Dear Family, This week has flown by. We’ve all been so busy. Lots to catch up, finishing up tax returns for the end of tax season, designing new tools for you to use next year, designing a new TaxMama site to replace the old, stagnant version that’s been up for a decade or more…and processing […]
Author Archives: TaxMama
Courtesy of the IRS Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS wants you to know […]
A young man was sitting in class when the professor asked him if he knew what the Roe vs. Wade decision was. He sat quietly, pondering this profound question. Finally, after giving it a lot of thought, he sighed and said, “I think this was the decision George Washington made prior to crossing the Delaware.” […]
Today TaxMama hears from Guy in Connecticut, with this question. “Our local PTA, a 501c3, runs book fairs with a book company. We collect the receipts in full, then pay the invoice from the book company. Is the income from these activities the gross or net?”
Today TaxMama hears from Simon in California, who tells us. “I have two friends operating a home-based business out of one of their homes. This is a part time operation. They agreed to share expenses and profits. Rather than file a 1065 can they just file individual Schedule C’s? This does not appear to be […]
Today TaxMama hears from Sandra in California, who tells us. “I have a client that inherited a house from her father. She kept it as a rental income property. She cleared out all of his possessions from the property and put them in storage. Now she wants me to categorize the on-going storage expense as […]
Today TaxMama hears from Roki in Michigan, who wants to know. “I have people calling me telling me I won sweepstakes. But the thing is they say that I have to pay a sum to get my winnings. Is that true or a scam? Also what is the best way to find out if it’s […]
Dear Family, Well, we survived another deadline. Tuesday was the final filing date for corporations. We’re used to that. No problem. But IRS also made that the new filing deadline for partnerships, trusts, estates and any other pass-through entity you could imagine. Suddenly, all the entities we used to be able to do when we […]
Courtesy of the IRS [TaxMama note: This is one of the top questions businesses should be asking, but rarely do!] You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business […]
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Today TaxMama hears from Barbara in New Jersey, who says. “I am the executor of my mother’s estate in NJ. I would like to take the executor’s fee that I am entitled to. I am trying to find out if her home that was just sold is considered an estate asset (that I can include […]
Today TaxMama hears from Betty in Arizona, with this question. “ I realized that I didn’t deduct depreciation at all in my past 8 years tax returns. So I will use Form 3115 to capture all the depreciation.buy fluoxetine online https://gaetzpharmacy.com/fluoxetine.html no prescription But this will create a big loss on Schedule E. Is this […]