Today TaxMama® hears from Saver in the TaxQuips Forum with a reasonable question. “I have just received a corrected mortgage interest statement for the tax year 2010. Because the amount is lower, and I itemized in the return, I will owe some money. The taxable state refund should be smaller for the tax year 2011. […]
Tag Archives: tax tips
(image courtesy of David Souza and www.taxbrackets.org ) Today TaxMama® hears from Anne in the TaxQuips Forum who is confused. “My husband is disabled and is on Medicare. He has a supplemental policy that we are currently paying out of my HSA. It was set up through my employer for only me. I went to the […]
Today TaxMama® hears from Paul in the TaxQuips Forum who wants to be generous. “I am considering allowing the use of my horse barn to a non-profit horse rescue organization. This group has several rescued horses that need care and would like to board the horses on my property. Can I take advantage of this […]
Today TaxMama® hears from Jan in the TaxQuips Forum who feels overtaxed. “How do I spread my Lump Sum SSDI payment over 3 years? I waited a long time to start receiving benefits. Now the IRS wants me pay back for my lump sum!”
Courtesy of https://www.taxadmin.org Take advantage of sales tax holidays to plan you major purchases. You’ll find sales tax relief for home improvements, computers and other useful expenditures during the summer – then back to school purchases at the end of the summer season. You’ll find the list of states and dates here:
“When I examine myself and my methods of thought, I come to the conclusion that the gift of fantasy has meant more to me than my talent for absorbing positive knowledge.” —Albert Einstein
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 Paula in the TaxQuips Forum who is offended. “My employer in California wants me to purchase my own health insurance policy, then have me expense the cost each month. He would give me a 1099 for the additional income at the end of the year. Is this legal?”
Today TaxMama® hears from Sallie in the TaxQuips Forum who is puzzled. “I am trying to prepare an offer in compromise. When I go through the computations in the updated Form 656 package, the offer amount equals more than the tax they owe! I’m missing something. Please help.” Hi Sallie, What you’re saying is, that […]
…Agency Sheds More than One Million Square Feet of Office Space Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced a sweeping office space and rent reduction initiative that over the next 2 years will close 43 smaller offices and reduce space in many larger facilities. These measures will save […]
…to Help a Greater Number of Struggling Taxpayers Make a Fresh Start Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers […]
Here is a very simple little test comprising of four questions to determine the level of your intellect. Your replies must be spontaneous and immediate, with no deliberating or wasting time. And no cheating. On your mark, get set….GO! 1: You are competing in a race, and overtake the runner in second place. In which […]