It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants talk to you about a big flaw in the current tax laws. Dear Family, It’s summer! Can you believe the year is going by so quickly? The past month has been a whirlwind with teaching, taking classes and even going […]
Category Archives: Casualty loss
*AskTaxMama Newsletter, *Tax Quips, Casualty loss, Donations, IRS News, Medical, Tax Cuts and Jobs Act, Theft Loss, Trump Tax Act
Introduction to the Trump Tax Plan
Today TaxMama® wishes you a Happy New Year, and brings you some basics about how the Trump Tax Plan will affect this filing season.
*AskTaxMama Newsletter, *Tax Quips, Casualty loss, Disaster, Estimated Taxes, Filing Deadline
Disastrous Tax Issues
Today TaxMama® says we are facing Hurricane Irma in Florida, dealing with the devastation of Harvey in Texas – and the biggest fire in Los Angeles history. So let’s talk about the special tax breaks available to you.
Today TaxMama® wants to talk about sudden, unexpected events – and some tips on how to prepare for them.
*AskTaxMama Newsletter, *Tax Quips, Casualty loss, Disaster, Exceptions to Penalties, Late Filing, Paying Taxes, Penalties
October 15th is NOT the filing deadline for Everyone
October 15th is the annual filing deadline for all personal income tax returns.https://biuinternational.com/wp-content/languages/new/how-to-do-a-lab-report.html This year, some (un)lucky folks in several disaster areas around the country have extra time to file – as long as they were wise enough to put their personal tax returns on extension.https://biuinternational.com/wp-content/languages/new/writing-college-essay.html What about the rest of us? We still face […]
Today TaxMama® hears from Pierre in the TaxQuips Forum, with this issue. “In 2012, an S-Corp had an employee who stole cash from them through the inventory and sales. They own a NAPA Auto Parts store.https://www.giveapint.org/wp-content/languages/new/veklury.html They have camera tapes on him and have reported the theft to NAPA. They did not report the theft […]
Last week, before Commissioner Doug Shulman left, he made sure that the IRS was in position to cut red-tape and make life easier for Hurricane Sandy victims. Tax Relief for Victims of Hurricane Sandy in Connecticut, New Jersey and New York Victims of Hurricane Sandy that began on Oct. 27 in parts of Connecticut, New […]
Today TaxMama® hears from Robert in the TaxQuips Forum, who has this tale of woe. “My car was parked in front of the house and was hit by a hit and run driver. The car had about $10k in damage that my insurance took care of. I had a professional report done where they took […]
IRS Provides Tax Relief to Victims of Hurricane Isaac; Return filing and Tax Payment Deadline Extended to Jan. 11, 2013 (courtesy of the IRS) WASHINGTON –– The Internal Revenue Service is providing tax relief to individuals and businesses affected by Hurricane Isaac. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management […]
Today TaxMama® hears from Ted in the TaxQuips Forum with this story. “A police car was at fault in an accident and the city repaired the taxpayer’s car. The taxpayer got a 1099-misc for the amount of the repairs. The municipality insists it is correct and will not re-issue anything. The question is how to […]
Courtesy of IRS WASHINGTON — The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps.
Today TaxMama hears from Elizabeth in the TaxQuips Forum, with a sad problem. “Can a loss on deposits be deducted on Schedule A or form 4684? I researched the IRS website and it is allowable.https://lightsailed.com/homeschool/wp-content/languages/new/writers-help.html But what if the amount is more than ,000 for the entire loss?https://lightsailed.com/homeschool/wp-content/languages/new/website-that-writes-essays.html Can you deduct $20,000 each year until […]