Today TaxMama® wants to alert you about some important deadlines looming at the end of June 2013.
Today TaxMama® hears from BlueSage in the TaxQuips Forum with this question. “Is it better to declare 20 children and then store the tax one would pay in an investment account, and use that money to pay taxes at year end? Or is it better to declare the right amount of children, pay as you […]
Today TaxMama® hears from Darlene in the TaxQuips Forum with this question. “A couple has filed married filing separately for at least 4 years. About 3 years ago he went into a nursing home. She continue to file married filing separately, preparing his return for him also. The nursing home took just about all his […]
Dear Family, Earlier today, IRS announced that electronic refunds are on target. People can expect to find them in your bank accounts within about 10 days. But, some refunds will be delayed. IRS is beefing up the fraud detection system. Returns with Earned Income Credits, American Opportunity Credits and other refundable credits will take a […]
Today TaxMama hears from Kathy in the TaxQuips Forum who is in despair. Let me summarize her problem – and you can read the details, here. Her husband’s ex-wife keeps claiming their children on her joint tax return with her new husband, even though the divorce agreement says Kathy’s husband gets the children. Kathy and […]
Courtesy of IRS Hiding income offshore, identity theft and return preparer fraud topped the IRS’s list of tax scams in 2011. The Internal Revenue Service issues an annual list of the top 12 tax scams, known as the “Dirty Dozen.” These scams are illegal and can lead to significant penalties and interest and possible criminal […]
Today TaxMama hears from Tawfiq in the TaxQuips Forum with questions. “Can I deduct my qualified medical expenses with other itemized deductions if I used HSA funds to pay them? And where can I find health insurance that specifically qualifies as an HSA (Health Savings Arrangement)?
Lots of people come to me, swearing they will never touch a credit card again, because they are so frustrated with the trouble they’re in. But credit cards don’t really need to be a problem. They can be quite an asset if used cleverly. With the holidays coming up, that’s a really dangerous time for […]
Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline Courtesy of IRS [TaxMama note: We have been anxiously awaiting this announcement. IRS had mentioned that this was coming. This will be a huge help to people who never meant to conceal their ‘offshore’ accounts. They just didn’t realize they needed […]
Today TaxMama hears from Rawan in the TaxQuips Forum who tells us, “I closed my business in September. I was wondering if I need to close my business checking account before I file my final 1120S form?”
Dear Family, First let me start with an urgent reminder. There are deadlines coming up – all corporate, partnership and estate tax returns are due next week, on September 15th. Estimated tax payments are due, as well. http://taxmama.wpengine.com/tax-calendar-2010/ Note: The office will be closed and please don’t look for answers from TaxMama – until Monday! […]