Today TaxMama® realizes that this is the last day of January. There are some important things for you to know today.
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® hears from various folks in the TaxQuips Forum and elsewhere with another common problem. “I filed my tax return and then got another W-2, 1099, or a corrected 1099 from my brokers. What should I do now?”
Today TaxMama® hears from Marisa in the TaxQuips Forum, with this problem. Let me summarize. (You can read the details.) “After her father’s death, Marisa received a settlement from a drug company class action suit. It was not taxable in her state. But now she has a notice from the IRS demanding taxes, based on […]
Today TaxMama® hears from Laura in the TaxQuips Forum, with a tough question. “In 2011 my Elderly client (78) pulled all the money out of a retirement account which his wife had set up for him some years back. My client learned about the account upon her passing and withdrew all the funds not knowing […]
Today TaxMama® hears from BigDog in the TaxQuips Forum, with an odd occurrence. “I received a 1099 for 2006 on 04/01/2013. This 1099 is from an old employer, who has in the past accused me of receiving more money than I earned. However I did file a 2006 tax return. Is there a statute of […]
Today TaxMama® hears from Ben in the TaxQuips Forum, with a question that raises another common issue. Let me summarize the issue. “Quite often when two people become partners, one of them ends up doing more work for the business than the other. How can you split the partnership income so each person still gets […]
Today TaxMama® hears from G in the TaxQuips Forum, with a question that raises a common issue. Let me rephrase the issue. “I used a subcontractor (or paid for parts) on a job for a customer. I only got to keep a part of the income. The rest went to pay the sub or for […]