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 […]
Tag Archives: IRS tax forms
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?”
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, […]
Today TaxMama hears from Mark in Illinois, with this problem. “Taxpayer has claimed the home office deduction for a couple of years. There is a build up of carryover expenses. During 2008 taxpayer quit doing business from his home. Taxpayer continued in the same line of business for the remainder of the year from a […]
Today TaxMama hears from Stanley in New Jersey, with a universal problem. “Those people who had North Fork Bank accounts in 2007 received a 1099-INT showing North Fork as the payer. Capital One acquired North Fork Bank as of 3/10/2008. It appears Capital One modified their records to show they were the payer of interest […]
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Today TaxMama hears from Joanna in California with this problem. “ I’m assisting an S-Corp in California that has not filed employment taxes in over 2 years and has accumulated several thousands in back taxes. Once I complete all of their employment tax forms, what is the best course of action to take to set […]
Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme. On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the […]
Courtesy of the Internal Revenue Service Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year. 1. First, you must decide what type of business entity you are […]
Dear Family, Happy Presidents Day Weekend. Monday is the hybrid day that is neither Washington’s Birthday nor Lincoln’s – just a Monday, giving us a long weekend. Federal and State offices and schools will be closed. We will be too (since TaxPapa works for the School District). Traffic on the roads will not be moving […]
Today is National Wear Red Day. Red is more than just a fashion statement. It’s all about support for women’s heart disease awareness. Most attention is placed on men and their heart problems. Sad to say, women have achieved equality in this regard, too. Yay, we’ve arrived! https://www.nhlbi.nih.gov/health/hearttruth/events/nwrd.htm This week has been absorbed with getting […]