Income Tax

Must I File a Tax Return?

July 13, 2009

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Today TaxMama hears from Rick in Las Vegas who tells us. “I know that if you don’t owe any tax you don’t have to file even if you have income. How about if you do owe tax, but your withholding was in excess of what you owe? Is it a requirement that you file?” Share [...]

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Time Limit For Taxes

July 2, 2009

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Today TaxMama hears from James in Arizona with a quick question. “Is there a statute of limitations on collecting back taxes?” Share this:

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Is it Too Good To Be True? Home-Based Business Tax Avoidance Schemes

March 20, 2009

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile [...]

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Where to Pay Tax

March 3, 2009

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Today TaxMama hears from Nick in Wisconsin, who tells us. “I own several rentals in Wisconsin. I have been a Wisconsin resident for years. If I relocate to Florida where there is no personal income tax, then sell my rentals, will I have to pay capital gains tax to Wisconsin? I realize that the Federal [...]

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TIGTA Releases Review of Earned Income Tax Credit Program

February 5, 2009

The Treasury Inspector General for Tax Administration (TIGTA) today publicly released its most recent review of the Internal Revenue Service’s (IRS) Earned Income Tax Credit Program (EITC). The report concludes that the IRS has successfully developed processes to identify erroneous EITC payments prior to their issuance to taxpayers. However, the IRS estimates that between $10 [...]

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Casual Gambler Can Net Wins Against Losses on a Per Visit Basis

January 29, 2009

by David & Mary Mellem, EAs We all know gambling winnings are Other Income, while gambling losses are deductible on Schedule A but only up to the amount of winnings. Some tax professionals have interpreted the regulations to require each individual bet to stand on its own. Now IRS has addressed this issue a little [...]

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Bartering Income

January 23, 2009

Bartering is the trading of one product or service for another. Usually there is no exchange of cash. It is the most ancient form of commerce. Any business owner or professional who has a product or service to offer can barter. While our ancestors may have exchanged eggs for corn, today you can barter computer [...]

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Jackpot

January 6, 2009

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Today TaxMama hears from Kathy in New Mexico, a lucky lady. “I am a housewife. I have no income. My husband has a 100% disability income. I won a jackpot of $1,500.00. I have to pay taxes on this amount. Is this earned income?” Share this:

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Overstated Income

November 3, 2008

Today TaxMama hears from Tom in California, with a problem. “I overstated my income. How do I correct this?” Share this:

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