Today TaxMama hears from Sherry in Mount Holly, NC who tells us. “I received a trip from a company my employer is a distributor for by reaching our purchasing goals for the year. I know I have to pay taxes on the trip ($2,500.00) but where do I report it on my 1040 form and […]
Author Archives: TaxMama
Today TaxMama hears from Tom in MO, who wants to know. “Is there a good procedural manual out there to make it thru the California Franchise Tax Board’s (FTB) Offer in Compromise routine? They are requesting $13K in back taxes, which isn’t doable since I no longer live in CA. I live in MO. I […]
Today TaxMama hears from Shirley in Florida, who has this problem. “In 2002 a boat I’ve owned since 1986 ran aground.I had used it as a business to run charters. My insurance paid me $10,000 to have it towed to dry dock repairs. The depreciated value at the time of the accident was $3,000. Extensive […]
Today TaxMama hears from Jim in Marion, Illinois, who says. “I would like to know if it is legal for an “LLC” to be an investor in an “S” corporation?”
Today TaxMama hears from Gloria in Illinois, who is overwhelmed. “There is so much info out there about taxes, money. But if I never read another news article or ever went to another website, would I be able to find everything I need to know about taxes on your site? I have too much info […]
Today TaxMama hears from Monica, who just moved. “My husband and I moved 600 miles away from his last employer in December of ‘05. His new job is a different corporation. He was unemployed from December 16th ‘05 – February 16th ‘06. And he’s been working ever since. My question is – are we eligible […]
Today TaxMama hears from Doug, an Enrolled Agent in Northridge, CA who insists that, “The special $5,000 deduction for start-up costs spent by businesses after 10/22/2004 only applies to companies who’ve already started doing business. They can’t take the deduction the year before the business opens their doors.” TaxMama disagreed with Doug, so, it was […]
Today TaxMama hears from Jim in California who tells us. “I’m an affiliate marketer and have spent a lot more money on ebooks and courses than the amount of income I have generated. Are the ebooks/courses tax deductible? Under what category should I put these expenses?” Dear Jim, Making a fortune on the Internet looked […]
Today TaxMama hears from Bob in Los Angeles who wants to know, “Can only lawyers and paralegals provide incorporation services in the state of California?”
Today TaxMama hears from Jason in Florida who wants to know, “I would like to know under what circumstances, if any, would gym membership fees be tax-deductible?”
Today TaxMama hears from Richard in Georgia who wants to know, “Is the deduction for charitable donations of $500 or less without receipts still allowed?”
Today TaxMama hears from IRS, who answered some questions for tax professionals: “My client received a balance due notice on their 2005 return? Why were they charged interest from 4/15/06 when the due date was extended to 4/17/06?”