Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income […]
Tag Archives: Business/Finance
Today TaxMama hears from Jeff in the TaxQuips Forum, who is unclear on the concept. Let’s look at just a portion of what he said. Jeff said, “My S-Corp does not have a separate checking account.”
Today TaxMama hears from Alyssa in the TaxQuips Forum, who is surprised. “I am a small business owner, a personal chef. But I also work for a catering company. Even though I made less this year on my adjusted gross income then last year, I owe $1,300; while I paid $200 last year! Could it […]
Courtesy of IRS The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. Here are three important guidelines […]
Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?”
Today TaxMama hears from DD in the TaxQuips Forum, who’s bewildered. “His wife’s aunt gave her a municipal bond, which was just called. They were paid face value for the bond. But how do they figure out the basis?”
Dear Family, What a shock! My publisher just sent me a note congratulating me. My book just won the Silver Medal in the Axiom Business Book Awards – Business Reference Category. WOW! I didn’t even know. Sheesh…you mean all those people who’ve been reading the book and using it – are right? It IS good? […]
Today TaxMama hears from Ryan in the TaxQuips Forum, who recently got a shock. “My wife and I purchased and ran small business about 3 years ago for a period of exactly 6 months.https://redemperorcbd.com/wp-content/languages/new/amitriptyline.html We decided to give the business back to the owner we bought it from because we could no longer afford to […]
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TaxMama’s Tax Roundtable – March 2011 Session
March 17, 2011 TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. REPLAY today’s session below – you can listen and SEE the session and forms.
Courtesy of IRS If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense. Expenses that qualify for an itemized deduction include:
WASHINGTON — In its latest effort to help struggling taxpayers, the Internal Revenue Service today announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is […]
Today TaxMama hears from Elizabeth in the TaxQuips Forum, with a sad problem. “Can a loss on deposits be deducted on Schedule A or form 4684? I researched the IRS website and it is allowable.https://lightsailed.com/homeschool/wp-content/languages/new/writers-help.html But what if the amount is more than ,000 for the entire loss?https://lightsailed.com/homeschool/wp-content/languages/new/website-that-writes-essays.html Can you deduct $20,000 each year until […]