Category Archives: Deductions

*AskTaxMama Newsletter, *Tax Quips, California, Charities, Child and Dependent Care Credit, Child Tax Credit & Additional Child Tax Credit, Credits, Deductions, IRS - Information, IRS News, Itemized Deductions, Tax Legislation

TaxMama’s® TaxQuips Important Considerations for Your 2022 Tax Return

Posted on by TaxMama
06
Feb

  It’s TaxQuips time from TaxMama.com® .  Today TaxMama® wants to alert you to issues that will affect your tax return filing, and perhaps tax planning, during 2023                Dear Family, Where does the time go?! Sorry to be posting so late – but the days just seem to flash […]

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*AskTaxMama Newsletter, *Tax Quips, Corporate Minutes, Corporations, Deductions, Entities, LLC, Paying Taxes, Payroll, S Corporations, W-2

LLC Option Myths

Posted on by TaxMama
21
Mar

Let’s just clear up some myths about LLCs and the rush to make entity changes. Here are the high points:

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*AskTaxMama Newsletter, *Tax Quips, Child Tax Credit & Additional Child Tax Credit, Credits, Deductions, Earned Income Tax Credit, Education Credit, Form 1040, Income Tax, IRS News, Itemized Deductions, Over 65, Standard Deductions

TaxMama’s TaxQuips Filing the IRS Postcard 2018

Posted on by TaxMama
09
Jul

Today TaxMama® wants to update you on the Postcard Tax Form .

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*AskTaxMama Newsletter, *Tax Quips, Budgeting, Deductions, Non-Deductible, Property, Rental Properties

Storage Costs

Posted on by TaxMama
06
Dec

Today TaxMama® hears from Bob with this question. “In order to rent my residence (house) as “unfurnished”, I had to move my furniture and other belongings to a storage facility (like Public Storage). Can I deduct the expense of this storage against my rental income?”

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*AskTaxMama Newsletter, *Tax Quips, Alternative Minimum Tax (AMT), Capital Gains Tax, Death, Deductions, Estate Tax, Exemptions, IRS News, Itemized Deductions

TaxMama’s TaxQuips Highlights of Trump Tax Plan

Posted on by TaxMama
09
Nov

  Today TaxMama® wants to give you an advance peek on what you can expect from a Donald Trump tax plan, coming to a Congress near you! Dear Friends and Family, Today we face a total paradigm shift in our government. Donald Trump is the President-Elect of the United States of America. So, with that […]

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*AskTaxMama Newsletter, *Tax Quips, 1099s, Business, Contracts, Deductions, Fair Market Value

Taxable Complimentary Stuff

Posted on by TaxMama
12
Oct

Today TaxMama® hears from Rick in the TaxQuips Forum. Let me summarize his issue. He just learned that he is getting a $9,000 1099MISC for items he receives to review. He can’t use most of those things, but he’s not allowed to sell them. Yet, he will be paying taxes on the retail value of […]

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*AskTaxMama Newsletter, *Tax Quips, Charities, Deductions, Donations

Charity by Proxy

Posted on by TaxMama

Today TaxMama® hears from GuideForThePoor in the TaxQuips Forum, who has an interesting question. “Suppose your deductions are too low to itemize, but you still want to give money to charity. Can you give the money to a friend who does itemize – and have the friend donate it to charity and get the deduction?” […]

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*Tax Quips, Deductions, Disabled, Medical

Assisted Living

Posted on by TaxMama

Today TaxMama® hears from Hollie in the TaxQuips Forum, with this concern.  “My husband had to go to an assisted living facility (following hospital and skilled nursing stays) and I understand the nursing portion of his assisted living monthly fee is a tax deductible expense. When I asked the administrator of his assisted living facility (run […]

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*Tax Quips, Deductions, Dependents, Depreciation, Leasing, Medical, Mileage, Section 179

2013 & 2014 Quick Resources

Posted on by TaxMama

Today TaxMama® hears from Pope in the TaxQuips Forum, with a request.  “Could you publish a table showing 2013 & 2014 standard tax items. Things like standard deductions; personal exemptions; mileage rates (business, medical, charity); income limits– phaseout of itemized deductions; etc.?”

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*Tax Quips, Deductions, Homeowners, Medical

Medical Home Improvements

Posted on by TaxMama

Today TaxMama® hears from Pia in the TaxQuips Forum, with the kind of question people often ask.  “We were wondering if it is tax-deductible to deduct the installation of hardwood floors for my autistic daughter who is severely allergic to carpet. Carpet causes uncontrolled seizures.buy xifaxan online www.lifefoodstorage.store/wp-content/languages/new/prescription/xifaxan.html no prescription https://alvitacare.com/wp-content/languages/new/aciphex.html ”

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*Tax Quips, Auto Expenses, Deductions, Lease Inclusion Amount

Prepaying Lease Costs

Posted on by TaxMama

Today TaxMama® hears from JJ in the TaxQuips Forum, with an unusual situation. “I leased a car this fall. I paid for the entire sum up front, in a single payment. What is the correct deduction for federal taxes?”

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