Courtsey of IRS Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).
Author Archives: TaxMama
Courtesy of IRS Health coverage legislation enacted this year includes a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations afford the cost of covering their workers.
Courtesy of IRS Most taxpayers have already filed their federal tax returns, but many may still have questions. Here’s what the IRS wants you to know about refund status, recordkeeping, mistakes and what to do if you move.
For Older people. This is NOT a pushover test. There are 20 questions. Average score is 12. This one will be difficult for the younger set. Have fun, but no peeking! When you share this with your friends/family put your score in the subject line & let them know your score. Mine was 19. Good luck, […]
Changing Your Payroll Withholding Right about now, if you haven’t already done it, you should be thinking about updating your current year’s paycheck withholding. Once upon a time, a tax professional was asked by an Enrolled Agent to write an article about how to do the proper computations to determine what exemption and dependent amounts […]
Today TaxMama hears from Chris in the TaxQuips Forum, with a common problem. “It was mentioned by TaxMama on a news website today that money spent on substance abuse treatment is deductible as medical expenses. My 24 year old son has been in different forms of treatment over the last 4 years. While he was a dependant […]
Today TaxMama hears from Kathleen in the TaxQuips Forum, who is curious. “I attended a flight school in ’09 and earned my helicopter commercial pilot certificate as well as flight instructor certificate. I now work as a commercial pilot & flight instructor. The school is not a typical college/university. But I did receive my certificates from […]
Today TaxMama hears from PS from California in the TaxQuips Forum, with this question. “Prior to getting married, my girlfriend had me on her medical benefits through her employer because it was significantly less than through my work. The benefits I received are considered “income” by Federal govt and are actually added to her taxable wages. […]
Today TaxMama hears from Aaron in the TaxQuips Forum, who wants to know. “Can I file taxes for 2008 on my own? If so what forms should I use? I was self employed and didn’t file an extension.” https://taxmama.wpengine.com/forum/taxquips/year-old-taxes Rita Lewis replies to Aaron. Rita is an Enrolled Agent in Connecticut. She says, you can […]
Dear Family, Today is National Tax Freedom Day, according to The Tax Foundation, who tracks such things. This year’s Tax Freedom Day is one day later than in 2009, but more than two weeks earlier than in 2007. Though, since each state has their own tax rate, your tax freedom day may come sooner,…or later. […]
Courtesy of Spidell Publishing – www.caltax.com We are awaiting the governor’s signature on SB 401 (Wolk), which will partially conform California to the federal COD exclusion for principal residences, as well as numerous other changes enacted since January 1, 2005. While the partial COD conformity will be retroactive to taxable years beginning on or after […]
Courtesy of IRS WASHINGTON — The Internal Revenue Service today reminded taxpayers to pay all taxes due by the April 15 deadline to avoid interest and failure-to-pay penalties. Filing and Paying on Time Saves Money If you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. […]