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Untaxed Internship

August 11, 2010

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Today TaxMama hears from Karol in the TaxQuips Forum, with an odd question.  “I have a paid internship in the Rhode Island state vocational rehabilitation agency and they pay me $11 an hour (I work the most 35 hrs/wk) without taking out taxes. I am worried about what I will owe when I do my taxes later [...]

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Step Up Basis Adjustment

August 10, 2010

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Today TaxMama hears from Rob in the TaxQuips Forum, who couldn’t get IRS to answer him.  “I am adjusting a 2006 return using the 3115 Form per your guidance.  The Real estate is 1974 property where we used ACRS, 125% and 20 years.   For the step-up do I have to use MACRS lives and methods?”

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Worship Leader and More

August 9, 2010

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Today TaxMama hears from Alex in the TaxQuips Forum, with this issue.  “I am the worship leader at my church and am currently paid a salary of $6,000 a year without taxes taken out. I also just recently took on a short term job in which I was hired as an independent contractor to do [...]

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Non-Profit Quotas

August 5, 2010

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Today TaxMama hears from Dennis in the TaxQuips Forum, with a problem.  “I have recently become Treasurer of a band booster organization and need clarification about quota accounts.  They have a “quota” account for each student that is used for an annual trip.  You must make your quota amount or you are not allowed to [...]

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Kids with No Credit

August 4, 2010

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Today TaxMama hears from Taylor in the TaxQuips Forum, with a common dilemma.  “My clients just moved back from Australia. They don’t have any credit established in USA.  I recommended that Mom purchase the home with the mortgage loan will be in her name only.  She can add the kids to the title.  The kids [...]

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Limits on Millionaires

August 3, 2010

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Today TaxMama hears from George in the TaxQuips Forum, with an interesting question. George asks, “Has there been any further guidance on the IRS Memo # 200911007 (dated 11/24/2008; released 3/13/2009) relative to applying the $1 million limit per property as opposed to per taxpayer with respect to mortgage interest deductions?  This become a big [...]

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Tuition Assistance Programs

August 2, 2010

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Today TaxMama hears from Mike in the TaxQuips Forum, with a terrific question. Mike says, “My employer has asked me to look into finding out what is necessary to create a Tuition Assistance Program.  I read through Pub 970, and all I could find was that I needed to have the agreement in writing. What [...]

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Tax Holidays Coming Up

July 29, 2010

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Today TaxMama wants to tell you about the upcoming tax holidays in your neck of the woods.
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Raise Your Credit Score

July 28, 2010

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Today TaxMama wants to speak to you about your credit score and how fix it and raise it.
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Investment Tools and Tips

July 27, 2010

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Today TaxMama wants to speak to you about how to gain a better understanding of your investments, and money – and perhaps their relationship to your taxes.  
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