Quantcast
Home (page 5)

Author Archives: Peter G. Robbins, CPA

Tax software is OK, but only if your taxes are simple (access required)

Q: I have been preparing my tax return for the past few years using tax software I found online. Do you think the low-cost tax return preparation packages do a decent job, or am I asking for trouble? I really ...

Read More »

Frequently asked real estate tax questions – answered (access required)

My friend Darrin Jaszkowiak, real estate agent with RE/MAX West, called me the other day asking questions I hear often. Here is an edited version of our conversation. Darrin: First, the Mortgage Debt Relief Act: My understanding is it was ...

Read More »

Avoid your own personal ‘Nannygate’ scandal

Q: We have a lady come into our home twice a month to help clean. She has now asked us for a Form W-2 saying she needs it to fill out her tax return. Is this something we really need ...

Read More »

Forever is a bit long to keep some tax documents

Q: I have boxes of old tax returns and receipts cluttering up my closet. I think I have my federal and Idaho tax returns since the early ’70s. How long do I really need to keep this stuff? Can I ...

Read More »

Which is better: bonus or dividend?

Q: I own a small corporation, and despite our slow economy we had a good year. I have rewarded my employees for their hard work with a year-end bonus and also paid some of the profits to myself. I know ...

Read More »

LLCs provide personal asset protection

Q: I own a number of single-family residences that I rent out to earn a bit of extra money. I own the houses myself and have a concern that I might be exposing my own home and other assets to ...

Read More »

IRS sees some loans as gifts

Q: A couple years ago I was stupid and loaned an ex-friend $5,000 to keep his business going. Of course, that money is long gone and I’ve now realized I will never see it again. Can I deduct this on ...

Read More »

Save documentation for moving allowances

Q: Our Boise-based company recently hired two new employees from out of state. We gave them a moving allowance to help move their families and household goods to Idaho, but we are a little confused as to whether we need ...

Read More »

Vacation home rentals use special tax calculations

Q: We have a cabin up in the McCall area that we use a few times a year. Since it sits empty for much of the year we are considering renting it on a limited basis. I know we will ...

Read More »

How to distribute a wellness bonus

Q: Our civil engineering firm is a member of a professional organization that is offering a new wellness program for our employees. Under the program our employees can voluntarily participate in a number of activities to promote good health. These ...

Read More »