Courtesy of the IRS Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS wants you to know […]
Tag Archives: Internal Revenue Service
Today TaxMama hears from Guy in Connecticut, with this question. “Our local PTA, a 501c3, runs book fairs with a book company. We collect the receipts in full, then pay the invoice from the book company. Is the income from these activities the gross or net?”
Dear Family, Well, we survived another deadline. Tuesday was the final filing date for corporations. We’re used to that. No problem. But IRS also made that the new filing deadline for partnerships, trusts, estates and any other pass-through entity you could imagine. Suddenly, all the entities we used to be able to do when we […]
Courtesy of the IRS [TaxMama note: This is one of the top questions businesses should be asking, but rarely do!] You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business […]
Today TaxMama hears from Betty in Arizona, with this question. “ I realized that I didn’t deduct depreciation at all in my past 8 years tax returns. So I will use Form 3115 to capture all the depreciation.buy fluoxetine online https://gaetzpharmacy.com/fluoxetine.html no prescription But this will create a big loss on Schedule E. Is this […]
Dear Family, First a moment of silence – pray for those who died, and those who helped on 9-11. If you’re interested, there’s a memorial site to honor all those involved and to look towards the future. https://www.national911memorial.org/ DEADLINE! Remember there are filing deadlines next Tuesday, September 15th. BIG deadlines. In the past, only corporate […]
WASHINGTON — In support of the Administration’s efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college. The new Tax Benefits for Education section on IRS.gov includes […]
Today TaxMama hears from Anna in Virginia who is upset. “I just received a letter from the IRS for my 2007 tax return saying I owe $1600 because of a cancellation of debt that I didn’t claim. I didn’t know that I was supposed to. I don’t have $1600. What am I supposed to do?”
Today TaxMama hears from Gary in Arizona with this question. “I am making payments to the IRS, and they charge interest and a penalty. Can I deduct these two from my income tax?”
Courtesy of the IRS COBRA subsidy recipients who later become eligible for insurance coverage should notify their former employer to avoid a penalty Individuals who have qualified and received the 65 percent subsidy for COBRA health insurance, due to involuntary termination from a prior job, should notify their former employer if they become eligible for […]
If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. Additionally, it will affect how much additional cost your business must bear, what documents and information they must provide to you, […]
Dear Family, Well, here we are, it’s already Labor Day weekend. The unofficial end to summer. For some, even children (remember way back then?), it comes as a relief. Too much goofing off can become tiresome. Though I could dearly use a month with no responsibilities whatsoever. Couldn’t you? But, do children these days even […]