Viewer - It's Only Money live chat: Talk taxes with Brent Hunsberger

It's Only Money live chat: Talk taxes with Brent Hunsberger

Tuesday February 5, 2013

11:48

The Oregonian:

Hello and thanks for joining our live chat to answer your questions about filing your taxes. Brent Hunsberger and panelists Adam Morrison and Shannon Ball from the Oregon Dept. of Revenue, Richard Panick from the IRS and accountant Earl Pierce of Delap of Lake Oswego will join us at noon.

Until then, please feel free to submit your questions and comments. Expect a short delay between the time you submit and the time you see your comment in the chat.

Tuesday February 5, 2013 11:48 The Oregonian

12:00

The Oregonian:

And it's noon, so here we go. Panelists, to start, please introduce yourselves to our readers.

Tuesday February 5, 2013 12:00 The Oregonian

12:00

Adam Morrison:

Hello. My name is Adam Morrison and I have worked for the Oregon Department of Revenue for six years. I am currently working as a policy analyst in the Policy and Systems Unit. As a policy analyst, I examine new legislation and research tax law to prepare changes to Oregon administrative rules, department policies and publications. I look forward to helping you today with your Oregon tax questions!

Tuesday February 5, 2013 12:00 Adam Morrison

12:00

Richard Panick:

Good afternoon, my name is Richard Panick, IRS spokesperson for Oregon. I began working for the IRS in 1990 and I have held a variety of positions with the service. My work has always had a focus on helping taxpayers understand federal income tax law.

Tuesday February 5, 2013 12:00 Richard Panick

12:00

Shannon Ball:

Shannon Ball at the Oregon Department of Revenue. I have worked at the Department of Revenue for over 9 years. I am currently the policy coordinator for personal income tax.

Tuesday February 5, 2013 12:00 Shannon Ball

12:01

itsonlymoney:

Hi, I'm Brent Hunsberger, the personal finance columnist at The Oregonian. Glad everyone could join us today!

Tuesday February 5, 2013 12:01 itsonlymoney

12:01

Earl Pierce:

I am Earl Pierce. I am a partner in the tax department at Delap LLP in Lake Oswego. I have been with Delap for about 8 years. I specialize in working with small business and individuals in their tax preparations and strategies.

Tuesday February 5, 2013 12:01 Earl Pierce

12:01

The Oregonian:

We have a question from Chris to get the ball rolling.

Tuesday February 5, 2013 12:01 The Oregonian

12:01

[Comment From chrischris: ]

My wife took a total distribution of 98.37 from PERS in 2012, with 19.67 Fed Tax and 7.87 Oregon Tax withheld. Do I report this 1099r on 1040A line 12a and 12b(98.37), and 19.67 on line 36 along with income tax withheld on W2?

Tuesday February 5, 2013 12:01 chris

12:01

itsonlymoney:

I'm hoping Adam or Shannon can answer that question from Chris.

Tuesday February 5, 2013 12:01 itsonlymoney

12:02

Richard Panick:

Chris, I will answer this one for you.

Tuesday February 5, 2013 12:02 Richard Panick

12:02

itsonlymoney:

Thanks, Richard!

Tuesday February 5, 2013 12:02 itsonlymoney

12:02

Richard Panick:

You are correct, the distribution goes on 12a and 12b on Form 1040A.

Tuesday February 5, 2013 12:02 Richard Panick

12:02

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Hi, I sold my house (for $235K) in California in June and moved to Oregon, where I bought a house (for $270K) in July. Do I need to fill out a tax form for both states?

Tuesday February 5, 2013 12:02 Paul J. Wigowsky

12:03

Richard Panick:

Add the federal income tax withholding to all your other withholding on line 36 ofr the same 1040A.

Tuesday February 5, 2013 12:03 Richard Panick

12:03

The Oregonian:

Brent, here's one for you that was posted by a reader on this chat: "I hope that someone will be able to explain how we are to file/pay the new Portland Arts Tax as information is lacking."

Tuesday February 5, 2013 12:03 The Oregonian

12:04

itsonlymoney:

Portland voters imposed a $35-a-year tax on each family member over 18 who earns income above the poverty level.

Tuesday February 5, 2013 12:04 itsonlymoney

12:04

The Oregonian:

Thanks, Richard and Brent. Who wants to grab Paul's question about Calif/Ore tax forms?

