Your Tax Questions Answered

FOX 5 I-Team

Your Tax Questions Answered

Posted: Updated:
ATLANTA -

This tax season the FOX 5 I-Team will have some of your pressing tax questions answered by our go-to tax expert, Bill Nemeth.

    Let's start with viewer Lisa Miller Pearson. Her question is this: As an independent consultant who didn't make a profit last year is she still required to report sales?

      • Well, enrolled agent Bill Nemeth says in a nutshell 'yes'. He says that a self-employed person has to file a federal return if their "gross income is $400 or more." So, even if you make no money, you still have to file.

        Tom Murphy, another viewer, had a few questions rolled into one about the rules for dependents. His main question is this: Can he claim his 20-year-old son if he moves out and is not in school?

          • Mr. Nemeth says the short answer here is 'no'. There answer is more elaborate and can be found in the full page of questions and answers linked below.

            Can you write off that home office if you both work part-time from the home office? In this case one person uses it for two days, the other person for three. That comes to us from Harold Farran and Ron Gary.

              • And the answer is ‘yes', but there are many stipulations here. In this case one person is a blogger, and according to our expert, that person needs to have an income from that venture.

              How will Obamacare affect those of us who have so called "Cadillac" insurance plans through our employer?"

              • The good news is that this provision does not become effective until 2018. This has become a political issue with some news pundits stating that many employees company-provided insurance will be downgraded to avoid the Cadillac Insurance provision. A wide variety of opinions on this topic can be found by Googling, "Cadillac Health Insurance Plans offered by Employers."

              Tricia P. says that for some crazy reason her husband did their taxes but forgot to claim her. Oops. She asks, "Can we re-do our taxes?"

              • Well, local enrolled agent Bill Nemeth has been kind enough to volunteer to answer your questions and his answer is ‘yes'. Assuming you are actually married you, he says, you can file an amended return. Here's the good news: He says this will likely lower your tax liability and perhaps qualify you for some tax credits, too.

              A number of you asked if you had no income last year, do you still have to file a federal return?

              • Bill Nemeth says ‘no', but be sure that you had no income. If you weren't working but received unemployment or had to sell some stocks to get by, that is considered income, according to Mr. Nemeth.

              Viewer J.J. Walker says he's retired but lives in Georgia seven months of the year and in New Mexico five. He asks where he's supposed to file his tax return?

              • Enrolled Agent Bill Nemeth says you should file returns in both states. Your income is taxed in the state in which it was received. In this case, you owe Georgia for the seven months you received your pension here and New Mexico for the remainder.

              Is the 529 Plan'scontribution deductible?

              • Certifiedenrolled agent Bill Nemeth says 'yes' it sure is.  Here is your state taxbenefit:  You can deduct up to $2,000 per beneficiary.  Again, thatis in Georgia. This Web site has a very goodfact sheet that can answer many of your related questions. www.path2college529.com

              A viewer said thatshe can't seem to get her withholding right.  One year she gets a bigrefund.  Another year she owes too much money. How does she get it closeto zero?

              • Mr. Nemeth saysthe IRS Web site can be a big help here. Then, type in"withholding calculator."  That'll get you started. 


                  SEND US YOUR TAX QUESTIONS

                  And our resident go-to tax expert, Bill Nemeth and the I-Team's Dana Fowle will answer them, here.

                  • I-Team Story ArchiveMore>>

                  • Developer: Kenerly never asked for bribe

                    Developer: Kenerly never asked for bribe

                    Wednesday, August 20 2014 10:18 PM EDT2014-08-21 02:18:28 GMT
                    Prosecutors considered him their key witness, a longtime Gwinnett developer given immunity to spill what he knew about corruption inside county government. David Jenkins testified before a Gwinnett grand jury in 2010. He also met multiple times with prosecutors. Those interviews were videotaped. Four years later, prosecutors agreed to a no contest plea bargain with former commissioner Kevin Kenerly on one count of bribery. He will serve 10 years on probation and pay a $10,000 fine.
                    Prosecutors considered him their key witness, a longtime Gwinnett developer given immunity to spill what he knew about corruption inside county government. David Jenkins testified before a Gwinnett grand jury in 2010. He also met multiple times with prosecutors. Those interviews were videotaped. Four years later, prosecutors agreed to a no contest plea bargain with former commissioner Kevin Kenerly on one count of bribery. He will serve 10 years on probation and pay a $10,000 fine.
                  • Control your debit or credit card by remote control

                    Control your debit or credit card by remote control

                    Wednesday, August 20 2014 8:35 AM EDT2014-08-20 12:35:26 GMT
                    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
                    Oh, that awful feeling when you think your credit or debit card is safely tucked into your wallet, but it's still shopping. Somebody, somewhere has got your card number and is using it. What if you could turn off that card?
                  • Reality TV Star Todd Chrisley faces tough questions

                    Reality TV Star Todd Chrisley faces tough questions

                    Tuesday, August 19 2014 10:58 PM EDT2014-08-20 02:58:47 GMT
                    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
                    It's one of the hottest reality TV shows in the country and it stars an Atlanta millionaire.It's called "Chrisley Knows Best" and Todd Chrisley is the flamboyant lead.But Senior I-team reporter Dale Russell has been digging through court records and says "reality" means something different to people who have done business with Chrisley.
                  • Contact the FOX 5 I-Team

                    * denotes required fields

                    We're sorry, but only one entry is allowed per person.
                    Thank you for your continued interest.

                    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

                  Powered by WorldNow

                  WDCA My20 & my20dc.com
                  5151 Wisconsin Ave NW
                  Washington, DC 20016

                  Phone: (202) 244-5151
                  Email Us

                  Didn't find what you were looking for?
                  All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
                  Privacy Policy | New Terms of Service What's new | Ad Choices