Don't Waste Your Money: Tax Tips Edition

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Don't Waste Your Money: Tax Tips Edition

Our expert takes your questions about 2012 taxes

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!

by WCPO Admin 3/4/2013 7:19:04 PM
Free tax filing? Watch out... there's always a catch http://www.wcpo.com/dpp/money/consumer/dont_waste_your_money/3-catches-with-irs-free-filing-website

by WCPO Admin 3/4/2013 7:19:32 PM
Turbo Tax slashes prices by $20 http://www.wcpo.com/dpp/money/consumer/dont_waste_your_money/turbotax-slashes-prices-by-20

by WCPO Admin 3/13/2013 4:55:17 PM
Refunds delayed due to IRS form 'debacle' http://www.wcpo.com/dpp/money/consumer/dont_waste_your_money/refunds-delayed-due-to-irs-form-debacle

by WCPO Admin 3/13/2013 4:56:08 PM
3 catches with IRS free filing website http://www.wcpo.com/dpp/money/consumer/dont_waste_your_money/3-catches-with-irs-free-filing-website

by WCPO Admin 3/13/2013 4:57:07 PM
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.

by WCPO Admin 3/13/2013 5:02:43 PM
Welcome, all! We are getting ready to start taking your questions: First up is Mike Long of LongSchaeffer in Cincinnati.

by WCPO Admin 3/13/2013 8:49:54 PM
Mike here and I'm ready to take questions.

by Mike Long CPA/PFS 3/13/2013 8:50:28 PM
John here ready for tax questions

by jpmullowney 3/13/2013 8:57:49 PM
John Mullowney is with Clark Schaefer Hackett!

by WCPO Admin 3/13/2013 8:59:49 PM
Question: What is the number one thing people should know about our tax code for 2012?

by WCPO Admin 3/13/2013 9:02:03 PM
What is the hold up with the injured spouse claims this year?

by Em 3/13/2013 9:03:23 PM
The 2012 rules are very similar to the 2011 rules with minor changes for items like the mileage allowance, standard deduction, personal exemption, etc.

by Mike Long CPA/PFS 3/13/2013 9:04:08 PM
Thanks for the question Em.. John is typing up an answer!

by WCPO Admin 3/13/2013 9:04:15 PM
From 8379 used in thisinstance, was just released and the hold up is no longer

by jpmullowney 3/13/2013 9:05:13 PM
EM: The form is available to download from the IRS web site, WWW.IRS.GOV, type in the form number in the search box

by jpmullowney 3/13/2013 9:06:51 PM
@jpmullowney Even if we were able to file the form in January with our return?

by Em 3/13/2013 9:06:58 PM
The late tax law changes have delayed the overall process

by jpmullowney 3/13/2013 9:07:52 PM
You can inquire with them (IRS) directly
1-800-829-1040, it may take a few minutes

by jpmullowney 3/13/2013 9:08:49 PM
Thank you. Contacting the IRS is a waste of time as you are given a different answer by every rep you talk to. I was just wondering if maybe you were aware of anything that could be the cause of the delay this year. Thanks for your time.

by Em 3/13/2013 9:12:07 PM
Thanks for joining us, Em. Good luck to you

by WCPO Admin 3/13/2013 9:12:16 PM
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

by jpmullowney 3/13/2013 9:13:25 PM
Do I have to claim items I sell on Ebay on my taxes?

by pac 3/13/2013 9:14:21 PM
Thank you, I was unaware checking in with them in person was an option.

by Em 3/13/2013 9:14:51 PM
What is a diguised sale and the tax implications of such for a partnership interest?

by Hawkeye 3/13/2013 9:15:07 PM
Ok, in theory, if you exceed the base filing requirements, income wise, you should report your activity on EBay

by jpmullowney 3/13/2013 9:15:11 PM
Hi Don! Thanks for your question... We'll be right with you

by WCPO Admin 3/13/2013 9:15:50 PM
I am retired, but had a part time job where I paid quarterly taxes. The job ended last summer and I did not work quarter IV and thus send in not quarterly tax. Will that be an issue when nothing is put in for that quarter?

by Don 3/13/2013 9:15:57 PM
I am filing a reg 1040 form, I owe IRS about $1500.00 from last year taxes, I set up a payment thing with them, do I have to do a special form when I file this year

by debbie 3/13/2013 9:16:44 PM
Hi

by jpmullowney 3/13/2013 9:16:46 PM
Hi Debbie... We'll be right with you.

by WCPO Admin 3/13/2013 9:16:56 PM
Hi Debbie

by jpmullowney 3/13/2013 9:17:40 PM
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.

by Mike Long CPA/PFS 3/13/2013 9:18:30 PM
No, same form, last year is seperate.

by jpmullowney 3/13/2013 9:18:35 PM
what form would that be, I am so confused

by debbie 3/13/2013 9:18:41 PM
The regular form 1040

by jpmullowney 3/13/2013 9:19:07 PM
Hi Don, tell me more about your filing quarterly?

by jpmullowney 3/13/2013 9:19:46 PM
what law allows the total refund to be offset when the debt clearly only belongs to the other spouse? filing jointly of course

by injured spouse 3/13/2013 9:19:51 PM
Injured spouse, we'll be right with you!

by WCPO Admin 3/13/2013 9:20:50 PM
do they take the money all out this year,,even though I am paying every month

by debbie 3/13/2013 9:21:23 PM
Injured Spouse, You should review Form 8379 and its instructions. Go to www.IRS.gov

by Mike Long CPA/PFS 3/13/2013 9:22:25 PM
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?

by jpmullowney 3/13/2013 9:22:35 PM
For 2010 and 2011 can the portion my employer paid towards health insurance premium for myself, my children or my domestic partner be added in my total wages on my w2? Myincome is showing much higher because of this?

by julie 3/13/2013 9:23:16 PM
In the past I paid quarterly taxes on the part time job as they took no deductions out of my pay. The job ended last summer and I did not work Quarter IV, therefore I did not send any tax payment in for that quarter. Will that be a problem as paperwork usually ask for quarterly submitted amounts and dates submitted.

by Don 3/13/2013 9:23:47 PM
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.

by Mike Long CPA/PFS 3/13/2013 9:25:29 PM

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Don't Waste Your Money: Tax Tips Edition

Our expert takes your questions about 2012 taxes

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