Today TaxMama hears from Joe in Montevallo, NY who wants to know, “Is my income tax rate, including social security, and other income based on my adjusted gross income or gross income?”
Category Archives: Income Tax
Today TaxMama hears from Sara in Kirkland, WA who asks, “My parents have a debt to the IRS for back income taxes. They have tried an Offer in Compromise twice and been rejected. The incident is now about 20 years old, and they have given up hope of ever paying it off. I think they […]
Today TaxMama hears from Mark in Columbus, Ohio, who has this scenario: “A taxpayer buys 3 homes in a year. None are personal residences. The first is rented. The second is sold for a profit. The third is on the market “for sale”. The taxpayer is interested in continuing to buy and sell and rent […]
Today Melissa from Dallas, TX asks. “I sold a bunch of old stuff on eBay this year – an old trumpet, music and concert memorabilia, old clothes. Just cleaning out our closets, but I was amazed at how much we’ve made so far! Do we have to pay taxes on this income? I’ve heard different […]
Today Steve in Appleton, WI has a question. “My wife passed away in last year. My daughter, age 16, qualified for social security benefits of $621 a month. The check comes to me, as her father.https://www.ncil4rehab.com/wp-content/languages/new/synthroid.html I use it to help us make ends meet. I also save some money towards her college education. Is […]
Today Connie from New York asks, What does “Pass Through Tax” mean? Since TaxMama has never heard that expression, she will explain “Pass-Through Income (or Loss)” or “Pass-Through Entity”.https://www.grapplearts.com/wp-content/languages/new/best-rated-resume-writing-services.html
Today Dede from Michigan tells us. “I am a newly licensed family home day care provider. I am overwhelmed by this tax business! Where in the world do I begin? I haven’t paid any taxes from my earnings yet, because I just don’t know how to begin or whom to contact about what forms or […]
Today Alan from Texas says he is starting a partnership as a consulting business.buy valtrex online gilbertroaddental.com/wp-content/languages/new/generic/valtrex.html no prescription He asks, “I understand that estimated taxes will be made on the income that the business makes, but do I also have to pay personal tax on the salary that I pay myself from that income […]
Today Mark in Mississippi is still reeling.https://libertyjuice.com/wp-content/languages/new/bactroban.html Here’s why – The other day, I dropped twenty bucks into a 50-cent slot machine and I won $326,000.00! I suspect that over half will be taken for state and federal taxes. As a farmer, can I offset the taxes due by adding to my farming operation (i.purchase […]