Today TaxMama hears from Mike from Chicago, Il who is excited. “I won the lottery and paid taxes on the winnings. I want to give my mother $1 million out of my after tax winnings. Will she have to pay taxes on the $1 million again? Or just on any interest it accumulates?”
Tag Archives: Finance
Today TaxMama hears from Riki in New York with this concern. “I’m looking for specific advice on how to take control of a large post-holiday credit card balance.”
Today TaxMama hears from Jacqueline in the TaxQuips forum with this interesting question.http://klassroom.co/files/migration/new/coursework-writing-service.html “I own several acres of raw land. Several years ago a developer began to pay me a yearly amount for 4 years (as an option to purchase the land for a set price). I was advised not to report this income until […]
For Investors, Reporting Gains and Losses Gets Easier Starting in 2011 WASHINGTON — The Internal Revenue Service today issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later […]
Today TaxMama wants to talk to you about ways to get help when you are in tax trouble, as a result f a desperate plea from a fellow named Jon.
Today TaxMama wants to give you a nudge to file that tax return – even if you owe money!
Today TaxMama wants to give you a tip about efiling at the last minute. Dear Family, Yesterday, as we were frantically trying to efile tax returns during the last few days of tax season, we got a really bizarre rejection notice. A couple, who have been married for decades, who are deeply into […]
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?http://www.redmagicstyle.com/wp-content/languages/new/strattera.html ”
Today TaxMama hears from Alissa in the TaxQuips Forum. She wants to know, “The mortgage on my rental property is $1,500 (including tax, insurance, & a 2nd). But I only charge $1,200/month for rent because that is the going rate in the neighborhood. Do I still report the $1,200 as rental income even though it […]
Today TaxMama hears from John in the TaxQuips Forum. John tells us “my client’s ex-husband filed their tax return online last year and had the refund check deposited into his own account. My client did not get to see the return until it was forced out of her ex-husband during their divorce case.” (there’s more…)
Guest article by Wayne M. Davies Author of the free report One Simple Step. The due date for business income tax returns on extension is September 15. If that date has passed and you still haven’t filed a return for your corporation, partnership or LLC that is being taxed as a corporation or partnership, what […]
Today TaxMama wants to talk about a grave problem. Social Security Disability claims are rising at an alarming rate. In just one year, from 2008 to 2009, Social Security disability applications rose by 21 percent. This kind of growth threatens to sink the system.