Q: You wrote a few weeks back about taking money out of your traditional IRA after you turn 70½. I am only in my mid-40’s but I would like to use some of my IRA money to help pay for ...
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Q: I will celebrate my 70th birthday in August and know the time is drawing near that I will be able to take money out of my IRA. But I am a bit confused as to whether I should start ...
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Q: I didn’t file my tax return until early April because all my 1099’s and other tax documents didn’t arrive until very late. And then, two days after filing my return I received a corrected 1099 from my investment advisor. ...
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Q: We purchased a new home in 2013 and understand that we should be OK in regards to capital gains taxes on the sale of our old home. We also, however, sold a lot in a separate location that we ...
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Q: Can you explain the advantages of itemizing deductions versus taking the standard deduction? And what exactly can I take as an itemized deduction? A: When filing your individual tax return you have a choice of itemizing your deductions or ...
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March 14, 2014
Comments Off on Online sellers may need to collect sales tax
Q: I have an online retail business. Should I be collecting sales tax from customers who live in different parts of the country? A: This is a great question and a very timely one. Just the other day one of ...
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February 28, 2014
Comments Off on Most sales of primary residences are tax-free
Q: Now that the Idaho real estate market has recovered a bit, we are considering selling our home and buying a bigger house for our growing family. One friend told me I don’t have to pay any tax on the ...
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February 14, 2014
Comments Off on Tips for keeping your financial information secure
It’s tax time! And along with tax returns and e-filing and W-2s and 1099s, we also have to be worried about all those rascals that want to get hold of your name, Social Security number, and other personal information to ...
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January 31, 2014
Comments Off on Yes, you do have to pay tax on those Amazon purchases
Q: I noticed the Idaho tax forms have a line for “Sales/Use tax due on nontaxed purchases (Internet, mail order, and other).” I am not sure how this applies to me and I never heard of “use tax.” Can you ...
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January 17, 2014
Comments Off on Oil and gas investments come with specific tax ramifications
Q: I have a friend who swears by his investments in oil and gas. He is trying to get me to invest also, but to be honest I really don’t understand this business. I’ve always heard I should not invest ...
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