In a Chief Counsel Memorandum (CCM) dated May 1, 2012, released July 13, 2012, IRS addressed the issue of Medicare premiums and the self-employment health insurance deduction. For years IRS has stated in its publications that Medicare premiums do not qualify for the self-employed health insurance deduction. In early 2011 IRS stated in its […]
Tag Archives: fiscal follies
Courtesy of the Internal Revenue Service [TaxMama note – also read about Wedding-Related Tax Benefits, here.] If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds […]
Disc, CDs, DVDs, etc. (We’ll call them ALL discs, for simplicity’s sake) cost a lot of money overall…though less than they used to. More importantly, if you’re using discs, that means you’re storing important data, files or images, or videos that you don’t want to lose. So, it’s critical to understand how to treat them […]
Today TaxMama® wants to address some political craziness. This year’s presidential campaign is getting out of hand. On the Senate floor, Senate Majority Leader Harry Reid (D-NV) recently stated that a “reliable source” has revealed that Romney hasn’t paid federal income taxes in the past ten years. Kelly Phillips Erb, (otherwise known as TaxGirl) writes […]
Today TaxMama® decides it’s time to have fun with taxes. Let’s play with some tax trivia and see if you know the answers?
Today TaxMama® hears from a couple of people in the TaxQuips Forum who tell me I am wrong. One person was right – the other wrong. Let me tell you why I love to be wrong. There are many wonderful reasons.
Today TaxMama® hears from Ming in the TaxQuips Forum who wants to be creative. Let me summarize. Both his and his wife’s employers offer health care coverage. However, if they add a spouse, they have to pay. Here’s what he’d like to do: “Is it possible to have one of us enroll in one company’s […]
Dear Family, States around the country are offering sales tax holidays this time of year. Click on the graphic (at left) to find the details. All these years, we never really heard anything about the taxability of the Olympic medals – or of the cash prizes given to each winner. Suddenly, this month, it’s […]
Courtesy of the Internal Revenue Service [TaxMama Note: For more recordkeeping and safeguarding tips, click here.] Hurricane season has started and the IRS encourages individuals and businesses to safeguard their tax records against natural disasters by taking a few simple steps. Here are four tips from the IRS to help you prepare in case a […]
Courtesy of the Internal Revenue Service [TaxMama note: If you have any doubts about telling IRS about your move…read this story!] School’s out for the summer, and summer is a popular time for people to move – especially families with children. If you are moving to start a new job or even the same job […]
In the days when an ice cream sundae cost much less, a 10 year old boy entered a hotel coffee shop and sat at a table. A waitress put a glass of water in front of him. “How much is an ice cream sundae?” he asked. “Fifty cents,” replied the waitress.The little boy […]
Today TaxMama® hears from Debra in the TaxQuips Forum with this common issue. “I work part-time as a bookkeeper for various clients after my full-time job. I report this income on Schedule C. My husband is retired and pays for his own individual medical plan, himself. We file as married jointly. Do his insurance premiums […]