Dear Family, Tax season countdown – 3 days. Are taxes a mystery to you? That’s what makes them fun! You’ve been very active this week. Fascinating notes, comments, suggestions – and a story. Did you the story of Blaire Borthayre’s family? https://taxquips.com/index.php?cat=Tradition! In many ways, she could have been writing about my family. In speaking […]
Tag Archives: Internal Revenue Service
Tax-filing Extension Expires Oct. 15; Don’t Overlook Tax Breaks, Choose e-file or Free File, IRS Urges IR-2007-165, Oct. 5, 2007 WASHINGTON — The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax breaks and then file their returns electronically using IRS e-file […]
Today we hear from Joe in Iowa who tells us. “We have lived in our house for over 30 yrs. In April 2007 we began renting part (20%) of our home to a friend. How do I determine the basis of the rental portion (20%) of our home?”
Dear Family, Tax season countdown – 10 days. Monday is Columbus Day, so don’t expect to be mailing anything to anyone via the USPS. Do you ever have one of those days? Does everyone else have days like that, too, that day? Yesterday was an odd day like that. A friend called and said she […]
[TaxMama note: think eBay.com and epage.com ] Courtesy of IRS Many people don’t realize the income they earn from auctions and consignment sales may be taxable. A new IRS Fact Sheet helps taxpayers better understand what income they are required to report and what deductions they may be entitled to take. https://www.irs.gov/newsroom/article/0,,id=174478,00.html [See Resource Box […]
Redesigned Allowable Living Expense Standards Effective Oct. 1, 2007 Courtesy of IRS IRS released the 2007 Allowable Living Expense standards Oct. 1. The standards are used to help determine the ability of a self-employed or individual taxpayer to pay a delinquent tax liability. https://www.irs.gov/individuals/article/0,,id=96543,00.html There is a more detailed breakdown of Food, Clothing and Other […]
Today we hear from Amanda in TN who tells us. “I am an owner of a small business. I need to know what form to use for my payroll deposits. Do I pay quarterly or monthly? I’ve been trying to figure this out since our first payroll last month. So can I double my payments […]
Today we hear from Yusuf, in CT who just came back from working overseas.buy antabuse online https://tjurhat.com/evemedica/wp-content/languages/new/antabuse.html no prescription “I have been working abroad for many years (since 1990). I filled on time for the first 5 years. Then a friend informed me that as long as I was under the allowable income level there […]
Today we hear from a doctor’s wife, with a common problem, (note: I can’t find the original question, so I hope you read this reply.) “We have a couple of doctors who use my husband’s physician number to bill insurance companies and Medicare for services. When we receive the money, we pay it over to […]
On September 28, 1912, the publication of William Christopher Handy’s “Memphis Blues” changed the course of American popular song. Handy introduced an African-American folk tradition, the blues, into mainstream music. By the 1960s, the blues sound had significantly influenced the development of jazz and rock and roll, quintessential American musical forms. Taxes are all about […]
New Online Employer Identification Number Application Processes Requests in Minutes WASHINGTON — Taxpayers can now request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time, the Internal Revenue Service announced today. “This new and improved online application will reduce the time it takes taxpayers […]
Revenue Procedure 2007-59 that permits certain partnerships to aggregate gains and losses from an expanded class of qualified financial assets for purposes of making reverse § 704© allocations under § 1.704-3(e)(3) of the Income Tax Regulations. https://www.irs.gov/pub/irs-drop/rp-07-59.pdf Revenue Procedure 2007-63 updates the rules for determining the amount of an employee’s ordinary and necessary business expenses […]