Today TaxMama hears from Lucy in the TaxQuips Forum, who needs to know. “ I purchased a business in 2010 by giving the original business owner a down payment and then monthly payments thereafter. She is a limited liability company, but has dissolved the company in March 2010.https://www.epsa-online.org/wp-content/languages/new/temovate.html Do I send her a 1099-MISC for […]
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Partners’ Filing Status Varies Federal to State, and State to State Courtesy of CCH – This article is SO important for all domestic partners to read! (RIVERWOODS, ILL., February 11, 2011) – Whether opposite-sex or same-sex marriage, civil union or domestic partnership, your relationship can have tax consequences, according to CCH, a Wolters Kluwer business […]
IRS says Medicare Part B premium deductible as SE health insurance (2-11-11) Unexpectedly, the IRS says the Medicare Part B premiums are deductible for purposes of the self-employed health insurance deduction. This is a reversal of their long-standing position, and it appeared in the instructions to Form 1040 without any other announcement. Spidell confirmed the […]
Dear Family, Just as I was getting ready to finish up today’s issue, the announcement came in about President Mubarak of Eqypt stepping down. He turned over the authority for running the country to the Supreme Council of the Egyptian Armed Forces. This is utterly earth-shaking news on so many levels. 1) A quiet, peaceful […]
Sister Mary Ann, who worked for a home health agency, was out making her rounds visiting homebound patients when she ran out of gas. As luck would have it, a Texaco Gasoline station was just a block away.https://www.grapplearts.com/wp-content/languages/new/homework-assistance.html She walked to the station to borrow a gas can and buy some gas. The attendant […]
Today TaxMama hears from TaxDaughter in the TaxQuips Forum, who just received some unpleasant news. “My new accountant asked me to give him a summary of all my Internet purchases.buy generic temovate online blackmenheal.org/wp-content/languages/new/buygeneric/temovate.html no prescription He says California will assess taxes on the Internet sales since they have been escaping tax before. 1. Is […]
Today TaxMama hears from Rick in the TaxQuips Forum, with two questions. “1) I got married in 2010 and had over $25,000 in wedding expenses. Is any of this tax deductible? 2) I purchased a used car in 2010 and paid 0 in taxes.https://www.topsedu.xyz/wp-content/languages/new/finance-homework-help.html Is any of this deductible?”
Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline Courtesy of IRS [TaxMama note: We have been anxiously awaiting this announcement. IRS had mentioned that this was coming. This will be a huge help to people who never meant to conceal their ‘offshore’ accounts. They just didn’t realize they needed […]
Courtesy of IRS. [TaxMama Note: Read TaxMama’s MarketWatch article, due out on February 11th, about the Homebuyer Credit, tips to avoid delays, and information about how to deal with unusual situations.] If you purchased a home in 2010, you may be eligible to claim the First-Time Homebuyer Credit, whether you are a first-time homebuyer or a long-time […]
Beginning January 1, 2011, we began enforcing the mandatory e-pay penalty. (California Taxation and Revenue Code 19011.5) Acknowledging high year-end postal volumes, we recognize that there could be delays in our receipt of payments postmarked on or before December 31st, 2010. As a result, we are reviewing accounts where the penalty was assessed and […]
Today TaxMama hears from Seth in the TaxQuips Forum, who wants to get credit for his work.buy lipitor online blackmenheal.org/wp-content/languages/new/mg/lipitor.html no prescription “I got an $8,000 tax credit on my 2009 taxes for being a first time home buyer. I spent quite a bit of money insulating my house at the end of 2010.https://theoryofknowledge.net/wp-content/languages/new/online-proofreader.html […]
Today TaxMama hears from Wilson in the TaxQuips Forum, who wants to know. “On Form 1040A, where should I claim my Energy Star appliances, that I purchased in 2010?” Hi Wilson, If you can find a place on Schedule A, go for it. But no, honey, the 1040A is the SHORT form. It only contains […]