Family Archives - John R. Dundon II, Enrolled Agent
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Family

04 Aug

Posted at 00:00h in Deductible Expense, Dependent, Family, Filing Status, Health Insurance, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation

As I have been helping my Mom transition into life as a widow many interesting facts have begun to resonate. Particularly intriguing for me today under Regs. §1.2-2(b)(4) parent(s) can be claimed as a dependent if you meet the usual support, citizenship, gross income, and joint return...

25 Jul

Posted at 00:00h in Family, Foreign Income, Marriage, Offer In Compromise, Paying Taxes, Private Letter Ruling, Tax Guidance & Preparation, Uncertain Tax Position

The IRS issued three rulings in 2010 to address how the income of registered domestic partners in California should be reported and taxed for both state and federal income tax purposes. In Chief Counsel Advice 201021050, the IRS determined that for tax years beginning after December 31, 2006, registered domestic partners in...

22 Jun

Posted at 00:00h in Asset Classification, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Entity Classification, Estate Tax, Family, Gift Tax, Self Employ, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

From a tax perspective the fundamental issue is whether a legitimate business purpose exists for the formation of a distinct entity to do a sale leaseback. If one exists and this is pursued all elements of the transaction should meet an arms length standard and...

28 Jan

Posted at 00:00h in Dependent, Family, Marriage

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able to take this credit on...

23 Sep

Posted at 00:00h in Child Tax, Deductible Expense, Dependent, Disallowed Expenses, Family, Student Loan, Tax Credit, Tax Deductible Expenses, Tax Relief

According to IRS Publication 970, Tax Benefits for Education, questions exist to help determine if education expenses are tax deductible. These questions include: Is the expense associated with the education 'work related'? It must be to be deductible. Is the education in question required by...

09 Sep

Posted at 00:00h in Charitable Contribution, Child Tax, Education Expense, Family, Student Loan, Tax Deductible Expenses, Tax Problems & Requests, Tax Relief

Meir Katz (J.D. 2010, Georgetown) has posted The Economics of § 170: A Case for the Charitable Deduction of Parochial School Tuition on SSRN. It is fascinating. Here is the abstract: That payments for parochial school tuition are not deductible under § 170 is a foregone conclusion...

27 Aug

Posted at 00:00h in Education Expense, Family, Tax Credit

There is still time left to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment Act of 2009 and is...

09 Jul

Posted at 00:00h in Children, Employee Business Expense, Employment Tax, Family, FICA, Paying Taxes, Payroll Tax Problems, Personal Service Corporation, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job. All employees...

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