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 […]
Tag Archives: fiscal follies
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 someone in the TaxQuips Forum with another question about a barter. Rather than going into the details of her question (which you can read here), let’s talk about hypothetical questions.
[TaxMama Note: In fact, a developer at Intuit just told me this week that the 1099-K form (the new merchant and 3rd party payer reporting form) for 2011 is not being used. She says IRS will not ask taxpayers to enter any info from 1099-K. Probably a results of the IRPAC recommendations. This was going […]
Goldilocks was walking along one sunny afternoon when she found a beautiful house in the woods. The door was open, so she walked right in. There she found a table set with three bowls of steaming porridge. “Hello?” she called out, but no one was home.
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 […]
WASHINGTON — For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation.buy premarin online mannadew.co.uk/wp-content/languages/new/uk/premarin.html […]