Your Questions Answered

1. QUESTION: My client is employed and has a side business that requires him to go to multiple locations. He regularly drives directly from delivering products to one of his business clients to his place of employment or from his employer to a meeting relating to his business. Ho... Marie Condley, EA

Your Questions Answered

1. QUESTION: Our client of several years called to tell us she has lived in Washington, DC, for nearly all of 2019. She took a staff position with a Representative from her home state. Does she have to file a DC tax return, or file only in her home state, or does she file a retur... Jackie Perlman, CPA

Your Questions Answered

1. QUESTION: My client sustained considerable damage to his home in Dayton, Ohio, following the storms, flooding, etc., in his area this past June. It may take him some time to get appraisals, resolve his insurance claim, etc. At this point, he does not know the size of the loss ... Jackie Perlman

Your Questions Answered

1. Enrolling in Medicare and Retroactive Impact on Health Savings Accounts I have a client, age 68, who retired and enrolled in regular Medicare in October. She was covered under her employer’s high deductible health plan (HDHP) from January through September, and continued to co... Gil Charney, CPA/PFS, CFP, CGMA, CMA, MBA

Your Questions Answered

1. When Can You Deduct the Interest on a Home Equity Loan? My clients called to say they are considering buying a small lake home that they will use for long weekends, vacations, etc., and possibly for retirement in the future. To buy it, they are thinking of taking out a home equity loan on their primary residence. They did not give any particular reason other than to say “that will just be easier for us than getting a mortgage on ... Jackie Perlman, CPA

Your Questions Answered

1. Qualified Business Income and the Statutory Employee Question: I have a few clients whose Form W-2, box 13 shows them as statutory employees. Assuming they are properly classified, would they qualify for the qualified business income (QBI) deduction in §199A? An... Gil Charney, CPA

Your Questions Answered

Question: Several of our clients are Canadian or Mexican citizens who live and work in the U.S. and file U.S. resident alien tax returns. Their families live in Canada or Mexico. In the past, they were able to claim exemptions for their dependents. What tax benefits will these clients qualify for, now tha... Jackie Perlman, CPA