Tag Archives: Internal Revenue Service

Selling Your Home Office

Today TaxMama hears from Jon in Colorado, who’s been listening to friends. “My wife and I have a small business that we operate from our house in the country. We moved here eight years ago because it had a large detached four-car garage (1,100 SF), which we use as our studio. We also use two […]

Ask Taxmama Issue 415 – 4th of July

Dear Family, This year, we have an odd 4th of July. It comes in the middle of the week. Some companies, I suppose are giving people time off for a long weekend this week. Others, perhaps are taking the holiday next week. Of course, most government offices will only be closed on the 4th, smack […]

What’s Wrong with the “New” Missed Fortune 101?

Free Webinar Who: Roccy DeFrancesco, JD, CWPP™, CAPP™, Founder of The Wealth Preservation Institute What: What’s Wrong with Missed Fortune 101 and Learning Equity Harvesting the “Correct” Way When: July 11, 2007 3:00 pm EST. Register: send email to info@thewpi.org with WEBINAR in the subject line What’s Wrong with the “New” Missed Fortune 101? (aka, […]

Serial IRA Rollovers

Today TaxMama hears from Steven in NJ who is totally bewildered by a friend’s behavior. Here’s the long story. “My friend has about half a million dollars in an IRA account. He took a distribution of $50K from the account and told the bank it was a rollover. Before the 60-day rollover deadline, he sent […]

IRS Levy

Today TaxMama hears from Mike in Arizona who has this problem.buy premarin online nouvita.co.uk/wp-content/languages/new/uk/premarin.html no prescription https://www.richereducation.co.uk/wp-content/languages/new/copy-editing-service.html “I have a notice of levy for three years of back taxes. I can’t afford full payment but can send about $300 per month to keep them satisfied. “

Rotary Scholarship

Today TaxMama hears from Leah in New York with great news. “I’ve won a Rotary Scholarship and will study for a Masters degree in Italy beginning this fall. Is any or all of the scholarship taxable? The scholarship covers tuition as well as a room & board stipend, airfare, and tuition for a language school. […]

Advertising On Your Car

Today TaxMama hears from Natasha in Florida who has a great idea.buy canada vardenafil online http://healthinschools.org/wp-content/languages/new/canada/vardenafil.html no prescription “Do you know if there are any tax benefits for using your vehicle as advertising? We may purchase a hybrid for our sales related business and plan on wrapping the entire car in our logo etc.buy diflucan […]

Ask Taxmama Issue 414 – Summer is Here

Dear Family, Ah, what a very busy week. Time flies when you’ve got so much to fill it. It’s my mother’s birthday this weekend and we’re taking her out. Naturally, she no longer counts the years and doesn’t want a celebration. But… She’s finally, essentially retired and has little to do to fill her days. […]

IRS Issues Spring 2007 Statistics of Income Bulletin

WASHINGTON — The Internal Revenue Service today announced the release of the spring 2007 issue of the Statistics of Income Bulletin. Highlights include articles on high-income individual income tax returns, taxpayers reporting noncash contributions, farm proprietorship returns, qualified zone academy bonds, international boycott reports and S corporations. The article on farm proprietorship returns is the […]

Tax Bankruptcy That Wasn’t

Today TaxMama hears from Gina in San Diego who tells us. “I filed bankruptcy in 2005, hoping to clear back taxes. All taxes had been filed and assessed. However, my back taxes went untouched by the bankruptcy. Had I known that would occur, I would not have filed. What went wrong?”

1040EZ-T Quickie

Today TaxMama had an interesting adventure after hearing from Mike in New York who asks. “Can the Form 1040EZT be filed after April 17, 2007” [Note: That’s the quick refund form for individuals to claim the Telephone Tax Excise Credit.]

Military Tax Relief Bill

Courtesy of NAEA Finance Members Introduce Military Tax Relief Bill Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-IA) this week introduced legislation that would grant significant tax breaks to members of the military, veterans, and their families. S. 1593, the Defenders of Freedom Tax Relief Act of 2007, would: Make […]