Word: taxed
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Much of Geithner's missing government payments were due to the fact that he did not pay his Social Security and 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...
...tax experts who have reviewed a report written for the Senate Finance Committee on Geithner's missing taxes say at least $4,334 of the back taxes he owed the government was the result of basic errors and possibly some liberal interpretations of the tax code by Geithner, who prepared his taxes during several of the years in question, or by his accountant. Among Geithner's missteps: he claimed that payments made for summer camp for his children were tax deductible because they qualified as dependent-care. But the dependent-care credit is aimed at helping middle-class working parents...
Geithner's tax foibles probably won't derail his bid to replace Henry Paulson at Treasury. Republican and Democratic Senators, a number of whom have reiterated their support for Geithner in the past week, are likely to vote to confirm him as early as Thursday. Still, Hook and other tax experts say that if Geithner hopes to lower his April 15 bill in the future, he has some legitimate options - even if he lands the high-profile Treasury Secretary job. What follow are some filing tips for Geithner, as well as common tax traps he should avoid...
Geithner could lower his bill if he or his wife worked regularly from home. Geithner's wife Carole is a clinical social worker. If she saw patients in her home during the past year, tax experts say the Geithners could reasonably claim that at least 500 sq. ft. (45 sq m) of their 2,500-sq.-ft. (230 sq m) home was devoted to Carole's business. That would allow the couple to write off 20% of the upkeep and utilities expenses as well as local property taxes. (See TIME's bailout report card...
...Presumably, Geithner did some high-level networking and even flew out to Chicago a few times to meet with Obama in order to land the nomination - not to mention the trip to Washington for the confirmation grilling. Good news, Tim. According to Barbara Weltman, editor of the popular tax guide J.K. Lasser's Your Income Tax, all those trips are tax deductible. So we hope you saved your receipts. The IRS will let you write off a third of the amount of your job-search expenses as long as you land a job in your usual field. And since Geithner...