Today TaxMama hears from Peter in Ohio who says, “I started a corporation four years back and never got around to using it. I never filed anything because it was never in use.https://www.playavistaorthodontics.com/wp-content/languages/new/ivermectin.html Do I need to file returns for those 4 years even though I never used the corp.? How do I completely close […]
Category Archives: *Tax Quips
Today TaxMama hears from Oscar in Michigan who says, “I have a friend who wants to sell a commercial building that has been fully depreciated. She and her husband were co-owners of the building. Her husband died in 2001 when the building was appraised at $400,000.00. She is of the opinion that the appraised value […]
Today TaxMama hears from Dan in Texas who tells us, “My neighborhood just completed oil/gas lease with a local oil company.https://www.natas.co.uk/dev/wp-content/languages/new/editing-services-online.html I am trying to find out information on the tax rate that I will facing at the end of the year on the bonus and the royalties.”
Today TaxMama hears from Gene in California who tells us, “My wife and I are landlords. We own 8 single family homes as rentals, 7 of them out of state. We both have full time jobs, but manage rentals ourselves without rental management companies.https://www.cinewebradio.com/wp-content/languages/new/research-paper-service.html Do we qualify for the status of active participants not passive […]
Today TaxMama hears from Rick in California who says “I’m selling a home in which I’m a 50% owner.buy viagra canada https://cpff.ca/wp-content/languages/new/canada/viagra.html no prescription This home was given to me by my living grandmother in 2001; which was given to her in 1994 by her living mother. The house will sell for $138,000.00 and I […]
Today TaxMama hears from Tom in Arizona who asks “If I win the lottery, to how many people can I give a one-time, $1 million lifetime exclusion?”
Today TaxMama hears from Jason in Arizona who says “My wife and I both started businesses in 2007. My wife sells candles and I do accounting.https://jaymorrisonacademy.com/wp-content/languages/new/paying-college-athletes-essay.html I know since we do joint taxes that normally you can file your business taxes with our personal taxes. But how does it work when filing for two different […]
Today TaxMama hears from a divorcee who is concerned. She says “I got divorced in 2001. The decree stated that we would each claim one child as a dependent. When I moved to another state in 2006 my taxes were done by H&R Block. I didn’t realize they had claimed both children in my tax […]
Today TaxMama hears from Jean in Texas who asks. “How can I assure I meet the qualifications of a real estate professional.buy finasteride online redemperorcbd.com/wp-content/languages/new/prescription/finasteride.html no prescription I am a landlord, not a real estate broker or agent.”
Today TaxMama hears from Rodney in Texas who asks. “How do you determine the difference between a deduction that you can take in full in the year of purchase vs the deduction that is spread over many years? I am trying to relate this to software because some software is used without changing for many […]
Today TaxMama hears from Jodi in California with this question. “I am considering babysitting for my grandbaby in my home for a monthly fee. My son & daughter-in-law want to claim the child care credit on their taxes. Does this mean I’m self employed? Will I have to make quarterly estimated tax payments?”
Today TaxMama hears from David in North Carolina who wants to know. “If a self-employed taxpayer obtains a valid extension, then files a return before the extension deadline, can the taxpayer then establish and fund an SEP-IRA (before the extension deadline) and file Form 1040X to claim the deduction? Or does the extension end when […]