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It’s tax time — but fear not. We won’t let you drown in your pile of tax forms. With April 15 just a few weeks away, our panel of tax experts answers your questions on topics ranging from out-of-state income to the effects of the sequester.

Guests:
Robert Caplan, CPA and member of the California Society of CPA's Tax Committee
Jesse Weller, Internal Revenue Service (IRS) spokesperson in the Bay Area

  • Eric

    Forum:
    I formed an LLC in August 2012 for a short film project. I’ve had
    no financial transactions (income or expense) that have gone against
    the LLC. Do I need to file a 2012 tax
    return?

  • Related to deducting state taxes paid in 2011 as an itemized deduction in 2012 (previous caller), the IRS states that you can also deduct the total of all estimated state taxes paid in 2012, as well. Can you confirm?

  • Sanfordia113

    The 2013 contribution limits for an IRA is $5,500 – NOT $5,000 , as could have been inferred from the comments from the guests. 2012 limits are still $5,000 but it increased for 2013!
    http://www.irs.gov/publications/p590/ar01.html#en_US_2012_publink1000254864

  • daniel

    i’m an independent contractor in the software industry, can you discuss the tax advantages of forming a s-corp to work under.

  • Daroo

    My 63 year old mother is on Disability, so receives a small check every month from the government. I pay for all of her bills however. Can I claim her as a dependent? Thanks for a great show!

  • tony

    Is there not a reporting requirement for gifts from overseas? This seems to be a little-known requirement. There was an earlier question on this topic on the program, and I don’t know if the answer was complete.

  • Pacifica Progress

    Is there any way to use IRA’s or 401K’s to fund buying a 1st home without paying penalties or having to pay the money back? My girlfriend and I each have around $40K, me in IRA her in 401K and we were shocked to find out we couldn’t get at the money foe a 1st home purchase. We’re both 56.

  • Sanfordia113

    Can a US resident file Married Filing Jointly 1040 with a non-resident spouse with no income who is not living in the USA (but will file a 1040-NR)?

    • Tommy Liu

      1) Why is the spouse filing any 1040 (NR or not) on his or her own in the first place if there is no income for him or her??

      2) Yes, the couple can elect to file as Married Filing Jointly, and no 1040NR should be needed, as they will file one 1040 jointly.

      More details from the IRS: http://www.irs.gov/Individuals/International-Taxpayers/U.S.-Citizens-and-Resident-Aliens-Abroad—Nonresident-Alien-Spouse

      • Sanfordia113

        So actually, it is not that there is no income, but rather due to tax treaty status, the income is exempt from U.S. taxation. Seems that document says it is not possible to file maaried joint return and still claim tax treaty.

        Yet another exampe of the Marriage Penalty Tax. Gays should be weary of what they wish for in terms of DOMA!!!

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