Tag Archives: Insurance

1099 to Artist

Today TaxMama hears from Alice in the TaxQuips Forum, who tells us, “An artist lent his artwork for display in the premises. The art piece was lost or destroyed and the artist was paid as a result. Does that require a 1099 form to be issued?”

Small Business Jobs Act of 2010

New Jobs Act brings tax benefits (9-23-2010) On  September 23, the House passed the Small Business Jobs Act of 2010 (H.R. 5297). It is expected to be signed by the President. Among its provisions:

Social Security Disability Claims

Today TaxMama wants to talk about a grave problem. Social Security Disability claims are rising at an alarming rate.  In just one year, from 2008 to 2009, Social Security disability applications rose by 21 percent. This kind of growth threatens to sink the system.

Loss on Surrender

Today TaxMama hears from Karla in the TaxQuips Forum, with this question.  “Is the loss on surrender of life insurance deductible on 1040?”

Insurance Co Demutualizations

Today TaxMama hears from Richard in the TaxQuips Forum who is well-informed about his issue. “I received stock when John Hancock Life was merged or purchased by Manulife Insurance Company several years ago. It went from a Mutual Insurance company  to a Stock Insurance Company. Originally the IRS said that all of the income from […]

COBRA Subsidy Eligibility Period Extended to May 31

WASHINGTON — Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs as a result of the recession maintain their employer sponsored […]

Small Business Health Care Tax Credit

Courtesy of IRS Health coverage legislation enacted this year includes a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations afford the cost of covering their workers.

Cancer Policy

Today TaxMama hears from Donna in Texas in the TaxQuips Forum, with a sad question. “One of my clients brought me a 1099-MISC from an insurance company. In box 3, Other Income they have an amount of $50,000.00.  She had taken out an insurance policy for cancer and she got it.  She has never claimed […]

Writing off my Dog

Today TaxMama hears from Sid in the TaxQuips Forum, who has a dog walking/training sole proprietorship. “My question concerns expenses for my dog, who is the face of my business (appearing on all my advertising material) and whom I use all the time for training demonstrations to attract clients. Can I deduct any of her […]

Prepaid Medical Insurance

Today TaxMama hears from Elaine in the TaxQuips forum, who tells us. “I have a client that is retiring now at age 55. He will receive $185,000 in deferred compensation. The company will withhold $111,000 for lifetime medical insurance for him. Can the whole $111,000 be deducted in the year paid?”