Today TaxMama® hears from John in the TaxQuips Forum, with this quick question. “Can a new marijuana business in CO and WA declare business deductions on a federal tax return?”
Category Archives: *Tax Quips
Today TaxMama® hears from Mike in the TaxQuips Forum, who asks a logical question. “I sell collectible cards in NC. I collect sales tax on new product (such as a new pack of 15 cards). The question is, if I buy a single card from someone who just bought that pack of 15 new cards […]
Today TaxMama® hears from Ed in the TaxQuips Forum, who is concerned “I was a beneficiary of my father’s IRA in 2009, after he died. I took out the entire amount at that time and paid the taxes due. Everything I read on the web indicates that I do not owe an early distribution penalty. […]
Today TaxMama® hears from Asal in the TaxQuips Forum, who asks a simple question. “Did you know how many people in the United States owe back taxes?”
Today TaxMama® hears from Monica in the TaxQuips Forum, who needs to make a decision. “My tax status is single, no dependents. I plan to undergo $10,000 out-of-pocket medical procedure. Please consider these scenarios. If done in 2012 with an adjusted gross income (AGI) of approximately $50,000, $10,000 will be paid after-tax. If done in […]
Today TaxMama® hears from Hamed in the TaxQuips Forum, who is quite annoyed. “I sent a change of address form to my IRS auditors with my response to the audit. They ignored the change of address and sent their response to my response to the old address. I also mentioned the change of address in […]
Today TaxMama® reads the Tax Prof Blog’s notes about who benefits from the mortgage deduction. According to an analysis reported in the NY Times, only 30% of Americans really benefit from this deduction. They are essentially in the “upper-middle and upper-income households.” Doesn’t that make you feel rich? What is the reality?
Today TaxMama® hears from John with this naïve question. “I have been mulling about this idea for a long time. I want to start a tax prep and services business. I have been doing returns for friends and associates for the past 2 years and want to incorporate. What is my first step? And then […]
Today TaxMama® hears from Don with this intriguing question. “My homeowner’s association had a lawn vendor that didn’t charge sales tax for several years. He charged us all at once. Now that the payment is made, what is the correct account to which to charge the payment?”
Today TaxMama® hears from Michael with this earth-shattering question. “I received a small class action settlement ($3.50) from a class action against Classmates.com . Is this settlement taxable for IRS purposes?”