“The reason a dog has so many friends is that he wags his tail instead of his tongue.”-Anonymous “Don’t accept your dog’s admiration as conclusive evidence that you are wonderful.”-Ann Landers “If there are no dogs in Heaven, then when I die I want to go where they went.”-Will Rogers
Tag Archives: Tax Information
Today TaxMama® hears from Dean in the TaxQuips Forum with this odd question. “The local power company wants to purchase my home, payoff my mortgage, allow me to live rent free for 12 months; then allow me to purchase the house back for the market value to avoid capitol gains tax. Is this legit? They […]
Courtesy of the IRS IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available […]
Today TaxMama® hears from Brian in the TaxQuips Forum who finally asked the right question. “What I really was asking was, if I take my withholdings up to, say, single and 8 on federal and state for this check only would I get more of the check?”
Today TaxMama® hears from Tim in the TaxQuips Forum with this question. “A relative was sent by his company to work far away from home in different places for weeks at a time. He was given a nonaccountable per diem that was included in Box 1 of his W-2. He did not save the hotel […]
The SECOND weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are: Clint Masser, for It’s a Bird, It’s a Plane Susan Holtgrefe, EA for TaxNerds, the Real Truth.. Winner of the POPULAR VOTE – Clint Masser, It’s a Bird, It’s a Plane. with 205 views and 13 comments from unique commenters (one comment per […]
Courtesy of IRS A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero. Here are four refundable tax […]
Free tax return preparation assistance is available for eligible military members and their spouses. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program, which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. Here are five things you need to know […]
Courtesy of IRS [TaxMama note: I have heard a lot of yelling and indignation about this new policy from IRS from tax professionals. However, please note the word ‘BULK’ in this policy. IRS will still accept one or two returns – just not a whole stack of paper returns. After all, they want tax pros […]
MONA LISA’S JEWISH MOTHER: “After all that money your father and I spent on braces, that’s the biggest smile you can give us?” COLUMBUS’ JEWISH MOTHER: “I don’t care what you’ve discovered. Not a card, not a letter!”
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 […]
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 […]