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William's Tax Planning Blog March 2006 Archive

By William Perez, About.com Guide to Tax Planning since 2004

Head of Household Filing Status

Friday March 31, 2006
Today's tax question comes from Linda N. in Georgia. She asks, "My ex-husband and I split on June 28, 2005. Our daughter has lived with me since then, and I ... Read More

Friday Tax Forum Roundup

Friday March 31, 2006
The Tax Message Boards are hopping with questions from all over the world. Join the conversation by taking a peek at these interesting discussions: Writer Working at a Loss Dedutions for 1099-MISC ... Read More

Filing Status for Widows and Widowers

Thursday March 30, 2006
Today's tax question comes from Charlie in Georgia. He asks, "My wife died last year. This year I was planning on filing as a Qualifying Widower, since I have a ... Read More

About

Thursday March 30, 2006
This is an example of a WordPress page, you could edit this to put information about yourself or your site so readers know where you are coming from. You can ... Read More

Filing Status for Separated Couples

Wednesday March 29, 2006
Today's tax question comes from "daghouff" in Texas. She asks, "My soon to be exhusband and I live in TX. He is employed with large salary; I am unemployed. ... Read More

Finding the Right Tax Professional

Tuesday March 28, 2006
Today's tax question comes from Ling in Germany. She asks, "My husband and I are being audited by the IRS. We have tried dealing with this ourselves, but haven't made ... Read More

What Do You Fear?

Tuesday March 28, 2006
Every year I see clients who are scared to death of filing their taxes and live in fear of what the IRS might do to them. I always tell these ... Read More

Foreign Income: Exclusions and Tax Credits

Monday March 27, 2006
Today's tax question comes from three readers who asked how the IRS taxes income earned while working overseas. US Citizens and resident aliens are taxed on their worldwide income. However, if ... Read More

Money Blog Roundup

Monday March 27, 2006
Once a week we'll take a look at what other About.com Guides are saying about how to manage finances and plan for the future. This week I found these great ... Read More

Tax News Roundup

Saturday March 25, 2006
Every Saturday, we'll take a look at the top tax stories in the news. IRS Invites Taxpayers to Apply for Taxpayer Panel The IRS and the National Taxpayer Advocate are looking for ... Read More

When to Report Casualty Losses

Friday March 24, 2006
Today's tax question comes from Daniel in California. He asks, "My house burned down in 2003, and for the past three years I've been waiting for the insurance company to ... Read More

Friday Tax Forum Roundup

Friday March 24, 2006
The Tax Message Boards are hopping with questions from all over the world. Join the conversation by taking a peek at these interesting discussions: "Renting" house to cousin: is interest tax ... Read More

Back Taxes: What are Your Options for Filing Late Tax Returns?

Thursday March 23, 2006
Lead: Today's tax question comes from an anonymous reader who asks, "Mr. Perez, I was researching on the internet about what to do about by tax situation. I found one ... Read More

TurboTax and IRA Rollovers

Wednesday March 22, 2006
Today's tax question comes from Jenny. She asks, "I have a personal tax question. Last year I rolled over an IRA and now I’ve received a 1099-R stating this ... Read More

Tax Software Choices

Wednesday March 22, 2006
When choosing the right tax software, focus on the features your need. For 2005, there are three solid recommendations for best tax software: TaxACT - a reliable and ... Read More

Child Care Tax Credit: Is Form 2441 Calculating Correctly?

Tuesday March 21, 2006
Lead: Today's tax question comes from Jimmy. He asks, "I'm in a Child Care section 125 cafeteria plan. I paid the day care center $3600. From my paycheck I had pretax ... Read More

Loss on Sale of House: Any Options I Have?

Monday March 20, 2006
Today's tax question comes from Paul in North Carolina. He asks, "I am trying to determine whether my circumstances are worth pursuing or not. I bought a house in ... Read More

Money Blog Roundup

Monday March 20, 2006
Once a week we'll take a look at what other About.com Guides are saying about how to manage finances and plan for the future. This week I found these great ... Read More

Tax News Roundup

Saturday March 18, 2006
Every Saturday, we'll take a look at the top tax stories in the news. IRS Audits Increase 21% "During Fiscal Year 2005 the IRS completed more than 1.215 million audits of individuals, ... Read More

Friday Tax Forum Roundup

Friday March 17, 2006
The Tax Message Boards are hopping with questions from all over the world. Join the conversation by taking a peek at these interesting discussions: HELP Please! Does this count as a job ... Read More

Hybrid Tax Credit: Figuring the Maximum Credit Allowed

Thursday March 16, 2006
Today's tax question comes from Mike G. in Washington. He asks, "I think that there is an incorrect equation in your Hybrid Tax Credit article. I have seen multiple ... Read More