Tuesday February 5, 2013 12:04 The Oregonian

12:05

[Comment From chrischris: ]

Thank You Richard, I appreciate the help!

Tuesday February 5, 2013 12:05 chris

12:05

Shannon Ball:

I can anwer Paul's question.

Tuesday February 5, 2013 12:05 Shannon Ball

12:05

Richard Panick:

Chris, happy I could help.

Tuesday February 5, 2013 12:05 Richard Panick

12:05

Adam Morrison:

Paul - You only need to file for Oregon purposes if you received Oregon source income and meet the filing requirements. As a nonresident to Oregon, you would need to report only Oregon source income. As a resident of Oregon, you will need to report income from all sources.

Tuesday February 5, 2013 12:05 Adam Morrison

12:06

itsonlymoney:

The city is still nailing down the details of this tax. Scott Karter, of the city's office of management & finance, says they'll have more details on paying the tax in February or early March.

Tuesday February 5, 2013 12:06 itsonlymoney

12:06

itsonlymoney:

I'd recommend checking back on his department's website: http://www.portlandoregon.gov/omf/25949

Tuesday February 5, 2013 12:06 itsonlymoney

12:06

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Adam, I retired in 2003 (PERS) and moved to California. Income only from Pension, and Soc. Sec. in 2007.

Tuesday February 5, 2013 12:06 Paul J. Wigowsky

12:07

The Oregonian:

Readers, what else do you want to ask? What trips you up on your Oregon and federal forms?

Tuesday February 5, 2013 12:07 The Oregonian

12:08

Adam Morrison:

Paul - You will also file an Oregon part-year resident return to report your income.

Tuesday February 5, 2013 12:08 Adam Morrison

12:08

itsonlymoney:

Interestingly, Karter of the City of Portland confirmed that there will be NO EXTENSIONS for paying for the city's arts tax. You'll have to get the payment in by April 15th or face a penalty. The penalty amounts are not set in stone, but could be $15 for missing the April 15th deadline and $20 for not paying by Oct. 15.

Tuesday February 5, 2013 12:08 itsonlymoney

12:08

[Comment From MichaelMichael: ]

I have a question concerning songwriter and mechanical royalties. I'm retired, but still receive small amounts through song publishing and BMI. Turbotax seems to want to show these as business income, but I have no expenses to claim and get hit hard by the tax rate. where should I list royalties along with my 1040 so they show up appropriately? thanks!

Tuesday February 5, 2013 12:08 Michael

12:09

itsonlymoney:

OK, who wants to tackle Michael's question?

Tuesday February 5, 2013 12:09 itsonlymoney

12:09

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Adam, do you think there will be any capital gains tax on the sale of a house in CA and buying a house in OR (where I retired)?

Tuesday February 5, 2013 12:09 Paul J. Wigowsky

12:09

Adam Morrison:

Paul - Retirement income recieved as a nonresident is not taxable to Oregon. As well, Social Security benefits are not taxable to Oregon. However, retirement benefits recieved as an Oregoon resident is taxable to Oregon.

Tuesday February 5, 2013 12:09 Adam Morrison

12:10

Richard Panick:

Michael, Let me take a look at a couple of forms for you.

Tuesday February 5, 2013 12:10 Richard Panick

12:10

[Comment From T MommaT Momma: ]

Why the requirement for manual review when claiming Working Fanily Child Care Credit? And does this really take an additional 6 weeks?

Tuesday February 5, 2013 12:10 T Momma

12:11

Earl Pierce:

Paul - So, you will file as a part-year resident of California in 2012 and as a part-year resident of Oregon in 2012. You will allocate income earned in California up through the date of the sale of you home and your move to Oregon. Income received after the date Oregon residency began will be allocated to Oregon. So, the key here is there will be two state returns.

Tuesday February 5, 2013 12:11 Earl Pierce

12:11

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Adam, thanks. I will file a part-time Oregon resident form. Do I also have to file a part-time California resident form (for first half of the year)? I file using Turbo-Tax.

Tuesday February 5, 2013 12:11 Paul J. Wigowsky

12:11

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Earl -- thanks. You answered the questions I had.

Tuesday February 5, 2013 12:11 Paul J. Wigowsky

12:12

itsonlymoney:

Earl or Richard, can you help T Momma?

