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Tax chat with Eugene Tarsky
 
12:54
[Comment From Guest]
I had a mortgage loan modification for my primary residence approved by my mortgage bank on Oct 2008. In the process, my bank added thousands in $ into my principal and termed it as interest (plus the mortgage for the months I missed payment.), Is this additional interest "paid" something I can deduct when I file my taxes for 2008? Or do I lose this money because it already has reduced the equity I have in my house.
1:00
[Comment From Eric]
Hi Eugene, I am backed up about 5 years on taxes (haven't filed for a few of them). How do you recommend some one like me get this resolved? I want to fix it but am not sure where to start... For starters, I am not sure I have all of my 1040's and not everyone I worked for is still in business...
1:01
Eugene Tarsky -  
On behalf of the Massachusetts Society of CPA’s (MSCPA), I want to welcome you to this live chat, one of a  series during tax season to help you understand the ever changing tax laws. We wish that we could answer all the questions posted. Unfortunately, that is not possible because of time limitations. In some instances the complexity of your question, will not be of interest to most of you. Therefore, I hope to confine the posted answers to those of general interest.
 
I invite those of you whose questions are not answered to contact me at gtarsky@teamtza.com. Within my available time, I will do my best to help you.
 
PLEASE NOTE: Typing is not one of my better skills. I hope you will bear with me. To keep the chat moving and let you know I am still with you, I may release several lines and continue my answer in a follow up. This material was typed and proofread ahead of time.
 
My best wishes,
Gene
 
 
 Eugene S. Tarsky, CPA, MST
 
Tarsky, Zanchi & Associates, Inc.
1671 Worcester Rd, Suite 403
Framingham, MA 01701
Tel (508) 665-4100  Fax (508) 665-4222
 
BUSINESS & PERSONAL ADVISORS for:
Accounting                       Tax Preparation
Consulting                         Financial (life) Planning
Estate Planning         Business Development
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To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
 
 
 
 
Gene received his MST from Bentley College and BBA from U Mass, Amherst. As one of a very limited number of CPA’s with specialized knowledge of financing college education, his whole career of more than 35 years has been in public accounting, first with PricewaterhouseCoopers, then with several local firms before opening his own office. A specialist in taxation, Gene has taught tax courses for CPA’s at Northeastern and Boston Universities as well as for the Massachusetts Society of CPA’s, for which he received an outstanding rating. Beyond tax preparation, Gene has extensive experience in tax planning for individuals, corporations, partnerships, estates and trusts. His interactions with taxing authorities include audits, employment tax matters as well as helping those unable to pay overdue balances. Gene’s industry concentrations include law, health care, real estate, small contractors as well as many other service industries.
 
 
1:02
[Comment From Pat Kelleher]
On schedule D if you have more then 3000 dollars loss what do you you do with leftover
1:03
Eugene Tarsky -  You can deduct the loss in future years. Follow th einstructions on page 2 of Schedule D.
1:04
[Comment From M. Gerrard]
I moved to a new position in July. By the time I moved, I had paid almost all of the social security taxes that I owed. However, I learned that the law requires that my new employer and I must continue to pay these taxes through the end of the year. I assume that the amount paid by both my employer (which was a benefit of my employment) and me will be credited toward my '08 tax bill-- and therefore, in my case, will end up as a refund. Correct?
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