Today TaxMama hears from Kevin in the TaxQuips Forum, with an interesting problem. “Many high school students are taking Advance Placement (AP) courses through an eligible educational institution as a means to earn college credits at an economical price. I was trying to find out if the costs of these courses are deductible as Tuition and […]
Category Archives: *Tax Quips
Today TaxMama hears from Cliff in the TaxQuips Forum, who dropped the ball. “Filing your income tax return is due April 15th, or with an extension, 10/15. However, the instructions also say that you have three years (plus any extension) to file a claim for any refund due. Which rule takes precedence? The IRS cannot […]
Today TaxMama hears from Fred in the TaxQuips Forum, with a technical question. “Page 32 of the 2010 Instructions for Form 1120S (the S Corporation tax form) explains how to determine the adjusted gain or loss to enter on line 15b of the 1120S schedule K-1 (the partners’ share of income and transactions). Then it […]
Today TaxMama hears from Bill in the TaxQuips Forum, who is carrying a heavy load. “My wife and I pay almost $150k per year in Federal taxes and another almost $50k in state income taxes with most of it coming from W2 earnings. I’m really tired of paying this much money to those in government […]
Today TaxMama hears from CL in the TaxQuips Forum, who is upset. “We rented out our home and I used TurboTax for our taxes. Due to the questions posed on TurboTax, i.e., “Do you own a home?” “What is your mortgage interest?” Then moving on in Turbotax in Rental Properties, the question is asked again […]
Today TaxMama hears from Yannig in the TaxQuips Forum, who is frustrated. “I paid foreign tax on dividends and interest earned abroad. The gains from foreign interest and dividends are more than offset by losses on stocks. So my total passive income is less than zero. Does that mean my maximum foreign tax credit is […]
Today TaxMama hears from Fred in the TaxQuips Forum, with this problem. “My ex-wife and I were legally divorced in Sept. 2008. For the tax year 2008, she filed as married, filing jointly. She withdrew her entire 401(k) fund and was penalized for early withdrawal. She now owes the IRS over $10,000. Because she filed […]
Today TaxMama hears from Michael in the TaxQuips Forum, with a brief question. “My wife and I are separated, although not legally. May I file a 2009 and 2010 tax return separately? Can it later be amended to jointly?”
Today TaxMama hears from Lucylle in the TaxQuips Forum, with this question. “We want to sell our vacation home in Maine and buy another. Will we have to pay capital gains tax on it even if we buy another of equal value?”
Today TaxMama hears from Kennet in the TaxQuips Forum, who has this issue. “I incorporated my HVAC company from a sole proprietorship (c-corp) six months ago.https://theteacherpreneur.com/wp-content/languages/new/jiskha-homework-help.html I was told that I could temporarily borrow the income coming in from the company to pay my bills – and that I could create a payroll later. Long […]
Today TaxMama hears from Eric in the TaxQuips Forum, who is a new landlord. “During periods of vacancy (in between tenants), are mortgage and utility bills tax deductible at all? Also are the costs of replacement furnace filters and pest control items, etc. purchased and used by me (the landlord) deductible as operating expenses?”