Author Archives: TaxMama

Switching from Employee Status to Independent Contractor

Today TaxMama® wants to give you something to think about before switching from employee status to independent contractor.  

Bipartisan Budget Act of 2018 – Tax Extenders Passed Today

Last week, I promised you that the Legislature would pass an extender bill by spring. Well, good news! They didn’t wait that long. They included most of the provisions of  S. 2256 in today’s budget bill. Alas, Congress only extended them for the short-term. All the extenders are retroactive to January 1, 2017. But the […]

There are some good parts of the new tax bill, but not many

Eva Rosenberg joins Jim Blasingame to report on some of the good elements of the new tax bill for small businesses, including accelerated expensing, but unlike for businesses, the individual alternative minimum tax is still there. Find interviews with Small Business experts on the Small Business Advocate show

Introduction to the Trump Tax Plan

Today TaxMama® wishes you a Happy New Year, and brings you some basics about how the Trump Tax Plan will affect this filing season.

The Postcard Filing – a Naïve, Misguided Fantasy

  https://waysandmeans.house.gov/wp-content/uploads/2017/11/WM_postcardprint_110117.pdf     The good news. President Trump Congress keeps telling you that taxpayers will be able to file on a postcard. The bad news? Look at lines 3, 10, 11, and 12. Your government is naïve. While this may be wish-fulfillment, it has no basis in practical reality. It should be a required […]

2018 Mileage Rates

News Flash:   IRS just released 2018 mileage rates:    54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017. 14 cents per mile driven in service of charitable organizations. […]

Storage Costs

Today TaxMama® hears from Bob with this question. “In order to rent my residence (house) as “unfurnished”, I had to move my furniture and other belongings to a storage facility (like Public Storage). Can I deduct the expense of this storage against my rental income?”