Income tax in the United States

IRS Provides Answers to Community Property Filers

May 11, 2012
Thumbnail image for IRS Provides Answers to Community Property Filers

Courtesy of the Internal Revenue Service The Internal Revenue Service today provided information in a question and answer format to individuals who are subject to their state’s community property laws. These questions and answers apply generally to same-sex spouses in California and to registered domestic partners in California, Nevada, and Washington. Share this:

Read the full article →

Taxable Retirement Income

May 7, 2012
retirement

Podcast: Play in new window | Download

Today TaxMama® hears from Dave in the TaxQuips Forum with a quickie little question. “If I retire at 62 or 63 with Social Security and IRA distributions (not Roth) what will my tax liabilities be? For example: Monthly: $1700 from social security and $3,000 from IRA for total of $4,700.  Do I pay income tax [...]

Read the full article →

Courts Protect Taxpayer Basis and Audit Limits

May 4, 2012
US Supreme Court

Here are a couple of tax-related court cases you might find interesting. Attorney Ronald Marini writes about a very recent Supreme Court decision that limits IRS’ audit powers in a way you’ll like. The IRS is limited to three years to audit you or your business when it comes to determining the basis of anything [...]

Read the full article →

Withholding from Contractor

May 3, 2012
trucker

Podcast: Play in new window | Download

Today TaxMama® hears from Robert in the TaxQuips Forum who is suspicious. “I am a 1099’ed contract driver. I recently noticed they are taking taxes out of my check. I was told that they take taxes out, then make quarterly payments to federal income tax. I have worked as contract labor before and they didn’t [...]

Read the full article →

Internet Job

May 2, 2012
Thumbnail image for Internet Job

Podcast: Play in new window | Download

Today TaxMama® hears from Cristie in the TaxQuips Forum with a quick question. “I just wanted to know if my husband needs to report the money he makes from an Internet job which pays $400.00 a month? This is on top of his regular job in which taxes are taken out from every paycheck.” Share [...]

Read the full article →

Taxes After Death

April 30, 2012
Thumbnail image for Taxes After Death

Podcast: Play in new window | Download

Today TaxMama® hears from Darlene in the TaxQuips Forum with this question. “A couple has filed married filing separately for at least 4 years. About 3 years ago he went into a nursing home. She continue to file married filing separately, preparing his return for him also. The nursing home took just about all his [...]

Read the full article →

Wage Settlement From State

April 10, 2012
form 1040

Podcast: Play in new window | Download

Today TaxMama® hears from Ken in the TaxQuips Forum with this happy news. “Several years ago I worked for a company that ran out of money and couldn’t make payroll. I continued to work for several months with the promise that the wages would be paid. Eventually, I requested a layoff and left the company. [...]

Read the full article →

Gift to Daughter

April 9, 2012
gift

Podcast: Play in new window | Download

Today TaxMama® hears from John in the TaxQuips Forum with this quick question. “I gifted monies ($5,000) to my daughter in 2011. How do I account for this in my 1040 filing? What other associated forms need to be included to do this?” Share this:

Read the full article →

A Little Groundwork: Nonprofit Return : The 990

April 3, 2012
Thumbnail image for A Little Groundwork: Nonprofit Return : The 990

As with many things in life, we know we have to do them and we have to do them right and on time; filing tax returns ranks fairly high in this arena for many. In my own experience I have found that by finding some history or some context…

Read the full article →

← Previous Entries