Student Loan Payments

by TaxMama on March 22, 2010

Today TaxMama hears from Heidi in California, with a common misunderstanding. “I know I can report student loan interest paid, but I’m wondering if I qualify for the tuition and fees deduction if I officially ended school in 2008, graduated in Jan. of 2009, and made payments for all of 2009.”

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Ask TaxMama Issue 544 – Go HIRE Someone

March 19, 2010

Dear Family,
Do the weeks seem to fly by faster and faster? Whew! It was just Monday a few minutes ago.
OK, the big excitement this week was Congress pushing through the HIRE Act – and President Obama signed it immediately. Kind of surprised my friends at IRS when I called first thing yesterday morning. They couldn’t [...]

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Senior Sound Of Music

March 18, 2010

 
TaxMama adapted some of these.  I challenge you to add your own lyrics or stanzas.
 
Sung to the tune of…you know…
Maalox and nose drops and needles for knitting,
Walkers and handrails and new dental fittings,
Bundles of tax returns tied up in string,
These are a few of my favorite things.

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Five Tips to Avoid Tax Time Stress

March 18, 2010

Courtesy of IRS
Filing your tax return doesn’t have to be stressful. The IRS has put together five stress-relieving tips to help you. 

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Beware of IRS’ 2010 “Dirty Dozen” Tax Scams

March 18, 2010

Videos
Dirty Dozen: English
Message for Tax Preparers: English | ASL
Choosing a Tax Preparer: English | Spanish | ASL
For this and other videos: YouTube/IRSVideos
Courtesy of IRS
WASHINGTON — The Internal Revenue Service today issued its 2010 “dirty dozen” list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing.
“Taxpayers should be wary of anyone [...]

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TaxMama’s Tax Roundtable – March 18, 2010

March 18, 2010

Today’s topics included:

The new HIRE Act
The Homebuyers credit
Truck Drivers Tax Home
Ideas on how to get new clients
Dealing with banks who want letters you can’t give them – or can you?
Deductions for school teachers
Good places to network
Where to get good, inexpensive CPE
e-filing tax returns with foreign addresses

TaxMama’s Tax Roundtable is a monthly live discussion open to [...]

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Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847

March 18, 2010

Today,  President Obama will be signing the HIRE Act – Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847).
We’ve been waiting for this all month, since the Senate passed their version of the Bill in early March.
What’s in it for you?
Good News!
It’s going to be easier to get a job according to Mark Luscombe, JD, [...]

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TaxMama’s Tax Roundtable

March 17, 2010

TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students.

Have you joined the family yet?
Mark your calendars – and update your iTaxMamaPro
It meets at 8:00 am PACIFIC on the third Thursday of the month
[...]

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Is Social Security Taxable?

March 17, 2010

Today TaxMama hears from Stephen in the TaxQuips Forum who is surprised. “Hang on here, Mama. You’ve raised a question in your answer. I thought that Social Security benefits were not taxable if you waited until full retirement age. Only early retirement takers had a maximum income that you could earn. Help. Straighten me out [...]

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Spouse as Dependent

March 16, 2010

Today TaxMama hears from Jerry in Colorado, with a surprisingly common question. “What allows a spouse to claim the other as a dependent and how is the ‘dependent spouse’s Social Security income accounted for? What would be the filing status of the ’supporting spouse’ [married, married filing separate, other]?”

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