Patricia Tokar, CPA

Deductions for Investment Properties

With many areas of the country still experiencing suppressed real estate markets, many houses and other buildings are selling at historically low prices. These pieces of real estate are often purchased by individuals as investment properties. One important...

What You Need to Know about the Inheritance Tax

What is the inheritance tax? Your first encounter with an inheritance probably came when you turned over the Monopoly Community Chest Card announcing that you had inherited $100.00. It was simple. No attorneys, no inheritance tax. Just $100...

Setting Up and Using a Health Savings Account (HSA): Eligibility, Tax Advantages, and Reimbursement

The Health Savings Account (HSA) is an individual tax-advantaged savings account designed to allow you to save for and pay your medical bills. This article covers determining if you are eligible for an HSA, HSA rules, how to select an administrator...

The Chapter 7 Means Test: Do You Qualify?

Chapter 7 bankruptcy qualification, or the Chapter 7 Means Test, was introduced with the Bankruptcy Reform Act of 2005. This is the new barometer in the world of bankruptcy and determines whether or not your are eligible.

Can I Add on Debt After I File for Bankruptcy?

What happens if you discover another debt to claim after you have already filed for bankruptcy? How about a debt that was incurred after you filed? Can these be added to the bankruptcy? How about adding creditors after filing bankruptcy?

Tax Deductible Items for the Self-Employed

One of the advantages of having your own business is the variety of tax-deductible items available for the self-employed. Taking full advantage of all the available tax deductions can greatly reduce the taxes owing on self-employment income.

Self-Employment Taxes: How to Calculate and Pay Self Employment Tax

If you are starting a new business, an important and often overlooked part of the planning is to budget for the self-employment tax. Without this planning, the new owner could quickly find their expected profits eroded by taxes, or worse, find themselves...

How to Calculate and Pay Estimated Taxes

Do I need to make estimated tax payments? How do I pay estimated taxes? Can I just pay when I file my tax return? If you have income from sources other than a paycheck, you may need to make Federal estimated tax payments.

Chapter 7 Bankruptcy Laws: A Guide

Filing for bankruptcy can be a difficult decision. Job loss, overwhelming medical bills, the real estate valuation melt-down, and poor financial habits are all factors that can contribute to the need to file for bankruptcy. This article gives an overview...

Under What Circumstances is an Inheritance Taxable?

If you have received an inheritance, you may be wondering if you have to claim it on your taxes. Often, the answer is no, the type of inheritance you received is not taxable income. However, there are many types of inheritances that may be taxable or...