If I paid for a medical expense in 2011 and it's unexpectedly refunded in 2012, can I still deduct it on?

Do not deduct medical expenses of any kind for which you received a reimbursement. Similarly, if you receive a reimbursement from insurance in a subsequent year for an expense previously deducted, the reimbursement is included in your adjusted gross income in the year the reimbursement was received. Include the reimbursement on line 10 of Form 1040.

Do doctors lose money paying taxes?

Live your dream. Sports medicine is an excellent profession. Even after taxes you'll earn much more then the average person. Your father should be proud of you that you have such high hopes. A Doctor is the highest profession there is. Good luck.

I am having to go back and file my taxes for years 2007?

If 1099s were issued to your boyfriend, they were also issued to the IRS. You have a chance to deduct expenses against that 1099 income to reduce your tax liability. You have to file a return to show the IRS what those expenses are. If you ask the IRS to calculate your tax, they will do so based on information they received from outside sources, such as 1099s and will add on penalty and interest. 1099s belong on a Schedule "C". Try to deduct expenses. Keep receipts in case you get audited.

Can I get in trouble with the IRS for participating in a section 79 plan?

You will not get in trouble. An Approved I.R.S. Section 79 Plan is 100% legal and offers great retirement planning opportunities for successful business owners of both large and small companies.

Tax benefits of turning mowing hobby into a business?

As his "little side job" means you have to declare the income on a Schedule "C" and you may deduct business expenses to arrive at the net profit. The net profit may be subject to social security tax and gets carried to your 1040 which will probably increase your federal tax liability. Your husband mows laws to earn extra money so I assume he wouldn't run it at a loss.

Buying a $25k car with all cash?

Very unrealistic your uncle has saved 25K+ on a salary of 19K. How does he live? If you're asking if it looks suspicious, you already know the answer.

If im leasing a small kitchen inside a Chevron do i need to pay taxes in TX?

You have income, you have to report it. Schedule "C" on your Form 1040. You can deduct your purchases and other expenses against the revenue you received to arrive at your net income. Keep good records and receipts in case you get audited.

I am a freelance writer who had a client that went bankrupt in 2011, owing me over $4,000. Can I claim a loss?

If you use the cash method of accounting, you normally report income when you receive payment. You cannot take a bad debt deduction for amounts owed to you that you have not received and cannot collect if you never included those amounts in income.

OMG HELP: HOW DO I DO TAXES?

"Doing taxes" means filing a tax return. The IRS may or may not know everything about you regarding your income and expenses, so you have to tell them. You tell them by filing a tax return. I recommend spending a little $$$ so a tax preparer can do your return the right way. You only get one chance in life, why not do it right.

Can I claim my 20 year old daughter as a dependent if she studied a semester abroad?

A child who is away at school, whether college, trade school, technical school or boarding school, is regarded by the IRS as living with you for the purposes of tax filing. If your child meets the other criteria to be qualified as a dependent child on your tax return and is attending school away from home, you can claim the child as a dependent and receive the dependency tax exemption.