Taxation in the United States

Malpractice Settlement

April 19, 2012
anger

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Today TaxMama® hears from Peter in the TaxQuips Forum with this story “I have just settled an attorney malpractice litigation where a small settlement was received. The insurance company wants my Social Security Number, which I feel is not needed. My position is that I am only recovering a fraction of what the attorney was [...]

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EFiling on Tax Day

April 17, 2012
efiling

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Today TaxMama® wants to give you a very last minute tax tip if you’re efiling your tax returns on the very last day of tax season.   Share this:

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Last Minute Tax Tips

April 16, 2012
tax deadline coming fast

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Today TaxMama® wants to give you a few last minute tax tips. Share this:

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Managing Your Tax Records After You Have Filed

April 13, 2012
files

Courtesy of IRS Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records. Share this:

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Converting to Rental

April 12, 2012
Thumbnail image for Converting to Rental

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Today TaxMama® hears from Connie in the TaxQuips Forum with this question “What is the cost basis that should be used for property that had a HUD cost of $63,000 back in 1997 when the current owner acquired it? It was recently (2011) converted to a rental property. The 2011 value of the property is [...]

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Wage Settlement From State

April 10, 2012
form 1040

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Today TaxMama® hears from Ken in the TaxQuips Forum with this happy news. “Several years ago I worked for a company that ran out of money and couldn’t make payroll. I continued to work for several months with the promise that the wages would be paid. Eventually, I requested a layoff and left the company. [...]

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Gift to Daughter

April 9, 2012
gift

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Today TaxMama® hears from John in the TaxQuips Forum with this quick question. “I gifted monies ($5,000) to my daughter in 2011. How do I account for this in my 1040 filing? What other associated forms need to be included to do this?” Share this:

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IRS Offers Last-Minute Tweets As April 17 Deadline Nears

April 6, 2012
IRS tweets

Courtesy of the IRS WASHINGTON — As the final stretch of the 2012 tax filing season unfolds, the Internal Revenue Service reminds taxpayers that they can get valuable last-minute tips by following the IRS on Twitter. The IRS Twitter news feed, @IRSnews, provides the latest federal tax news and information for taxpayers. The focus of [...]

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THE Ultimate Tax Nerds of 2012!

April 5, 2012
TaxMama's Ultimate TaxNerd contest

Taxes are terrifying to so many people. But the fact is, some of us just find the whole subject irresistible. We talk about taxes; think of ways to reduce taxes; dream of loopholes; are compelled to help others find tax breaks; and love to read all about the nuances and changes. WE are the Tax [...]

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