Arthur is 90 years old. He’s played golf every day since his retirement 25 years ago. One day he arrives home looking downcast. “That’s it”, he tells his wife. “I’m giving up golf. My eyesight has gotten so bad that once I’ve hit the ball, I can’t see where it went.” His wife sympathizes, and […]
Category Archives: *AskTaxMama Newsletter
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Some May Be Due Refunds IR-2007-198 Courtesy of the Internal Revenue Service WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today. […]
IRS Notice 08-01, recently released, discusses the treatments of various arrangements of health insurance in connection with an S Corporation and its 2% shareholder/employees. This Notice clarifies an issue from two years ago. First a review of law involving the health insurance deductions. Section 162(l) permits a self-employed person, a partner, and an S […]
This Week’s Advice: “Holiday cards provide a natural touch point or opportunity to reconnect with friends, family, and colleagues. Reach out to your network now with some best wishes and holiday cheer and you will have a natural entree into a job-related conversation in the new year.” Barbara Safani Career Solvers Ask TaxMama :: Where […]
On the first day, God created the dog and said: ‘Sit all day by the door of your house and bark at anyone who comes in or walks past. For this, I will give you a life span of twenty years.’ The dog said: ‘That’s a long time to be barking. How about only ten […]
FS-2007-26, November 2007 – Courtesy of the Internal Revenue Service While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as: cash earned from side jobs, barter exchanges of goods or services, […]
“Distinguish yourself. Fill your self-marketing documents with energy, precision, and passion! Jargon and textbook language will be quickly lost in oceans of data. Remember that these materials are your personal representatives and often the first contact you make. First impressions are lasting and the competition is brutal. Be clear, compelling, and error free.” Debbie Ellis […]
The next time you hear a politician use the word ‘billion’ in a casual manner, think about whether you want the ‘politicians’ spending YOUR tax money. A billion is a difficult number to comprehend, but one advertising agency did a good job of putting that figure into some perspective in one of its releases. A. […]
Dear Family, First of all, Happy Birthday to Barbara and Lulu! We’ll get together soon…after I return home. Great news IRS just released the new standard mileage rates for 2008 – and we’re up to 50,5 cents! Considering that we spent $64.00 to fill the tank yesterday, that really warms the cockles of my car’s […]
Courtesy of the Internal Revenue Service WASHINGTON – The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or […]