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 Andrea in the TaxQuips Forum who needs help. “My husband and I are trying to set up a turnkey small business and need a virtual terminal to run credit card information. Because of our bad credit history we are being rejected with our current SSNs. Do you think if we were […]
Today TaxMama hears from Mike in the Tax Quips Forum, who is unclear on the concept. “My 7 month certificate of deposit (in an IRA) will expire in November 2011. I used this money as a tax deduction for 2010. If I re-invest in another 7 month CD, at the same bank, can I use this […]
Today TaxMama hears from Richard in the TaxQuips Forum who tells us. “My family is selling my father’s baseball card collection. We are expecting to receive approximately $20,000. If the buyer writes me a check and I deposit it into my account; then I write a check for the amount and give it to my mother, will […]
Today TaxMama hears from Jeff in the TaxQuips Forum, who is unclear on the concept. Let’s look at just a portion of what he said. Jeff said, “My S-Corp does not have a separate checking account.”
Today TaxMama hears from Elizabeth in the TaxQuips Forum, with a sad problem. “Can a loss on deposits be deducted on Schedule A or form 4684? I researched the IRS website and it is allowable. But what if the amount is more than $20,000 for the entire loss? Can you deduct $20,000 each year until […]
Today TaxMama hears from Rawan in the TaxQuips Forum who tells us, “I closed my business in September. I was wondering if I need to close my business checking account before I file my final 1120S form?”
Today TaxMama hears from Kari in the TaxQuips Forum who doesn’t know what to do. “I am an artist/crafter who occasionally sells at festivals and art fairs. I do not have a storefront, nor do I sell my items on my own website. I do not have a business license (and am not required by […]