Today TaxMama® hears from Peter in the TaxQuips Forum with this story “I have just settled an attorney malpractice litigation where a small settlement was received. The insurance company wants my Social Security Number, which I feel is not needed. My position is that I am only recovering a fraction of what the attorney was […]
Tag Archives: Internal Revenue Service
Today TaxMama® wants to give you a very last minute tax tip if you’re efiling your tax returns on the very last day of tax season.
Dear Family, Happy Passover. Still a couple of days left. Are you craving bread yet? Getting ready for the traditional pizza frenzy after the holiday is over. Soon. Soon. Meanwhile, get your tax questions answered – live. Call us this morning – TaxMama and Bob McCormick on his Money 101 show on KFWB Los Angeles. […]
Courtesy of IRS Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records.
Today TaxMama® hears from Kim in the TaxQuips Forum with a sensible question. “I need to lower the taxes I will owe for 2012. In 2011, I owe $1,500 to IRS. I will probably take the standard deduction. Would it be best to have extra federal taxes taken out of my paycheck?”
Today TaxMama® hears from Ken in the TaxQuips Forum with this happy news. “Several years ago I worked for a company that ran out of money and couldn’t make payroll. I continued to work for several months with the promise that the wages would be paid. Eventually, I requested a layoff and left the company. […]
Today TaxMama® hears from John in the TaxQuips Forum with this quick question. “I gifted monies ($5,000) to my daughter in 2011. How do I account for this in my 1040 filing? What other associated forms need to be included to do this?”
Dear Friends, Happy Passover Eve and Good Friday. The holy weekend is upon us. Many of you aren’t working – or have already left town. (Which explains the heavy traffic we heard about yesterday.) I wish you all a loving, noisy, friendly family weekend. And please, if you know of friends or co-workers who are […]
Courtesy of the IRS WASHINGTON — As the final stretch of the 2012 tax filing season unfolds, the Internal Revenue Service reminds taxpayers that they can get valuable last-minute tips by following the IRS on Twitter. The IRS Twitter news feed, @IRSnews, provides the latest federal tax news and information for taxpayers. The focus of […]
Taxes are terrifying to so many people. But the fact is, some of us just find the whole subject irresistible. We talk about taxes; think of ways to reduce taxes; dream of loopholes; are compelled to help others find tax breaks; and love to read all about the nuances and changes. WE are the Tax […]
Today TaxMama® hears from several people in the TaxQuips Forum about this topic. “Net Operating Losses have some special qualities that make them very desirable for tax purposes – even if they result from disasters in an economic sense. It’s important to understand how to use them, or you can waste them.”
Today TaxMama® hears from Geri in the TaxQuips Forum with this interesting question. “I had two jobs this year. Job 1, I put in the maximum of $16,500 in my 401(k); then in job 2, I put in an additional $6,000. I am under 50 years of age. I now realize I put in more […]