H&R Block: Being Sued by NY State

Thursday March 16, 2006
Tax preparation giant H&R Block is being sued for steering customers into high-fee Individual Retirement Accounts. New York State Attorney General Eliot Spitzer said, "H&R Block misled investors about the ... Read More

Maxing out Retirement Savings

Wednesday March 15, 2006
Today's tax question comes from James in California. He asks, "Can you contribute to both a 401(k)/403(b) and a ROTH-IRA?? Which is more advantageous?? Are there any tax consequences ... Read More

Corporate Tax Deadline: March 15th

Wednesday March 15, 2006
March 15, 2006, is the deadline to file corporate tax returns (Forms 1120 and 1120S). If you're not ready to file, don't panic. Simply file an extension using Form 7004. ... Read More

Education Credits: Tax Breaks for College

Tuesday March 14, 2006
Today's tax question comes from Dolly in Houston, Texas. She asks, "My daughter is in college, I payed for her tution about $12,000.00 during 2005. Is any other way to ... Read More

Scholarship Income: Taxable or Not?

Monday March 13, 2006
Today's tax question comes from Kevin in Bulgaria. He asks, "If I have received a government grant (Fulbright fellowship) to do research in Bulgaria, do I qualify for a moving ... Read More

Money Blog Roundup

Monday March 13, 2006
Once a week we'll take a look at what other About.com Guides are saying about how to manage finances and plan for the future. This week I found these great ... Read More

Tax News Roundup

Saturday March 11, 2006
Every Saturday, we'll take a look at the top tax stories in the news. IRS and Debt Collectors, a Partnership Made in … (Don't Mess With Taxes) The IRS is outsourcing some ... Read More

Friday Tax Forum Roundup

Friday March 10, 2006
The Tax Message Boards are hopping with questions from all over the world. Join the conversation by taking a peek at these interesting discussions: Send supporting documents with 1040? How to update ... Read More

Starting a Small Business

Thursday March 9, 2006
Today's tax question comes from Linda, who asks, "If i invested over $3,000 to start a home based business (postage, mailers, business cards, fax machine, product samples, etc.) but earned ... Read More

Claiming Dependents

Wednesday March 8, 2006
Today's tax question comes from "ERM" in Texas. She asks, "My 22 year old daughter was hired as a flight attendant and had to relocate to New Jersey. I paid ... Read More

Starting an S-Corporation

Tuesday March 7, 2006
Today's tax question comes from C. Hine in Indiana. She asks, "I was reading your discussion on shareholder contributions to an S corp via money and other capital. Say ... Read More

Forgot to Claim IRA Deduction

Monday March 6, 2006
Today's tax question comes from "J.F." in California. She asks, "This year I took my taxes to a tax professional. The accountant reviewed copies of my earlier tax returns. It ... Read More

Oscar Goody Bags are Taxable Income

Sunday March 5, 2006
The IRS reminded actors and actresses that the "gifts" they receive at the Academy Awards are really taxable income. According to IRS Commissioner Mark Everson, "We want to make sure ... Read More

Mind Over Money: Interview with Eric Tyson

Sunday March 5, 2006
I recently spoke with personal finance guru Eric Tyson about his latest book, Mind Over Money: Your Path to Wealth and Happiness. The book is about different personality types when ... Read More

Tax News Roundup

Saturday March 4, 2006
Tax News Roundup Every Saturday, we'll take a look at the top tax stories in the news. IRS Has $2 Billion for People Who Have Not Filed a 2002 Tax Return If you ... Read More

Friday Tax Forum Roundup

Friday March 3, 2006
The Tax Message Boards are hopping with questions from all over the world. Join the conversation by taking a peek at these interesting discussions: How to file taxes after divorce? Moved from ... Read More

Buying a Second Home: Any Tax Implications?

Friday March 3, 2006
Today's tax question comes from "DE" in Washington, DC. He asks, "Hi, I own a house in the city of Baltimore and I plan to buy a second home within ... Read More

What to Do with Form 1099-MISC?

Thursday March 2, 2006
Today's tax question comes from Eric H. in New York. He asks, "I'm an independent contractor. Am I liable to pay taxes on income if my employer sends me ... Read More

Incorrect W2: What to Do?

Wednesday March 1, 2006
Today's tax question comes from M. Sullivan in Texas. He asks, "The wages that my employer reported on the W-2 is not correct. My employer has filed bankruptcy and ... Read More

Beware of Refund Anticipation Loans

Wednesday March 1, 2006
"You can get your tax refund today," is the sales pitch for high-interest tax refund loans. These loans are costly and should be avoided. Refund loans are marketed under a ... Read More
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