DAVID S. BABOIAN, CPA

Dave's Top 15 Topics of Taxpayer Confusion

1) Which closing costs are deductible when buying or selling a home?

2) How can I sell a home tax-free even if I don't meet the general requirements of the new gain exclusion law?

3) Which living expenses are deductible for homeowners as itemized deductions?

4) How can I remove PMI insurance from my monthly escrow payment?

5) Do I need to adjust my Federal W-4 withholding allowances at work after buying a home?

6) Is it time to refinance my mortgage?

7) Should I pay off my mortgage early?

8) How can I avoid early withdrawal penalties on retirement distributions before age 59 1/2?

9) Should I contribute to a Roth IRA or traditional IRA? Or should I increase my 401K contributions at work instead?

10) Under what circumstances does the IRS allow deductions for clothing donations... even without receipts? How do I value clothing donations?

11) How can I deduct my computer as an employee expense?

12) Do I qualify for the home-office deduction? Is it a “red flag” to the IRS?

13) When is the right time to incorporate my business? What are the pros and cons of operating as a sole-proprietorship, partnership, LLP, LLC, S-corporation, or C-corporation?

14) Is my child required to file a tax return? How should I structure investments for my child to save tax?

15) How can my refrigerator produce tax savings?