Tuesday February 5, 2013 12:12 itsonlymoney

12:12

Adam Morrison:

Paul - as a nonresident, you will not be taxed for Oregon purposes on capital gains from another state. Since you were a nonresident at the time of the sale, it is not taxable to Oregon. Only gian recieved as a resindent is taxable to Oregon.

Tuesday February 5, 2013 12:12 Adam Morrison

12:13

Richard Panick:

Michael, you report your royalty income first on Schdule E, Form 1040 where you show the income and expense. It then goes to line 17 of the 1040.

Tuesday February 5, 2013 12:13 Richard Panick

12:13

Shannon Ball:

T Momma - When claiming the Working Family Child Care Credit there is a greater possibility that it will be manaully reviewed. The reason is because this is a refundable credit up to 40% of childcare costs there has been a lot of fraud involved.

Tuesday February 5, 2013 12:13 Shannon Ball

12:13

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Adam - thanks. That answers everything for me.

Tuesday February 5, 2013 12:13 Paul J. Wigowsky

12:13

[Comment From MichaelMichael: ]

Richard, I currently am using Schedule C-EZ and Schedule D. I get dinged for slef empolyment!

Tuesday February 5, 2013 12:13 Michael

12:13

itsonlymoney:

Thank you, Shannon! Way to come in there!

Tuesday February 5, 2013 12:13 itsonlymoney

12:13

Richard Panick:

I understand that you have no expenses to offset the income, but that is how you report the royalty income.

Tuesday February 5, 2013 12:13 Richard Panick

12:13

Adam Morrison:

Paul - as Earl pointed out, you will need to file a return for CA for the first part of the year.

Tuesday February 5, 2013 12:13 Adam Morrison

12:14

itsonlymoney:

Earl, you specialize in small business taxes. What specific issues do small business owners need to watch out for in the 2012 tax year?

Tuesday February 5, 2013 12:14 itsonlymoney

12:15

Richard Panick:

Michael, each type of income has specific reporting requirements. Remember to take credit for your self employment tax on line 27 of your 1040.

Tuesday February 5, 2013 12:15 Richard Panick

12:15

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Tuesday February 5, 2013 12:15

12:15

Earl Pierce:

T Momma - I am not sure about the processing time of 6 weeks. It really depends upon the workload of the revenue department. In my experience, the reviews are usually shorter the earlier you complete and file the return. I have seen a big crunch at time leading to the actual time being longer than estimated by the tax authorities.

Tuesday February 5, 2013 12:15 Earl Pierce

12:16

[Comment From T MommaT Momma: ]

Thank you!

Tuesday February 5, 2013 12:16 T Momma

12:16

itsonlymoney:

Richard, what kind of documentation does the IRS want to see for charitable deductions? A receipt? A check?

Tuesday February 5, 2013 12:16 itsonlymoney

12:16

Shannon Ball:

T Momma - The 6 week processing time is an estimate. We like to estimate on the higher end but sometimes unfortunately it does take that long.

Tuesday February 5, 2013 12:16 Shannon Ball

12:18

Richard Panick:

Brent, thanks for the question. The documentation can vary depending on the amount and type of donation. IRS publication 526 has all the details, but documentation always starts with a check or receipt.

Tuesday February 5, 2013 12:18 Richard Panick

12:18

Richard Panick:

You can find Publication 526 at www.irs.gov.

Tuesday February 5, 2013 12:18 Richard Panick

12:19

[Comment From MichaelMichael: ]

Richard, I am not self employed - I am retired. the BMI royalties I receive for air play fall into the Schedule E appropriately. but the publishing royalties seem to want to fall into another catagory.

Tuesday February 5, 2013 12:19 Michael

12:19

Earl Pierce:

Paul - I am not sure your question regarding the capital gains on the home sale was answered. See publication 523 Selling Your Home (Link below).
http://www.irs.gov/uac/Publication-523,-Selling-Your-Home-1

Tuesday February 5, 2013 12:19 Earl Pierce

12:20

The Oregonian:

Seems like charitable donations would be extremely difficult for auditors to verify. How would they? Is fraud a frequent problem?

Tuesday February 5, 2013 12:20 The Oregonian

12:20

[Comment From Paul J. WigowskyPaul J. Wigowsky: ]

Earl, I will check the link. Thanks for the extra help.

Tuesday February 5, 2013 12:20 Paul J. Wigowsky

12:21

The Oregonian:

Earl, did you see Brent's question about small businesses?

