Word: portioning
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...Medicare taxes when he worked as an employee of the International Monetary Fund in the early part of this decade. The IMF is an international organization and does not automatically withhold these taxes on behalf of its employees as U.S. companies do. IMF employees have to pay that portion of their tax bills themselves. Apparently figuring out what is owed is tricky stuff, and at least one accountant reportedly told Geithner he had made all necessary payments...
Since Geithner certainly has an office at his Fed job, he can't claim his home as a place of business. But if he telecommuted, he could write off a portion of the cost of his computer and other gear needed to run the largest branch of our nation's bank from home. To get the deduction, though, Geithner, on the basis of his salary, would have had to spend at least $8,000 on home office equipment. But that shouldn't be too tough. If you are the head of the New York Fed, a 73-in. high-definition...
...safe to say he is staying in the same line of work. One thing to watch out for, Tim: expenses must be reasonable in the eyes of the IRS. So if you flew first-class to Chi-Town, you are probably going to be able to expense only a portion of your ticket...
There's a catch in write-offs, however. Because of his high income, Geithner will most likely run afoul of the dreaded alternative minimum tax (AMT). Among other things, the AMT applies to people who would be able to use deductions to reduce a large portion of their federal income tax. The idea of the AMT is to make sure wealthier types pay their fair share. State income taxes and property taxes are federal-income-tax deductions. And since Geithner pays nearly $45,000 in those two taxes, he most certainly would be caught by the AMT. When...
Move in Style Mark Luscombe, principal tax analyst at CCH, a company based in Riverwoods, Ill., that provides tax information and software to accountants, points out that if you have to relocate because of your job, you can deduct a portion of your move. To qualify, your new commute would have to be 50 miles longer than it would be if you stayed in your current home. Since Geithner's place of work may be changing from lower Manhattan to Washington, he qualifies. And unlike the job-search deduction, moving expenses are not subject...