Tag Archives: Credit Card

Get All the Paperwork

Today TaxMama® hears from someone else in the TaxQuips Forum who is being audited. “This person is being audited by IRS for a child tax credit. At this point, she can no longer locate the care provider to get her Social Security Number – the woman’s phone is disconnected. She didn’t get receipts for her […]

Timing of Purchase

Today TaxMama® hears from Insha in the TaxQuips Forum with this question. “I run a daycare center in my home. I file a Schedule C on the cash basis. In February 2011, I bought an asset for my business that cost $2,000. I’m making payments of $100 per month on it. So, on my 2011 […]

No 1099-MISC if Paid by Credit Card

[TaxMama Note: Another bookkeeping nightmare. Are YOU keeping track of how you pay YOUR vendors and service providers?] No 1099-MISC if paid by credit card (01-19-2012) In the instructions to Form 1099-MISC, the IRS has made it clear that payments made with a credit card, or through any third-party payer, are not reported on Form […]

Should I File BK?

Today TaxMama hears from Bruce in the TaxQuips Forum who needs to make a decision. “My business failed last year and my wife and I are mulling over whether to declare personal bankruptcy due to this.  Towards the end of the life of the business, I put a lot of money on my credit cards, […]

A Twist On Using Credit Cards

Lots of people come to me, swearing they will never touch a credit card again, because they are so frustrated with the trouble they’re in. But credit cards don’t really need to be a problem. They can be quite an asset if used cleverly. With the holidays coming up, that’s a really dangerous time for […]

Cashing Part of IRA

Today TaxMama hears from Christine in the TaxQuips Forum, who is unhappy with her investment. “I have an IRA, with 2 classes of shares of the same mutual fund.  One is doing OK; the other is leaking money like a sieve.  I’d like to use the poor one (about $2,800) to pay down or off […]

Cash Back Shopping

Today TaxMama hears from Janet in the Tax Quips Forum with an excellent question. “There are several websites out there that allow you to earn cash back when you shop on their site. Do you have to report these earnings to the IRS, considering it’s not really earned income? you’re just getting a small rebate from […]

NSF Charges

Today TaxMama hears from Toni in the TaxQuips Forum. She just wants to confirm. “NSF charges are allowable, aren’t they?  Years ago, as an auditor, I used to disallow them. At some point I was told by either review or appeals that they are allowable.  I still don’t think they should be & a client who […]