Earl, you specialize in small business taxes. What specific issues do small business owners need to watch out for in the 2012 tax year?

Tuesday February 5, 2013 12:21 The Oregonian

12:22

itsonlymoney:

Shannon or Adam, what state deductions or credits do taxpayers most often miss?

Tuesday February 5, 2013 12:22 itsonlymoney

12:22

Richard Panick:

Michael, A Schedule C or C-EZ is used to report self-employment income. Royalties are not considered self-employment income when you are retired.

Tuesday February 5, 2013 12:22 Richard Panick

12:23

The Oregonian:

Readers, how are you doing on your 2012 returns? What questions do you need answered?

Tuesday February 5, 2013 12:23 The Oregonian

12:23

Richard Panick:

Brent, Good accurate records is what taxpayers want to have to support any action taken on their tax return.

Tuesday February 5, 2013 12:23 Richard Panick

12:24

Adam Morrison:

The most common mistake we see for Oregon is the Federal Tax Subtraction. It is important to note that it is not based on federal withholding. Taxpayers need to use the calculation in our booklets to determine the correct amount.

Tuesday February 5, 2013 12:24 Adam Morrison

12:24

[Comment From MichaelMichael: ]

thanks, Richard.

Tuesday February 5, 2013 12:24 Michael

12:25

itsonlymoney:

What is that booklet, Adam? Publication 17.5?

Tuesday February 5, 2013 12:25 itsonlymoney

12:26

Adam Morrison:

The federal tax subtraction worksheet is available in our full-year resident booklet on page 14 at http://www.oregon.gov/dor/forms/personal/full-year-income-tax_101-043_2012.pdf

Tuesday February 5, 2013 12:26 Adam Morrison

12:26

[Comment From ClaudiaClaudia: ]

I have an S-corp (PC) for consulting but my day job won't allow moonlighting. I haven't had any revenue/income from my S-corp for three years, yet I've been filing a return, paying the $150 OR tax, then flowing my loss through to my personal tax form via a Schedule K-1. The OR tax site indicates I might not need to pay business tax if the corp "wasn't doing business in OR." Do does my S-corp need to pay tax? do I need to file fed/state forms at all?

Tuesday February 5, 2013 12:26 Claudia

12:26

Adam Morrison:

It is also available in Pub. 17.5 at http://www.oregon.gov/dor/forms/personal/publication-17-5_101-431_2012.pdf
under "subtractions"

Tuesday February 5, 2013 12:26 Adam Morrison

12:27

Richard Panick:

Claudia, I can help with the federal part of your question.

Tuesday February 5, 2013 12:27 Richard Panick

12:29

Adam Morrison:

Claudia - this is a bit out of my expertise as I only work on Personal Income Tax. However, I'll track down the S-Sorp filing requirements webpage for your reference. It'll just a moment!

Tuesday February 5, 2013 12:29 Adam Morrison

12:29

itsonlymoney:

Folks, I've posted a lot of basic tax forms and other resources at the following site: https://bitly.com/bundles/onlymoney/7

Tuesday February 5, 2013 12:29 itsonlymoney

12:29

The Oregonian:

Twice today I've heard the question: Can I get a deduction for my pets? What are some of the more surprising deductions out there?

Tuesday February 5, 2013 12:29 The Oregonian

12:31

itsonlymoney:

Correct me if I'm wrong, experts, but if you have gambling losses, you might be able to deduct them.

Tuesday February 5, 2013 12:31 itsonlymoney

12:31

Earl Pierce:

Brent's question about Small Businesses - I hope this isn't too much of a downer, but 2012, 2013, and thereafter may hold some challenges for small business owners. The challenges I refer to will relate to recordkeeping and complying with all the new laws and updates. Hopefully, small business owners have completed the Forms 1099 for reporting payments to service providers in 2012 (recipient copies were due 1/31/2013, IRS copies due 2/28/2013). Hopefully, the wrap up of Forms 940, 941, OQ, and W-2's have been completed as well as they were due 1/31/2013. These are just a few things small business owners handle while also trying to run and profitable business operation. In 2013, many additional small business owners will learn how to e-file many of these forms. With the laws (i.e. Affordable Care Act) fazing in over the next 5 years, there each year I foresee additional little headaches for small business owners.

Tuesday February 5, 2013 12:31 Earl Pierce

12:31

Richard Panick:

Claudia, Generally the 1120S is used to report income, credits, deductions and expenses.

