Tax Information

Tax Day 2014 Tips

April 15, 2014
time and deadlines

Podcast: Play in new window | Download Today TaxMama® wants to help you with last minute issues on Tax Day 2014

Read the full article →

Carrying a Mortgage

April 11, 2014
vandalized house

Podcast: Play in new window | Download Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week.  They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the […]

Read the full article →

Assisted Living

March 31, 2014
Haunted Nursing home?

Podcast: Play in new window | Download Today TaxMama® hears from Hollie in the TaxQuips Forum, with this concern.  “My husband had to go to an assisted living facility (following hospital and skilled nursing stays) and I understand the nursing portion of his assisted living monthly fee is a tax deductible expense. When I asked the […]

Read the full article →

Why no SS Withholding?

March 24, 2014
Social Security Card - is there anything in your account

Podcast: Play in new window | Download Today TaxMama® hears from Inteph in the TaxQuips Forum, who made a new discovery.  “A young lady made about $15,000 in 2012. The employer (a city in California) withheld income tax and Medicare tax but not SS tax. Boxes are 3 and 4 are blank.  What do I tell […]

Read the full article →

Gift or Income

March 18, 2014
piano - EGBDF

Podcast: Play in new window | Download Today TaxMama® hears from Asdfgh in the TaxQuips Forum, who tells us.  “My daughter plays piano for school choir. Doesn’t ask for money. She gets “thank you” from school PTO in form of flower bouquet and check for a few hundred dollars. Is that taxable income?”

Read the full article →

Just Plane Rental

March 3, 2014
Cessna 172 OOB

Podcast: Play in new window | Download Today TaxMama® hears from NCTaxLady in the TaxQuips Forum, with an interesting situation. (Let me summarize) “My client bought an airplane in June. He used it 11 times and rented it out 5 times. How do I handle the reporting of this? And should he put the plane into […]

Read the full article →

Double Taxation

February 27, 2014
Capital gains

Podcast: Play in new window | Download Today TaxMama® hears from NutShell in the TaxQuips Forum, with this brilliant observation. (let me summarize) “I just figured out that if I have capital gains income, I am taxed by both the IRS and the state. If I live in an income tax-free state or overseas, should I […]

Read the full article →

Advance Payments

February 25, 2014

Podcast: Play in new window | Download Today TaxMama® hears from Durai in the TaxQuips Forum, with his frustration. “I forgot to keep track of my advance tax payments. Is it possible to get this information from IRS or should I just go ahead and file my tax return with the sure information I have and […]

Read the full article →

Qualified Dividends

February 17, 2014
Dividends

Podcast: Play in new window | Download Today TaxMama® hears from Rogers in the TaxQuips Forum, with this question. “My 1099 DIV form shows that I received $2,345.60 in dividends from a typical domestic stock index fund. But what is unclear is, should the dividend be taxed at capitals gains rates, if it’s a qualified dividend? […]

Read the full article →