Courtesy of the IRS [TaxMama note: Goodness. This many tax tip is SO limited. It doesn’t include any information about HSAs, Sec 105 plans for hiring your spouse, or health care credits small employers can get for paying health insurance premiums for their employees.] If you’re self-employed and paying for medical, dental or long-term care […]
Tag Archives: economics
Today TaxMama® hears from Klondike in the TaxQuips Forum with this question. “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for […]
Today TaxMama® hears from Stephanie in the Tax Quips Forum with a very valid concern. “I’m concerned about this requirement that PayPal report my sales numbers via the 1099-K. The clients I work with will also have to send me a 1099-MISC. Won’t that be income that is double reported? Usually I just enter my […]
[TaxMama Note: Another bookkeeping nightmare. Are YOU keeping track of how you pay YOUR vendors and service providers?] No 1099-MISC if paid by credit card (01-19-2012) In the instructions to Form 1099-MISC, the IRS has made it clear that payments made with a credit card, or through any third-party payer, are not reported on Form […]
Today TaxMama hears from Cindy in the TaxQuips Forum with some great news. “I have recently been approved for disability through Social Security. I will receive a lump sum (retroactive back to the date I became disabled) as well as start receiving a monthly check. Is the lump sum taxable, and if so, at […]
Today TaxMama hears from Debra in the TaxQuips Forum who wants to know. “How can I sell my rental home without paying taxes on the profit?” (Actually, the question is much longer. You can read the details, here.)
Today TaxMama hears from Russel in the TaxQuips Forum who wants clarification. “At the end of the show on KFWB 980 today (10/31) Bob McCormick asked you a question regarding small businesses employing spouses. I missed the answer. If a spouse is employed by a sole proprietorship do you have to carry workman’s comp insurance? […]
Today TaxMama hears from Cathy in the TaxQuips Forum with this question. “Are taxpayers required to file Form 982 when their Principal Residence is foreclosed on? If so, would they check off Part 1, 1e “Discharge of qualified principal residence indebtedness”? If the Cancellation of Debt for a foreclosure is a principal residence, attributes do not […]
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other […]
Today TaxMama hears from Marina in the Tax Quips Forum, with this situation. “Two separate clients have purchased houses to flip in 2010. One is a R.E. agent the other is the owner of a construction co. (C corp). Both have purchased a house, and after renovating them, both were able to flip their houses […]
Today TaxMama hears from Valoree in the Tax Quips Forum with this question. “My client received a sign-on bonus of $30,000. He worked awhile for the company, but left before the contract was up. He got a loan to pay back the $30,000 – and paid about $2,400.00 in interest. Is it possible to deduct […]
Today TaxMama hears from Scott in the TaxQuips Forum with this question. “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?