Tuesday February 5, 2013 12:31 Richard Panick

12:32

Adam Morrison:

Claudia - you can information on S-Corp filing requirements at http://www.oregon.gov/dor/BUS/Pages/corp-tax_main.aspx

It appears the excise tax of $150 is required for "doing business in Oregon regardless if you are making a profit.

Tuesday February 5, 2013 12:32 Adam Morrison

12:32

[Comment From ClaudiaClaudia: ]

Thanks, Adam. One point of confusion is the reference to excise tax and income tax on the S-corp page.

Tuesday February 5, 2013 12:32 Claudia

12:32

Richard Panick:

If your S-Corp had no taxable income there would be no tax to pay.

Tuesday February 5, 2013 12:32 Richard Panick

12:33

[Comment From JohnbrownraiderJohnbrownraider: ]

Why should I file my taxes when I know the Obama adminstration will simply take my hard earned money and send it off to Pakistan, Yemen, Syria, Iran rebels or whatever the war of the week is....

Tuesday February 5, 2013 12:33 Johnbrownraider

12:34

itsonlymoney:

Or, for another take on Johnbrownraider's question, is it a good idea to file a federal and Oregon return even if I don't owe taxes?

Tuesday February 5, 2013 12:34 itsonlymoney

12:34

[Comment From ClaudiaClaudia: ]

So the sequence still is, I file a federal and an OR tax form, I pay OR $150, I list last year's $150 as a cost, this flows through to my K-1, which flows to my personal federal income tax as a loss?

Tuesday February 5, 2013 12:34 Claudia

12:35

The Oregonian:

Folks, we have about 10 more minutes. Don't wait to send in your questions and comments.

Tuesday February 5, 2013 12:35 The Oregonian

12:36

[Comment From ClaudiaClaudia: ]

Also, is there a legal way to simply say my business isn't doing work? put it in suspense, until such time as I can do business (retire from my day job)?

Tuesday February 5, 2013 12:36 Claudia

12:36

Adam Morrison:

Although it is not required to file a return for Oregon if you don't meet the filing requirements - it is still not a bad idea to establish the return with the department.

Tuesday February 5, 2013 12:36 Adam Morrison

12:36

Richard Panick:

Brent, There can be reasons to file a federal return even if you you do not have a requirement to file. You may be eligible for refundable tax credits like the earned income credit or you may have had withholding paid in. You should file to get your withholding back.

Tuesday February 5, 2013 12:36 Richard Panick

12:36

Earl Pierce:

Claudia - Unfortunately, the best way to shut off the $150 Oregon Tax on your S-Corporation is to Mark the 2012 Federal Tax Return "Final" (check the box on page 1, below the corporation name and address). The IRS expects a Form 1120S every year until you mark the return "Final". The S Corporation address is in Oregon. You, the shareholder and manager, are in Oregon. Oregon will get the $150 as long as the S Corporation is not terminated. The $150 is not dependent upon income. Even an S Corporation with a net loss pays the $150.

Tuesday February 5, 2013 12:36 Earl Pierce

12:38

[Comment From ClaudiaClaudia: ]

Gentlemen, this has been very helpful! Thank you all. I am so glad I read the paper this morning and caught that this chat was scheduled. Very helpful!

Tuesday February 5, 2013 12:38 Claudia

12:38

itsonlymoney:

Regarding credits, Oregon also offers a tax credit for those who've suffered the "complete loss of the use of two or more limbs."

Tuesday February 5, 2013 12:38 itsonlymoney

12:38

Adam Morrison:

Claudia - if your S-Corp is no longer doing business, then you'll want to terminate the business. Otherwise, all corporations doing business in Oregon must file an Oregon corporation excise tax return and pay the minimum excise tax.

Tuesday February 5, 2013 12:38 Adam Morrison

12:38

Earl Pierce:

Claudia - you are correct on the series of events on the $150. There is no "Suspense" that I know of. You can terminate the S-Corporation and start a new one when you are ready to be back in business.

Tuesday February 5, 2013 12:38 Earl Pierce

12:38

[Comment From GuestGuest: ]

My brother works overseas, and has not paid social security taxes for few years.he got a letter from social security,and it stated he has 38 quarters,he needs 40 to qualify.HE CALLED THEM THEY SAID HE NEEDS TO CALL A CPA.I called a tax preparer and he did not know.Can you help.

