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We Have A HUD Statement On The Closing Of Our Home We Just Refinanced. Is Any Of This Deductable?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

If the mortgage refinance was for your main or second home then you are only allowed to deduct qualifying points over the life of the loan. Qualifying points are usually fees paid to the lender for the loan. Bank...   Read More
Can You Deduct The Cost Of A Service Animal On Your Income Tax Return?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

Yes. Here is what the IRS says in their 2012 Medical and Dental Expenses Publication 502: Guide Dog or Other Service Animal— You can include in medical expenses the costs of buying, training, and...   Read More
What Is The Best Method To Use When Reporting Rental Income? Should I Use Cash Basis Or An Accrual Method?
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

Cash basis is generally the better method, depending upon your entire tax situation, of course. Cash basis means you only declare the income when received. That way you are not paying tax on rents owed but not...   Read More
As A Teacher, Can I Still Deduct The Cost Of Supplies I Purchase For My Classroom?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

The recently enacted tax law does extend the $250 educators deduction for teachers. Any amounts over the $250 can go on Schedule A, as unreimbursed employee expenses, assuming you itemize on your return.   Read More
Would Some One Explain What Is FATCA? Why Was It Intreduced? What Impact Does It Have On USC Living Abroad?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

FATCA stands for The Foreign Account Tax Compliance Act (FATCA) Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS. This reporting...   Read More
I Need To Move My 401K From A Past Employer, What Is The Best Way To Do That So I Don't Get Hit With Huge Fees? Where Is The Best Place To...
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

A direct rollover is probably your best bet. Find a good financial advisor - open up an IRA account - it will usually be coded as a rollover account. The adviser can assist you with where to invest the actual...   Read More
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What Are The Rules For Deducting Work Related Moving Expenses? We Are Moving So I Can Take A New Job In Another City?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

Moving expenses can be deductible if you move to a new home becasue of a new principal workplace. There are time and distance tests that must be met - the new workplace must be at least 50 miles farther from your...   Read More
As An Entrepreneur I Am Trying To Make A Decision As To How To Set Up The Company. Can You Tell Me The Benefits Of A C-Corp Versus An S-...
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

C corporations are taxed twice, at the corporate and shareholder level. S corporations are generally taxed at the shareholder level only, unless the entity was a C corporation in the past. This is one of the big...   Read More
Is There A Statute Of Limitations For Fed Quarterly Payroll Reporting? Are There Any Unique State Reporting Requirements?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

In general, the statute does not begin to run until you file, so if you did not file, then technically, no, there is no statute to run. Hopefully any withholdings from employees have been remitted regardless of...   Read More
What Is My Basis In Property Inherited From A Decedent Who Died In 2010 And Whose Executor Elected Out Of The Estate Tax?
User Photo Lisa Nason CPA, MST
Tax Professional Level: Tax Enthusiast

For the year 2010, "step-up" was replaced by "carry-over basis" rules. Carry-over basis means the basis of inherited property remains the same as it was for the deceased owner; which potentially increases the...   Read More

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