It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about how the IRS is spending some of the money they got from the Inflation Reduction Act Dear Family, When Congress granted the IRS about $80 billion dollars as part of the Inflation Reduction Act (IRA), I heard […]
Category Archives: *AskTaxMama Newsletter
AskTaxMama
*AskTaxMama Newsletter, *Tax Quips, *Tax RoundTables
Protected: TaxMama’s Tax Roundtables 2023 (log into Family Member Account for the password)
13
Jul
Jul
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*AskTaxMama Newsletter, *Tax Quips, Business, Business Development and Marketing, Business Expenses, Business plan, Hobby, IRS News
TaxMama’s® TaxQuips Is Your Business a Hobby?
25
May
May
Let me explain why this is important from a tax reporting perspective.
A business can deduct all its legitimate operating expenses from the business’ sales and income – either on a Schedule C, or a business entity return (partnership, corporaton, etc.) and deduct losses, as appropriate.
However, with a hobby, you must report all your income (on Schedule 1) – but you may not deduct your opertating expenses at all. Nowhere. Not on any form. The only thing you may deduct are your cost of goods sold. In other words, hobbyists that lose money don’t get to deduct expenses OR losses.
*AskTaxMama Newsletter, *Tax Quips, IRS News, Tax Planning
TaxMama’s® TaxQuips Should you Consult a Tax Pro
24
Apr
Apr
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about some questions people have asked TaxMama® after making major financial moves and ending up with extra taxes – or none of the tax breaks they were counting on. Dear Family, Well, we’ve survived the April 18th deadline! Many […]
10
Apr
Apr
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about the new IRS Strategic Plan for using the $80 billon budget effectively – based on feedback they have received . Dear Family, Last week the IRS released their 150 page strategic plan on […]
*AskTaxMama Newsletter, *Tax Quips, Corporations, Depreciation, Entities, Form 3115, Form 7004, Form W-2, Form W-4, IRS News, partnership, Penalties, S Corporations, Withholding
TaxMama’s® TaxQuips Common Errors This Season
20
Mar
Mar
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about errors people have been making in their tax returns this year. Dear Family, My goodness, it’s already Spring! The first day, here in Southern California is mostly gray, threatening to rain…but not quite making […]
10
Mar
Mar
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to suggest that you get advice FIRST before making major financial moves. Dear Family, Let’s start with the big thing this weekend – changing the clocks to Daylight Savings Time. Remember the old adage “Fall back; spring forward.” […]
*AskTaxMama Newsletter, *Tax Quips, IRS News
TaxMama’s® TaxQuips What is the IRS Doing For You Lately?
14
Feb
Feb
Listen to the podcast here It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to let you know what kind of support you can expect from the IRS this year – if any. Dear Family, As you understand so well, since COVID19, it’s gotten harder than […]
*AskTaxMama Newsletter, *Tax Quips, California, Charities, Child and Dependent Care Credit, Child Tax Credit & Additional Child Tax Credit, Credits, Deductions, IRS - Information, IRS News, Itemized Deductions, Tax Legislation
TaxMama’s® TaxQuips Important Considerations for Your 2022 Tax Return
06
Feb
Feb
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to alert you to issues that will affect your tax return filing, and perhaps tax planning, during 2023 Dear Family, Where does the time go?! Sorry to be posting so late – but the days just seem to flash […]
*AskTaxMama Newsletter, *Education, *Tax Quips, Enrolled Agents, Tax Education, Tax Professionals
Everything You Want to Know About the EA Exam 2023-2024
03
Feb
Feb
We are starting another EA Exam testing year on May 1, 2023. With all the IRS office closures, unopened mail and with IRS phone lines having super long waits, the skills of an Enrolled Agent are more valuable than EVER! This is a great time to improve your tax and representation skills and become an […]
22
Dec
Dec
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to alert you to some major tax news taking place before the year ends. Dear Family, As we come to the end of an incredibly busy year, there is still so much going on. Congress worked through the night to […]
23
Nov
Nov
Happy Thanksgiving! Thank goodness we are able to celebrate with family and friends again! We just want to tell you how much we appreciate you. We wish you a special, loving holiday season!