Today TaxMama hears from A.H. in California who is frustrated. “How does one classify video rental inventory in accounting software? This is inventory that depreciates very quickly – the cost of a DVD from a distributor is $17 on average, to have it the day it comes out; but after just 3 months they are […]
Author Archives: TaxMama
Today TaxMama hears from Anne in Minnesota with this question. “With a $10,000 CD maturing, am I better off paying down the $40,000 mortgage on my condo; or to reinvest in some other vehicle? I am almost 70 years old and do not have much more than an additional few thousand dollars saved for whenever […]
Dear Family, Hooray! Tax season is over. For those of us making a living doing tax returns, it’s quite a relief. Just as it is for those of you who agonized until the very last minute before finally filing and paying those final balances due. At least it’s over – for a while. Remember, though, […]
[TaxMama note: IRS is doing their best to demysify the entire process for non-profits/exempt organizations. Use the tools!] WASHINGTON — The Internal Revenue Service has launched a new case study and video program to help exempt organizations and their tax preparers better understand the newly revised Form 990 series which must be filed for the […]
I ran into a stranger as he passed by. Oh excuse me please” was my reply. He said, “Please excuse me too; I wasn’t watching for you.” We were very polite, this stranger and I. We went on our way and we said good-bye. But at home a different story is told, How we treat […]
Today TaxMama hears from Gary in Oregon who wants to know. “I have asked 2-3 tax professionals the same question with different answers. So mama help me! I have 2 IRA’s. In one IRA I bought a stock 4 years ago that is now worthless. I do believe that some day this could become a […]
Today TaxMama hears from Mike in New York City who wants to know. “Is online investing safe for buying CDs, Money Market accounts, or an IRA based CD?”
Today TaxMama hears from Rick in South Carolina with this question. “We have a small business producing conveyor replacement parts. We believe our physical inventory is grossly under valued. How can we re-evaluate this inventory and what permission do we need from the IRS?”
Today TaxMama hears from Mike in North Carolina who just won – nothing. “ I recently got the penalties for a 1999 tax return abated. The IRS claims that any penalties over two years old are not refundable and referred to IRS publication 556. I contend penalties are not overpaid taxes and therefore are refundable. […]
[TaxMama note: For any business needing employees who cannot afford them, this is a good alternative. The government subsidizes your hires for the first year or two. You hire and train someone who would otherwise have a hard time getting a job. You end up with either a devoted and grateful employee – or, realistically, […]
Dear Family, The news of day. You are hearing (seeing) it everywhere. President Obama was awarded the Nobel Peace prize. Wow! All anyone can talk about is ‘why’? Perhaps he will earn it someday. Perhaps President Obama really will achieve peace, somewhere. So far, he’s just in the beginning stages. Frankly, this must have come […]
What’s the difference between a girlfriend and a wife? 45 lb. What’s the difference between a boyfriend and a husband? 45 minutes. What’s the difference between a new husband and a new dog? After a year, the dog is still excited to see you. What’s the difference between a Southern zoo, and a Northern zoo? […]