Tag Archives: jokes

Schedule K-1 for IRA

Today TaxMama® hears from David in the TaxQuips Forum with a quick question. “I received a Schedule K-1 from a fund included in my IRA. I did not make any withdrawals from the IRA, and it is supposed to be tax-deferred. Do I have to include the information from the Schedule K-1 in my 2011 […]

Get All the Paperwork

Today TaxMama® hears from someone else in the TaxQuips Forum who is being audited. “This person is being audited by IRS for a child tax credit. At this point, she can no longer locate the care provider to get her Social Security Number – the woman’s phone is disconnected. She didn’t get receipts for her […]

Staples $5K Tax Giveaway

Transcript of the Staples and TaxMama Twitter Tax Event 2/28/12 I want to thank EVERYONE who joined us, retweeted us and asked great questions. Staples:  Kick off tweets  Welcome to our Twitter tax event! We were here with @TaxMama, ready to lay down some tax tips and answer questions.    Okay, here we go! Take it away, […]

Overcome Closed or Signed-Off Audits

Today TaxMama® hears from someone in the TaxQuips Forum who was overwhelmed. Let summarize. “After a grueling audit, and a lot of personal tragedies, the IRS agent went back and reviewed the medical mileage. Despite having detailed evidence to prove the mileage, the reason it was medical mileage, and the reason the treatment needed to […]

In Business Yet?

Today TaxMama® hears from sh1207 in the TaxQuips Forum with this question. “In 2011, my wife started a home-run Montessori school in October. We spent about $2,000 in setting up the Montessori (supplies, furniture, license, etc.). We only got $600 in income from one child, who was with us for 3 hrs a day starting […]

Ask TaxMama Issue 631 – Happy Black History Month

Dear Family, I left the house this week. You don’t think that’s news? Let me tell you, I am so well cocooned here in this office, that I can reach out and do anything from here – even teach a class with a 100 people. And do a fabulous Twitter chat with Melinda Emerson the […]

Californians! Hold Schedule C Returns

 Hold Schedule C returns (02-23-2012) The FTB has changed Schedule CA to reduce the amount of self-employment tax deductible for California purposes. According to the FTB, taxpayers may only deduct 50% of the self-employment tax for California purposes, while they can deduct more than 50% for federal purposes. If the FTB is correct, there will […]

A Moral Dilemma

Here’s a moral question for you. It’s hypothetical but it shows what kind of character you have.  Here’s the situation:   You are in the Midwest, and there is a huge flood in progress. Many homes have been lost, water supplies compromised, and infrastructure destroyed. Let’s say you’re a photographer out getting still photos for […]

Sloppy 1099ing

Today TaxMama® hears from Gary in the TaxQuips Forum who has this problem. Let me paraphrase:  “Gary has already filed his LLC’s tax return, reporting all his income properly. Suddenly, nearly three weeks past the 1099 deadline, he gets a 1099 showing income he received, plus reimbursements for materials and supplies – that were not […]

Winners – First Week – TaxMama’s Ultimate Tax Nerd Contest

The first weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are Winner of the POPULAR VOTE – Melissa Guy! Winner of TaxMama’s Choice is – Clint Masser, the Running Tax Pro!

2010 401k Rollover

Today TaxMama® hears from Tom in the TaxQuips Forum with this issue.  “I rolled over a 401k directly to a Roth IRA in 2010.  I received a 1099 for this, but did not fill out an 8606 when I submitted my 2010 return. The plan was to report half of the taxable amount in 2011 and […]

Mobile Home Rental

Today TaxMama® hears from Klondike in the TaxQuips Forum with this question.  “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for […]