Today TaxMama® hears from Bernice in the TaxQuips Forum who is concerned. “Are there no limits for an “active” real estate investor with even just one rental? Or is the $25,000 limit applicable to him as well? I ask because my software allowed a $31,000 loss and so far it was accepted! Now I may […]
Tag Archives: South Carolina
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 Gary in the TaxQuips Forum with a planning question. “We need advice on the logistics for purchasing a home to presently rent, with the intention of living in this home when we retire in a few years. We need more information on this topic to ensure we make wise decisions.”
Dear Family, This morning has been filled with last-minute work, finalizing articles for MarketWatch and the AccountingWeb.com blog, responding to students and clients – and messing with interface for the newsletter (I could scream!) And the time has rushed by. I need to run out for appointments, so today’s issue will be brief. We have […]
Dear Family, The morning is just zipping along. I keep checking to see if the government has come to a budget agreement yet. But, we just wrapped up the WSJ Digital Tax Show without an agreement in sight. Unfortunately, that doesn’t mean you have extra time to file your tax return. Nope. You’re still going […]
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 wants to tell you about the upcoming tax holidays in your neck of the woods.
Today TaxMama hears from Kim in South Carolina, who has been remiss. “I am a bookkeeper and did not claim mileage as unreimbursed employee expenses last year. Can I claim the 2008 mileage and 2009 on my 2009 taxes? Or did I just lose that mileage? I don’t want to amend the 2008 return if […]
Today TaxMama hears from Rick in South Carolina with this question. “We have a small business producing conveyor replacement parts. We believe our physical inventory is grossly under valued. How can we re-evaluate this inventory and what permission do we need from the IRS?”
Dear Family, First a moment of silence – pray for those who died, and those who helped on 9-11. If you’re interested, there’s a memorial site to honor all those involved and to look towards the future. https://www.national911memorial.org/ DEADLINE! Remember there are filing deadlines next Tuesday, September 15th. BIG deadlines. In the past, only corporate […]
Today TaxMama hears from Louis in South Carolina who says, “I lost $30,000 in an ‘’Investment Pool’’ that turned out to be a Ponzi scheme (see link in Resource Box below). The perpetrator was convicted at the end of 2007. How do I claim this loss on my taxes for 2007?”
Today TaxMama hears from Daisy in South Carolina who says, in these very words. “Need to find information on how to file: No Income but paid taxes on withdrawn retirement account, early withdrawal (59yrs of age) on IRA account, property taxes and bank account interest earned.”
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