A baby turtle was standing at the bottom of a large tree and with a deep sigh, started to climb. About an hour later, he reached a very high branch and walked along to the end. He turned and spread all four flippers and launched himself off the branch. On landing at the bottom in […]
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Today TaxMama® hears from Hugh in the TaxQuips Forum with a long question. “To make his story short, he lays out his income and expenses and wants to know what his audit risk is – and what records to retain in case he’s ever audited.”
Today TaxMama® hears from Mazyar in the TaxQuips Forum with a good question. “I am planning for 2012 tax and am trying to find out what would be the maximum long-term capital gain I can have in order to still have it taxed at 0%. I use the Schedule D Tax Worksheet and enter the […]
Today TaxMama® hears from John in the TaxQuips Forum with a little problem. “Reviewing my Federal taxes after my tax preparer did them, I discovered she only had 1 W-2 form listed on my return but she sent copies of both with the taxes. Just wondering what is going to happen when the IRS gets […]
Today TaxMama® hears from Dave in the TaxQuips Forum with a quickie little question. “If I retire at 62 or 63 with Social Security and IRA distributions (not Roth) what will my tax liabilities be? For example: Monthly: $1700 from social security and $3,000 from IRA for total of $4,700. Do I pay income tax […]
Here are a couple of tax-related court cases you might find interesting. Attorney Ronald Marini writes about a very recent Supreme Court decision that limits IRS’ audit powers in a way you’ll like. The IRS is limited to three years to audit you or your business when it comes to determining the basis of anything […]
Once upon a time there lived a king. The king had a beautiful daughter, the princess. But there was a problem. Everything the princess touched would melt. No matter what, metal, wood, plastic-anything she touched would melt! Because of this, men were afraid of her. Nobody would dare marry her. The king despaired. What could […]
Today TaxMama® hears from Robert in the TaxQuips Forum who is suspicious. “I am a 1099’ed contract driver. I recently noticed they are taking taxes out of my check. I was told that they take taxes out, then make quarterly payments to federal income tax. I have worked as contract labor before and they didn’t […]
Today TaxMama® hears from Cristie in the TaxQuips Forum with a quick question. “I just wanted to know if my husband needs to report the money he makes from an Internet job which pays $400.00 a month? This is on top of his regular job in which taxes are taken out from every paycheck.”
Today TaxMama® hears from Joseph in the TaxQuips Forum with a big problem. “I drew money from my IRA without paying taxes. The IRS has put a lien on my house for $67,000.00. Should I try to negotiate with the IRS myself or should I get a tax lawyer?
Today TaxMama® hears from Darlene in the TaxQuips Forum with this question. “A couple has filed married filing separately for at least 4 years. About 3 years ago he went into a nursing home. She continue to file married filing separately, preparing his return for him also. The nursing home took just about all his […]
Dear Family, Well, Tax Season is all wrapped up – and many of you have hit the road. I can tell, since so many of your autoresponders are saying you’re gone for the next week or two. I don’t blame you. This year, for some reason, was particularly grueling. Some Tax Pros tell me they […]