In a Chief Counsel Memorandum (CCM) dated May 1, 2012, released July 13, 2012, IRS addressed the issue of Medicare premiums and the self-employment health insurance deduction. For years IRS has stated in its publications that Medicare premiums do not qualify for the self-employed health insurance deduction. In early 2011 IRS stated in its […]
Tag Archives: Internal Revenue Service
Courtesy of the Internal Revenue Service [TaxMama note – also read about Wedding-Related Tax Benefits, here.] If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds […]
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 […]
Today TaxMama® hears from a couple of people in the TaxQuips Forum who tell me I am wrong. One person was right – the other wrong. Let me tell you why I love to be wrong. There are many wonderful reasons.
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: For more recordkeeping and safeguarding tips, click here.] Hurricane season has started and the IRS encourages individuals and businesses to safeguard their tax records against natural disasters by taking a few simple steps. Here are four tips from the IRS to help you prepare in case a […]
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 […]
Today TaxMama® hears from Francis in the TaxQuips Forum with this problem. “For some reason that only she understands, my wife decided to filed separately, as head of household (she is working and I am not as I lost my job for health troubles). I filed as married filing separately with no income to declare. […]
Dear Family, Next week is the anniversary of the Paperback book, which was first introduced by Penguin. There was a brand of paperback books called PocketBooks. As you may have realized, I am an avid reader. Have been since I could see.
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 […]
Father O’Malley answers the phone. ‘Hello, is this Father O’Malley?’ ‘It is!’ ‘This is the IRS. Can you help us?’ ‘I can!’