Ask an Accountant: College Expense Deductions


Although tax season is over, tax questions arise year round. Momondealz‘s husband is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an Accountant”.
Question:
My son is heading to college this year and I was wondering what exactly I can claim on my taxes next year as deductions (i.e. textbooks and other school supplies? [click to continue…]

Ask an Accountant: Business Expenses


Although tax season is over, tax questions arise year round. Mr. MomonDealz is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an Accountant”.
Question:
I am in the process of registering the blog as a business and wanted to know if I am going to be able to claim all of the stuff I have already purchased for it from the time I started or if I cannot start claiming until it is registered. [click to continue…]

Ask an Accountant: Donations purchased with coupons


Although tax season is over, tax questions arise year round. Mr. MomonDealz is an experienced accountant and will be answering questions sent to him at cjwtaxpro@gmail.com with the subject line “Ask an accountant”.
Question:
I donate from my stockplile quite frequently. When claiming these deductions, do I deduct what I paid out of pocket or what the items would normally cost without coupons/sales? [click to continue…]

Ask an Accountant


Although tax season is over, tax questions arise year round. Mr. MomonDealz  is an experienced accountant and will be answering questions sent to me at cjwtaxpro@gmail.com with the subject line “Ask an accountant”.
Question:
In 2010 I won an all expense paid trip as a prize for winning a contest. The company immediately asked for my social security number for the purposes of taxes. I expected I would be responsible for taxes on the value of the trip (I think it was $1,800.00.) In February of this year I contacted the company to see if they were sending me a 1099-Misc so I could file my taxes. They said they were going to send the form by the end of February, but I never received the forms. I needed my tax return funds, so I went ahead and filed my taxes without their information. If they claimed my trip on their taxes for 2010, is it likely that the IRS will see that I didn’t claim the trip and come after me tacking on interest?
[click to continue…]

Ask an Accountant


Thanks to Momondealz for bringing us this post each week!
Although tax season is over, tax questions arise year round. My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com
Question:
I have been audited for medical expenses for 2008 (my husband became very ill) and have close to 300 individual expenses. If I copy every bill, check, explanation of benefits from the insurance company, flexible spending account reimbursement, credit card bill, prescription receipt, etc., I will be paying for and sending a 12 x 12 box. Will the IRS take scanned documents on CD or do you have another idea? Also, can I write off the time, postage, printer ink and paper to do this? [click to continue…]

Maude Cloth Diapers- There’s a “new kid” in town!

There are so many cloth diapers on the market today that it is sometimes hard to choose which one is best for your needs.  We have both (Brett & Jenni)  have tried our fair share of diapers and have concluded that pocket diapers are definitely the way to go.  However, within the pocket diaper category, there are still many many choices.  Some are not absorbent enough, some don’t fit well and others are bulky.  [click to continue…]

Ask an Accountant


Although tax season is over, tax questions arise year round. Mr. MomonDealz is an experienced accountant and will be answering questions sent to him at momondeals@yahoo.com
Question:
What type of accounting software is the best when setting up my small business? [click to continue…]

Ask An Accountant


Thanks to Momondealz for bringing us this post each week!
Although tax season is over, tax questions arise year round. My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com
Question:
If you’re late filing your taxes and the government owes you a refund, are you penalized? [click to continue…]

Ask an Accountant


Thanks to Momondealz for bringing us this informative post each week.
Although tax season is over, tax questions arise year round. My husband is an experienced accountant and will be answering questions sent to me at momondeals@yahoo.com
Question:
Do I have to pay taxes on an item sent by a company to review? [click to continue…]