Employment

Paid for Medical Studies

May 19, 2009

Today TaxMama hears from Charles in Arizona with this situation. “It seems that no one has an answer to my question. Last year, I participated in a medical study and earned approximately. $4,300. Now I am trying to determine how to approach the 1099-MISC the clinic sent me. The income is in the Other income [...]

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Going for the Jugular

May 7, 2009

Today TaxMama hears from Carolyn, commenting on yesterday’s TaxQuip. “I thought you would have strongly encouraged her to get off food stamps and earn a living. If she gets more money in food stamps, she should think carefully about doing this? Are you kidding me?” Share this:

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Housecleaning Business

May 6, 2009

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Today TaxMama hears from Blanca in Arizona who needs to know. “We are receiving food stamps. My husband might be getting unemployment benefits soon. However, I just started working for a small company cleaning their houses. I am charging them $100.00 a house and might have about 5 per month to do. They asked me [...]

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Home Provided by Employer

April 29, 2009

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Today TaxMama hears from Joe in Maryland with an interesting problem. “I have been offered a great job but I am a little concerned about having to move from my home to the home that is owned by the company that wants to hire me. I will be required to reside in the company home [...]

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Adding to 401K

April 7, 2009

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Today TaxMama hears from Joe in Texas with this question. “Is it legal to add to your 401K after you retire and you are not working? Suppose you earn money at post retirement employment?” Share this:

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401K While on Early Social Security

February 11, 2009

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Today TaxMama hears from Larry in Texas. He has an interesting question. “I’m 63 and receiving social security retirement benefits. I work part-time. Will contributions to my company 401(k) reduce my taxable income? Specifically, will my contributions reduce my total income, enabling me to exceed the earnings limits for being under full retirement age?” Share [...]

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1099 Instead of K-1

February 4, 2009

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Today TaxMama hears from Rob in Florida. He tells, “I sold my majority interest in an LLC (filing as a partnership with pass-through income) to another partner for $10.00 on August 11, 2008. The partnership’s CPA sent me a 1099-MISC with an amount entered into nonemployee compensation. I was expecting a K-1. Is the 1099 [...]

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Who Did I Work For?

January 8, 2009

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Today TaxMama hears from Bryan in New Jersey, who says. “I lost my W-2’s for a couple of years. I didn’t get a chance too file because of a nasty divorce. How do I get copies of these W-2’s, since most of these employers are out of business; or I just plain forgot who I [...]

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Family Wages

January 7, 2009

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Today TaxMama hears from Lena in Virginia, who wants to know. “In order for a family member to be paid wages, do they have to perform the actual task on a regular basis? Or is it sufficient if they are able to perform the task when needed?” Share this:

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TaxMama Tips in Times of Business Downturns – an Outline

December 5, 2008

Your business doesn’t have to fail, or even struggle. This is a great time for a business to shine. But you will have to face some hard truths about yourself and your circumstances. And you’re going to need to be brutally honest with yourself, your workers, your family and your vendors. 1) If you can’t [...]

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