Today TaxMama hears from Cindy in Kentucky who is skeptical: “I own my own business and travel a lot. I am deducting a truck that I own. With high gas rates can I deduct a car?https://diwa.gimpa.edu.gh/wp-content/languages/new/professional-resume-writers-reviews.html My accountant has told me that I can only deduct a truck? Can you explain what my options are […]
Tag Archives: Internal Revenue Service
Some May Be Due Refunds IR-2007-198 Courtesy of the Internal Revenue Service WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today. […]
IRS Notice 08-01, recently released, discusses the treatments of various arrangements of health insurance in connection with an S Corporation and its 2% shareholder/employees. This Notice clarifies an issue from two years ago. First a review of law involving the health insurance deductions. Section 162(l) permits a self-employed person, a partner, and an S […]
Today TaxMama hears from Sue in Maine who asks: “Is there any way I can deduct any portion of my 3-week trip to France last summer? I am a H.S. French teacher. My CPA said yes, but I am not convinced.”
FS-2007-26, November 2007 – Courtesy of the Internal Revenue Service While most people are aware they must include wages, salaries, interest, dividends, tips and commissions as income on their tax returns, many don’t realize that they must also report most other income, such as: cash earned from side jobs, barter exchanges of goods or services, […]
Dear Family, First of all, Happy Birthday to Barbara and Lulu! We’ll get together soon…after I return home. Great news IRS just released the new standard mileage rates for 2008 – and we’re up to 50,5 cents! Considering that we spent $64.00 to fill the tank yesterday, that really warms the cockles of my car’s […]
Courtesy of the Internal Revenue Service WASHINGTON – The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or […]
Today TaxMama hears from Lynnette in Brooklyn who wants to know, “If an employer pays mileage – is that for the use of the car? Or does it cover gas as well?”
Today TaxMama hears from Michael who’s got a problem. “Currently, I have a Roth IRA account with Fidelity and want to switch to another financial institute. But I’ve been told there is a fee to do that. I am wondering if there is any do-it-yourself way to transfer my Roth IRA without incurring the early […]
Today TaxMama hears from Melanie in Minnesota, who’s upset. “I worked for this employer for 6 days. He did not take taxes from my check. I did sign a W-2 form to authorize it.buy sertraline generic rxbuyonlinewithoutprescriptionrx.net over the counter What can I do?” Dear Melanie, Hmmm…. OK, here are some choices for you: 1) […]