Dear Bonnie, I just bought my first rental property. I can write off the closing costs, right? What else can I write off? J.K., Sonoma Dear J.K. Thanks for writing. I get this question often. And I’m afraid the answer is no, you cannot write... Continue
Taxpertise
Dear Bonnie, I have some tax problems and find that I will soon have to deal with the people at the IRS. Needless to say, I’m terrified. Do you have any good advice for me? - Susan P, Sonoma Dear Susan, I’ve got plenty of... Continue
Dear Bonnie, I own my own business and was surprised at how much tax I owed for 2013. I hadn’t paid enough in with estimate tax payments. Now I am faced with a 2013 tax liability and estimated payments for 2014. I’ve got enough to... Continue
2013 was an eventful year for federal tax developments, beginning on January 1, 2013 with the passage of the American Taxpayer Relief Act of 2012 (ATRA), which permanently extended the Bush-era tax cuts for all but the highest income taxpayers. Listed below are some highlights... Continue
Dear Bonnie, This year I changed jobs, got a divorce (it’s final), sold my house, changed jobs and moved. I started thinking that even though the house sale isn’t taxable because my profit was well within the exemption limit, I wonder if my tax picture... Continue
Dear Bonnie, I have my own business and a lot of marketing and promotion revolves around entertaining clients. I write it all off. Well, a friend of mine, also a business owner, was just audited and told me that the IRS didn’t let him take... Continue
Learning to deal with finances is something that should be taught in school. The senior year of high school should focus on “real life.” I mean, c’mon, who cares when and why the Magna Carta was signed when much hotter issues await the attention of... Continue
Dear Bonnie: I’m 17 and I just landed a summer job at a restaurant on the Plaza. Do I have to pay taxes on the tips I’ll be getting? I’ve heard two different stories about that. Also, how many exemptions should I take on this... Continue
Hi Bonnie, I filed my taxes at the beginning of February and I still haven’t gotten my refund. I tried to call to find out what’s going on but got tired of holding. Do you know any reason why my refund would be delayed? And... Continue
Dear Bonnie, I have been audited five years in a row through letters in the mail. They keep my refund every time. I claim my three children as dependents. I don’t know what to expect this year. Please give me some insight. Last year they... Continue