Category Archives: Penalties

Open House on Saturday May 15 to Help Small Businesses, Individuals Solve Tax Problems

Courtesy of IRS WASHINGTON — The Internal Revenue Service will host a special nationwide Open House on Saturday May 15 to help small businesses and individuals solve tax problems. Approximately 200 IRS offices, at least one in every state, will be open May 15 from 9 a.m. to 2 p.m. local time. IRS staff will […]

2008 Self-Employed

Today TaxMama hears from Aaron in the TaxQuips Forum, who wants to know. “Can  I file taxes for 2008 on my own? If so what forms should I use? I was self employed and didn’t file an extension.” http://taxmama.wpengine.com/forum/taxquips/year-old-taxes Rita Lewis replies to Aaron. Rita is an Enrolled Agent in Connecticut. She says, you can […]

Nine Things You Should Know about Penalties

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face if you do not pay or file on time. If […]

$10,000 from IRA

Today TaxMama hears from PA in the TaxQuips Forum with a quick question. “I recently completed my home construction. I used a loan from my credit card to consolidate other credit card purchases for material. I have a paper trail documenting the transactions. Can I use a withdrawal of $10,000 from my IRA, penalty free […]

Calculate Interest and Penalties

Today TaxMama hears from Joe in the TaxQuips Forum with this question. “How do you calculate the penalty and interest when amending a tax return? I was told by a local chain that does taxes, that only the IRS can calculate these.” http://taxmama.wpengine.com/forum/taxquips/penalties-and-interest/  

Top Ten Facts about Taking Early Distributions from Retirement Plans

Courtesy of IRS Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund.  Here are ten facts about early distributions.

IRA for Home

Today TaxMama hears from Matthew in California who begs leave…  “I withdrew money from my IRA for a first time home purchase.  The amount was over $10,000, the lifetime maximum. Can any of the portion over the $10k mark be attached to my wife’s name?  In effect, could we get a $20K early withdrawal penalty exemption […]