Tag Archives: Tax Information

Custodial Parent

Today TaxMama® hears from Dok0619 in the TaxQuips Forum with the eternal problem. “I am separated from my wife and she has our two kids. She left August of 2012. In November our lawyers made a temporary custody agreement for us and I have been voluntarily paying her child support until we finally go to […]

Fiscal Cliff Legislation – The American Taxpayer Relief Act of 2012

Today TaxMama® hears from Spidell Publishing Inc. at www.caltax.com  with the latest news on the fiscal cliff legislation.

Ask TaxMama #668 – Happy New Year

Dear Family,   HAPPY NEW YEAR!   As of now, we’re getting close to new legislation to head off our plunge down that famous (and tedious) fiscal cliff. Here are some of the details of the law we expect to see:

Proposed Regulations Issued on Additional Medicare Tax

Courtesy of the IRS A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are:

What’s Happening in Congress Regarding Our Taxes?

Courtesy of the National Association of Enrolled Agents NAEA’s E@lert’s holiday present to readers and taxpayers  is a one-week reprieve on Taxmageddon. The short version is that negotiations are ongoing and largely behind closed doors.https://www.thebesthealthnews.com/wp-content/languages/new/acyclovir.html Shifting gears a bit, we have news about the tax writing committees. At the start of the 113th Congress (the […]

Frugal Recipe for Fruitcake

You’ll need the following:   a cup of water a cup of sugar four large brown eggs two cups of dried fruit a teaspoon of salt a cup of brown sugar lemon  juice nuts and a bottle of whiskey.

Life Insurance

Today TaxMama® hears from Hernandez in the TaxQuips Forum with good question. “I am one of two partners in a architecture service partnership. We are considering using life insurance, specifically whole life, as a way to save excess cash and lower our taxes. Are payments for insurance considered business expenses for a partnership? What is […]

Charity Raffle Costs

Today TaxMama® hears from Eliezer in the TaxQuips Forum with this interesting question. “Many non-profit organizations run raffles with great prizes. Sometimes the raffle tickets can get pricey (>$100) and the entrants want to deduct these amounts as charitable contributions to the non-profit organization. Assuming the entrant did not have any winnings, is there any situation […]

Cost or FMV?

Today TaxMama® hears from CotoPop in the TaxQuips Forum with a good question. “A client purchases a high end car in January, 2010 (,000).buy canadian stromectol online cpff.ca/wp-content/languages/new/canadian/stromectol.html no prescription It is only used for personal purposes in 2010 and 2011. In January 2012 client starts a new business and uses the car 80% for […]

Ask TaxMama Issue 666 – Happy Chanukah

There’s a party at the IRS today. Yup, they have parties, too. Ted Meyer, currently a territory manager in Los Angeles is retiring after over 3 decades of service. Although I am sure we’re all happy for him, I have to admit that I am sad to see him, and so many other veteran IRS […]