Category Archives: *AskTaxMama Newsletter
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The Treasury Inspector General for Tax Administration (TIGTA) today publicly released its most recent review of the Internal Revenue Service’s (IRS) Earned Income Tax Credit Program (EITC). The report concludes that the IRS has successfully developed processes to identify erroneous EITC payments prior to their issuance to taxpayers. However, the IRS estimates that between $10 […]
Here are a few tax law changes you may want to note before filing your 2008 federal tax return: 1. Expiring Tax Breaks Renewed The following popular tax breaks were renewed for tax-years 2008 and 2009: Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5 Educator expense deduction on Form […]
IR-2009-10, Jan. 30, 2009 WASHINGTON –– In response to errors showing up on early tax filings, the Internal Revenue Service today urged taxpayers and tax preparers to make sure they properly determine eligibility for the recovery rebate credit before they file their 2008 federal tax returns. Some individuals who did not get the economic stimulus […]
by Barbara Safani If you think doing volunteer work is just “filler to pad the resume” while you are looking for a “real job,” then think again. It can make or break you during a job search. Pro bono work can include anything from nonprofit projects to community service and even religious or alumni events. […]
A 92-year-old, petite, well-poised and proud man, who is fully dressed each morning by eight o’clock, with his hair fashionably combed and shaved perfectly, even though he is legally blind, moved to a nursing home today. His wife of 70 years recently passed away, making the move necessary. After many hours of waiting patiently in […]
The Small Business/Self-Employed (SB/SE) division of the IRS will begin conducting its annual telephone survey of taxpayers starting January 21, 2009 and running through mid-April, 2009. This survey is targeted to small business and self-employed taxpayers who file certain income tax forms, including: 1120, 1120A, 1120S, 1065 and 1040 with schedules C, E or F. […]
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by David & Mary Mellem, EAs We all know gambling winnings are Other Income, while gambling losses are deductible on Schedule A but only up to the amount of winnings. Some tax professionals have interpreted the regulations to require each individual bet to stand on its own. Now IRS has addressed this issue a little […]
by MARC CENEDELLA I know the business section of the newspaper can be awfully depressing these days, folks. But the honest truth is that even in a recession, companies are looking for great leaders and professionals to help them grow and profit in promising areas of their business. Why, in just the past 30 days, […]
The doctor, after an examination, sighed and said, ‘I have some bad news. You have cancer, and you’d best put your affairs in order.’ The woman was shocked, but managed to compose herself and walk into the waiting room where her daughter had been waiting. ‘Well daughter, we women celebrate when things are good, and […]