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SUGGESTIONS FOR DETERMINATION OF EMPLOYEE HEALTH SAVINGS ACCOUNT CONTRIBUTIONS
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

Yes, you are right you can review W2 Box 12 Code W and check to see if the Box 1 wage amounts were reduced compared to Box 3 and Box 5. You may want to review a few paystubs to see how the HSA contributions were...   Read More
Are Taxes Dischargeable In Bankruptcy?
User Photo William Rogers, CFP, MBA, EA
Tax Professional Level: Tax Enthusiast

Individual income taxes are dischargeable in a Chapter 7 Bankruptcy.   Read More
I Have A Client Who Owns A House In India. He Was To Take The Interest Of That House Off His Tax Return. My First Question Can He Do This?...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the interest expense is for payments on a mortgage on the home, and the home qualifies as his second residence, it is deductible as mortgage interest on Schedule A. If it is not his residence but is an...   Read More
0 0 Deduction
I Have A Client Who Owns A House In India. He Was To Take The Interest Of That House Off His Tax Return. My First Question Can He Do This?...
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

Yes, your client can take the interest paid on the home loan on his house in India as a deduction on his US taxes. This would go on Schedule A. If this is an investment property than the interest would go on...   Read More
0 0 Deduction
Do I Need Another EIN If I Already Have One For A Chicago, IL Sole Member LLC And I'm The Sole Member And I Just Created Another LLC In CA?...
User Photo Caran Ebert, CPA
Tax Professional Level: Tax Enthusiast

You must file for a separate EIN for your California LLC. Your EIN is belongs to the specific company registered in the State of Illinois. It is like your individual social security number and only follows the...   Read More
Germany - US Tax Treaty: Pay Back After Four Years?!
User Photo Manasa Nadig
Tax Professional Level: Tax Enthusiast

Sonja, Which article of the US-German Tax Treaty are you referencing? Here is a link to the technical explanation of the treaty on the Internal Revenue Website: https://www.irs.gov/pub/irs-trty/germtech.pdf   Read More
Did The AICPA Recently Request Administrative Authority By The Department Of Treasury In Connection To The Enhanced R&D Tax Credit...
User Photo Peter J. Scalise
Tax Professional Level: Master Tax Advisor

Introduction The American Institute of Certified Public Accountants (hereinafter “AICPA”) has requested the Department of the Treasury and the Internal Revenue Service (hereinafter the “Service”) to issue...   Read More
When Preparing Donor Statements - Should The Recipient Be An Individual Or Household?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There is no hard-and-fast rule. Generally, it is preferable to prepare the statement by taxpayer. Thus in a family unit, a statement woud be issued to husband and wife. If any of their children give, a separate...   Read More
If Your Claiming Your Dependent And They Work Also Could You Put There W2 On Your Return?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No. You cannot put a dependent's income and expenses on your return. He or she would have to file their own return, not claiming their dependency exemption. If you could, you wouldn't want to do it since you're...   Read More
0 0 Form 1040


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