Category Archives: *AskTaxMama Newsletter

AskTaxMama

Tax Roundtable Schedule and Replays for 2016 & 2017

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 […]

TaxMama’s TaxQuips Highlights of Trump Tax Plan

  Today TaxMama® wants to give you an advance peek on what you can expect from a Donald Trump tax plan, coming to a Congress near you! Dear Friends and Family, Today we face a total paradigm shift in our government. Donald Trump is the President-Elect of the United States of America. So, with that […]

He Who Hesitates is Lost

Today TaxMama® hears from several people in the TaxQuips Forum with questions about expired refunds. Let me summarize.  “I faced a hardship and didn’t file tax returns for several years. Now, I learn that I cannot get my refunds for all those years. Can you help?” Dear Friends and Family, My answers to Dustin and […]

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 […]

Divorce Home Sale

Today TaxMama® hears from Greg in the TaxQuips Forum with a very common divorce issue. Let me paraphrase. “We got divorced. My wife and child stayed in our home. I made the payments. Now, when we want to sell it 7 years later, is there any way at all that I can get the personal […]

Tax Day Deadline – and Extensions

Good news! This year we get a few extra days to file our tax returns – until April 18th (19th in MA and MN). But what’s if you’re just not ready? Relax. File an extension – no excuses needed. You get an extra six months to file.

2016 Mileage

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 […]

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 […]