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THanks for the show. I had done my dad's taxes with TaxCut, but hadn't noticed the opportunity to get up to $1000 deduction for real estate taxes even tho he didn't itemize. Thanks -- you saved him $200.

I'm a currently unemployed freelancer- last year an accountant filed an elaborate return with amortizations/depreciations on equipment i bought. I can't afford an accountant this year and have no idea how to fill out form 4562, or how to incorporate the info into this year's return from last. Money talks, and last year's accountant has had nothing to say about the matter.

Is the only risk of ignoring the info that I may lose a possible deduction this year? Am I at risk of being audited?
If any other listener's have an idea, chime in...

For the caller who asked about the Unincorporated Business Tax... the UBT is a NYC tax that affects freelancers. It has become controversial in recent years as jobs have migrated to independent contractors. Freelancers Union is involved in taking action to eliminate it. Go to their website for information about the ubt. See: http://www.freelancersunion.org/

Regarding the self employed woman who wants to open an IRA:

First, a Roth IRA is never deductible.
Second, you don't know if she meets the income requirements for a traditional IRA.
Third, since she's self employed she ought to be opening a SEP or a Keogh. (I think that's 13% of AGI.)

I'm not an expert and I don't even pretend to be one on the radio!

What is the Alternative minimun tax? I owe the IRS $6500 but am getting a refund from the state of $2500. My accountant says this is because of the alternative minumum.

Can one use an IRA deduction (assuming one contributes into one by the 4/15 deadline) if one also contributes to a 401k (even to the max allowed for the 401k)?

This guy's voice sounds like Kevin from the Office.

hi,

i started grad school this year near albany. my tuition is covered by a scholarship and i get paid a small amount to teach. i've kept my apartment in brooklyn and rented a second apartment up here where rent is cheap. can i deduct my second apartment?

thanks,

j

What is the best way to report purchase and sale of musical instruments that I use as a professional musician?

I live with my girlfriend and pay most of the bills. I was wondering about Head of Household withholding, how can I qualify and would filing like that save me much or any money?

Tony,
What a great sense of civic spirit you enjoy...!
You were here for the good times. Suck up the bad times, my friend. It may well be the only option at this point.
California remains, like New York used to be, a very diverse economy. It will survive. And, after all, what makes a man isn't his grasping for his own ill-gotten gains...

I'm not sure how to deal with my deductions this year. I was an employee through September until I started my own business and did some freelancing work. I collected receipts for Oct-Dec. Do I itemize for the entire year or just the last 4 months? Since I work out of my apartment, do I deduct a portion of my rent just for the months I was working for myself?

I live in California and this year, I underpaid my taxes (I had to mail a check). How can I make sure that I underpay this year too?

See, my state is going bankrupt, and I am not sure it will be able to pay refunds next year.