Tag Archives: USD

Stakeholder Meeting Topics covered – Collections, Tax Assistance Counter, ITINs and more

Report from IRS Stakeholder Meeting – Los Angeles, June 28, 2012   Stakeholder Meeting Topics covered – Collections, Tax Assistance Counter, ITINs and more

Sold Family Home

Today TaxMama® hears from Madeline in the TaxQuips Forum with this situation. “My siblings and I just sold our family home in New Hampshire. I live in California. We each got $40,000.00. How will this affect my taxes next year?” 

Rental Under Water

Today TaxMama® hears from Chris in the TaxQuips Forum with a good question. “In the near future I plan to purchase a 2nd home in a different city, and move my primary residence to that property. I will rent my current home. The mortgage for my current property is underwater. The rent I can charge […]

Ask TaxMama Issue 647 – Happy Summer

Dear Family,  Happy Summer! Yes, despite the fact that many of us in sunny climes start to celebrate summer on Memorial Day weekend, the planet didn’t recognize summer until this week.   Finally, this weekend, my mother’s 90th birthday party! I saw the album the girls put together. Lots of wonderful pictures! Lots. But, I think […]

Claiming My Investments

Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor.  “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim […]

Paying Extra Social Security

Today TaxMama® hears from Stephen in the TaxQuips Forum who has a sensible (though late) question.  “In the current economy, raises are hard to come by. I haven’t had a raise in several years. I am 64 1/2 planning on a full retirement at age 66. Can I volunteer to pay more into Social Security […]

Employers Need to Act Soon to Get Expanded Credit for Hiring Vets

Courtesy of the Internal Revenue Service Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, June 19. The IRS is reminding employers that for eligible veterans hired on or […]

Effective vs Actual Tax Rate

Today TaxMama® hears from KD in the TaxQuips Forum who is justifiably confused.  “I was looking over our tax return and was wondering why we are paying almost 50% effective tax rates on our income. I’m currently unemployed and my husband is an independent contractor. Our CPA included a chart with this year’s tax return. […]

Getting IRS Refunds after 3 years

Today TaxMama® hears from Lisa in the TaxQuips Forum who wants clarification. “Is there any way to amend an old tax return and receive a refund after the 3 year limit? I think you briefly touched on this in the CPE Link webinar last week.”

Spring 2012 Statistics of Income Bulletin Now Available

Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced that the spring 2012 issue of the Statistics of Income Bulletin is available to the general public. This issue features information on high-income individual income tax returns filed for tax year 2009.

Sales Tax Holidays Coming Your Way

Courtesy of https://www.taxadmin.org Take advantage of sales tax holidays to plan you major purchases. You’ll find sales tax relief for home improvements, computers and other useful expenditures during the summer – then back to school purchases at the end of the summer season. You’ll find the list of states and dates here: