Today TaxMama® hears from Kresha in the TaxQuips Forum, with this problem. “My friend received a 1099-Misc for money from a life insurance company. They said they overpaid her when her husband died, but didn’t supply any proof; nor did she send any money back to them. Now she has received a 1099-Misc – box […]
Tag Archives: Minnesota
Today TaxMama® hears from Randal in the TaxQuips Forum with a sensible question. “I am an outside salesperson working as a sole proprietor, getting 1099s each year. My largest deduction is mileage. I earn less than $30k most years. If I setup an LLC to run my business through, will I lose my mileage deduction?”
Today TaxMama® hears from Kim in the TaxQuips Forum with a sensible question. “I need to lower the taxes I will owe for 2012. In 2011, I owe $1,500 to IRS. I will probably take the standard deduction. Would it be best to have extra federal taxes taken out of my paycheck?”
IRS YouTube Videos: Haven’t Filed a Tax Return in Years?:English | Spanish | ASL IR-2012-26, Feb. 23, 2012 WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, […]
Today TaxMama hears from Jason in the TaxQuips Forum who wants to get it right. Let me summarize his issue – and you can read the details, here. He has hired Grandma to provide child-care in his home. He’s pretty sure that he is not required to treat her as an employee, according to various […]
By David & Mary Mellem, EAs Included in the Small Business Jobs Act of 2010 was a provision that removed cell phones from the definition of “listed property”. As such the tedious recordkeeping requirements necessary for listed property NO LONGER apply to cell phones effective January 1, 2010. This change did not address how to […]
Video: How to Request a Copy Your Tax Return: English IRS Has $1.1 Billion for People Who Have Not Filed a 2007 Income Tax Return WASHINGTON — Refunds totaling more than $1.1 billion may be waiting for nearly 1.1 million people who did not file a federal income tax return for 2007, the Internal Revenue […]
Today TaxMama hears from Madhu in Minnesota who needs help. “I have a peculiar case and need your opinion here. I am living & working in MN and make a lot of money. My wife lives & studies in WI and she has an on-campus job, earning enough to cover her basic living expenses. Our […]
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Today TaxMama hears from Joan in Minnesota, who asks. “How much money can you inherit in Minnesota without paying taxes on it? And if you do need to pay, what is the %?”
Today TaxMama hears from Anne in Minnesota with this question. “With a $10,000 CD maturing, am I better off paying down the $40,000 mortgage on my condo; or to reinvest in some other vehicle? I am almost 70 years old and do not have much more than an additional few thousand dollars saved for whenever […]
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