Dear Family, This week is Passover and Easter Week. We’ve been dark for a couple of days due to the holy days. So you didn’t get TaxQuips podcasts on Tuesday and Wednesday. Don’t worry, it’s not your mail server. Southern California has been getting storm warnings from our meteorologists all week. Yet, mornings still dawn […]
Tag Archives: Flexible spending account
Today TaxMama hears from Shane in California with this idea. “Lets say my kid’s braces cost $7,000. Healthcare pays $2,000; so we pay $5,000. If I have a Flexible Spending Account (FSA) with $5,000 and my wife has an FSA account with $5,000, can we both claim $5,000 each against our respective FSA accounts?”
Today TaxMama hears from Melissa in Texas with this question. “ I would like to sign up for my employer’s cafeteria plan for the preschool child care expenses. It will allow me to pay for about $5,000 of the child care tax free. But my son’s daycare is over $11,000 a year. Can I claim […]
Recently TaxMama® was at the IRS stakeholder meeting in Downtown Los Angeles. This triannual meeting between IRS and key members of the tax professional community always results in interesting experiences. One of the tidbits I’d like to share is about the special COBRA benefit in the recent tax law. You maybe aware that people who […]
Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation.https://www.richereducation.co.uk/wp-content/languages/new/finance-homework-help.html Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred […]
Today TaxMama hears from Dee in Virginia with a simple question. “I bought some ranch land that is actively producing hay. The mortgage is secured by the land.https://libaifoundation.org/wp-content/languages/new/clomiphene.html Can I deduct the mortgage interest from my income taxes?” Dear Dee, You betcha. Yes, you may deduct the mortgage interest. The questions are where to take […]
Today TaxMama hears from Deborah in North Carolina, who asks. “My payment of Group Medical Insurance is deducted from my salary BEFORE taxes are deducted. Can I claim the amount I pay for Insurance on my income tax return?buy zoloft online www.parkviewortho.com/wp-content/languages/new/prescription/zoloft.html no prescription ”
Today TaxMama hears from David in Dallas. “I’m preparing my own taxes this year and have a couple of questions. Does the I.R.S receive my 1099 forms from me or my employer? When does the I.R.S receive them and how often should they receive them in a year’s time?https://redemperorcbd.com/wp-content/languages/new/ventolin.html What are itemized deductions and what […]
Today TaxMama hears from Dave in Massachusetts who has this situation. “With my power of attorney, I pay my father-in-law’s care givers out of his funds. They work 10 hours a day, just about 365 days a year, since he has Alzheimer’s and diabetes. I will be filing his taxes, and plan to deduct the […]
Today TaxMama hears from Jodi in California with this question. “I am considering babysitting for my grandbaby in my home for a monthly fee. My son & daughter-in-law want to claim the child care credit on their taxes. Does this mean I’m self employed? Will I have to make quarterly estimated tax payments?”
Today TaxMama hears from Chris in NY. “In the terrible real estate market, we haven’t been able to sell our house. But someone contacted us who wants to rent most of it. The rest we would use for storage and occasionally for staying overnight. Meanwhile, we’ll move in with relatives and, hopefully, stave off foreclosure. […]
Today TaxMama hears from Ali in Northridge, CA, who has a seemingly easy question. “If I bought a house for $800,000.00 with a 30 year mortgage, can I deduct the mortgage interest?https://www.sinverrugasylunares.com/wp-content/languages/new/vardenafil.html What is the maximum amount that can be deducted?buy clomiphene online www.mabvi.org/wp-content/languages/new/usa/clomiphene.html no prescription Also can I deduct property tax, home insurance and […]