Author Archives: Alex Simpson

Tax Roundtables 2017 and beyond

TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Please mark your calendars! It meets at 8:05 am PACIFIC on the third or fourth Thursday of the month (unless there are conflicts) (and dates are subject to […]

Income Distribution or Payroll?

Today TaxMama® hears from ASquare in the TaxQuips Forum with this question. “I work as a full time employee for a company on W2. I own S-CORP that i get income for the services provided in my free time. Do I need to run the payroll for that money earned on S-CORP or can I […]

Is Your Client an INVESTOR? a TRADER? or a MARK-TO-MARKET TRADER?

Is Your Client an INVESTOR?   a TRADER?   or a  MARK-TO-MARKET TRADER?  ~ by Nancy E Goedecke, EA ~    The Internet has spawned a new breed of investors who use their computers to execute stock trades on a daily basis. Suddenly everyone and their cousin is either an online day trader or thinking about becoming […]

8 Tips to Stay Sharp – For teachers, Students, Classrooms

Today’s TaxQuip is sponsored by X-Acto electric pencil sharpeners. As you might have guessed, my favorite classes in school were my English classes, where we got to write compositions, essays, analyze newspaper articles and editorials. The best teachers I knew were those who red-penciled our papers. Sometimes, my pages looked as if they were bleeding. […]

First Time Homebuyer and IRAs

A first home? Today TaxMama® hears from Emily in the TaxQuips Forum with an excellent question. “I’m 35 years old and taking money out of an IRA for a down payment on my house. I am not a first time homebuyer. This will be my primary residence. Should I roll my IRA into a ROTH […]

IRA Warnings

Today TaxMama® hears from Jeff in the TaxQuips Forum with a very common type of problem. Let me paraphrase. “My wife had a traditional IRA at Vanguard and we rolled it over to another company where I set up the account. We didn’t notice that the account was in my name, instead of hers until […]

Innocent Spouse Relief – Sort of

Today TaxMama® hears from Melissa in the TaxQuips Forum. “I was granted innocent spouse relief after my divorce in 2013. Yet when I filed my taxes this year, I didn’t get my refund and received no info on why; or if it went to my ex-husband’s unpaid state (WV) taxes, that he hasn’t paid for […]