Here’s a moral question for you. It’s hypothetical but it shows what kind of character you have. Here’s the situation: You are in the Midwest, and there is a huge flood in progress. Many homes have been lost, water supplies compromised, and infrastructure destroyed. Let’s say you’re a photographer out getting still photos for […]
Author Archives: TaxMama
Today TaxMama® hears from Gary in the TaxQuips Forum who has this problem. Let me paraphrase: “Gary has already filed his LLC’s tax return, reporting all his income properly. Suddenly, nearly three weeks past the 1099 deadline, he gets a 1099 showing income he received, plus reimbursements for materials and supplies – that were not […]
The first weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are Winner of the POPULAR VOTE – Melissa Guy! Winner of TaxMama’s Choice is – Clint Masser, the Running Tax Pro!
Today TaxMama® hears from Tom in the TaxQuips Forum with this issue. “I rolled over a 401k directly to a Roth IRA in 2010. I received a 1099 for this, but did not fill out an 8606 when I submitted my 2010 return. The plan was to report half of the taxable amount in 2011 and […]
Today TaxMama® hears from Klondike in the TaxQuips Forum with this question. “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for […]
Dear Family, The day is nearly gone – and so are you. Right before a holiday weekend, you’re probably already sitting in traffic, heading home. Me? I fell asleep at my desk. Amazing. It’s been a long, intense, and fun week. We launched TaxMama’s Utlimate Tax Nerd Contest this week, to lots of laughter. It […]
Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits.
The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers […]
A man and his young wife were in divorce court, but the custody of their children posed a problem. The mother leaped to her feet and protested to the judge that since she brought the children into this world, she should retain custody of them.
Today TaxMama® hears from Jim in the TaxQuips Forum with this question. “I live in Thailand and do some freelance work. I can’t put that income on Form 2555 for the Foreign Earned Income Exclusion because I had to return to the US for 60 + days for an operation. How do I report this […]
TaxMama® is searching for the Ultimate Tax Nerd. Tax season brings out uncontrollable tax passions. Mild mannered individuals turn into rabid tax fanatics. Does that happen to you? Enter the Ultimate Tax Nerd Contest online beginning Wednesday, February 15th, 2012. The contest will run until midnight, Sunday April 1, 2012. Over $4,000 in prizes. Tax […]
Today TaxMama® hears from Susan in the TaxQuips Forum with a divorce question for Valentine’s Day. “What happens, taxwise, to the relationship of stepchildren when the parents divorce and the stepchild stays with the stepparent? Do they go back to just being the girlfriend’s kid again? I hear about stepparents adopting their spouse’s children. Is […]