Dear Bonnie, My kid is going to college next year. Can you tell me something about the tax credits for higher education? I’m kind of confused. There’s the Hope Credit and the Lifetime Learning Credit. Thanks. Bernie, Sonoma Hi Bernie, The American Opportunity Tax Credit,... Continue
Taxpertise
Dear Bonnie, I was audited and found out that I actually had been over-reporting my income. I’m self-employed and I keep pretty decent records but apparently I goofed up. I keep my books on QuickBooks but I’m not sure I’m recording everything properly. Can you... Continue
Dear Bonnie, I just filed my tax return and found that I owe, but don’t have the money to pay. Are they going to take the money out of my bank account? Anonymous, Sonoma Dear Anonymous, If you are unable to pay your tax liability, your... Continue
Dear Bonnie: I’m the publisher of a food magazine and am getting married soon to a woman who is also involved in the food and entertainment industry. Almost everyone attending the wedding and reception are also in the food biz. We’re going to have a... Continue
Dear Bonnie: I hate to admit this but I haven’t filed taxes in more than 20 years. What’s even weirder is that I haven’t heard anything from the IRS about it. I have moved around quite a bit, so maybe they haven’t been able to... Continue
Dear Bonnie: I need help with an audit of my 2009 income tax return. The IRS is disallowing all of my job search expenses. And I swear, I only took those trips to find work. Okay, there might have been a little bit of personal... Continue
Dear Bonnie: I owe the IRS a huge amount of money. My aunt died a few years ago and left me the proceeds from her IRA – about $200,000. I didn’t know that I would have to pay tax on it and I kind of... Continue
Dear Bonnie: I’m puzzled about my taxes. This year I was finally able to itemize deductions. I turned over a big batch of receipts for medical expenses to my accountant and she said I couldn’t take the deduction. I thought medical expenses were something you... Continue
Dear Bonnie: Late last year I started a new job after being unemployed for almost the entire year. I collected unemployment, which I now have to pay tax on. I just did my taxes and I cannot pay the amount due. I know that they... Continue
Dear Bonnie: I just opened a business selling products over the web. I work from my home, which I really enjoy. But I’m a little afraid to take a home office deduction on my tax return. I heard that it’s a red flag and I... Continue