Filing Requirements

Two Friends own House

March 11, 2009

Today TaxMama hears from Bill in New Jersey, with this story. “ I am living with my girlfriend. We both work and bought a house together in July of 2008. We can both use the mortgage interest write offs on our taxes. Is it possible to simply take the total interest we paid last year [...]

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IRS Took Stimulus Check

March 10, 2009

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Today TaxMama hears from Susan in Montana, with this problem. “The government issued us a stimulus check. But we never really got any money because the IRS used it to pay back taxes. Now, when I enter it on my tax return, it increases the amount I owe. Should I really be entering an amount [...]

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Teen Tax

February 10, 2009

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Today TaxMama hears from Carol in Colorado. She asks, “Should my 17 year-old daughter file taxes this year even though she made below the required $5,000.00? She earned $4,800.00. Would she qualify for a refund? She tells me her W-3 showed 0 withholding.” Share this:

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Around the Water Cooler

February 3, 2009

Today TaxMama hears from Pam in Florida. She says, “My husband asked me if we would be better filing separately, I told him he is crazy. Someone at work told him since I am disabled, drawing my Social Security Disability, that he would be better off filing separately. And if he wouldn’t have to put [...]

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Veteran and EITC

November 13, 2008

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Today TaxMama hears from Kathy in New Mexico who says. “My husband has his full VA disability and Social Security disability. I do not work. Are we entitled to the earned income tax credit (EITC)? We do not file taxes. Are we entitled to file for the last stimulus check, or is to late?” Share [...]

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Fall Filing

September 15, 2008

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Today TaxMama hears from Pam in Texas who has lots of questions. “How many people file this late in the year? Can I still e-file my 2007 return. Will there be any red flag problems?” Share this:

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Old Corporation

August 13, 2008

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Today TaxMama hears from Peter in Ohio who says, “I started a corporation four years back and never got around to using it. I never filed anything because it was never in use. Do I need to file returns for those 4 years even though I never used the corp.? How do I completely close [...]

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Filing Corp Late

July 1, 2008

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Today TaxMama hears from Lori in Illinois who’s trying to catch up. “I started an S corporation last year . My attorney/ accountant friend advised me that I could skip the first round of estimated taxes. Well time has gotten away from me and I have the paperwork the government has sent to me, but [...]

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Report of Foreign Bank and Financial Accounts

June 13, 2008

If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if The person [...]

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Chipping In

April 17, 2008

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Today TaxMama hears from Lara in WI, who was wondering. “If I receive money from a family member for the food and utilities for she uses, is this considered rent? Do I have to claim this on my tax return?” Share this:

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