Tag Archives: tax advice

2010 Estate Reporting Form 8939 is Due Nov. 15

Courtesy of  IRS [TaxMama note: this applies deaths that took place in 2010. Even if you don’t think your family has an estate – PAY ATTENTION! If you don’t file the paperwork to establish the value of home, stocks or other assets owned by the person who died, you may end up with a tax […]

Ten Tax Tips for Individuals Selling Their Home

Courtesy of the IRS The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten […]

Per Diem Wasted

Today TaxMama hears from Bob in the TaxQuips Forum, who is trying to get it right. Let me summarize.  “I live in NJ and had a temporary job in DC for 6 months in 2010 (total 196 calendar days). I used Pub 1542 [per diem rates] for DC of $258 per day ($65 M&IE and […]

Comic Relief

  Today TaxMama hears from K Syl in the TaxQuips Forum, who has a fun idea.  “I have an Internet marketing business – a blog on comic books. The blog will have links for ordering comics to generate income on the blog and Pay Per Click ads. Large portions of the site will be devoted […]

H2A Visa and SS

Today TaxMama hears from Duncan who is taking good care of a client. “My client from Mexico lives in the US from April until December every year. He is working here under an H2A agricultural visa. As I understand, since he is here for 9 months, he is a resident alien according to the substantial […]

Five Tax Scams to Avoid this Summer

Courtesy of IRS Hiding income offshore, identity theft and return preparer fraud topped the IRS’s list of tax scams in 2011. The Internal Revenue Service issues an annual list of the top 12 tax scams, known as the “Dirty Dozen.” These scams are illegal and can lead to significant penalties and interest and possible criminal […]

10 Tips to Ease Tax Time for Military

Courtesy of IRS Military personnel have some unique duties, expenses and transitions. Some special tax benefits may apply when moving to a new base, traveling to a duty station, returning from active duty and more. These tips may put military members a bit “at ease” when it comes to their taxes. Moving Expenses If you […]

Penalty for Late Filing

  Today TaxMama hears from Debbie in the TaxQuips Forum with this concern. “I just filed for 2009.  I am qualified for refunds from both the fed and the state.  Will I be penalized for late filing if I DO NOT owe any taxes?”  

Frequent Flyer Miles

Today TaxMama hears from Diana in the TaxQuips Forum with a question about a fun topic. “I am hearing some confusing opinions on whether or not I am supposed to claim my awarded airline miles…My husband and I have actually already received some awarded airline miles for opening credit cards this year. I would love […]

Loan Modification Tax Effect

Today TaxMama hears from Janet in the TaxQuips Forum with a quick question. “We have applied for a loan modification on our home.  Will that have any affect when we file taxes next year?  I’d ask the loan counselor, but they are impossible to reach.”