Category Archives: Business

Unclear on the Concept

Today TaxMama needs to explain the purpose of the Taxpayers Advocate Service, based on  a misconception expressed in the TaxQuips Forum.  Peter says his problem is in the hands of the Taxpayers Advocate. So he’s just going to sit back and wait for them to take care of everything.

2008 Self-Employed

Today TaxMama hears from Aaron in the TaxQuips Forum, who wants to know. “Can  I file taxes for 2008 on my own? If so what forms should I use? I was self employed and didn’t file an extension.” http://taxmama.wpengine.com/forum/taxquips/year-old-taxes Rita Lewis replies to Aaron. Rita is an Enrolled Agent in Connecticut. She says, you can […]

GET YOUR EXTENSIONS HERE!

Get your IRS extension here! Note: This page has been updated to include links to Personal, Business and State extensions. Courtesy of IRS If you can’t meet the April deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. Here are seven things you […]

Writing off my Dog

Today TaxMama hears from Sid in the TaxQuips Forum, who has a dog walking/training sole proprietorship. “My question concerns expenses for my dog, who is the face of my business (appearing on all my advertising material) and whom I use all the time for training demonstrations to attract clients. Can I deduct any of her […]

Hit the Road Jack

Today TaxMama hears from Summit in the TaxQuips Forum, who has some questions. “When doing work nationally what are the tax implications? We are a painting contractor based in, say, New York, travel to Mississippi and paint a building for 50k, then travel to Alabama and paint a building for 50k and so on… what […]

Beware – $181 Million Payroll Tax Fraud

Don’t let this happen to you! Outsourcing payroll duties to third-party service providers can streamline business operations but remember, you are ultimately responsible for paying federal tax liabilities. Beware – $181 Million Payroll Tax Fraud Orlando, Florida – United States Attorney A. Brian Albritton announces that U.S. District Judge John Antoon, II, today sentenced Frank […]

Advisory Team

Today TaxMama hears from Edward in PA, who asks, “Can you address the ins and outs of building a personal financial team? Who are the key players needed on this team?”

Large Loss

Today TaxMama hears from Clay in California, who tells us. “I invested in a company that failed. Where is that handled on the 1040 form? I have had other failures and I was only allowed to deduct $3,000 per year. I have a substantial capital gain this year on a sale of properties.” Hi Clay […]

Internet Marketing

Today TaxMama hears from Jim in California who tells us. “I’m an affiliate marketer and have spent a lot more money on ebooks and courses than the amount of income I have generated. Are the ebooks/courses tax deductible? Under what category should I put these expenses?” Dear Jim, Making a fortune on the Internet looked […]