Today TaxMama® wants to bring wasted refunds to your attention. The IRS keeps sending out announcements that refunds are expiring. People keep ignoring those announcements, thinking that this doesn’t apply to them.
TaxMama® and Ken Jeffries interview: LISTEN TO PODCAST: Ken: It’s TaxQuips Time from TaxMama.com . Today TaxMama covers deductible mileage. What kinds of mileage are deductible by individuals and businesses? TaxMama: Actually, there are four ways to take advantage of vehicle-related deductions: Medical mileage Moving Mileage Job or business mileage Charitable mileage Ken: What are […]
When I started teaching the IRS Practice Series at CPE Link, I needed an easy way to prepare my pro-forma collections forms. It was especially important to have a tool that would integrate the most current National Standards, exclusions from assets, etc. PITBULL SOFTWARE provided me with the tools that I need. Not only do […]
October 15th is the annual filing deadline for all personal income tax returns. This year, some (un)lucky folks in several disaster areas around the country have extra time to file – as long as they were wise enough to put their personal tax returns on extension. What about the rest of us? We still face […]
Today TaxMama® hears from Rick in the TaxQuips Forum. Let me summarize his issue. He just learned that he is getting a $9,000 1099MISC for items he receives to review. He can’t use most of those things, but he’s not allowed to sell them. Yet, he will be paying taxes on the retail value of […]
Today TaxMama® wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations – C & S, certain estates and trusts. It’s important to know what to get ready for your tax pro or you.
Today TaxMama® hears from Jean in the TaxQuips Forum, with this problem. “I have a client that hasn’t filed his personal tax returns for 8 years. He is currently under audit, and I am preparing the returns. Can I carryback net operating losses (NOLs) from 2012 to 2010, and forward from 2009 to 2010? Since […]
Today TaxMama® hears from Paul in the TaxQuips Forum, with this common issue. “I just received a CP2000 Notice from the IRS informing me of $1,900 in proposed taxes due from 2013. (On our joint return, I forgot to include my wife’s 1099 earnings in the amount of $5,100.) This amount due seems high, given […]
Today TaxMama® hears from Sonia in the TaxQuips Forum, who has this quickie question. “I contacted the custodian of my IRA AT 3 PM on 12/31 to request a required minimum distribution (RMD). The transaction ended up being dated 1/1. Will the 50% penalty apply? If so, how can I apply for relief?”
Today TaxMama® hears from LFloom in the TaxQuips Forum with a very good question. We want to buy a vacation home that will eventually be a retirement home. It is difficult and more expensive to get a loan on this place. So, I want to get a mortgage on my primary home to buy the […]