Category Archives: Business

Taxable Complimentary Stuff

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 […]

Doubling My Income

Today TaxMama® hears from Idlkotr  in the TaxQuips Forum, with a good question.  “I have the opportunity to be an independent contractor. I am an occupational therapist who will be working with disabled children in their home. Thus, a lot of driving. I will be doubling my income. I do not have a clue how […]

Unexpected Loss

Today TaxMama® hears from Chan  in the TaxQuips Forum, with this question “If my business had an unexpected loss of $102k at end of year last year but I made my quarterly payments anyway – will I have a large refund or credit if so? Where did my tax dollars go? Why has my accountant […]

Looming Deadlines

Today TaxMama® wants to alert you about some important deadlines looming at the end of June 2013.

Research Grants

Today TaxMama® hears from a couple of people in the TaxQuips Forum, with similar questions. The second one combines both person’s concerns. “My wife is a graduate student who received a few research grants this year. Some of them want to give the money directly to her instead of through the university, and have asked […]

1099s for All Income

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 […]

Many Business Tax Filers Can File Next Monday

Courtesy of the IRS Many businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March. The Monday opening covers non-1040 series business returns for calendar year 2012, including  Form 1120  […]

Holiday Business Gifts

Today TaxMama® wants to talk about business-related gift-giving for the holidays .