Tag Archives: Business software

THE Ultimate Tax Nerds of 2012!

Taxes are terrifying to so many people. But the fact is, some of us just find the whole subject irresistible. We talk about taxes; think of ways to reduce taxes; dream of loopholes; are compelled to help others find tax breaks; and love to read all about the nuances and changes. WE are the Tax […]

Life Moves Checklist

Today TaxMama® hears from Michelle in the TaxQuips Forum who suggested this idea. “I’ve noticed recently that you’ve advised people to check with their tax pro before consummating major transactions stemming from big life moves. I discovered that April is National Financial Literacy Month. This would be an excellent platform to share more and/or updated […]

Are YOU the Ultimate Tax Nerd of 2012?

TaxMama® is searching for the Ultimate Tax Nerd.  Tax season brings out uncontrollable tax passions. Mild mannered individuals turn into rabid tax fanatics. Does that happen to you? Enter the Ultimate Tax Nerd Contest online beginning Wednesday, February 15th, 2012. The contest will run until midnight, Sunday April 1, 2012. Over $4,000 in prizes. Tax […]

IRS Unveils New Version of Smartphone App; IRS2Go 2.0 Offers Videos, Tax Help

IRS YouTube Video: IRS2Go 2.0    Podcast: IRS2Go 2.0  WASHINGTON — The Internal Revenue Service announced today the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app, available on the Apple and Android platforms, adds a new YouTube feature, news […]

What is my Refund?

Today TaxMama hears from Alex in the TaxQuips Forum who is confused. “I’m wondering what my refund would be if I claimed exempt status for about half of 2011.I’m a full-time student, filing as single, with a gross income of about $10,000. I tried doing some of my taxes on TurboTax, but it said my […]

Double Mortgage Deduction

Today TaxMama hears from CL in the TaxQuips Forum, who is upset. “We rented out our home and I used TurboTax for our taxes. Due to the questions posed on TurboTax, i.e., “Do you own a home?”  “What is your mortgage interest?” Then moving on in Turbotax in Rental Properties, the question is asked again […]

Husband andWife LLC

Today TaxMama hears from Rachel in the TaxQuips Forum, who needs clarification. “My husband and I are the only owners of our LLC. From my understanding, in our state (Arizona) we can file a schedule C with our 1040. When I try to do this with TurboTax it prompts me to divide all the expenses […]

Donating Baby Clothes

Today TaxMama hears from Chet in Illinois, with this question. “We are planning on donating many clothes that no longer fit our 9 month old daughter. We received many of these items as gifts. Can we still take a charitable contribution deduction?”

Paid for Medical Studies

Today TaxMama hears from Charles in Arizona with this situation. “It seems that no one has an answer to my question. Last year, I participated in a medical study and earned approximately. $4,300. Now I am trying to determine how to approach the 1099-MISC the clinic sent me. The income is in the Other income […]

Passive Loss Limitation

Today TaxMama hears from Clyde in Florida, with this oopsie! “My wife and I have rental properties and we reported losses for 2006 and 2007. We recently found out about Form 8582 and the Passive Activity Loss Limitations rule. Our income without the rental losses exceeded $150,000. What should we do?”

Lump Sum Problem

Today TaxMama hears from Scott in Utah, who’s upset . “My wife and I E-filed using TurboTax online deluxe, reporting a lump sum Social Security payment. We had a refund coming from both fed and state. Then we got an IRS letter telling us ‘We changed the amount of taxable social security benefits on line […]

Taxes are Funny – Post Tax Filing Blues

TurboTax has teamed up with Jay Mohr to hold a competition for comedians at TaxLaugh.com . The winner gets $10,000 and the opportunity to open for Mohr at an Improv comedy club in Southern California. To enter, performers can create and submit a video of a routine up to three-minutes in length. It can be […]