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Courtesy of the Internal Revenue Service IR-2007-201, Dec. 19, 2007 WASHINGTON — The Internal Revenue Service today outlined ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. “Since Congress enacted new procedures increasing award amounts last year, […]
Employees who were misclassified by their employers as independent contractors should use new Form 8919, Uncollected Social Security and Medicare Tax on Wages, to figure and report their share of uncollected social security and Medicare taxes. Find out more in news release IR-2007-203. —- TaxMama Note: “Misclassified” in this case, means – workers that were […]
Courtesy of the Internal Revenue Service WASHINGTON — Today the Internal Revenue Service announced the 2008 inflation adjustments to the excise taxes on air transportation. Excise taxes apply to the domestic segments of taxable air transportation and to the use of international air facilities. The Consolidated Appropriations Act, 2008, signed into law on Dec. 26, […]
Note: this is humor. Don’t be offended! DEMOCRATIC You have two cows. Your neighbor has none. You feel guilty for being successful. Barbara Streisand sings for you. REPUBLICAN You have two cows. Your neighbor has none. So? SOCIALIST You have two cows. The government takes one and gives it to your neighbor. You form a […]
Today TaxMama hears from Erin in Washington State who wants to know. “For the unused home office deduction, can I choose not to claim home office deduction in the years of loss and claim it when I make a profit?”
Today TaxMama hears from Jeff in DC, who tells us: “I teach online for a college. I want to purchase a computer for only this use. Can I deduct the entire price of the PC for 2007, if I purchase before the end of the year? What IRS form do I use?”
TAX CALENDAR 2008 Major tax deadlines for the year 2008 Use this as a guideline to help you plan your tax year! LINKS TO LAST MINUTE TIPS AND FORMS- Click Here! Date Description 01.02.2008 File Form 2290 – Heavy Highway Vehicles 01.15.2008 4th Estimated Payment Due Farmers and fishermen. Estimated tax […]
courtesy of: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals Congress has finally agreed on an AMT patch for years beginning in 2007. President Bush has indicated he plans to sign the bill. The bill is titled the “Tax Increase Prevention Act of 2007”. There are two parts to the bill: 1) The tax […]
Spidell’s Flash E-mail #2007-35 Courtesy of Spidell Publishing – www.caltax.com H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007” has passed the Senate and House. The President is expected to sign the bill that will help some taxpayers caught up in the sub-prime mortgage disaster. It includes the following provisions: · Exclusion of up […]
“Track Your Achievements. Take a moment every week to document problems you’ve solved, initiatives you’ve led, and results you’ve delivered. Keeping a record of your successes will make it easy for you to recall key contributions you’ve made to your company’s growth and success. Track your success stories to win a raise at your next […]