Tag Archives: IRS News

Common Law Divorce

Today TaxMama® hears from Susan in the TaxQuips Forum, with an unusual question.  “PA recognizes common law marriages if they started before ’05.  So, if they are now separated, are they doomed to the MFS status until a judge signs a divorce decree?https://londonbes.education/Media/new/research-paper-services.html Or, since nothing was filed with the state to begin with can […]

Post your Tax Questions here

While the TaxQuips Forum is down, please…use this area to post your questions.   Yaay!!! The TaxQuips Forums are back up! You can now post.

S Corporation Overview

Today TaxMama® hears from someone in the TaxQuips Forum, who keeps asking similar questions about California LLCs and Canadian Limiteds owning an S Corp.  So, let me tell you a little bit about S Corporation rules.

Foreign Taxes and Basis

Today TaxMama® hears from RJ in the TaxQuips Forum, who asks an intriguing question. “I understand that both reinvested dividends and reinvested capital gains distributions get added into a mutual fund’s Cost Basis. But what about Foreign Tax Paid? Does Foreign Taxes Paid also get directly added into a fund’s Cost Basis?”

Ask TaxMama Issue 672 Happy Super Bowl Weekend

Dear Family, It’s been a long day. Everyone seems to be working late. I am getting emails from the East Coast well after 8:00 pm their time. Of course, me? I’ve been on hold a lot of the day. The Tax Preparer Hotline (aka Practitioner Priority Service) hung up on me a few times. Once […]

Many Business Tax Filers Can File Next Monday

Courtesy of the IRS Many businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March. The Monday opening covers non-1040 series business returns for calendar year 2012, including  Form 1120  […]

Tax Returns with Education Credit on Hold

Courtesy of the IRS [See TaxMama note below] The IRS announced on Monday that taxpayers filing Form 8863, to claim the American Opportunity Tax Credit or the Lifetime Learning Credit can begin filing by the middle of February after the IRS updates its processing systems. The delayed start will have no impact on taxpayers claiming […]

Chain Letter Etiquette and Wisdom

* Chain Letter Type 1: Make a wish!!! No, really, go on and make one!!! Oh please, you’ll never have that much $$! Wish something else!!! Yeah, and you think you’re good looking enough to get in bed with that? Right. STOP!!!! Wasn’t that fun? 🙂 Hope you made a great wish 🙂

Prepaying Lease Costs

Today TaxMama® hears from JJ in the TaxQuips Forum, with an unusual situation. “I leased a car this fall. I paid for the entire sum up front, in a single payment. What is the correct deduction for federal taxes?”

Received 1099 Late

Today TaxMama® hears from Chuck in the TaxQuips Forum, with this question. “So I received a 1099-MISC after I filed my taxes last year. (Yes I jumped right out there and got ‘em done and in.) What do I need to do to now so Uncle Sam doesn’t come looking for me? Ahem… file a […]

Daughter and 1098T

Today TaxMama® hears from Sheba in the TaxQuips Forum, who needs guidance. “My daughter is a first year college student out of state. She has a partial loan, partial scholarship and grants. I don’t know what to do with the information from the 1098-T. I still claim her as a dependent and I pay part […]