Category Archives: *AskTaxMama Newsletter
AskTaxMama
Dear Family, If you’re reading our daily TaxQuips, you know that this week, we started a survey to learn what you’d like TaxMama.com to be for you. Many of you have already answered and provided some excellent ideas – this we really can arrange to provide for you. But, do you know what I forgot […]
Last Friday, my office manager, Lulu, and her friends went on their annual outing to see the Harry Potter movie – in IMAX. Did you know they’ve been putting it out in IMAX format for 3 years? I had no idea. Well, heck, I had to see this! So I booked tickets to the IMAX […]
National Taxpayer Advocate Releases Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be […]
Part of rebuilding New Orleans often challenges residents with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here is a great letter an attorney […]
by Doug Thorburn, EA, CFP Single taxpayers with Social Security benefits subject to the phase-in rules experience exorbitant tax brackets at moderate incomes. Married filers suffer quietly at generally lower rates, but that doesn’t mean they are better off. The reason is the “base amounts” for married filers begin at such relatively low income levels […]
Dear Family, Another fast week. Did you blink – and it’s Friday? OK, you blinked – and I moved TaxQuips.com to a different server. The move went so seamlessly and smoothly that you never even saw it happen. (Only, if you posted any comments or notes after about 1:00 pm PDT yesterday, let me know […]
By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]
Your summer vacation may mean a trip to the casino or the racetrack. What will you owe Uncle Sam if Lady Luck happens to be on your side? Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 and include all of your winnings. Gambling income includes, […]
1) When I die, I want to die like my grandfather—who died peacefully in his sleep. Not screaming like all the passengers in his car.” —Author Unknown 2) Advice for the day: If you have a lot of tension and you get a headache, do what it says on the aspirin bottle: “Take two aspirin” […]
Dear Family, Are you invited to a wedding today? You’re not! How can that be. So many people are trying to get married on the lucky 777 day that the Assocation for Wedding Professionals International has put up a map with venues that are still available. Perhaps those couples will hit the jackpot with this […]
WASHINGTON — The Internal Revenue Service today announced a redesigned Form 8857, Request for Innocent Spouse Relief, that will help reduce follow up questions and reduce the burden on taxpayers. The form will ask more questions initially, but collecting critical information early in the process will mean faster processing of the request. The new design […]