Today TaxMama hears from Mark in Columbus, Ohio, who has this scenario: “A taxpayer buys 3 homes in a year. None are personal residences. The first is rented. The second is sold for a profit. The third is on the market “for sale”. The taxpayer is interested in continuing to buy and sell and rent […]
Today TaxMama helps Peggy from Clarence Center, NY who says. “I am in the process of opening a consignment shop. Do I need to pay taxes on the total amount of sales or just my revenue?
Today Selena in Los Angeles is taking a bold career step. “After many years of working as a salaried employee, I have decided to take the plunge and switch to temporary employment through an agency that specializes in temporary placements for clinical social workers. I am reviewing the contract they want me to sign, and […]
With the news being filled with Hurricane Katrina, this seems to be a good time to address the upcoming corporate tax filing deadlines. Many people are totally displaced from their homes and businesses. Odds are, that they won’t even be able to return to get their records for months. That is – if the records […]
Today Irina from the Internet is concerned. “My husband is self-employed and he hasn’t had any deductions taken out of his checks since the time he started his business. He claims that after he writes off his business expenses, he’ll get more than he owes. On top of that, he is telling me to claim […]
Today Connie from New York asks, What does “Pass Through Tax” mean? Since TaxMama has never heard that expression, she will explain “Pass-Through Income (or Loss)” or “Pass-Through Entity”.
Today Dede from Michigan tells us. “I am a newly licensed family home day care provider. I am overwhelmed by this tax business! Where in the world do I begin? I haven’t paid any taxes from my earnings yet, because I just don’t know how to begin or whom to contact about what forms or […]
Today Alan from Texas says he is starting a partnership as a consulting business. He asks, “I understand that estimated taxes will be made on the income that the business makes, but do I also have to pay personal tax on the salary that I pay myself from that income in addition to the estimated […]
Today Mark in Mississippi is still reeling. Here’s why – The other day, I dropped twenty bucks into a 50-cent slot machine and I won $326,000.00! I suspect that over half will be taken for state and federal taxes. As a farmer, can I offset the taxes due by adding to my farming operation (i.e. […]