Category Archives: *Tax Quips

Net Operating Losses

Today TaxMama® hears from Jean in the TaxQuips Forum, with this problem. “I have a client that hasn’t filed his personal tax returns for 8 years. He is currently under audit, and I am preparing the returns. Can I carryback net operating losses (NOLs) from 2012 to 2010, and forward from 2009 to 2010? Since […]

IRS Notices

Today TaxMama® hears from Paul in the TaxQuips Forum, with this common issue. “I just received a CP2000 Notice from the IRS informing me of $1,900 in proposed taxes due from 2013. (On our joint return, I forgot to include my wife’s 1099 earnings in the amount of $5,100.) This amount due seems high, given […]

Reasonable Care and RMD

Today TaxMama® hears from Sonia in the TaxQuips Forum, who has this quickie question. “I contacted the custodian of my IRA AT 3 PM on 12/31 to request a required minimum distribution (RMD). The transaction ended up being dated 1/1. Will the 50% penalty apply? If so, how can I apply for relief?”

Vacation Home Mortgage

Today TaxMama® hears from LFloom in the TaxQuips Forum with a very good question. We want to buy a vacation home that will eventually be a retirement home. It is difficult and more expensive to get a loan on this place. So, I want to get a mortgage on my primary home to buy the […]

Collecting Social Security Early

Today TaxMama® hears from Thom in the TaxQuips Forum with a question I used to wonder about. “I started collecting Social Security benefits at 62. I just started working a few hours a week part time. Why are they still deducting SS from my paycheck, since I am collecting benefits?”

Oops Got Another 1099, W-2 etc

Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with another common problem. “I filed my tax return and then got another W-2, 1099, or a corrected 1099 from my brokers. What should I do now?”

Moving & Payroll

Today TaxMama® hears from various folks in the TaxQuips Forum and elsewhere with this common problem. “My client moved to a different state while working for the same company. His W-2 shows withholding for the former state, but none for the state he lived in. His employer won’t correct the W-2. What should we do?”

Home Schooling

Today TaxMama® hears from Sharonda in the TaxQuips Forum with this fun topic, let me re-phrase. “I have a new client that home schools her children. What tax breaks are available to her?”