Today TaxMama hears from Patrick in TaxMama’s Tax Parlor, who says, “I have a question concerning frequent flyer miles. I have a friend (taxpayer) that is an employee of a consulting firm and had over 40,000 miles of air travel in the current year. His employer reimbursed all of the taxpayer’s transportation expenses, but allowed […]
Author Archives: TaxMama
Today TaxMama hears from Maria from NJ, who says, “I have been out of the country for nine years and a stay at home mom. I recently had my bank accounts levied, where the only money deposited is child support directly from the New Jersey Child Support Offices. My account was levied because apparently my […]
Today TaxMama hears from Mary in Ohio, who says, “I am 15 and have been working for the past 3 years. I have my own business (tutoring). What amount do you have to earn in order to pay taxes on it?”
Today TaxMama hears from Tanya on the Internet, who wants to know, “Can I deduct the expenses related to newspapers or newsletters recommending stocks?”
Today TaxMama hears from Sean from TaxMama’s Tax Parlor who tells us a very long story. Please read the whole question in the Tax Parlor. But, for short…, “My current situation involves a repossession of a car back in 1994. I received a notice about a year ago from the IRS stating that I owed […]
Today TaxMama hears from Sam in MO who wants to know, “I had a bankruptcy in 1997 from a failed business. At that time I owed employee withholding taxes which were listed on my bankruptcy. Knock on wood, I have never heard from the IRS. Were those taxes wiped clean from the bankruptcy? Same situation […]
Today TaxMama hears from Ben in FL who tells us, “I am completing an audit for a client. The Revenue Agent refuses to give me her proposed adjustments so they can be analyzed and refuted, if possible. She wants a closing signed without any discussion. Is this normal and what means do I have to […]
Today TaxMama hears from Fred in NY who says, “I live in a co-op that is subsidized by the city in the form of a very low interest mortgage and reduced taxes. A consequence of this arrangement is that we do not build any equity in our shares. The corporation is now “going private” by […]
Today TaxMama hears from Jerry who says, “I’m finishing up my tax return in Turbo Tax and they have two options – a review by a tax professional for $29.95 and audit defense for $49.95. Are those good values, or should I hire my own personal tax professional?”
Today TaxMama hears from Tom in Oklahoma, who’s had a bad year. “Due to unemployment and high child support payments, I’ve had to draw money from my IRAs. I know the exclusions for penalty purposes…but is there anything else I’m missing to avoid the penalty. For instance, suppose I owe taxes this year because no […]
Today TaxMama hears from Lynn in Indiana, who says “I have 2 cars, a Corvette with a $537 per month lease payment and a Ford Escort that’s all paid off. If I work at 2 offices as an independent contractor, do I have to travel to both in one day to write off mileage? How […]
Today TaxMama hears from Brent Clanton on the BizRadio Network in Texas, who wants to know about the new program IRS has instituted, contracting out collections services to private collections agencies. [Note: We will be adding the audio once we get the feed from the BizRadio Network later today.]