The Fifth weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are: Melissa Guy for Just barely April 18th 2012 Susan Holtgrefe, EA for How life looks with your tax goggles on
Tag Archives: jokes
Today TaxMama® hears from Connie in the TaxQuips Forum with an excellent question. “I have a long term care insurance policy that I took out last year. This insurance is to cover you if you are put in a nursing home or other type of care facility; it is not long term disability insurance. I […]
Today TaxMama® hears from Toni in the TaxQuips Forum with this sad problem. “I volunteer with AARP Tax-Aide. Last week a taxpayer brought in a 1099-C with his other papers. It turns out he had co-signed for a vehicle. When the vehicle ‘owner’ disappeared, the lienholder collected a reduced amount from the co-signer. It was […]
Today TaxMama® hears from Tina in the TaxQuips Forum with this convoluted question. “A person has resided in the same one-family residence in for the last ten years without any children or wife. This person was bound into an estate contract to sell his residence for $800,000 in November, 2011 when his tax basis in […]
Today TaxMama® hears from Della in the TaxQuips Forum with this brief question. “I live in California and I am an online seller. I have received a Form 1099 K. Where do I report my sales tax that I should have collected from California buyers? The question is where do I report this information on […]
Dear Family, Out here in the Valley, the day looks dark and gloomy. That in-between time, when the world is trying to decide whether or not to rain. The birds and squirrels seem to love it. Lots of fluttering around (birds) and frolicking (squirrels). Rick just called and said he’s taken a busload of children […]
Courtesy of the IRS Parents may not realize that there are tax rules that may affect their child’s investment income. The IRS offers the following four facts to help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. 1. Investment income Children with investment income may […]
Courtesy of the IRS [TaxMama note: Goodness. This many tax tip is SO limited. It doesn’t include any information about HSAs, Sec 105 plans for hiring your spouse, or health care credits small employers can get for paying health insurance premiums for their employees.] If you’re self-employed and paying for medical, dental or long-term care […]
Today TaxMama® hears from Gary in the TaxQuips Forum with this tale. “During 2011 my wife and son-in-law formed an LLC in the State of Indiana. During 2011, no income was received, and only expenses were incurred as part of the start-up. Last week our son-in-law decided that he no longer is interested in being […]
Today TaxMama® hears from Stanton in the TaxQuips Forum with this scenario. “A person by June 2012 will have earned $110,200 as an employee, with the maximum Social Security deducted. Then that person becomes an independent contractor for the balance of 2012. Is this person subject to the SS tax for the additional compensation over […]
Today TaxMama® hears from Someone Privately with a romantic story. “My client was deeply in love with a woman who was dying of cancer. To demonstrate their love, they got married in July of 2011. She died in February 2012. The problem? She had a lot of tax debt, spanning several years. How do we […]
Today TaxMama® hears from Mary in the TaxQuips Forum who’s starting an adventure. “I just purchased your book ‘Small Business Taxes Made Easy’ on Nook. I am a big Dave Ramsey fan and am also reading his book ‘EntreLeadership‘. The reason I am reading books such as these is, because I started a new small […]