Tuesday February 5, 2013 12:38 Guest

12:41

Adam Morrison:

Information on the Oregon "Loss of Limbs" credit is available on page 98 of Pub. 17.5 at http://www.oregon.gov/dor/forms/personal/publication-17-5_101-431_2012.pdf
It gives detailed information on qualifying for and claiming that credit.

Tuesday February 5, 2013 12:41 Adam Morrison

12:41

Earl Pierce:

Guest - I haven't dealt with a case like that of your brother. Can your brother get some sort of work for six months to get credit for 40 quarters?

Tuesday February 5, 2013 12:41 Earl Pierce

12:42

itsonlymoney:

Guest, he will need 40 quarters of credits. But that doesn't mean he has to work six more months straight.

Tuesday February 5, 2013 12:42 itsonlymoney

12:42

Adam Morrison:

*Correction* - that should read "Loss of use of limbs"

Tuesday February 5, 2013 12:42 Adam Morrison

12:42

The Oregonian:

Before we sign off, I'd like to invite all of our panelists to share their advice for a trouble-free tax season. What's your top tip?

Tuesday February 5, 2013 12:42 The Oregonian

12:43

Richard Panick:

Guest, If you brother thinks that is a mistake, he can reconstruct his earnings record using his w-2's.

Tuesday February 5, 2013 12:43 Richard Panick

12:43

Richard Panick:

We should always keep a copy of our w-2's.

Tuesday February 5, 2013 12:43 Richard Panick

12:44

itsonlymoney:

Guest, in 2013, Social Security gives workers one credit for each $1,160 of earnings, up to the maximum of four credits per year.

Tuesday February 5, 2013 12:44 itsonlymoney

12:44

Shannon Ball:

Don't wait until the last minute to file your taxes. File your return electronically.

Tuesday February 5, 2013 12:44 Shannon Ball

12:44

Richard Panick:

My top tip, get all your records together and take your time.

Tuesday February 5, 2013 12:44 Richard Panick

12:44

Adam Morrison:

If you have withholding or refundable credits for Oregon - you should definitely file a return even if you don't have a filing requirement to receive your refund.

Tuesday February 5, 2013 12:44 Adam Morrison

12:44

The Oregonian:

Last call for questions and comments. Any more closing thoughts?

Tuesday February 5, 2013 12:44 The Oregonian

12:44

itsonlymoney:

Guest, for more information on how to earn Social Security credits, go here: http://www.ssa.gov/pubs/10072.html

Tuesday February 5, 2013 12:44 itsonlymoney

12:44

[Comment From GuestGuest: ]

He worked in AbuDhabi and he get a check from a local co no w2s

Tuesday February 5, 2013 12:44 Guest

12:45

Adam Morrison:

And make sure your social security number is correct on your return. It will save you a lot of time!

Tuesday February 5, 2013 12:45 Adam Morrison

12:45

Richard Panick:

Guest, the w-2's would be for past years. It may help if he thinks the 38 number is in error.

Tuesday February 5, 2013 12:45 Richard Panick

12:46

itsonlymoney:

Guest, the rest of your particulars are beyond our expertise and the realm of this chat. I suggest you or he consult a lawyer who specializes in Social Security issues. There are plenty of them.

Tuesday February 5, 2013 12:46 itsonlymoney

12:47

The Oregonian:

And with that, we'll call it a day. Thanks to all of our panelists for sharing your expertise. And thanks to our readers for great questions.

Let's do this again soon. Send Brent your suggestions for chat topics: bhunsberger@oregonian.com. We'll be back with a personal finance chat the first Tuesday of every month.

Tuesday February 5, 2013 12:47 The Oregonian

12:47

Earl Pierce:

I have a lot of folks joke with me that I will be out of work when they simplify the tax code. I don't see a lot of simplification going on. Not to sound too self-serving, my recommendation to small business owners and others is to find an advisor you are comfortable with a pay for the assistance. A lot of people like to tinker with old cars, and old cars are pretty simple to understand and work on. Today's tax law is like a Toyota Pruis. I wouldn't want to try to tinker with it without a professional.

Tuesday February 5, 2013 12:47 Earl Pierce

12:47

itsonlymoney:

Thanks everyone for participating. I think you really helped those who answered questions.

Tuesday February 5, 2013 12:47 itsonlymoney

12:48