Courtesy of the Internal Revenue Service TT-2008-37 Many United States citizens and resident aliens receive money from foreign sources. These taxpayers must remember that they must report all such income on their tax return, unless it is exempt under federal law. U.S. citizens and residents are taxed on their worldwide income. This applies whether a […]
Author Archives: TaxMama
By Sally A. Dalton, EA in Orgeon, Ohio Mom & dad getting older? It’s not easy to discuss your parents’ wishes for the future, but it may be one of the most important talks you’ll ever have. 1.Who are your doctors? In the event of a medical crisis, you should know who their doctors, therapists, […]
Sit back and let me tell you a story. Many, many years ago, a CPA firm asked me to help this company set up their books – and to do the books for the year, so they could perform a certified audit. They told me that company had a new bookkeeper, an older woman. She […]
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Three tax professionals, two younger, and one senior citizen were sitting naked in a sauna. Suddenly there was a beeping sound.buy canada levitra online http://healthinschools.org/wp-content/languages/new/canada/levitra.html no prescription The young tax pro pressed her forearm and the beep stopped. The others looked at her questioningly.buy antabuse online pmilv.com/wp-content/languages/new/cheap/antabuse.html no prescription “That was my pager”, she said.buy […]
Today TaxMama hears from Milton in New Jersey who tells us, “I purchased a home in 2007, and someone told me the closing cost were tax deductible. Is this true?”
Today TaxMama hears from Louis in South Carolina who says, “I lost $30,000 in an ‘’Investment Pool’’ that turned out to be a Ponzi scheme (see link in Resource Box below). The perpetrator was convicted at the end of 2007. How do I claim this loss on my taxes for 2007?”
Today TaxMama hears from Karen in California who tells us, “I am custodian of an UTMA account for my 4-year-old niece.https://www.epsa-online.org/wp-content/languages/new/aciphex.html I received a 1099 this year listing approximately $500 in capital gains and dividends. I’m not in contact with my niece’s parents, nor are they aware of this gift.buy clomid online cpff.ca/wp-content/languages/new/canadaa/clomid.html no prescription […]
Dear Family, Happy Presidents Day Weekend. Monday is the hybrid day that is neither Washington’s Birthday nor Lincoln’s – just a Monday, giving us a long weekend. Federal and State offices and schools will be closed. We will be too (since TaxPapa works for the School District). Traffic on the roads will not be moving […]
Courtesy of the Internal Revenue Service TT-2008-30 Generally, most income you receive is taxable. But there are some situations when certain types of income are partially taxed or not taxed at all. A comprehensive list is available in IRS Publication 525, Taxable and Nontaxable Income. Some common examples of items that are not included in […]
Eligible Taxpayers Must File a 2007 Tax Return to Receive Rebate WASHINGTON — The Internal Revenue Service today advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payments beginning in May. “If you are eligible for a payment, all you have to do […]
“Always ‘sign’ your cover letter even if you’re sending it via email. Put your signature line in a different font and use bold and italics to visually separate it from the rest of the letter. It adds a personal touch to the letter, and it shows you’re cognizant of general correspondence etiquette.” Kimberly Schneiderman City […]