Tag Archives: *Tax Quips

Just Plane Rental

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 an LLC?”

Double Taxation

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 sell my stocks before moving into a […]

Advance Payments

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 leave it to IRS to correct my […]

Qualified Dividends

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? Or should it be taxed at regular […]

Deductible Day Care

Today TaxMama® hears from Mel  in the TaxQuips Forum, with this reasonable question.  “I have a client who sends their 5 year old to a private Christian school for pre-K. Can this be deductible like daycare? Is private school deductible at all in the upper grades?”

TaxMama s TaxQuips Ex Wife Got W-2

  Today TaxMama® hears from p0pp0p  in the TaxQuips Forum, with this question.  “I worked with my wife at a small company in NJ. I left the company in June of last year. I also have separated from my wife. My ex-employer gave my W-2 to my wife. Is this legal? How do I get another […]

Extra IRS Taxes Plus

Today TaxMama® hears from Wayne  in the TaxQuips Forum, with this question.  “I received a notice from the IRS that my 2011 tax return did not include a withdrawal from my 401k. So I had to pay roughly $3,500 in taxes and penalties for this omission by my tax preparer. Is this $3,500 payment deductible […]

Doubling My Income

Today TaxMama® hears from Idlkotr  in the TaxQuips Forum, with a good question.  “I have the opportunity to be an independent contractor. I am an occupational therapist who will be working with disabled children in their home. Thus, a lot of driving. I will be doubling my income. I do not have a clue how […]

TaxMama s TaxQuips Health Care Mystery

Today TaxMama® hears from SwampWiz in the TaxQuips Forum, who is frustrated (can you blame him? Please read his detailed rant. Following is simply a summary.)  “I had read an official IRS notice that stated that if the individual’s income were to be “higher” than the one that had been proposed for the subsidy, the […]

2013 & 2014 Quick Resources

Today TaxMama® hears from Pope in the TaxQuips Forum, with a request.  “Could you publish a table showing 2013 & 2014 standard tax items. Things like standard deductions; personal exemptions; mileage rates (business, medical, charity); income limits– phaseout of itemized deductions; etc.?”

Medical Home Improvements

Today TaxMama® hears from Pia in the TaxQuips Forum, with the kind of question people often ask.  “We were wondering if it is tax-deductible to deduct the installation of hardwood floors for my autistic daughter who is severely allergic to carpet. Carpet causes uncontrolled seizures.”