Today TaxMama hears from Krissy in the TaxQuips Forum who needs help. “I am married with two children, low income and my husband owes back child support. Last year I filed separately and ended up owing taxes. I had to set up a payment plan with the IRS to pay it off. I’d like to […]
Author Archives: TaxMama
Today TaxMama hears from Douglas in the TaxQuips Forum with this question. “How does one deduct the attorney fees related to obtaining a patent? The patent is for a video game. The taxpayer is not in the business of creating video games. The plan is to sell the patent to a video game company once […]
Dear Family, This week, we are working on the first review class for the new Registered Tax Return Preparer examination. When I scheduled the class for November, my intention was to take the exam myself, before teaching the course. After all, the IRS announced the new exam would be available by the middle of October. […]
CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns […]
Danny Duck walked into a bar and asked for some crackers. The bartender said no. The next day Danny Duck went into the bar again and asked for some crackers. The bartender said no.
Today TaxMama hears from John in the TaxQuips Forum with a sweet question. “We are re-financing a loan on a 2 flat. Our daughter, who lives in one unit, will be the primary borrower on the loan; my wife and I will be co-borrowers. My wife and I will be making the entire mortgage payment. May […]
Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home. It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more. Should I refinance at today’s rates? I could pay off the loan, but that would drain our […]
Today TaxMama hears from Russel in the TaxQuips Forum who wants clarification. “At the end of the show on KFWB 980 today (10/31) Bob McCormick asked you a question regarding small businesses employing spouses. I missed the answer. If a spouse is employed by a sole proprietorship do you have to carry workman’s comp insurance? […]
Today TaxMama hears from someone in the TaxQuips Forum with another question about a barter. Rather than going into the details of her question (which you can read here), let’s talk about hypothetical questions.
Dear Family, Yesterday turned into a bizarre day, as I clicked on the wrong thing and sent emails to absolutely everyone, confirming their registration for next Tuesday’s Registered Tax Return Preparer exam review class. You can just imagine the reaction! Actually, you can’t.
Courtesy of Greatland Corp Avoid penalties, improve compliance and know the important changes for the 2011 year-end Grand Rapids, Mich., Oct. 25, 2011 – Every year brings with it new changes related to W-2 and 1099 forms and reporting requirements. Due to the government’s increasing focus on the proverbial “tax gap,” it’s more important than […]
[TaxMama Note: In fact, a developer at Intuit just told me this week that the 1099-K form (the new merchant and 3rd party payer reporting form) for 2011 is not being used. She says IRS will not ask taxpayers to enter any info from 1099-K. Probably a results of the IRPAC recommendations. This was going […]