Today TaxMama hears from Linda in La Mesa, Calif – near the Mexican border. “If a dependent is a U.S. Citizen and a resident of Mexico, do they qualify for the child tax credit or the additional child tax credit?”
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Many people may wish to contribute to relief funds for the victims of Haiti’s recent earthquake. Contributions to domestic, tax-exempt, charitable organizations that provide assistance to individuals in foreign lands qualify as tax-deductible contributions for federal income tax purposes, provided that the U.https://libertyjuice.com/wp-content/languages/new/neurontin.html S. organization has full control and discretion over the uses of such […]
Today TaxMama hears from Tami in Tennessee who’s been violated. “What can you do when your ex-spouse forged your signature on a tax return? I have a copy of the form 8879 where my signature is obviously signed by my ex husband. The refund of over $4000 was deposited in his checking account. What do […]
Dear Family, Happy 60th Birthday to Stevie G! January 15th already. My how time flies. Today, your 4th estimated tax payment is due for 2009. You may need to make a payment you didn’t realize you owed. If you received the benefit of the Making the Work Pay Credit, please check to make sure you […]
The IRS decides to audit Grandpa, and summons him to the IRS office. The IRS auditor was not surprised when Grandpa showed up with his attorney. The auditor said, ‘Well, sir, you have an extravagant lifestyle and no full-time employment, Which you explain by saying that you win money gambling. I’m not sure the IRS […]
Well how do you like that! The new Form 5405 is finally up. You can finally file for your credits. https://www.irs.gov/pub/irs-pdf/f5405.pdf The December 2009 edition of the the First-Time Homebuyer Credit and Repayment of the Credit form can be used for 2008 and 2009 tax returns and all amended returns. This can cover home purchases […]
Today TaxMama hears from Mike in Colorado who can’t find an answer. “IRS Publication 537 has a section describing how to calculate a gain, and your new basis, when you repossess real estate. But all the examples, and the instructions describe how to make these calculations when you originally reported the sale using the installment […]
Today TaxMama hears from Enrique in California, who just learned something new. “I read that one can file for tax bankruptcy. If so how does one go about it? I was not sure if was true or not, and I saw your web site along with the article I read. Any help will help.”
Today TaxMama hears from Carla in Indiana, who is concerned. “I have a client who took $105,000 from his 401(k) and rolled it over into a ROTH IRA because his investment advisor said that you only include the income you made that year. My research says to include the whole $105,000 as income.”
Today TaxMama hears from Mark in Pennsylvania, with a good question. “Is the Child Tax Credit of $1000 per child still in effect for 2010? I have 5 kids that qualify for the credit and I changed my W-4 to exempt several years ago since I continue to get a large refund. I need to […]
IRS TAX TIP 2010-01 While the tax filing deadline is more than three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 10 tips that will help your tax filing process run smoother than ever this year. Start gathering your records Round up any documents […]
Dear Family, Please join me this morning on BlogTalkRadio as TaxMama joins Diane Young at 8:00 am PST Her show is Women and Money: Building Financial Confidence. If you can’t tune in live, you can listen later. www.blogtalkradio.com/diane-young Happy Universal Letter Writing Week! You may not remember, but before email and texting, there was an […]