Today TaxMama® hears from Ken in the TaxQuips Forum with this happy news. “Several years ago I worked for a company that ran out of money and couldn’t make payroll. I continued to work for several months with the promise that the wages would be paid. Eventually, I requested a layoff and left the company. […]
Tag Archives: tax tips
Today TaxMama® hears from John in the TaxQuips Forum with this quick question. “I gifted monies ($5,000) to my daughter in 2011. How do I account for this in my 1040 filing? What other associated forms need to be included to do this?”
Dear Friends, Happy Passover Eve and Good Friday. The holy weekend is upon us. Many of you aren’t working – or have already left town. (Which explains the heavy traffic we heard about yesterday.) I wish you all a loving, noisy, friendly family weekend. And please, if you know of friends or co-workers who are […]
Courtesy of the IRS WASHINGTON — As the final stretch of the 2012 tax filing season unfolds, the Internal Revenue Service reminds taxpayers that they can get valuable last-minute tips by following the IRS on Twitter. The IRS Twitter news feed, @IRSnews, provides the latest federal tax news and information for taxpayers. The focus of […]
In honor of the Easter Dinner and Passover Seder, we present… A minister was asked to Easter dinner by one of his parishioners who he knew as being an unkempt housekeeper. When he sat down at the table, he noticed that the dishes were the dirtiest that he had ever seen in his life.
Taxes are terrifying to so many people. But the fact is, some of us just find the whole subject irresistible. We talk about taxes; think of ways to reduce taxes; dream of loopholes; are compelled to help others find tax breaks; and love to read all about the nuances and changes. WE are the Tax […]
Today TaxMama® hears from Jenenne in the TaxQuips Forum with this sad story. “At my husbands job they just found out that a fellow employee has been given 3-5 months left to live. The doctors say nothing can be done for him. Everyone is scrambling trying to get some money together for him to be […]
Today TaxMama® hears from Michelle in the TaxQuips Forum who suggested this idea. “I’ve noticed recently that you’ve advised people to check with their tax pro before consummating major transactions stemming from big life moves. I discovered that April is National Financial Literacy Month. This would be an excellent platform to share more and/or updated […]
Today TaxMama® hears from several people in the TaxQuips Forum about this topic. “Net Operating Losses have some special qualities that make them very desirable for tax purposes – even if they result from disasters in an economic sense. It’s important to understand how to use them, or you can waste them.”
Today TaxMama® hears from Geri in the TaxQuips Forum with this interesting question. “I had two jobs this year. Job 1, I put in the maximum of $16,500 in my 401(k); then in job 2, I put in an additional $6,000. I am under 50 years of age. I now realize I put in more […]
Dear Family, It’s already been a very busy morning – and I have to run out for an appointment. So my comments will be brief. Thanks a ton to all the people who challenged my advice this week. You did a wonderful job researching capitalizing assets vs. writing them off; proved that under-18 newspaper carriers […]
Courtesy of IRS Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts the IRS wants you to know about tax refund […]