Harmoney Advantage Partner Network

FROM THE MAILBAG

Q. My wife died in 2009. Does this mean I am not allowed to file a joint return?

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FILING QUESTIONS AND ANSWERS

Q. My sister and I formed a partnership. The partnership’s main asset is a building that leased space to an architect last year. Subsequently, the architect decided to make substantial improvements to her office. Does our partnership have to declare the value of these improvements as part of its rental income?

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HELP FROM THE IRS

The IRS provides a broad variety of services without charge, whether you’re an intrepid individual who’s willing to go one-on-one with the agency by filling out your own tax forms or if you just want to check the accuracy of the person you hire to complete your return. For starters, there’s the agency’s annual bestseller, “Your Federal Income Tax” (Publication 17).

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HEALTH INSURANCE DEDUCTIONS FOR SELF-EMPLOYED INDIVIDUALS

Medical expenses are deductible only if they satisfy two requirements. They can be claimed only by individuals who itemize on Schedule A of Form 1040 and don’t use the standard deduction. The big hurdle is that medical expenses not covered by insurance are allowable only to the extent that they exceed 7.5 percent of adjusted gross income.

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What is electronic filing (e-filing) and why is it worth trying?

With electronic filing, you transmit your return to the IRS by computer instead of mailing it by U.S. mail. The primary advantage is that you will receive any refund in approximately two weeks instead of the usual ten weeks. Another advantage is that there are fewer IRS errors because human data entry is eliminated.

I use a home office. Should I take the deduction?

Home office deductions can save you money on your taxes, but you can enjoy these deductions only if you operate a legitimate business from your home and the space is used strictly for business purposes. A home office deduction frequently attracts the attention of IRS auditors, so be sure your office space qualifies before you take the deduction.

We have done the research and found the best partners for all of your tax needs.

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