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Author Archives: Peter G. Robbins, CPA

Mortgage interest deductions do have some restrictions

Q: We are in the process of financing a new home and have heard that we may not be able to deduct all the mortgage interest we will be paying. Is this true? We did not think there was any limitation on deducting the interest paid on a mortgage.

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Plan ahead to keep business running in disasters (access required)

Q: With all the recent natural disasters – fires, floods, earthquakes, tornadoes and hurricanes – we have begun to think about developing a disaster recovery plan for our company. Do you have any thoughts as to what we should consider? ...

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Respond right away to IRS correspondence (access required)

Q: I recently received a letter from the Internal Revenue Service saying I did not report all my income. I know I reported everything, so can I just ignore the letter or do I have to respond? I really don’t ...

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Temporary workers may or may not be independent contractors (access required)

Q: Over the next few months our company is going to need some extra help. This is only a temporary situation, so we don’t want to hire a new regular employee and go through the process of offering benefits, direct ...

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Sale of rented home may be taxable (access required)

Q: A couple years ago my husband and I bought a new home. Because the real estate market was so depressed, we rented our old house. Now we have an offer to sell the house. We are concerned we will ...

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In-field job search expenses may be deductible (access required)

Q: I have become increasingly dissatisfied with my current position at my company and am considering looking for a new job. Is any of the money I will need to pay to conduct my job search deductible on my tax ...

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Tax rule lets employers encourage education for employees (access required)

Q: We have two employees who would like to pursue their masters of business administration and another who has asked if we would help out with some additional training. As an employer we would like to help them achieve their ...

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Withholding rules may induce headaches (access required)

Q: One of the partners in our real estate partnership just moved to Utah. I understand we may now be required to withhold taxes on her share of the partnership income before we distribute money to her. I really don’t ...

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Do your research when hiring a tax preparer (access required)

Q: I have always prepared my own tax return, but this year I am pretty confused. My return seems to get more complicated every year. I am thinking I need to use a professional preparer this year. How do I ...

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