CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns […]
Tag Archives: Finance
Today TaxMama hears from John in the TaxQuips Forum with a sweet question. “We are re-financing a loan on a 2 flat. Our daughter, who lives in one unit, will be the primary borrower on the loan; my wife and I will be co-borrowers. My wife and I will be making the entire mortgage payment. May […]
Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home. It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more. Should I refinance at today’s rates? I could pay off the loan, but that would drain our […]
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 Seth in the TaxQuips Forum who is recovering. “I had an accident where I sustained multiple fractures (pelvis, ribs, and wrist). My medical insurance will pay 80% of my bills, which is great. In addition, I have personal accident insurance. There is a dollar amount associated with each type of fracture […]
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 […]
Today TaxMama wants to ask you. “What is your most terrifying tax tale? What is the worst thing that IRS or your state tax agency ever did to you? Or the most embarrassing thing? Did your ex-spouse or ex-lover get you in trouble? Or did your tax professional mess up big time?” Please tell us […]
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 Ann in the Tax Quips Forum, with a reasonable question. “A woman pays her 13 & 15 year-old children to do office copying, collating, help distribute flyers, and help put on story plays for their author parent. If she were to hire an outside service, she would pay considerably more money […]
Today TaxMama hears from Bret in the Tax Quips Forum, with an IRS rejection letter. To make a long story short – “IRS rejected his Lifetime Learning Credit for 2009 because the Form 1098-T showed –0- in box 1. And because his employer paid the expense – even though he paid taxes on the education […]