never received my audit paperwork, can I still file this year or do I need to take care of the audit first While getting audited isn’t fun, having to also pay penalty and interest for late filing a return would be even [...]

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Ask the Tax Pro: Do I have to Issue a 1099 to an Artist?

Posted on08. Jan, 2011 by .

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Ken, who runs a for-profit consignment gallery asks: We have always filled out 1099-Misc forms for all of our artists who earn more than $600. I have an artist who is insisting that she doesn’t need to provide her tax ID # to us because her artwork is a good and not a service and [...]

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Ask the Tax Pro: Can I deduct Charitable Contributions for My Business?

Posted on25. Mar, 2010 by .

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The below question was asked by a taxpayer: I’m the sole member of an LLC, can I take a charitable deduction on my business return for cash and services I provide to my church? I get this question quite often.  And like most things involving tax, the answer is yes and no.   Charitable contributions of [...]

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