Business/Finance

Mileage Method

May 23, 2012
mileage Milestones

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Today TaxMama® hears from Walter in the TaxQuips Forum with a most astute question. “Is there a limit to how many miles of standard mileage auto/truck expense a self-employed taxpayer can take on their Schedule C for a given year? The portion of the business standard mileage rate treated as depreciation is on average about [...]

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Bookkeeping

May 22, 2012
double entry bookkeeping

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Today TaxMama® hears from Mary in the TaxQuips Forum who remembers. “During one of the registered tax return preparer (RTRP) presentations on May 15, or 17th, the instructor mentioned getting clients familiar with bookkeeping software. Several names were mentioned. Can you give me the name of the software?” Share this:

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Homebuyer Credit Repayment

May 15, 2012
Thumbnail image for Homebuyer Credit Repayment

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Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out if he’ll have to repay the $8,000 tax credit he received as a first time homebuyer. I’ve read that [...]

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More Questions Than Answers for 2013 Tax Picture

May 11, 2012
tax puzzle

Courtesy of CCH, a Wolters-Kluwers company New CCH Tax Briefing Examines Key End-of-Year Issues  (RIVERWOODS, ILL., May 4, 2012) – Will this be the last year of the Bush-era tax cuts? For now, uncertainty remains over whether Congress will extend all or some of the tax cuts and incentives set to expire at the end [...]

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Ask TaxMama Issue 639 – TGIO

April 20, 2012

Dear Family, Well, Tax Season is all wrapped up – and many of you have hit the road. I can tell, since so many of your autoresponders are saying you’re gone for the next week or two. I don’t blame you. This year, for some reason, was particularly grueling. Some Tax Pros tell me they [...]

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Missed the Income Tax Deadline – IRS Offers Help for Taxpayers

April 20, 2012
Forgive yourself

Courtesy of the IRS The IRS has some advice for taxpayers who missed the tax filing deadline. Don’t panic but file as soon as possible.If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner [...]

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Last Minute Tax Tips

April 16, 2012
tax deadline coming fast

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Today TaxMama® wants to give you a few last minute tax tips. Share this:

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Managing Your Tax Records After You Have Filed

April 13, 2012
files

Courtesy of IRS Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records. Share this:

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