Tag Archives: Taxation in the United States

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.

Ask TaxMama #668 – Happy New Year

Dear Family,   HAPPY NEW YEAR!   As of now, we’re getting close to new legislation to head off our plunge down that famous (and tedious) fiscal cliff. Here are some of the details of the law we expect to see:

Proposed Regulations Issued on Additional Medicare Tax

Courtesy of the IRS A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are:

IRS Offers Tax Tips for “The Season of Giving”

Courtesy of the Internal Revenue Service December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations […]

Supporting Family

Today TaxMama® hears from Sue in the Tax Quips Forum with this issue. “My parents are both unemployed and lived with me all year. My dad did receive unemployment, but it was about $3,300 for the entire year – my mom did not receive any unemployment. My younger sisters also lived with me – they […]

IRS Strengthens Integrity of ITIN System

Courtesy of the IRS For more information about the reason the system needs strengthening…read TaxMama’s MarketWatch article. WASHINGTON –– The Internal Revenue Service announced today updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. The new modifications and documentation standards further protect the integrity of the ITIN application and refund processes while helping […]

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 […]

The Dreaded IRS Audit Notice

While we’re waiting for the TaxQuips Forum to go back up, today TaxMama® wants to discuss what to do when you get an IRS audit notice.

Care and Feeding of your PTIN Series – Session 2 – The RTRP Exam

The IRS established new regulations for tax professionals recently. After nearly 100 years without any form of tax preparer licensing or overview, it’s time for tax preparers to exhibit that they have a fundamental understanding of tax law, tax preparation and ethical standards. Now there is a new exam that ALL otherwise uncredentialed tax preparers […]

Medical Marijuana

Today TaxMama® hears from John in the TaxQuips Forum, with this quick question.  “Can a new marijuana business in CO and WA declare business deductions on a federal tax return?”

Employers Hiring Veterans by Year’s End May Get Expanded Tax Credit

Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year. Here are six key facts about the WOTC as expanded […]

Back Taxes Owed Stats

Today TaxMama® hears from Asal in the TaxQuips Forum, who asks a simple question. “Did you know how many people in the United States owe back taxes?”