Tag Archives: Tax forms in the United States

Disability Income

Today TaxMama hears from Sal, who tells us. “In the year 2006 an employee of a non profit social service organization located in New York State received third-party sick pay directly from an insurance company. A separate W-2 showing the sick pay was issued to the employee. It shows no Federal, State or Local withholding […]

Inmate Income

Today TaxMama hears from Karen in the Tax Parlor, who’s curious. “I’m seeing in my tax prep software, a reference to “inmate income”. Is income earned by inmates taxed or handled differently? Just curious.”

Nanny Tax

Today TaxMama hears from Tom, who’d like to know. “Can you point my wife and me to any basic resource for information on tests to determine whether one needs to do withholding or taxes in general for nanny services? And, then, how to actually execute the necessary record keeping and filings.”

Family Death During Year

Today TaxMama hears from Fran in the Tax Parlor, who tells us. “My mother died in 2006 and received Social Security monthly, getting about $700 per month. In addition, she had investments totaling about $60,000 that paid less than $5,000. Do I need to file a return? If so, what info and forms do I […]

New Writer Mom

Today TaxMama hears from Writer Mom at SavvyMommy.com, who says “Last year I published two articles for a magazine and have been trying to build a career as a freelance writer. My earnings totaled $970 from freelance writing last year. Should I file? Do I write off the home office already set up because my […]

Paying Corp Taxes

Today TaxMama hears from Alison in Los Angeles, who says “I have to send a payment with my corporate extension (Form 7004). How do I get the payment voucher? The instructions say I can’t send a check.” Dear Alison, The Form 8109-B not an easy form to get at the last minute. https://www.irs.gov/pub/irs-pdf/f8109b.pdf You can […]

Wait to File Your Tax Return

IRS Plans Feb. 3 Start Date for Processing Extender Claims IR-2007-03, Jan. 8, 2007 Washington — The Internal Revenue Service plans a Feb. 3 start date for processing tax returns that claim key tax provisions enacted in December. The IRS announced today that it will begin processing both e-file and paper tax returns on Feb. […]

Tax Preparation Fees

Today TaxMama hears from Peter in Florida who wants to know, “I am self employed, a sole proprietor running a one person business. Are my income tax preparation costs personal expenses? Or may I record them as business expenses?”

Owning an S

Today TaxMama hears from Jim in Marion, Illinois, who says. “I would like to know if it is legal for an “LLC” to be an investor in an “S” corporation?”

Start Up Costs

Today TaxMama hears from Doug, an Enrolled Agent in Northridge, CA who insists that, “The special $5,000 deduction for start-up costs spent by businesses after 10/22/2004 only applies to companies who’ve already started doing business. They can’t take the deduction the year before the business opens their doors.” TaxMama disagreed with Doug, so, it was […]

Consulting Mommy

Today TaxMama hears from Megan in KY who tells us, “I have recently been asked to do some marketing communications consulting work for my previous company. I went on maternity leave last February, then resigned. In this freelance position, I have a cap of 25 hours per week that I may work. This is the […]

Deducting Wife’s Taxes

Today TaxMama hears from Ross in NJ who wants to know. “My wife is self-employed and I am employed at an office. We were told that I could adjust my W-4 to cover her estimated taxes, thereby eliminating the need to make quarterly payments. Is this correct? If so, how do we do that?”