Tag Archives: Taxable income

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.?”

Fiscal Cliff Legislation – The American Taxpayer Relief Act of 2012

Today TaxMama® hears from Spidell Publishing Inc. at www.caltax.com  with the latest news on the fiscal cliff legislation.

Business on eBay

Today TaxMama® hears from Tax455 in the TaxQuips Forum with this question. “If I earned $50k through eBay buying and selling phones, and $12k was profit, should I get a business license or incorporate for tax purposes? I did not hit the 200 transactions so I’m not sure if eBay will send me a tax […]

Student Loan Waived

  Today TaxMama hears from James in the TaxQuips Forum with a disturbing problem. His fiancée got a bill from IRS for a student loan that was cancelled because she had excellent grades. Why is that taxable?  

In 2012, Many Tax Benefits Increase Due to Inflation Adjustments

WASHINGTON — For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts […]

Trading Disability For Wages

  Today TaxMama hears from Dave in the Tax Quips Forum with an odd question. “I received SDI for two months in 2010 and gave it to my employer so that I could retain full pay.  It does not show on my W-2 and I was taxed for full pay.  How do I handle the […]

Advanced Placement (AP) Courses

Today TaxMama hears from Kevin in the TaxQuips Forum, with an interesting problem. “Many high school students are taking Advance Placement (AP) courses through an eligible educational institution as a means to earn college credits at an economical price. I was trying to find out if the costs of these courses are deductible as Tuition and […]

Legal Fee Deduction

Today TaxMama hears from Julian in the TaxQuips Forum with an easy question. “I wonder if I can deduct immigration lawyer costs from my tax return? The fees were to get me the work permit for my current job in the US.”

Legal Fees on Cancelled Debt

Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income […]

Airline Miles

Today TaxMama hears from Rachel in the TaxQuips Forum, who did something clever. “If I booked a ticket for a friend of mine with my airline points and I was paid the value of the ticket, is that considered taxable income? If so, which line would I put it on the 1040?”