Tag Archives: TaxMama.com

Sand, Stone, and Paper

Two friends were walking through the desert .  During some point of the journey, they had an argument; and one friend slapped the other one in the face.  The one who got slapped was hurt, but without saying anything, wrote in the sand , “today my best friend slapped me in the face .”  They […]

Loan Modification Tax Effect

Today TaxMama hears from Janet in the TaxQuips Forum with a quick question. “We have applied for a loan modification on our home.  Will that have any affect when we file taxes next year?  I’d ask the loan counselor, but they are impossible to reach.”

Just in time for Valentine’s Day – Taxes for Partners!

Partners’ Filing Status Varies Federal to State, and State to State Courtesy of CCH – This article is SO important for all domestic partners to read! (RIVERWOODS, ILL., February 11, 2011) – Whether opposite-sex or same-sex marriage, civil union or domestic partnership, your relationship can have tax consequences, according to CCH, a Wolters Kluwer business […]

IRS says Medicare Part B premium deductible as SE health insurance

IRS says Medicare Part B premium deductible as SE health insurance (2-11-11) Unexpectedly, the IRS says the Medicare Part B premiums are deductible for purposes of the self-employed health insurance deduction. This is a reversal of their long-standing position, and it appeared in the instructions to Form 1040 without any other announcement. Spidell confirmed the […]

Resourceful Marketing Attracts Converts

Sister Mary Ann, who worked for a home health agency, was out making her rounds visiting homebound patients when she ran out of gas. As luck would have it, a Texaco Gasoline station was just a block away.    She walked to the station to borrow a gas can and buy some gas. The attendant told […]

Reporting Use Tax

Today TaxMama hears from TaxDaughter in the TaxQuips Forum, who just received some unpleasant news. “My new accountant asked me to give him a summary of all my Internet purchases. He says California will assess taxes on the Internet sales since they have been escaping tax before. 1. Is this a newly enforced California Law? […]

TaxMama’s® 10 Tips for Business Success

Running a business or a department is complex, with innumerable people and government agencies pulling on you from all directions. With the endless demand for reports, it’s amazing that anyone is actually able to get work done, produce a product or finish a project. Yet, we do, don’t we? And we do it well. In […]

Stupid Tax Tricks – Things Not to Do

None of us enjoys paying taxes. We see the very rich layer of society getting away with murder financially and naturally want the same privileges in life. Besides, getting something for free always holds appeal. As a result, tax return schemes get ever more complex. Internal Revenue Service’s databases can cross-reference Social Security numbers with […]

Exempt Organization News

During yesterday’s IRS Stakeholder Relations meeting, we were treated to some information from Joyce Hoover, IRS’s Exempt Organization Group’s Senior Technical Advisor. She’s been working with exempt organizations for about 19 years…so she’s lived through the history and development of this department.  

Keeping Medical Bills Down

Recently a friend told me that she is paying more for her share of the company’s health insurance. Several others have had the same complaint. We all through Obama’s Health Care plan would reduce our costs, based on the concept of  ‘economies of scale.“ Well then, the best way to keep our medical costs low is to stay […]