Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week. They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the problems arising when carrying a mortgage.
Today TaxMama® hears from Laura in the TaxQuips Forum, with a tough question. “In 2011 my Elderly client (78) pulled all the money out of a retirement account which his wife had set up for him some years back. My client learned about the account upon her passing and withdrew all the funds not knowing […]
[TaxMama Note: If you have not yet filed for 2009 and have a refund coming – FILE IMMEDIATELY! If you are still waiting for data, documentation or anything else that prevents you from filing, then file a PROTECTIVE CLAIM. i.e. File a tax return. Write PROTECTIVE CLAIM on the top of the first page. Include […]
Today TaxMama® hears from Stephanie who is getting asked these questions by her team of writers and websites. “Who should be sending out 1099s? And what do we do about those 1099-Ks?”
Courtesy of the IRS [TaxMama Note: When using Direct Deposit be sure to TRIPLE check your bank account numbers. If you make one tiny mistake, with just one digit, someone else will get your refund. And the IRS will not help you get it back.] Direct deposit is the fast, easy and safe way to […]
We’ve been talking about IRS whistleblowers lately. One of the features of the program is that it is meant to provide anonymity to the whistleblower. Otherwise, that person could potentially face serious physical and financial harm. Well, it doesn’t always work that way. Sometimes, you run into a corrupt government official seeing a way to […]
Courtesy of the Internal Revenue Service Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met. Read on for six things the IRS wants taxpayers to know about deductibility of donations.
Dear Family, Can you believe it. This is the 650th issue. Ask TaxMama has been running for 12 ½ years. We’ve answered thousands of questions; solved innumerable tax problems; saved people millions of tax dollars over the years – and even improved the federal tax administration system and the tax profession a tiny bit. The […]
Today TaxMama® hears from Ada in the TaxQuips Forum with a deceptively difficult question. “My father is a non-resident alien with a non-business U.S. checking account that he opened over 15 years ago. He wants to give me and another sibling (both resident US citizens) the money from that account (split equally to about $20k […]
Today TaxMama® hears from Mary in the TaxQuips Forum who’s starting an adventure. “I just purchased your book ‘Small Business Taxes Made Easy’ on Nook. I am a big Dave Ramsey fan and am also reading his book ‘EntreLeadership‘. The reason I am reading books such as these is, because I started a new small […]