Courtesy of IRS – IR-2008-028 WASHINGTON — More than 130 million American households will begin receiving Internal Revenue Service letters next week reminding them to file a 2007 tax return in order to receive a 2008 economic stimulus payment. The mailings by the IRS will begin the first week in March and continue throughout the […]
Author Archives: TaxMama
Courtesy of Spidell Publishing Inc. The FTB stated that the instructions for Schedule CA (540 and 540NR), California Adjustments, contain the wrong phase out amounts on line 32 (IRA Deduction) for taxpayers using the married filing joint and qualifying widow(er) filing statuses. In turn, most, if not all, tax software is also using the incorrect […]
NEWS FLASH! QuickBooks releases useful customization tips compiled from feedback Intuit’s received from experienced QuickBooks customers. Here are three customization videos on YouTube that you could use as well. Basic Customization Additional Customization I Additional Customization II ——- Ah yes, just what the world needs – another edition of QuickBooks. Sigh. You know how […]
A few minutes ago, I got this note from a divorced woman who is facing a mountain of tax debt generated by her ex – and whose expensive tax attorney couldn’t win a legitimate innocent spouse case: Unfortunately when I was married, my husband of 27 years prepared our return and would rush me to […]
“Don’t save your resume with a generic document title such as resume.doc. Label your documents ‘last name, first name, resume’ to make it easier for the recruiter to file and retrieve your resume.” Barbara Safani Career Solvers You’ll find Barbara Safani at TheLadders – where you can Search 1,521 New $100k+ Jobs This Week! https://go.asktaxmama.com/Ladders […]
1. Cows 2. The Constitution 3. The Ten Commandments COWS Is it just me, or does anyone else find it amazing that during the mad cow epidemic our government could track a single cow, born in Canada almost three years ago, right to the stall where she slept in the state of Washington? And, they […]
Today TaxMama hears from Andre in New Jersey who tells us, “My dad died last year and he left some money to me and my two siblings. He worked for the State of Illinois and it’s from a deferred compensation plan. Is the money taxable in New Jersey (where I live)?”
Today TaxMama hears from Bobbi in Nevada who asks, “If I sell property that I inherited, such as excavation equipment for scrap steel, do I have to be concerned with capital gains?”
Today TaxMama hears from Judy in Kansas who tells us, “I had a house fire in 2004 and I am just now filing an amended return for 2004 for the casualty losses. They resulted in a net operating loss (NOL). It is past the 3 year timeframe for filing a 1040x for 2002 and 2003. […]
Today TaxMama hears from Robert in Virginia who wants to know, “I have a 74 mile commute to work everyday, can I deduct the miles, gas, tolls and car repairs, in my taxes? I use my personal car which is about 70% used for my commute to my job.”
Dear Family, OK I’m lying. Yesterday was really International Mother Language Day, not today. But I like the concept of the richness of culture. And I love languages and want to encourage everyone to learn the languages of their parents and grandparents. And so, we honor the day, a little late. Speaking of parents and […]
Courtesy of the Internal Revenue Service TT-2008-36 Payments that you receive from your IRA or qualified retirement plan before you reach age 59½ are normally called ‘early’ or ‘premature’ distributions. These funds are subject to an additional 10 percent tax and must be reported to the IRS. There are a number of exceptions to this […]