Yes, you can, but they cannot be the qualifying child of another taxpayer. My video on claiming dependents kzbin.info/www/bejne/oYnHhH5mga2bp5o helps to clarify this.

@@TheTaxGeek thank you, I have one more question, if a TP has taken loan for qualifying children or relative for a student education in a bank can he able to claim deduction for the loan (1098-E) or taxpayer only can able to claim for his own children,spouse and him/herself alone?

Thanks for pointing it out. It will be noted in the description and a pinned comment.

No, the vast majority of taxpayers have no idea why and how their Social Security benefits are taxed. In fact, a lot of Tax Professionals don't know a sufficient amount about it to properly explain it to their clients. It's really not the job of the SSA to explain this; only note that some benefits may be subject to taxation. It's actually up to the IRS and Tax Professionals to provide this education, BUT, because the computation is complex and involved, such education is hard to do.

If you're asking what the income tax withholding in based on, it's your gross pay less the pre-tax deductions, including the Roth 401(k).

@@TheTaxGeek but roth is listed as after tax. Lol. I give up

The trust is not included in the BOI reporting for the corporation/LLC. However, if the trust owns more than 25% of the entity, the trust itself has a BOIR.

I presume you mean a "backdoor Roth." I've added it to the list!

@@TheTaxGeek Yes....

Only if you have created an entity, such as an LLC or Corporation, is there a BOIR requirement. There is no requirement for simply having a DBA registered with the state or local government.

Even if you claim actual expenses for the vehicle, you still have to track business v. personal mileage. That creates the fraction of your actual expenses you can deduct.

@@TheTaxGeek hey there. Thank you for responding. My question would be is the “commute” portion always to be accounted for as personal travel? Even when you’re not using the standard mileage rate?

Arizona is a community property state and your income, deductions, withholdings, and credits (except EIC) are shared 50-50. IRS rulings and procedures are very complex, as are the community property laws of each of the nine states that are community property states. It's usually best to consult with a qualified Tax Professional in your community to make sure everything is submitted properly.

You're very welcome!

Thanks!

*blush*

Well, it depends. If the estate is passing through to you income that would have been taxable to the decedent then it would be taxable to you.. If it's taxable, the income will be reported to you on either a Schedule K-1 or a 1099R. A straight money or property inheritance is not taxable to you. If it's taxable to the Federal government, it most likely is taxable to Massachusetts. Although I don't know the detailed ins and outs of Massachusetts income tax. For more information on how death affects taxes, you might want to check out this video: kzbin.info/www/bejne/pnrMkJ6lnbtrq6s

Being able to convert a 529 account into a Roth IRA is new for this year so it's not widely disseminated. Thanks as always for your support of the channel.

It certainly is allowed, and can be a good strategy, especially since heat pumps have a higher annual limit.

@@TheTaxGeekthanks for the info! This is great news! I wasn’t sure if adding the additional air handler (wall unit) only, connected to the existing heat pump condenser, in 2025 qualified for the tax break again.

You can. If the asset has never been used for any purpose (business or personal), you should be able to use the original purchase price as the basis. If the asset has been used and converted from personal use, the basis is either the original cost of the asset or its Fair Market Value, whichever is lower.

I'm not a dad, but I appreciate the sentiment.

Thanks as always for your continued support

The property is listed in part I of form 4562.

Mid-quarter depreciation is used when 40% of the value of assets are placed into service are placed in service curing the last three months of the year. It can apply to automobiles, just like most other assets. When mid-quarter convention is required, all assets with the recovery period of the assets placed in service late in the year must use the convention. Yes, it is confusing, but a video will be forthcoming.

I have been considering making supplemental videos for certain concepts with additional examples, so thanks for the suggestion.

Yes. Whenever you dispose of a passive activity with accumulated losses, you get to take all the losses and use them to offset other income. It reduces your taxable income, but it is not directly offset against the capital gains.

I see thank you.

I'm glad I made your day better!

It took a bit of research, but yes, an employee can designate the employer contributions to a SEP- or SIMPLE-IRA go to a Roth Account. However, since the employer still deducts the contributions as a business expense, the IRA administrator will send a 1099-R for the amount of the contribution to the employee, who then reports it as income.

​@TheTaxGeek Thank you for the clarification! Awesome content, and thanks for providing it.

Certainly not me. But what I really find astonishing is the insane number of calculations it takes to arrive at the penalty.

Good suggestion. Added it to the list. Look for it soon!

Your employer deducts Federal (and State) income tax from your pay based on the information you provide when you fill out your W-4. Your employer has no say in these deductions--they (or more likely, their computers) calculate the deductions based on formulas or tables the IRS provides. If you have the same gross pay each pay period, your tax deductions of all sorts (Federal and state income tax, and Social Security and Medicare taxes) should be the same.

Thanks!

It would be the bonus depreciation limit for 2018 of $18,000 x .80, or $14,400