Courtesy of the Internal Revenue Service [TaxMama Note: This is an opportunity for you to see some of the ways IRS responds to requests to fix or improve things. I say, just some of the ways, because I know of many more fixes IRS has implemented in the last several months. As, they say, it […]
Tag Archives: Business/Finance
Courtesy of the Internal Revenue Service IRS YouTube Videos Preparing for Disasters: English | Spanish | ASL How to Request a Copy of Your Tax Return: English | Spanish | ASL Podcast – Disaster Assistance: English | Spanish WASHINGTON — With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals […]
Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor. “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim […]
Courtesy of the Treasury Inspector General for Tax Administration WASHINGTON — The Internal Revenue Service (IRS) did not close any cases in Fiscal Year (FY) 2011 involving abuse or harassment of taxpayers by IRS employees while they attempted to collect taxes, concludes a report publicly released today by the Treasury Inspector General for Tax Administration […]
Today TaxMama® hears from KD in the TaxQuips Forum who is justifiably confused. “I was looking over our tax return and was wondering why we are paying almost 50% effective tax rates on our income. I’m currently unemployed and my husband is an independent contractor. Our CPA included a chart with this year’s tax return. […]
Today TaxMama® hears from Lisa in the TaxQuips Forum who wants clarification. “Is there any way to amend an old tax return and receive a refund after the 3 year limit? I think you briefly touched on this in the CPE Link webinar last week.”
Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced that the spring 2012 issue of the Statistics of Income Bulletin is available to the general public. This issue features information on high-income individual income tax returns filed for tax year 2009.
Courtesy of https://www.taxadmin.org Take advantage of sales tax holidays to plan you major purchases. You’ll find sales tax relief for home improvements, computers and other useful expenditures during the summer – then back to school purchases at the end of the summer season. You’ll find the list of states and dates here:
Today TaxMama® hears from Randal in the TaxQuips Forum with a sensible question. “I am an outside salesperson working as a sole proprietor, getting 1099s each year. My largest deduction is mileage. I earn less than $30k most years. If I setup an LLC to run my business through, will I lose my mileage deduction?”
…Agency Sheds More than One Million Square Feet of Office Space Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced a sweeping office space and rent reduction initiative that over the next 2 years will close 43 smaller offices and reduce space in many larger facilities. These measures will save […]
…to Help a Greater Number of Struggling Taxpayers Make a Fresh Start Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers […]
Today TaxMama® hears from Walter in the TaxQuips Forum with a most astute question. “Is there a limit to how many miles of standard mileage auto/truck expense a self-employed taxpayer can take on their Schedule C for a given year? The portion of the business standard mileage rate treated as depreciation is on average about […]