Today TaxMama hears from Carrie in the Tax Quips Forum, with a common question. “I am reading through your new edition of Small Business Taxes Made Easy and want to clarify. Should I treat my new network marketing business as a sole proprietorship business?”

As Tax Filing Extension Deadlines Near, IRS and HHS Announce New Round of Outreach to Small Businesses and Practitioners About the Small Business Health Care Tax Credit

Video: Small Business Health Care Tax Credit-Updated English | Spanish | ASL

WASHINGTON — As the upcoming filing extension tax deadlines approach, the Internal Revenue Service, in partnership with the Department of Health and Human Services, is announcing a new round of outreach to small employers and the professional service providers they rely on to encourage them to review the new Small Business Health Care Tax Credit to see if they are eligible.

Today TaxMama hears from Tawfiq in the TaxQuips Forum with questions. “Can I deduct my qualified medical expenses with other itemized deductions if I used HSA funds to pay them? And where can I find health insurance that specifically qualifies as an HSA (Health Savings Arrangement)?

Courtesy of IRS

WASHINGTON — The Treasury Department and Internal Revenue Service today requested public comment on issues relating to the shared responsibility provisions included in the Affordable Care Act that will apply to certain employers starting in 2014.

Courtesy of CCH – they write some of THE best material!

(RIVERWOODS, ILL., February 17, 2011) – Whether you itemize or take the standard deduction, there are plenty of above-the-line deductions that can mean even greater tax savings, according to CCH, a Wolters Kluwer business and the leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

For 2010, the standard deduction is $5,700 for single filers ($11,400 for joint filers). Taxpayers who have expenses that exceed that amount related to unreimbursed employee expenses, tax preparation fees and other expenses such as certain taxes, interest, personal casualty and theft losses, and medical expenses, may want to determine if itemizing will save them more money. Deciding whether to itemize or take the standard deduction got a little easier for 2010 when three additional standard deductions and the Schedule L used to calculate them were, for the most part, eliminated for 2010. These additional standard deductions, generally no longer available for 2010, include standard deductions for disaster losses, real estate taxes and new motor vehicle taxes.

Today TaxMama hears from Pastor Derrell a new student in the EA class, who explains why he feels the need to  make a living doing taxes. That brings to mind other people you’d also find interesting. So, today, let me introduce you to a few special people – no special order. Just good, interesting people that you will enjoy – and whose services you might want to engage.