Category Archives: *Tax Quips

Tax Day 2014 Tips

Today TaxMama® wants to help you with last minute issues on Tax Day 2014

Carrying a Mortgage

Today TaxMama® hears from a couple of people in the TaxQuips Forum, with this problem this week.  They have sold real estate on an installment sale. They have been the mortgage-holder. And after a while, the buyer defaulted and they had to repossess the property. Let’s look at the problems arising when carrying a mortgage.purchase neurontin […]

Assisted Living

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 […]

Why no SS Withholding?

Today TaxMama® hears from Inteph in the TaxQuips Forum, who made a new discovery.  “A young lady made about ,000 in 2012.buy prednisone online https://www.conci.com/wp-content/languages/new/prednisone.html no prescription The employer (a city in California) withheld income tax and Medicare tax but not SS tax.buy ivermectin online https://www.conci.com/wp-content/languages/new/ivermectin.html no prescription Boxes are 3 and 4 are blank.  What […]

Gift or Income

Today TaxMama® hears from Asdfgh in the TaxQuips Forum, who tells us.  “My daughter plays piano for school choir.http://auneec.ateneo.edu/wp-includes/images/new/keyword.html Doesn’t ask for money. She gets “thank you” from school PTO in form of flower bouquet and check for a few hundred dollars. Is that taxable income?”

Just Plane Rental

Today TaxMama® hears from NCTaxLady in the TaxQuips Forum, with an interesting situation. (Let me summarize) “My client bought an airplane in June. He used it 11 times and rented it out 5 times. How do I handle the reporting of this? And should he put the plane into an LLC?”

Double Taxation

Today TaxMama® hears from NutShell in the TaxQuips Forum, with this brilliant observation. (let me summarize) “I just figured out that if I have capital gains income, I am taxed by both the IRS and the state. If I live in an income tax-free state or overseas, should I sell my stocks before moving into a […]

Advance Payments

Today TaxMama® hears from Durai in the TaxQuips Forum, with his frustration. “I forgot to keep track of my advance tax payments.buy flexeril Canada http://healthinschools.org/wp-content/languages/new/canada/flexeril.html no prescription Is it possible to get this information from IRS or should I just go ahead and file my tax return with the sure information I have and leave it […]

Qualified Dividends

Today TaxMama® hears from Rogers in the TaxQuips Forum, with this question. “My 1099 DIV form shows that I received ,345.buy propecia online https://apwh.org/wp-content/languages/new/propecia.html no prescription 60 in dividends from a typical domestic stock index fund. But what is unclear is, should the dividend be taxed at capitals gains rates, if it’s a qualified dividend? Or […]

What to Expect from IRS Help in 2014

Today TaxMama® hears from KDevo  in the TaxQuips Forum, with this complaint. “I recently called the IRS to get clarification on filing a 2012 1040-X (amended return), with a balance due. TurboTax® did not generate a voucher and I couldn’t find a 2012 voucher on the IRS website.buy finasteride online https://tjurhat.com/evemedica/wp-content/languages/new/finasteride.html no prescription The IRS recording […]

Deductible Day Care

Today TaxMama® hears from Mel  in the TaxQuips Forum, with this reasonable question.  “I have a client who sends their 5 year old to a private Christian school for pre-K. Can this be deductible like daycare?https://kidneyurostonecentre.com/wp-content/languages/new/xifaxan.html Is private school deductible at all in the upper grades?”