Today TaxMama® hears from Farmer in the TaxQuips Forum, with a reasonable question. “Can you take a deduction of Mutual Fund operating expenses (12b fees?) on Schedule A, subject to the two-percent floor?”
Two traveling angels stopped to spend the night in the home of a wealthy family. The family was rude and refused to let the angels stay in the mansion’s guest room. Instead the they were given a small space in the cold basement. As they made their bed on the hard floor, the […]
Courtesy of the IRS [TaxMama Note: NAEA has been pursuing this problem with the IRS all month. They were thrilled to announce this fix about an hour ago. IRS just released these guidelines.] WASHINGTON — The Internal Revenue Service announced today that it will issue guidance in the near future to provide relief from the […]
Interpretations of nature from junior high, high school, and college test papers and essays submitted to science and health teachers (spelling errors preserved)… “When you breath, you inspire. When you do not breathe, you expire.” “H2O is hot water, and CO2 is cold water”
Today TaxMama hears from Barb in the TaxQuips Forum with a simple question. “The farmer is selling his farm, and everything on it, to his son for $1. The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797?
Dear Family, Never make the mistake of answering the phone in the morning when you’re on deadline. Once you start, you just can’t stop. Usually, I have the phones turned off Friday morning, so I can produce a delightful, upbeat, interesting issue for you. Instead, let’s see…one women got a notice from IRS about a […]
Your fences need to be horse-high, pig-tight and bull-strong. Keep skunks and bankers at a distance. Life is simpler when you plow around the stump.
A man owned a small farm. The State Wage & Hour Department claimed he was not paying proper wages to his help and sent an agent out to interview him. ‘I need a list of your employees and how much you pay them,’ demanded the agent. ‘Well,’ replied the farmer, ‘there’s my farm hand who’s […]
Today TaxMama hears from June in California who asks. “My son-in-law suggested that I use income averaging to offset high income tax for 2007 resulting from circumstances beyond my control. Is that possible?”
[Warning: Blue humor. Do not read on if you are easily offended.] John the farmer was in the fertilized egg business. He had several hundred young layers (hens), called ‘pullets’, and ten roosters, whose job it was to fertilize the eggs. The farmer kept records and any rooster that didn’t perform went into the soup […]