Today TaxMama hears from Writer Mom at SavvyMommy.com, who says “Last year I published two articles for a magazine and have been trying to build a career as a freelance writer. My earnings totaled $970 from freelance writing last year. Should I file? Do I write off the home office already set up because my […]
Author Archives: TaxMama
Today TaxMama hears from Alison in Los Angeles, who says “I have to send a payment with my corporate extension (Form 7004). How do I get the payment voucher? The instructions say I can’t send a check.” Dear Alison, The Form 8109-B not an easy form to get at the last minute. https://www.irs.gov/pub/irs-pdf/f8109b.pdf You can […]
Today TaxMama hears from Abe in the Tax Parlor, who says “I have a California-based S-Corp, and I know the 1120-S is due 3/15/07. I thought all income gets passed through to my 1040 and doesn’t get taxed. Does this mean that on 03/15/07 I don’t owe any taxes, just the 1120-S showing the numbers […]
Today TaxMama hears from Deanna in the Tax Parlor, who says “My husband and I are about to elect S-corp status in an LLC. We currently pay our kids wages in the LLC, but are wondering if there is any real benefit to continuing this in the S-corp?” Hi Deanna, The benefits for hiring your […]
Today TaxMama hears from Gaetano in the Tax Parlor, who asks “When you do a section 1031 exchange for investment real estate are you “required” to use a qualified intermediary to receive the funds from the sale of the first property or is this just an advisory to make sure you do the exchange within […]
Today TaxMama hears from Geraldine in the Tax Parlor, who asks “Can I bring over a $3,000 loss from 2004 return without filing a 2005 return, since he did not have any earn income – only social security for 2005?” Hi Geraldine, Personally, I ALWAYS advise my clients to file tax returns for each year, […]
Today TaxMama hears from Auntie Weezer in the Tax Parlor who says, “I currently owe the IRS money from previous tax years, I will be getting married this fall. Is there any way I can keep IRS from taking my husband’s tax refund and only take mine? Someone told me to file married but separated […]
Today TaxMama hears from Deb in the Tax Parlor who says, “Our PTA finished up our 990EZ form and sent it home with the PTA President’s son to get her signature on it and mail it . But it sat in his bookbag for a couple days before she found it. To make a long […]
Today TaxMama hears from Angie in the Tax Parlor who says, “I purchased a manufactured home last year. Is the rent I’m paying on the land deductible in any way? I use Turbo Tax since it is more affordable for me and I don’t see this any where in there.” Hi Angie, Nope. Not a […]
Today TaxMama hears from Tanya in the Tax Parlor who says, “I am filing a schedule C, where all the income comes from one 1099 (one client). My only driving was to and from the client’s office (essentially commuting) and there is no home office. Will this be qualified business mileage/use?” Hi Tanya, I don’t […]
Today TaxMama hears from Maggie in North Carolina who says, “I am new to this site courtesy of Wayne Davies. https://hop.clickbank.net/?taxmama/taxguide I have a small pottery business of over 30 yrs. Last year we took up our first ever mortgage to buy property for a gallery. Our home…where we work, was mortgaged to pay for […]
Today TaxMama hears from Harry in Connecticut who asks, “If my wife and I give gifts to my grandson of stock worth $12,000 each, what is his cost basis when he sells the stock 10 or 20 years from now, if he has no clue what the cost was.” Dear Harry, This is an excellent […]