Tag Archives: Internal Revenue Service

Mom’s Home

Today TaxMama hears from Amy in Doylestown, Ohio, who says, “My mother wants to sign over her house and property to me as a gift.buy sinequan online blackmenheal.org/wp-content/languages/new/noprescription/sinequan-no-prescription.html no prescription There are no liens on the house, no mortgages, etc.https://redemperorcbd.com/wp-content/languages/new/synthroid.html But what should I expect come next tax season; and also what should she expect?”

Fifth Wheel

Today TaxMama hears from Brad in North Carolina, who says, “I am an independent contractor in both the telecommunications and catastrophic insurance claims industry. Which means I travel across the country on short-term assignments of less than a year, anywhere in the US. I am a permanent resident of the State of North Carolina and […]

401(k) Penalty

Today TaxMama hears from Don of Starkville, MA wants to know, “I was told that if you were laid off from a job and withdrew your money from your 401K, you did not have to pay the 10% early withdrawal penalty only the federal and state taxes on the money.” and Another reader remarks, “I […]

S-Corping

Today TaxMama hears from Julie in Silicon Valley, CA, who’s concerned, “I’m just launching a new business. After talking to an attorney, I decided I wanted to be an S-corp versus an LLC.https://theoryofknowledge.net/wp-content/languages/new/article-writing-services.html I incorporated on September 2, 2005. When Form 2553 (Election by a Small Business Corporation) arrived for the S-corp election, it stated […]

Blood and Guts

Today TaxMama hears from Larry from North Carolina says, “I donated blood to the Red Cross 6 times this year.https://lightsailed.com/homeschool/wp-content/languages/new/math-homework-help-app.html   I know I can’t deduct the value of my time but can I deduct the value of the blood?buy wellbutrin online pavg.net/wp-content/languages/new/where/wellbutrin.html no prescription https://lightsailed.com/homeschool/wp-content/languages/new/homeworkhelp-com.html   Red Cross sells my blood for $85-$250/unit.”

Real Estate Biz

Today TaxMama hears from Mike from Florida, “I am getting into the real estate sales business in southwest Florida. What business-related expenses are normally deductible?  May I deduct the training required by state law?  Car expenses, including leasing, fuel, and maintenance for a business-only vehicle?  Office space in the home? Anything else?

Loan or Wages

Today TaxMama hears from Scott the Doc, “I’ve got a sticky question for you – nobody seems to know this one, not even my financial planner.buy lexapro online https://healingtohappy.com/wp-content/languages/new/lexapro.html no prescription   I am a resident physician, making a nominal salary.  I just signed a contract with a practice for next year – it contains […]

UGMA Accounts

Today TaxMama hears from Michael in Alpine, NJ who tells us, “I have several UGMA accounts opened for each of my children many years ago when they were minors.https://theteacherpreneur.com/wp-content/languages/new/write-my-essay-for-cheap.html   Today they are all over 21 and I’d like to retrieve the holdings in each account without incurring any tax or IRS wrath.buy temovate online […]

Parents Die

Today TaxMama hears from Sara in Kirkland, WA who asks, “My parents have a debt to the IRS for back income taxes. They have tried an Offer in Compromise twice and been rejected. The incident is now about 20 years old, and they have given up hope of ever paying it off. I think they […]

Credit for Windows

Today TaxMama hears from Bill in San Antonio, TX who says, “I have been told that replacing windows in your residence may result in a tax credit. Can you tell me whether energy saving improvements to a residence are tax deductible or if generates a tax credit? Where in the tax code is this addressed.”

Pain in the Back

Today TaxMama hears from Mark in Scarborough, ME, who’s quite logical: “I’m self-employed and incorporated. I need frequent chiropractic treatments as a direct result of using computers a lot. The frequency of treatments required varies directly with amount of daily work at the computer. The back problems are caused by my work (chronic back fatigue). […]

Packing it In

Today TaxMama hears from Richard in McAllen Texas, who asks: “I am in the process of starting up a moving and packing business. It was my intention to purchase one or two used trucks—the type that the truck rental firms sell off after they have deprecitated them to their fullest. My question: Will used vehicles […]