Today TaxMama® wants to address some political craziness. This year’s presidential campaign is getting out of hand. On the Senate floor, Senate Majority Leader Harry Reid (D-NV) recently stated that a “reliable source” has revealed that Romney hasn’t paid federal income taxes in the past ten years. Kelly Phillips Erb, (otherwise known as TaxGirl) writes […]
Tag Archives: Income tax in the United States
Today TaxMama® decides it’s time to have fun with taxes. Let’s play with some tax trivia and see if you know the answers?
Dear Family, States around the country are offering sales tax holidays this time of year. Click on the graphic (at left) to find the details. All these years, we never really heard anything about the taxability of the Olympic medals – or of the cash prizes given to each winner. Suddenly, this month, it’s […]
Courtesy of the Internal Revenue Service [TaxMama note: If you have any doubts about telling IRS about your move…read this story!] School’s out for the summer, and summer is a popular time for people to move – especially families with children. If you are moving to start a new job or even the same job […]
Courtesy of the Internal Revenue Service If you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the amount of the credit and made it refundable, which […]
Courtesy of the Internal Revenue Service Renting Your Vacation Home Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income.buy diflucan […]
Today TaxMama® has been hearing from several people in the TaxQuips Forum and elsewhere, with this question. “Someone just inherited an annuity. Is it taxable? And if so, how much of it is taxable?”
Dear Family, Can you believe it. This is the 650th issue. Ask TaxMama has been running for 12 ½ years. We’ve answered thousands of questions; solved innumerable tax problems; saved people millions of tax dollars over the years – and even improved the federal tax administration system and the tax profession a tiny bit. The […]
Courtesy of the Internal Revenue Serivce [TaxMama note: For the most part, if you cannot itemize your deductions, you’ll have a hard time using these.] Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that […]
Today TaxMama® hears from Ann in the TaxQuips Forum, who has a very enthusiastic staff. To make a long story short: “Ann just converted her 25-year business to an S Corp. Her staff did the research and found a terrific health insurance policy. They want Ann to set up a flexible spending account so they […]
Courtesy of the IRS School’s out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system. Not all of the money they earn will be included in their paychecks because their employer must withhold taxes. Here are six […]
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 […]