The Taxgirl Podcast discusses tax news, tax info, and tax policy. With so many taxation-related rules, facts, and updates, it’s easy to be left with questions about tax processes. Luckily, the Taxgirl mailbag allows readers and listeners to submit their tax questions for Kelly to address.
What questions do listeners want to ask the Taxgirl?
On today’s episode of the Taxgirl podcast, Kelly is sorting through the Taxgirl mailbag of questions submitted by her podcast listeners and column readers. So tune in and listen as Kelly reads and weighs in on questions from curious taxpayers about various tax subjects.
Listen to Kelly read and answer your tax-related questions:
- Can people make money “under the table” that is not reported to the IRS or recorded as a form of employment? Is this wrong, and what are the repercussions of choosing not to report this income?
- How do Social Security taxes, Medicare taxes, and income reporting work for freelancers or self-employed people?
- What are the disadvantages to “working under the table” regarding benefits, retirement contributions, employment records, and payment conflicts?
- How are annual loss limits applied to losses and gains in the stock market? Are there annual losses that you can carry forward to later years after you’ve exhausted your capital gains?
- If you receive money as gifts, do you need to report the money to the IRS? Is there any scenario where this money could be excluded?
- Can people receive money gifts over $15k in multiple payments so that it is not taxed, or would this be considered structuring payments? What tax issues can accompany actions taken with the intent to avoid tax payments?
- How are monetary gifts taxed? How often does gift taxing affect middle-class taxpayers?
- How do reporting requirements affect cash deposits into bank accounts? If someone were to make a deposit of over $10,000, would the bank report it, and what would happen?
- Why might someone be denied a tax refund advance loan? If someone is turned down, can they reapply elsewhere?
- Can social media influencers/creators write off their college tuition as a deductible expense related to their business? What qualifiers make a business expense deductible?
More about Kelly:
Kelly is the creator and host of the Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.
You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.
To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.
Links:
Kelly’s Website – Taxgirl
Your advice on today’s podcast regarding using capital losses was incorrect. A 27k loss can be used entirely to offset a 30k capital gain. If gain was 20k, you can use 23k this year to offset gain plus use 3k for ordinary deduction.
Ah, good catch. Earlier, he asked, “If I never buy stocks again, it would take me 10 years to slowly offset the $30,000,” which I interpreted to mean that he was asking whether he was restricted to the $3k carryforward limit after he exhausted his capital gains (which is true). Reading the question again, I see that he’s suggesting two different possibilities. I’ll make the clarification.