Arthur is 90 years old. He’s played golf every day since his retirement 25 years ago. One day he arrives home looking downcast. “That’s it”, he tells his wife. “I’m giving up golf. My eyesight has gotten so bad that once I’ve hit the ball, I can’t see where it went.” His wife sympathizes, and […]
Author Archives: TaxMama
Today TaxMama hears from Dawn in Hawaii who is upset: “I bought a concrete boom pump in 2006 for 5,000 in Canada.https://kidneyurostonecentre.com/wp-content/languages/new/wellbutrin.html I just received a letter from the IRS stating that I owe $35,400 for a Federal excise tax. I have not been told by the seller or anyone else about this. When I […]
Today TaxMama hears from Shawn in New Jersey who tells us: “I plan to be an independent contractor working with architectural renderings. My friends in Asia will be actually doing the work. I will be getting the jobs, collecting the fees, and paying the Asian rendering team. How do I handle this for taxes, since […]
Today TaxMama hears from Shawn in North Dakota who is worried: “I just purchased a home as my primary residence. Several people live in this home and pay a monthly amount to help cover the mortgage.https://www.calmandgentledentalcare.co.uk/wp-content/languages/new/priligy.html Am I required to report this as rental income even though this is my primary residence?buy amitriptyline online cpff.ca/wp-content/languages/new/mg/amitriptyline.html […]
Today TaxMama hears from Cindy in Kentucky who is skeptical: “I own my own business and travel a lot. I am deducting a truck that I own. With high gas rates can I deduct a car?https://diwa.gimpa.edu.gh/wp-content/languages/new/professional-resume-writers-reviews.html My accountant has told me that I can only deduct a truck? Can you explain what my options are […]
Some May Be Due Refunds IR-2007-198 Courtesy of the Internal Revenue Service WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today. […]
IRS Notice 08-01, recently released, discusses the treatments of various arrangements of health insurance in connection with an S Corporation and its 2% shareholder/employees. This Notice clarifies an issue from two years ago. First a review of law involving the health insurance deductions. Section 162(l) permits a self-employed person, a partner, and an S […]
This Week’s Advice: “Holiday cards provide a natural touch point or opportunity to reconnect with friends, family, and colleagues. Reach out to your network now with some best wishes and holiday cheer and you will have a natural entree into a job-related conversation in the new year.” Barbara Safani Career Solvers Ask TaxMama :: Where […]
On the first day, God created the dog and said: ‘Sit all day by the door of your house and bark at anyone who comes in or walks past. For this, I will give you a life span of twenty years.’ The dog said: ‘That’s a long time to be barking. How about only ten […]
Today TaxMama hears from Jay in New Hampshire who tells us: “I manage the funds and debts for a friend. She has limited financial resources. She has a son who has used intimidation to convince her to use her home as collateral for a forty-two thousand dollar loan. He has failed to make his payments, […]
Today TaxMama hears from Sue in Maine who asks: “Is there any way I can deduct any portion of my 3-week trip to France last summer? I am a H.S. French teacher. My CPA said yes, but I am not convinced.”