Today TaxMama® hears from Yazminia in the TaxQuips Forum with an apt question (rephrased). “I am over age 59 ½ and want to transfer money from my IRA to my Roth IRA tax-free. Based on my income level, how much may I transfer without generating taxes?”
Tag Archives: fiscal follies
Courtesy of the IRS A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are:
Courtesy of the National Association of Enrolled Agents NAEA’s E@lert’s holiday present to readers and taxpayers is a one-week reprieve on Taxmageddon. The short version is that negotiations are ongoing and largely behind closed doors.https://www.thebesthealthnews.com/wp-content/languages/new/acyclovir.html Shifting gears a bit, we have news about the tax writing committees. At the start of the 113th Congress (the […]
You’ll need the following: a cup of water a cup of sugar four large brown eggs two cups of dried fruit a teaspoon of salt a cup of brown sugar lemon juice nuts and a bottle of whiskey.
Today TaxMama® hears from Hernandez in the TaxQuips Forum with good question. “I am one of two partners in a architecture service partnership. We are considering using life insurance, specifically whole life, as a way to save excess cash and lower our taxes. Are payments for insurance considered business expenses for a partnership? What is […]
Today TaxMama® hears from someone offline with this distressing observation. “A client for whom we do payroll has an entire team of high-powered accountants and attorneys. They got together and reviewed our client’s several business entities and decided to close a certain company as of the end of 2012.buy elavil online blackmenheal.org/wp-content/languages/new/mg/elavil.html no prescription However, […]
Today TaxMama® hears from Eliezer in the TaxQuips Forum with this interesting question. “Many non-profit organizations run raffles with great prizes. Sometimes the raffle tickets can get pricey (>$100) and the entrants want to deduct these amounts as charitable contributions to the non-profit organization. Assuming the entrant did not have any winnings, is there any situation […]
Today TaxMama® hears from CotoPop in the TaxQuips Forum with a good question. “A client purchases a high end car in January, 2010 (,000).buy canadian stromectol online cpff.ca/wp-content/languages/new/canadian/stromectol.html no prescription It is only used for personal purposes in 2010 and 2011. In January 2012 client starts a new business and uses the car 80% for […]
There’s a party at the IRS today. Yup, they have parties, too. Ted Meyer, currently a territory manager in Los Angeles is retiring after over 3 decades of service. Although I am sure we’re all happy for him, I have to admit that I am sad to see him, and so many other veteran IRS […]
Courtesy of the Internal Revenue Service December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations […]
ONE: Don’t miss the boat. TWO: Remember that we are all in the same boat!buy symbicort online gilbertroaddental.com/wp-content/languages/new/generic/symbicort.html no prescription THREE: Plan ahead. It wasn’t raining when Noah built the Ark.
Today TaxMama® hears from Eliezer in the Tax Quips Forum with this question. “A client owes the IRS about $200 from 2011 taxes. He filed on extension and they sent him a notice for his balance due including penalty and interest, which is due Dec 10. I tried counseling him to pay what he could […]