Courtesy of NAEA Finance Members Introduce Military Tax Relief Bill Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-IA) this week introduced legislation that would grant significant tax breaks to members of the military, veterans, and their families. S. 1593, the Defenders of Freedom Tax Relief Act of 2007, would: Make […]
Tag Archives: Social Issues
Today TaxMama hears from Joan in Kentucky who tells us. “My 90 year old father lives on SS and a small pension. He has a number of Series E and EE bonds maturing. Reporting the interest really hurts him at tax time. Is there any way he can cash in the bonds (about $20,000 in […]
By David & Mary Mellem, EAs This Act, made Public Law 110-28 by President Bush’s signature on May 25, 2007, increases the Federal Minimum Wage and provides some tax changes as well. It can be found at the government’s web site of thomas.loc.gov by searching for HR 2206 or by going to Public Laws and […]
Today TaxMama hears from Tom, in the Midwest. He tells us, “I’ve been separated from my wife for several years. For 2006, I had no taxable income due to a disability. My wife filed a joint tax return by forging my signature. She did not have my power of attorney, or even verbal permission. She […]
Today TaxMama hears from Jo Ann in Missouri, who asks, “Where can I find information about those medical savings accounts where you deposit an amount to use for medical expenses?buy canadian vardenafil online https://mabvi.org/wp-content/languages/new/canadian/vardenafil.html no prescription ”
Custodial Determination Changes Under Proposed Regulations by David & Mary Mellem, EAs Ashwaubenon Tax Professionals Proposed Regulation §1.152-4 contains changes that will surprise many taxpayers as well as tax professionals. We’ll number the provisions just for simplification. 1) The rules apply when the child’s parents are divorced, legally separated, or live apart at all times […]
Today TaxMama hears from Karen in the Tax Parlor, who’s curious. “I’m seeing in my tax prep software, a reference to “inmate income”. Is income earned by inmates taxed or handled differently? Just curious.”
Today TaxMama hears from Deanna in the Tax Parlor, who says “My husband and I are about to elect S-corp status in an LLC. We currently pay our kids wages in the LLC, but are wondering if there is any real benefit to continuing this in the S-corp?” Hi Deanna, The benefits for hiring your […]
Today TaxMama hears from Brad in the Tax Forum, who tells us , “I was awarded social security disability after three years. I received substantial back pay, around $33,000. This settlement will be added to my spouse’s income. Is this taxable? Will I have to report the FULL amount paid to me in 06? Or […]
Since I can’t easily get to the e-mail address with your questions, I thought I’d turn to today’s news. This siutation just got to me. How does this strike you? What do you do if you no longer have a job and your COBRA has run out – and you can’t get or afford new coverage […]
Today TaxMama hears from Fred in NY who says, “I live in a co-op that is subsidized by the city in the form of a very low interest mortgage and reduced taxes. A consequence of this arrangement is that we do not build any equity in our shares. The corporation is now “going private” by […]
Today TaxMama hears from Lorrie in New York who just got a sudden shock, “My divorce settlement of 2004 clearly states that neither party can make a claim for maintenance or spousal support. I do get 1/2 the net of my former husband’s retirement pension. The State deducts our taxes on the full amount, before […]