Tag Archives: California

More about Tax Bankruptcies

Today TaxMama hears from Enrique in California, who just learned something new. “I read that one can file for tax bankruptcy. If so how does one go about it? I was not sure if was true or not, and I saw your web site along with the article I read. Any help will help.”

Ask TaxMama Issue 535 – Tax Season Begins

Dear Family, Please join me this morning on BlogTalkRadio as TaxMama joins Diane Young at 8:00 am PST Her show is Women and Money: Building Financial Confidence. If you can’t tune in live, you can listen later. www.blogtalkradio.com/diane-young Happy Universal Letter Writing Week! You may not remember, but before email and texting, there was an […]

Mom as Dependent

Today TaxMama hears from Dee in California, who wants to know. “Is my mother’s Social Security income ($9,000 – no other income) considered earned income in order for me to meet the criteria to file for Head of Household?”

Loan on Two Homes

Today TaxMama hears from Jon in California, who has this plan. “I am going to refinance my current residence for $338,000. I will use $140,000 of that to pay off the existing mortgage. The remainder will be a down payment on my next house. The next house will be my primary residence; the current house […]

Ask TaxMama Issue 530 – Thankful Muchly

Dear Family, Have you ever had one of those weeks when you just couldn’t seem to get into the groove? Yup, it’s been really hard to focus – especially since my head and sinuses have felt as if they were filled up with balloons. You know you should be able to pop them, or depressurize, […]

Military spouse’s income might be tax-exempt

Courtesy of Spidell (paraphrased a bit for national coverage) As a result of the Military Spouses Residency Relief Act (PL 111-97), beginning with the 2009 taxable year, states may not tax wage and personal service income of a military spouse if the spouse has the same domicile or residence as the servicemember and: · The […]

Proof of Nothing

Today TaxMama hears from Maure in California with this dilemma. “I haven’t worked since 2006, and have been exempt from paying taxes. So I have no tax returns. However, for a Hospital’s Medical Assistance Program for my bill, I need to show recent 1040, and/or proof of no/low income. How do I get such documentation […]

Personal Residence Exclusion

Today TaxMama hears from Nony in California who wants to know. “My parents recently moved to a retirement community and were preparing their house for sale. Mom just died – the house was not yet on the market. Does Dad still get the $500K capital gains exemption or only $250K since Mom died before the […]

Cashing Out Retirement

Today TaxMama hears from Jessie in California, who’s broke. “ I am 22 years old and unemployed. I recently hit a financial snag and am really considering cashing out my 401(k) plans. In total it would amount to $4,995.85. Because of state and federal taxes as well as the fee for cashing out early, how […]

A Sign from Above

A businessman was in a great deal of trouble. Sales were way down, he had put everything he had into the business, and most of all – he owed everybody and his debts were enormous. As a last resort he went the rabbi and poured his heart out. When he had finished, the rabbi said, […]