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Ask TaxMama Issue 567 – Sweet and Healthy Year

by TaxMama on September 8, 2010

Honoring Rosh Hashana

Dear Family,

First let me start with an urgent reminder. There are deadlines coming up – all corporate, partnership and estate tax returns are due next week, on September 15th. Estimated tax payments are due, as well.
http://taxmama.com/tax-calendar-2010/

Note: The office will be closed and please don’t look for answers from TaxMama – until Monday!

Tonight is the beginning of a fresh, clean new year – 5771 on the Jewish calendar.

You will hear people wishing you a healthy and happy new year.
Or may you be written into the book of life.
Wishing for peace in the year to come.

That is what I wish for you!

Peace in the world, health, sweetness, love, family, friends, and prosperity.

[click to continue…]

Qualifying Daughter

September 7, 2010

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Today TaxMama hears from Laura in the TaxQuips Forum, with these two common issues.  “(1) My daughter turned 24 in December of 2009.  During the entire 12 months of 2009 she attended school full-time; did not work; earned 0 income; and will not be filing a tax return. She lived at home and we provided [...]

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Ask TaxMama Issue 566 – All about Education

September 3, 2010

Dear Family,
We were at the IRS Tax Forums last week. You can read all about our experiences in this week’s IRS News. There will be more information next week, as I have time to keep writing. It will just pour out as I sit at the keyboard.
The fun part was meeting so many of you! [...]

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A Trip to the IRS Tax Forums, Page 2

September 3, 2010

Problem Resolution and Focus Groups
Problem Resolution had a facility at the Tax Forum. One of my friends brought a case file with her (and power of attorney forms, etc.). When picking up her registration packet on Monday, she was given a form to fill out with the specifics of her case (and a copy of [...]

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Real Estate Dealer

September 2, 2010

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Today TaxMama hears from David in the TaxQuips Forum, who defines a dealer in real estate as someone who sells a single property for profit, as long as  the intent to act as a dealer to real estate is present.”

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Gain on Real Estate

September 1, 2010

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Today TaxMama hears from Toni in the TaxQuips Forum, who tells us.  “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797.  What am I [...]

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Loss on Surrender

August 30, 2010

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Today TaxMama hears from Karla in the TaxQuips Forum, with this question.  “Is the loss on surrender of life insurance deductible on 1040?”

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Making IRS Payments

August 20, 2010

Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year
WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.
The proposed regulations (REG 153340-09) would eliminate [...]

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Is This Taxable Income

August 19, 2010

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Today TaxMama hears from Karen in California in the TaxQuips Forum, who tells us.  “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for a large amount of money. Will this be taxable income?”

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Tax Cuts for Wage-Earners

August 18, 2010

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Today TaxMama hears from Chris in the TaxQuips Forum, who puts out a challenge to TaxMama. He says, “Tax mama has advice for business owners. But how does an individual get more money on their paychecks?”

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