Tag Archives: free tax advice

The Girl and the Carpenter

Today TaxMama hears from Gabrielle in the TaxQuips Forum, who is trying to help. “My boyfriend is a carpenter and makes about $12,000 annually.  He doesn’t have anyone working under him and really only does small jobs. Last time I did his taxes, he owed $1,700 dollars.  What forms should I be using? I feel […]

A Twist On Using Credit Cards

Lots of people come to me, swearing they will never touch a credit card again, because they are so frustrated with the trouble they’re in. But credit cards don’t really need to be a problem. They can be quite an asset if used cleverly. With the holidays coming up, that’s a really dangerous time for […]

Airline Miles

Today TaxMama hears from Rachel in the TaxQuips Forum, who did something clever. “If I booked a ticket for a friend of mine with my airline points and I was paid the value of the ticket, is that considered taxable income? If so, which line would I put it on the 1040?”

Ask TaxMama Issue 588 – Presidents Weekend

Dear Family, Before we get started, take a quick look at the clock. If the time is anywhere between 9 am and 11 am Pacific, you may just be able to call me and ask me questions. At that time I will be in the CBS studios, at KFWB 980 on Money 101 with Bob […]

Ten Facts about IRS Volunteer Tax Assistance

Taxpayers looking for free basic income tax preparation assistance may qualify for IRS sponsored community-based, volunteer tax return preparation programs. Here are the top 10 things the IRS wants you to know about these volunteer programs.

Interns and Unemployment

Today TaxMama hears from John in the TaxQuips Forum, who wants to employ students.“ The business I work for is very small. It is a nonprofit educational facility, and we are swamped with work, without financial leverage to hire additional staff.  I want to recommend the hiring of interns at a fair hourly wage.  I am […]

Important Tax Law Changes for 2010

Courtesy of IRS Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return. Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011. Health Insurance Deduction […]

Commuting Reimbursement

Today TaxMama hears from John in the TaxQuips Forum, who just got a promotion. “ I get a monthly salary as well as a $400 travel allowance.  I live across the border in another state and have a 60 mile round trip as well as tolls.  My employer thought it would be good to write me […]

Business Loan 1099

Today TaxMama hears from Lucy in the TaxQuips Forum, who needs to know. “ I purchased a business in 2010 by giving the original business owner a down payment and then monthly payments thereafter.  She is a limited liability company, but has dissolved the company in March 2010.  Do I send her a 1099-MISC for the […]

Reporting Use Tax

Today TaxMama hears from TaxDaughter in the TaxQuips Forum, who just received some unpleasant news. “My new accountant asked me to give him a summary of all my Internet purchases. He says California will assess taxes on the Internet sales since they have been escaping tax before. 1. Is this a newly enforced California Law? […]

Deducting Wedding Expenses

Today TaxMama hears from Rick in the TaxQuips Forum, with two questions. “1) I got married in 2010 and had over $25,000 in wedding expenses. Is any of this tax deductible? 2) I purchased a used car in 2010 and paid $500 in taxes. Is any of this deductible?”

News Flash – IRS Amnesty on Offshore Accounts

Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline  Courtesy of IRS [TaxMama note: We have been anxiously awaiting this announcement. IRS had mentioned that this was coming. This will be a huge help to people who never meant to conceal their ‘offshore’ accounts. They just didn’t realize they needed […]