Today Michael from Tacoma, WA says, “I loaned money to a friend’s business. Can I deduct some of the loss of the business? I know if I received a profit from it I would have to claim and pay. If so do you know what tax form and/or line I enter it?”
Category Archives: Investments
Today TaxMama hears from Dennis in Texas who tells us, “My wife and I are both self-employed, and we’re both the only employees in our companies. We would both like to start ROTH’s, because we would like to be able to withdraw contributions, without penalty, if an emergency came up. We file jointly and our […]
Today TaxMama hears from Tom in Oklahoma, who’s had a bad year. “Due to unemployment and high child support payments, I’ve had to draw money from my IRAs. I know the exclusions for penalty purposes…but is there anything else I’m missing to avoid the penalty. For instance, suppose I owe taxes this year because no […]
Today TaxMama hears from Jim in Marion, Illinois, who says. “I would like to know if it is legal for an “LLC” to be an investor in an “S” corporation?”
Today TaxMama hears from Brian in Kentucky who tells us. “In 2006 I sold my house and had some decent profits. I decided to invest some of it and lost $13,000 quickly in the stock market so I closed my accounts. No more of that for me. If I don’t have any capital gains in […]
Today TaxMama hears from Jun in Passaic, NJ who asks. “Foreign tax is withheld from my dividends or other investments. Where can I get a credit or deduction on my tax forms?”
Today TaxMama wants to talk to you about protecting your assets – Not just from creditors, but from poor investments as well. We have a special treat in store for you today. We managed to snag a special expert to talk to TaxMama’s students today – but, I thought that what this man has to […]
Today TaxMama hears from Sylvia, who has a quick question, “Hubby and I have joint CDs.https://mannadew.co.uk/wp-content/languages/new/tadalafil.html However, some are under his Social Security number and some mine. In the past I’ve not been separating them when filing tax… Should I?”
Today TaxMama hears from Jan, a loyal reader, who says, “My husband and I both have traditional IRAs and were wondering whether it would be worthwhile to convert them to Roth IRAs if this new law passes. I don’t like to pay taxes ahead of time but the prospect of being able to take the […]
Today TaxMama hears from Gordon in Maryland who tells us, “I have a problem with a 401K distribution that I rolled over to an IRA in March of 2004. I had this 401K with a previous employer and left the money in the account after I terminated employment with the company. When I saw a […]
Today TaxMama hears from Michael in Phoenix, AZ who wants to know, “Can the IRS can take your IRA account for back taxes now or when you cash in at retirement?https://www.natas.co.uk/dev/wp-content/languages/new/business-plan-writers.html ”
Today TaxMama hears from Tony with this story, “My friend’s mother recently sold her father’s home (he is elderly). He gave her power of attorney to sign off on everything, and she kept the proceeds of the sale.* Would this house be considered inherited property, invested property, or anything else for my friend’s mother?buy prednisone […]