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Ask TaxMama Issue 639 – TGIO

April 20, 2012

Dear Family, Well, Tax Season is all wrapped up – and many of you have hit the road. I can tell, since so many of your autoresponders are saying you’re gone for the next week or two. I don’t blame you. This year, for some reason, was particularly grueling. Some Tax Pros tell me they [...]

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Missed the Income Tax Deadline – IRS Offers Help for Taxpayers

April 20, 2012
Forgive yourself

Courtesy of the IRS The IRS has some advice for taxpayers who missed the tax filing deadline. Don’t panic but file as soon as possible.If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner [...]

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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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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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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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Ask TaxMama Issue 637 – Happy Passover and Easter

April 6, 2012

Dear Friends, Happy Passover Eve and Good Friday. The holy weekend is upon us. Many of you aren’t working – or have already left town. (Which explains the heavy traffic we heard about yesterday.) I wish you all a loving, noisy, friendly family weekend.  And please, if you know of friends or co-workers who are [...]

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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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Charity for Dying Man

April 5, 2012
dream trip

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Today TaxMama® hears from Jenenne in the TaxQuips Forum with this sad story. “At my husbands job they just found out that a fellow employee has been given 3-5 months left to live. The doctors say nothing can be done for him. Everyone is scrambling trying to get some money together for him to be [...]

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Net Operating Losses

April 3, 2012
losses

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Today TaxMama® hears from several people in the TaxQuips Forum about this topic. “Net Operating Losses have some special qualities that make them very desirable for tax purposes – even if they result from disasters in an economic sense. It’s important to understand how to use them, or you can waste them.” Share this:

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