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Can You Tell Me What Is Covered Under The New Flat Rate Home Office Tax Deduction?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

Generally, in order to claim a deduction for a home office, you must use a part of your home exclusively and regularly for business purposes. In addition, the part of your home that you use for business purposes...   Read More
I Sold My Primary Home On A Short Sale In 2012. Do I Need To Report The Amount Of Mortgage Debt Forgiven As Income?
User Photo Gnanendrasinh Rathod
Tax Professional Level: Tax Enthusiast

Yes, Mortgage debt forgiven report as Other Income on line 21 of 1040.   Read More
We Have Been Using The Same Tax Person For About 10 Years. It Seems Recently That The Cost In Doing Our Taxes Has Gone Up Significantly In...
User Photo Dan Selner
Tax Professional Level: Tax Enthusiast

The "going rate" generally depends upon two items: The complexity (size) of your tax return (i.e. the more pages, the higher the cost) and how well organized you are. If you are paying your accountant to add up...   Read More
If A Co-worker Wants To Deduct Vacation Time To An Active Duty Military Person, Who Is Taxed On This?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

Whether it is to an active duty member or to a co-worker, in organizations that allow you to give some of your PTO (personal time off = vacation time + sick pay) to another employee, the person who utilizes the...   Read More
Is Military Differential Subject To FICA Withholding? How Does This Affect My Social Security Benefits?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

For purposes of Social Security coverage, section 209(a) of the Act defines wages as “remuneration…for employment” and section 210(a) defines employment (in part) as “any service…performed…by an...   Read More
I Have An Active Duty Employee In The Middle East Who Is Receive Military Differential Pay. What Do I Need To Know About Reporting These...
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

The HEART Act (Heroes Earnings Assistance and Relief Act of 2008) provides that, for purposes of income tax withholding, any differential wage payment is to be treated as a payment of wages by the employer to the...   Read More
What Is The Taxpayer Advocate Service?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

The Taxpayer Advocate Service is a special unit within the IRS which is responsible, besides other things, at helping taxpayers who are hitting a dead end for some reason when dealing with a tax notice or audit....   Read More
What Is The Extension Due Date For A Tax Partnership Return In 2013?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

A partnership return is generally due on the 15th day of the fourth month following the date its tax year ended. For a calendar year taxpayer this is April 15th. There is the ability to get an "automatic"...   Read More
What Is The Maximum Wages And Self Employment Income Subject To Social Security Tax In 2012? Is It Any Different In 2013?
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

For 2012 the maximum earned income subject to social security tax is $110,100. The tax rate in 2012 was 4.2% for W-2 employees. This made the maximum social security tax $4,624.20. The maximum for the self-employed...   Read More
When My Tax Preparer Tells Me I Can File An Extension What Does This Really Mean? How Long Can I Go Beyond April 15th To File And Will It...
User Photo Steven Potts JD EA IAR
Tax Professional Level: Tax Enthusiast

The caveat about getting an extension is that it is an extension TO FILE and NOT an extension TO PAY. When you file your extension, which generally will allow you to file an individual tax return as late as October...   Read More
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