Tax Tips Blog

New Tax Resources

glgcpa — Tue, 05 May 2009 18:52:10 +0000

Fellow readers, I am sorry that I have not had the time to update this blog regularly. I have decided the best thing for both myself and my readers is to provide you with the following new tax resources: Read the past posts, questions and answers to my tax tips blog via this search engine: Custom [...]

Help Joe the Plumber

glgcpa — Mon, 06 Apr 2009 12:27:20 +0000

I’m sorry I haven’t posted, things are real busy this time of year. I wanted to make sure everyone saw this YouTube video, made by Joe The Plumber. He is on a mission to abolish the IRS and needs your help to do it. He charges $0.99 a vote (vote at IRSvote.com) so he can [...]

Convert Personal Residence to Rental

glgcpa — Wed, 18 Feb 2009 13:01:39 +0000

Mark writes: Hi Gina! I have a tax question for you. Here is my question: My wife and I bought a condo back in 1999 for $75,000. We lived in it as our primary residence for 4 years until 2003. We then started to rent it out. At the time we started to rent it out it [...]

Housing Assistance Tax Act of 2008

glgcpa — Mon, 16 Feb 2009 01:47:11 +0000

Gary asks:Housing Assistance Tax Act of 2008 lets Filers claim $500 for Individual Filers and $1000 for Joint Filers for those that don’t itemize their deductions. You simply add the $500 or $1000 to the Standard Deduction Amount. My Question is does this also apply to those that are Married filing Seperately? My reply: Hello! Thanks [...]

Multiple Severance Pay Questions

glgcpa — Sun, 08 Feb 2009 12:04:16 +0000

Kemal writes:Hello, I have received a severance pay for a year in a lump sum and my company withhold just 25 %. I think this is too less considering my total income for 2008 even though my company knows that the total income including severance would be count for a much higher tax rate? Do I [...]

Taxability of Expense Sharing

glgcpa — Sun, 01 Feb 2009 01:53:15 +0000

Megan writes: I am a home owner and a friend has been living with me. We do not have a rental agreement, but we did discuss an amount that he could pay to contribute to the costs. Do I need to report this as income? He does not report it as an expense on his [...]

Seaman’s Tax

glgcpa — Sun, 01 Feb 2009 01:50:59 +0000

Kristy writes: Ms. Gina My husband works for a tug boat company in Mississippi. some of the guys he works with have told us about something called a Seaman’s Tax. They said that we can get our money back for the food he buys while out on the water for hours on in, for his tools we [...]

Deemed Distribution

glgcpa — Thu, 22 Jan 2009 16:07:26 +0000

Dawn writes: If I inadvertently deposited the class action settlement check from a Traditional IRA into my personal account, do I have 60 days to move the money to my IRA to avoid taxation? My reply:Hello Dawn, thanks for visiting. I’m sorry to say that I am not aware of a provision that allows you [...]

1099 vs W2?

glgcpa — Wed, 21 Jan 2009 11:40:29 +0000

Mike asks: My name is Michael and am in need of some help. The company i work for just proposed switching me from a W2 to a 1099. I currently earn 24k a year gross salary but they want to cut my pay to what i make net and have me as 1099. They [...]

Preparing Your Own Taxes?

glgcpa — Thu, 15 Jan 2009 16:38:44 +0000

If you’re planning on preparing your own tax return this year and you’re looking for some software to help you, I may have a solution for you…. I’m offering online filing through my software company beginning today, January 15, 2009. It’s interview style very much like TurboTax for a fraction of the price. The [...]