Taxation in the United States

Mileage Method

May 23, 2012
mileage Milestones

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Today TaxMama® hears from Walter in the TaxQuips Forum with a most astute question. “Is there a limit to how many miles of standard mileage auto/truck expense a self-employed taxpayer can take on their Schedule C for a given year? The portion of the business standard mileage rate treated as depreciation is on average about [...]

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Self Employment and Canada

May 21, 2012
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Today TaxMama® hears from Tony in the TaxQuips Forum with this question. “I have a friend / client who had self employment income in both US and Canada. He has already filed in Canada and is asking me to use the same income amount declared there, here in the US. He now owes the Canadian [...]

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IRS Provides Answers to Community Property Filers

May 11, 2012
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Courtesy of the Internal Revenue Service The Internal Revenue Service today provided information in a question and answer format to individuals who are subject to their state’s community property laws. These questions and answers apply generally to same-sex spouses in California and to registered domestic partners in California, Nevada, and Washington. Share this:

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Zero Tax on Capital Gain

May 9, 2012
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Today TaxMama® hears from Mazyar in the TaxQuips Forum with a good question. “I am planning for 2012 tax and am trying to find out what would be the maximum long-term capital gain I can have in order to still have it taxed at 0%. I use the Schedule D Tax Worksheet and enter the [...]

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Opps, Missed a W-2 !

May 8, 2012
Apollo 17 Lunar Surface Checklist

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Today TaxMama® hears from John in the TaxQuips Forum with a little problem. “Reviewing my Federal taxes after my tax preparer did them, I discovered she only had 1 W-2 form listed on my return but she sent copies of both with the taxes. Just wondering what is going to happen when the IRS gets [...]

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Taxable Retirement Income

May 7, 2012
retirement

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Today TaxMama® hears from Dave in the TaxQuips Forum with a quickie little question. “If I retire at 62 or 63 with Social Security and IRA distributions (not Roth) what will my tax liabilities be? For example: Monthly: $1700 from social security and $3,000 from IRA for total of $4,700.  Do I pay income tax [...]

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IRS Online Search Tool for Easier Check on Information About Exempt Organizations

May 4, 2012
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Courtesy of the IRS WASHINGTON — The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings. Share this:

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Courts Protect Taxpayer Basis and Audit Limits

May 4, 2012
US Supreme Court

Here are a couple of tax-related court cases you might find interesting. Attorney Ronald Marini writes about a very recent Supreme Court decision that limits IRS’ audit powers in a way you’ll like. The IRS is limited to three years to audit you or your business when it comes to determining the basis of anything [...]

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