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Archive for Harold Goedde

Tax Credits For Education Expenses—Part II: The Lifetime Learning Credit (LTC)

Harold Goedde

This article explains the nature of the Lifetime Learning Credit (LTC), eligibility, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules. (Click here to read the first article.)

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Tax Credits For Education Expenses—Part I: The American Opportunity Credit (AOC)

Harold Goedde

This article explains the nature of and eligibility rules, who can claim the credit, qualifying expenses, the amount and limitations, and how to report them on form 1040 and supporting schedules.

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Casualty Under The Internal Revenue Code—Part 3

Harold Goedde

This article is part 3 of a three-part series which discusses gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and the basis of new property. The other 2 articles can be found by clicking on these links: Casualty Part 1 and Casualty Part 2.

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Casualty Under The Internal Revenue Code—Part 2

Harold Goedde

This article is part 2 of a three-part series which discusses how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction (part 1 can be found here). We will discuss gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property in the final installment.

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Casualty Under The Internal Revenue Code—Part 1

Harold Goedde

This article is part 1 of a three-part series which will discuss the meaning of a casualty under the IRC. Over the next two installments, we will discuss how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction. Also we will look at gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property.

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New Tax Court Rulings—June 2016

Harold Goedde

Some recent legal rulings from tax court which involving insider trading profits, deductions from business mileage, excessive borrowing on life insurance policy, and taxpayer fraud.

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Some Cautions Affecting Your Tax Situation

H G 6.2

For this post, I will present some news about tax topics that may affect your current situation: earned income tax credit (EITC), delayed nonresident refunds, and expatriate income tax.

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Effect of Workman’s Compensation On Taxability Of Social Security Benefits

Harold Goedde

Workman’s compensation for on-the-job injuries is non-taxable if it is to compensate the employee for medical care. But when a person also receives Social Security disability benefits, these benefits can increase the amount of Social Security subject to tax. This article will describe how this interaction occurs and its effect on the amount of taxable Social Security and increase in tax owed.

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Denial of Tax Exemption for Accountable Health Care Organization

Harold Geodde

A ruling by the Internal Revenue Service (IRS) creates a significant obstacle to a new type of health care network that the Obama administration has promoted as a way to provide better care at lower cost, at least according industry lawyers and providers. Health care markets are rapidly changing as independent doctors and hospitals race to form networks, otherwise known as accountable care organizations, in which they coordinate care for patients. The doctors and hospitals have financial incentives to keep patients healthy and to control costs, and they can share in the savings if they meet performance goals. The new entities, which now cover more than 28 million people, according to Leavitt Partners, help manage care for Medicare beneficiaries, people with employer-sponsored insurance, and consumers who buy coverage through online marketplaces under the Affordable Care Act.

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Alimony Payments Made Under Pre­trial Order—Things to Consider

Harold Geodde

In order for alimony payments made under pretrial order to be deductible (for Adjusted Gross Income) and taxable to the ex-spouse, the following conditions must be met:

(1) Payments must be made in cash

(2) Payments are received under a divorce or separate maintenance court decree

(3) The divorce or separation agreement does not designate the payment as something other than alimony (for example, a property settlement)

(4) The payer­ spouse and recipient­ spouse are not members of the same household at the time the payments are made

(5) There is no requirement to make the payments after the payer or recipient’s death.

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