Today TaxMama® hears from Chris in the TaxQuips Forum with a good question. “In the near future I plan to purchase a 2nd home in a different city, and move my primary residence to that property. I will rent my current home. The mortgage for my current property is underwater. The rent I can charge […]
Tag Archives: fiscal follies
Today TaxMama® hears from Melody in the TaxQuips Forum with an IRS notice. “If we agree partially to the CP 2000 proposed changes, how should we include any payment? The IRS proposed amount is terribly wrong. We want to pay an adequate amount to cover the adjustment. Is there a calculator for this type of […]
Dear Family, Happy Summer! Yes, despite the fact that many of us in sunny climes start to celebrate summer on Memorial Day weekend, the planet didn’t recognize summer until this week. Finally, this weekend, my mother’s 90th birthday party! I saw the album the girls put together. Lots of wonderful pictures! Lots. But, I think […]
Courtesy of the Internal Revenue Service [TaxMama Note: This is an opportunity for you to see some of the ways IRS responds to requests to fix or improve things. I say, just some of the ways, because I know of many more fixes IRS has implemented in the last several months. As, they say, it […]
Courtesy of the Internal Revenue Service IRS YouTube Videos Preparing for Disasters: English | Spanish | ASL How to Request a Copy of Your Tax Return: English | Spanish | ASL Podcast – Disaster Assistance: English | Spanish WASHINGTON — With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals […]
Green Garden Grass snakes can be dangerous. Yes, grass snakes — not rattlesnakes. A couple in Sweetwater, Texas had a lot of potted plants, and during a recent cold spell, the wife was bringing a lot of them indoors to protect them from a possible freeze. It turned out that a little green garden grass […]
Today TaxMama® hears from Ninja in the TaxQuips Forum who got an IRS notice. Since her problem is universal, let me generalize her situation. “This is the time of year IRS starts sending out the CP2000 notices. These letters are computer-generated. The IRS computer compares your income to the information it has received from W-2s, […]
Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor. “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim […]
Today TaxMama® hears from Stephen in the TaxQuips Forum who has a sensible (though late) question. “In the current economy, raises are hard to come by. I haven’t had a raise in several years. I am 64 1/2 planning on a full retirement at age 66. Can I volunteer to pay more into Social Security […]
[Note: This answer is totally incorrect. See the comments below the answer.] Today TaxMama® hears from Reginald in the TaxQuips Forum who has this question. “Is the Earned Income Credit available to a US citizen couple, married filing a joint return, who live out of the country? They do have qualifying children. The only reference […]
Courtesy of the Treasury Inspector General for Tax Administration WASHINGTON — The Internal Revenue Service (IRS) did not close any cases in Fiscal Year (FY) 2011 involving abuse or harassment of taxpayers by IRS employees while they attempted to collect taxes, concludes a report publicly released today by the Treasury Inspector General for Tax Administration […]
Courtesy of the Internal Revenue Service Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, June 19. The IRS is reminding employers that for eligible veterans hired on or […]