Author Archives: TaxMama
Courtesy of the Internal Revenue Service IR-2008-033 WASHINGTON —The Internal Revenue Service announced today that it has automated the user fee calculations for taxpayers entering into an installment agreement. Previously, taxpayers were required to submit a paper Form 13844 to request a reduced user fee. Now, eligibility for reduced fees is determined automatically by the […]
Your 1099 Should Have Been a W-2 Due to the widespread problem of employees getting 1099-MISCs from their employers instead of W-2s, the IRS created a new form in 2007 – the Form 8919. Using this form has saved employees thousands of dollars, while protecting their Social Security records and their tax status. Though it […]
SACRAMENTO—A public school teacher was arrested today at Los Angeles International Airport as he attempted to board a flight while in possession of a ruler, a protractor, a compass, a slide rule, and a multi-function calculator. At a morning press conference, Governor Arnold Schwarzenegger said he believes the man is a member of the notorious […]
This Week’s Advice: “Did you know your job search expenses from resume preparation to phone charges are deductible? However, there are a few qualifications that you must meet. First, your search must be within the same occupation. Next, there cannot be a substantial break between ending your last job and looking for a new one. […]
Today TaxMama hears from Carol in New York who tells us, “I have recently started an LLC.purchase prednisone online https://medstaff.englewoodhealth.org/wp-content/languages/new/purchase/prednisone.html no prescription I am the only member. Do I take a paycheck from the business, or leave the money in the business? How are taxes figured? Will I pay personal and business income tax?”
Today TaxMama hears from Bill in California who says,“I am considering renting a home that I own to a relative. I recently read a snippet that stated ‘’…People who rent property to their family or friends can lose virtually all of their tax deductions.’’ Is this true? If so, under what circumstances would I lose […]
Today TaxMama hears from Dorothy in Texas who says, “My husband is employed by the railroad and we live in a fifth wheeler.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/azithromycin.html Our original home state was New Mexico. We now travel to railroad sites in Texas for employment.buy uk singulair online www.mabvi.org/wp-content/languages/new/uk/singulair.html no prescription We rarely go to NM. Our home is rented. […]
Today TaxMama hears from Trudy in New Jersey who wants to know, “In regards to the tax rebate. If you claim your parent as a dependent do you get a credit for them?buy furosemide online https://www.mobleymd.com/wp-content/languages/new/furosemide.html no prescription My husband and I have 3 children and also claim my mother on our taxes as a […]
Dear Family, 47 days and 16 hours and 20 minutes to go until April 15th. (Did you see the countdown widget at www.taxmama.com ?) And today is the filing deadline for a bunch of stuff (that’s a technical term, you know) – see TaxMama’s Tax Calendar https://www.taxmama.com/taxcalendar.html Aaaah, today’s issue is filled with lots of […]
Courtesy of the Internal Revenue Service TT-2008-38 Part or all of a child’s investment income may be taxed at the parent’s rate rather than the child’s rate. Because a parent’s taxable income is usually higher than a child’s income, the parent’s top tax rate will often be higher as well. This special method of figuring […]