Tag Archives: Taxes

Job and Business

Today TaxMama hears from Jessica in Texas with a sensible question. “I have a full-time job that collects taxes, etc. I am considering starting a small business on the side. If I do, will I need to file separately from the full-time gig taxes on a quarterly basis? I can’t seem to find a good […]

A Million Bucks

Today TaxMama hears from Jimmy in Georgia, who just got lucky. “If someone gives me $1 million as a one time gift, will I be taxed on the money? If so, how should I receive the gift to eliminate paying taxes on the money? Should I get it in stock, bonds, or in cash? I […]

Paid for Medical Studies

Today TaxMama hears from Charles in Arizona with this situation. “It seems that no one has an answer to my question. Last year, I participated in a medical study and earned approximately. $4,300. Now I am trying to determine how to approach the 1099-MISC the clinic sent me. The income is in the Other income […]

S Corp Dividends

Today TaxMama hears from Dawn in North Carolina, who is puzzled. “My husband and I recently opened a business as a S-Corp. We each own 50% of the stock. My question is this, if we have a profit at the end of the year of $30,000 and we take cash of $10,000 from the company […]

Paying Consultant

Today TaxMama hears from Stacy in Pleasanton, CA, who asks. “I paid someone for consulting. They do not have a business license. In order to not pay taxes on the money that was paid to the consulting firm, I was advised to 1099 them. Will I be exempt from paying taxes on the money I […]

City County State Taxes

Today TaxMama hears from Ava in San Francisco who asks, “What is the difference between City, County & State taxes? Do I have to pay 3 taxes for the assets I have in my business?” Ask TaxMama :: Where taxes are fun and answers are free City of San Francisco :: Business License Site San […]