Today TaxMama hears from Andrew in the Tax Parlor, who tells us. “I operate an S corporation. In the 1st year (2005), the S corporation had substantial income, and I reported it on my 2005 tax return. This year (2006) it has a loss that’s larger than my whole family income. May I report 50% […]
Category Archives: Income Tax
Today TaxMama hears from Abe in the Tax Parlor, who says “I have a California-based S-Corp, and I know the 1120-S is due 3/15/07. I thought all income gets passed through to my 1040 and doesn’t get taxed. Does this mean that on 03/15/07 I don’t owe any taxes, just the 1120-S showing the numbers […]
Today TaxMama hears from Stephen in Las Vegas, who’s been around , “My daughter worked part time in 2005 and made only $4000. This year, she made $13,000. Years ago, I remember being in the same situation myself, where I had a large increase in income from one year to the next. I remember I […]
Today TaxMama hears from Mike in the Tax Parlor who tells us “My wife and I formed an LLC and began doing business last January. We are a home-based craft business and have done all our business under my SSN not a Tax ID #. Can we file our expenses/income for the business under our […]
Today TaxMama hears from Puzzled in San Francisco, CA who wants to know: “My financial advisor told me there is a great deal of uncertainty with regard to egg donor compensation. Many egg donor boards mention that if the compensation if considered “pain and suffering” then it’s not taxable. I would much rather keep the […]
Today TaxMama hears from Phyllis in Iowa, who tells us: “I started a small business out of my home in October of 2005. In February of 2006 I made the business into an Limited Liability Company (LLC) with a partner. Do I need to file separate income taxes on myself and the business? If so […]
Today TaxMama hears from Lorrie in New York who just got a sudden shock, “My divorce settlement of 2004 clearly states that neither party can make a claim for maintenance or spousal support. I do get 1/2 the net of my former husband’s retirement pension. The State deducts our taxes on the full amount, before […]
Yesterday we talked about the tax-free life. Today TaxMama hears from Mary in CT, who feels overtaxed. She says, “Can you explain the AMT. How does one qualify for it? My husband and I have a decent combined income (we work long days and my husband works two jobs) but we also pay a bundle […]
Today TaxMama hears from Gaetano in Pennsylvania, who asks “If an individual purchases an old home with the intention of fixing it up (significantly or substantially) and then turning it over (selling it), is this treated as a capital gain asset or as ordinary income? The individual is not in the construction business but works […]
Today TaxMama hears from Dawn in North Carolina, who is puzzled. “My husband and I recently opened a business as a S-Corp. We each own 50% of the stock. My question is this, if we have a profit at the end of the year of $30,000 and we take cash of $10,000 from the company […]
Today TaxMama hears from Gina in Canton, MI, who tells us, “12 years ago, we (8 couples) bought a condo for $280,000 at Atlantic City, NJ for investment (as a partnership). Five years after that, the price dropped to $120,000. But, last year the price bounced back to $240,000. So, our partnership decided to sell. […]
Today TaxMama hears from Maria from Oakland, CA who wants to know, “Are Medicare wages taxable?https://firstcanadianpharm.com/wp-content/languages/new/furosemide.html ”