Welcome! John Matarese here... I want to welcome you to our live chat about all things taxes. Send us your questions -- so you don't waste your money!
IRS Circular 230 Disclosure: In accordance with IRS regulations, please be advised that to the extent this communication, including any attachments hereto, contains any federal tax advice, such advice is neither intended nor written to be used (and cannot be used) for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code, nor for promoting, marketing or recommending to another person any transaction, arrangement or matter addressed herein.
Welcome, all! We are getting ready to start taking your questions: First up is Mike Long of LongSchaeffer in Cincinnati.
Mike here and I'm ready to take questions.
John here ready for tax questions
John Mullowney is with Clark Schaefer Hackett!
Question: What is the number one thing people should know about our tax code for 2012?
The 2012 rules are very similar to the 2011 rules with minor changes for items like the mileage allowance, standard deduction, personal exemption, etc.
Thanks for the question Em.. John is typing up an answer!
From 8379 used in thisinstance, was just released and the hold up is no longer
EM: The form is available to download from the IRS web site, WWW.IRS.GOV, type in the form number in the search box
The late tax law changes have delayed the overall process
You can inquire with them (IRS) directly
1-800-829-1040, it may take a few minutes
Thanks for joining us, Em. Good luck to you
You can still try and despite it taking alot of time and receiving different results, its your best source of information. A personal visit may produce better results
Ok, in theory, if you exceed the base filing requirements, income wise, you should report your activity on EBay
Hi Don! Thanks for your question... We'll be right with you
Hi Debbie... We'll be right with you.
Hawkeye, It's a substance over form transaction. The tax implications are relative to the transaction and will pass through to the partner. This will depend on the facts and circumstances and professional advice is probably in order.
No, same form, last year is seperate.
Hi Don, tell me more about your filing quarterly?
Injured spouse, we'll be right with you!
Injured Spouse, You should review Form 8379 and its instructions. Go to www.IRS.gov
Debbie: Depending upon what the terms of your agreement are, and if you are due a refund, they may take that. Is that what you mean?
Julie, If your employer didn't have a Sec 125 plan the amount could be added to your taxable income and if you itemize you can attempt to claim it as a deduction there although there is a 7.5% of AGI limitation.