TaxConnections

Ask Tax Question
Report ISO Disposition In Year Exercised/cashed Out Or Year Included On W2 (different Years)? Exercised/cashed Out ISOs In 2011 As A...
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

If you exercised in 2011, it should be reported in 2011. I would confer with your employer to see if they can provide you a W-2C.   Read More
How Much Depreciation Can I Deduct Each Year On My Rental Property?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Assuming you mean a residential rental, it is depreciate out over 27.5 years and the depreciable basis is the basis in the entire property menus the FMV of the land. It is based on what month you put it in service...   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
How Many Education Tax Credits Can I Claim Each Year?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

Each individual on the tax return is only eligible for one type of education credit or deduction. However everyone on the return who is a qualifying student in post secondary education may qualify for a credit or...   Read More
What Is The Difference Between The American Opportunity Tax Credit And Lifetime Learning Credits?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The American Opportunity Credit is available for each student for the first $4000 in qualifying expenses for a credit of up to $2500. Of the credit 60% is applied to tax liability and 40% is refundable even if you...   Read More
What Is The American Opportunity Tax Credit? How Would Qualify Me For This Tax Credit?
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required...   Read More
What Do I Need To Do To Establish A Health Savings Account( HSA)? Is It Taxable?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

Notify your employer you want to set up a HSA. For 2013, annual contribution for self, under 55 is $3250, over 55 is $4250. For Family coverage, the appropriate numbers are $6450 and $7450. Minimum annual...   Read More
As A Member Of The Clergy Are There Any Exemptions For Self-employment?
User Photo Chuck Heyde, CPA, CGMA
Tax Professional Level: Tax Wizard

Yes, look at Form 4361. http://www.irs.gov/pub/irs-prior/f4361--2011.pdf Remember, if you dont pay into SSA, you cant pull out. And also remember "Give back to Caesar what is Caesar's and to God what is God's."...   Read More


Meet Leading Tax Advisors

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Log into Tax Connections

Not a member?    Register Now For a Free Account
I've forgotten my password

INCREASE KNOWLEDGE FROM EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today