Category Archives: *AskTaxMama Newsletter

AskTaxMama

Accidentally Late

Today TaxMama® hears from JNaveen in the TaxQuips Forum, with this disturbing problem. “I regularly file my tax through TaxAct. This year I filed on time both federal and state. With lot of issues at home, I forgot to monitor whether they actually submitted or not. Looks like they didn’t submit state tax for whatever […]

When a Client Doesn’t Pay the Tax Pro

Dear Folks, No offense intended. But when you engage the services of a tax professional, the concept that the IRS has in mind is that you are working with a “paid professional.” If you don’t pay that tax pro, then their signature on your tax returns and/or other documents is not valid – because they […]

Not A Temporary Job

  Today TaxMama® hears from Dustin in the TaxQuips Forum, who has a very reasonable question. (Let me paraphrase.) “I live in Idaho and just got a construction job in Nevada that will last two years. My wife wants to stay in Idaho near her doctor during her pregnancy. What’s the best way to handle […]

Charity by Proxy

Today TaxMama® hears from GuideForThePoor in the TaxQuips Forum, who has an interesting question. “Suppose your deductions are too low to itemize, but you still want to give money to charity. Can you give the money to a friend who does itemize – and have the friend donate it to charity and get the deduction?” […]

Single Member LLC

  Today TaxMama® hears from Sheronda in the TaxQuips Forum, with this question – which is more common than you might think. She read this on the Delaware website “Single-member Delaware LLCs are “disregarded entities” according to IRS regulations, which means they have no U.S. income tax and no reporting due.” And asks, “Does this […]

Tax-Free Muni Bonds

Today TaxMama® hears from Rosemount in the TaxQuips Forum, with this excellent question. “What taxes would be due on municipal bond fund earnings if a Florida resident?”

Tax Day 2014 Tips

Today TaxMama® wants to help you with last minute issues on Tax Day 2014

Carrying a Mortgage

Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week.  They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the problems arising when carrying a mortgage.

IRS says: Married is Married – Gay or Straight!

Treasury and IRS Announce That All Legal Same-Sex Marriages Will Be Recognized For Federal Tax Purposes; Ruling Provides Certainty, Benefits and Protections Under Federal Tax Law for Same-Sex Married Couples WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize […]