Posts tagged as:

ask the taxgirl

Ask the taxgirl: Estimated Payments

18 July 2009

Taxpayer asks:
I’m a recent college grad working 2 full-time jobs and doing some free-lance work on the side. I have recently been asked to provide a w-9 for a $300.00 invoice I sent to a client, who happens to be my old boss. I was wondering, how much money should I withhold to [...]

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Ask the taxgirl: Responsible for the debts of others?

6 July 2009

Taxpayer asks:
I own a house where I live with my boyfriend. I pay almost of the bills because he does not currently have a job. I’m working full time as a paralegal and I hope to go to law school some day. I really enjoy your blog.
Here’s my question. Because he’s [...]

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Ask the taxgirl: Stimulus check and divorce

21 June 2009

Taxpayer asks:
Hello,
I am writing in behalf of my daughter who has a stimulus check from last year that she cant get cashed. She and her husband or soon to be ex have received a $900.00 check that she cant get cashed. He isn’t playing fair and has moved out of the state and is refusing [...]

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Ask the taxgirl: Deductibility of Booze

3 June 2009

Taxpayer asks:
Thanks for taking the time to consider my question.
I travel extensively for my job. When I travel, I have an expense account for meals and hotels. My company recently moved to a “no alcohol” policy on expense accounts. We cannot put any alcohol on our expense accounts and we cannot apply [...]

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Ask the taxgirl: Deducting Gift Cards

2 June 2009

Taxpayer asks:
Hello,
I am an independent contractor and work with teachers. If I purchase gift cards to award those that completed required assessments by the deadline given. Can I deduct the cost of these gift cards?
I would appreciate any information you can provide.
Many thanks,
Taxgirl says:
I love this question because it’s an example of [...]

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Ask the taxgirl: What Qualifies as a Second Home?

7 May 2009

Taxpayer asks:
Last year, my husband came into a little money. He bought a few acres in the middle of the state and put a motor home on it. He plans to build a cabin on it. Since it’s not a second home yet can we get any tax breaks on it?
Taxgirl says:
Who says it’s not [...]

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Ask the taxgirl: Income Tax Consequences of a Gift

4 May 2009

Taxpayer asks:
Hi Tax Girl
Question
If someone pays my Credit line directly. i.e. they write a check directly to my bank to lower my credit line balance.
with their after tax dollars. Is this taxable income to me.

Taxgirl says:
It depends on who that “someone” is…
In most cases, this would be considered a gift to you [...]

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Ask the taxgirl: Problems with New Tax Tables

1 May 2009

Taxpayer asks:
“Rude surprise for taxpayers
Millions of people who are enjoying President Obama’s tax credit will need to return some of it.” http://finance.yahoo.com/news/INSIDE-WASHINGTON-Rude-apf-15091434.html?.v=1 Per the Yahoo News
I read the article and not sure what to believe. Are their problems ? Should we withhold extra to get the same amount back assuming all household/Income things [...]

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Ask the taxgirl: Roth Conversions

23 April 2009

Taxpayer asks:
Hi,
I am currently retired, age of 60.
I have pension income of $48K / yr and investment income of 20K/ yr.
What are the tax consequences of converting a 401k of $120K to a Roth IRA?
To limit taxes, should the conversion be structured over several years?
Thanks,
Taxgirl says:
Retirement planning is so not my forte. So I’m [...]

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