[TaxMama note: think eBay.com and epage.com ] Courtesy of IRS Many people don’t realize the income they earn from auctions and consignment sales may be taxable. A new IRS Fact Sheet helps taxpayers better understand what income they are required to report and what deductions they may be entitled to take. https://www.irs.gov/newsroom/article/0,,id=174478,00.html [See Resource Box […]
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Redesigned Allowable Living Expense Standards Effective Oct. 1, 2007 Courtesy of IRS IRS released the 2007 Allowable Living Expense standards Oct. 1. The standards are used to help determine the ability of a self-employed or individual taxpayer to pay a delinquent tax liability. https://www.irs.gov/individuals/article/0,,id=96543,00.html There is a more detailed breakdown of Food, Clothing and Other […]
This Week’s Advice: “Applying for a position that draws on your prior years of experience rather than your current assignment? Attract an employer’s attention with three or four stellar career milestones listed in a bulleted section on page one of your resume, just before your employment history.” Louise Garver Career Directions Contact Louise for Resume […]
Schwartz & Jesus Jesus was wandering around Jerusalem when He decided that He really needed a new robe. After looking around for a while, he saw a sign for Schwartz, the Tailor. So, He went in and made the necessary arrangements to have Schwartz prepare a new robe for Him. A few days later, when […]
On September 28, 1912, the publication of William Christopher Handy’s “Memphis Blues” changed the course of American popular song. Handy introduced an African-American folk tradition, the blues, into mainstream music. By the 1960s, the blues sound had significantly influenced the development of jazz and rock and roll, quintessential American musical forms. Taxes are all about […]
New Online Employer Identification Number Application Processes Requests in Minutes WASHINGTON — Taxpayers can now request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time, the Internal Revenue Service announced today. “This new and improved online application will reduce the time it takes taxpayers […]
Revenue Procedure 2007-59 that permits certain partnerships to aggregate gains and losses from an expanded class of qualified financial assets for purposes of making reverse § 704© allocations under § 1.704-3(e)(3) of the Income Tax Regulations. https://www.irs.gov/pub/irs-drop/rp-07-59.pdf Revenue Procedure 2007-63 updates the rules for determining the amount of an employee’s ordinary and necessary business expenses […]
By Robin Ryan It’s a great time to job hunt. Employers are hiring again, so maybe a new job is in your future. You won’t find it if you don’t look and market yourself well. Read on for some insights. Job search success doesn’t just happen. You need to make it happen! But what a […]
This is a quiz for people who know everything! I found out in a hurry that I didn’t. These are not trick questions. They are straight questions with straight answers. Good Luck! 1. Name the one sport in which neither the spectators nor the participants know the score or the leader until the contest ends. […]
Dear Family, Looking for a heading for this week’s issue, since tonight is Yom Kippur, naturally the word ‘repent’ comes to mind. But if you’ve ever read Harlan Ellison’s Hugo-award-winning story, you can’t think of the word ‘repent’ without also following that word with ‘Repent, Harlequin!’ Said the Ticktockman. (Ooooh…I just learned that you can […]
September 12, 2007 – Reminder from IRS The Internal Revenue Service is starting a new National Research Program (NRP) reporting compliance study for individual taxpayers that will provide updated and more accurate audit selection tools and support efforts to reduce the nation’s tax gap. This new NRP study, which begins in October 2007, will be […]
Courtesy of IRS IR-2007-159, Sept. 17, 2007 [TaxMama note: This is a resource we requested from IRS at a Stakeholder meeting earlier this year. IRS put it together quickly, in view of all the sub-prime loan defaults. Incidentally, you will also find some simplistic formulae to help with your computations of the tax effects.] WASHINGTON […]