Today TaxMama hears from Ben in FL who tells us, “I am completing an audit for a client. The Revenue Agent refuses to give me her proposed adjustments so they can be analyzed and refuted, if possible. She wants a closing signed without any discussion. Is this normal and what means do I have to […]
Tag Archives: Tax
Today TaxMama hears from Fred in NY who says, “I live in a co-op that is subsidized by the city in the form of a very low interest mortgage and reduced taxes. A consequence of this arrangement is that we do not build any equity in our shares. The corporation is now “going private” by […]
Today TaxMama hears from Jerry who says, “I’m finishing up my tax return in Turbo Tax and they have two options – a review by a tax professional for $29.95 and audit defense for $49.95. Are those good values, or should I hire my own personal tax professional?”
Today TaxMama hears from Tom in Oklahoma, who’s had a bad year. “Due to unemployment and high child support payments, I’ve had to draw money from my IRAs. I know the exclusions for penalty purposes…but is there anything else I’m missing to avoid the penalty. For instance, suppose I owe taxes this year because no […]
Today TaxMama hears from Betsy in San Francisco, who wants an in-depth tax planning for free! “I’m planning to start an Internet business. I live in CA and will be working from my home. I want to create a NV LLC for the asset protection reasons you mentioned in Nevada LLC show. And, if the […]
Yesterday we talked about the tax-free life. Today TaxMama hears from Mary in CT, who feels overtaxed. She says, “Can you explain the AMT. How does one qualify for it? My husband and I have a decent combined income (we work long days and my husband works two jobs) but we also pay a bundle […]
Today TaxMama hears from Gaetano in Pennsylvania, who asks “If an individual purchases an old home with the intention of fixing it up (significantly or substantially) and then turning it over (selling it), is this treated as a capital gain asset or as ordinary income? The individual is not in the construction business but works […]
Today TaxMama hears from Tommi in NC who asks, “When would be the best time to change from a sole proprietor to an LLC? Now? Or would it be best to wait until the first of the year, since I will have to get a new tax ID number (I will have employees)? Do I […]
Today TaxMama hears from Ruth in Washington state who tells us, “I’ve just registered a vehicle in WA state after moving from AZ. They require out of state registrants to pay a “use/sales tax” on motorhomes. Mine was almost $3,000. Will I be able to deduct this from IRS taxes?”
Today TaxMama hears from Ross in NJ who wants to know. “My wife is self-employed and I am employed at an office. We were told that I could adjust my W-4 to cover her estimated taxes, thereby eliminating the need to make quarterly payments. Is this correct? If so, how do we do that?”
Today TaxMama hears from Gerald in Kansas, who tells us. “I have talked to my mother-in-law and my wife about your advice on selling the house. We like the idea of refinancing the house rather than selling it and paying taxes the very large gain. And this will still leave my mother-in-law with a stream […]
Today TaxMama hears from Keith in Wisconsin, who poses this dilemma. “I have resided in my principal residence for three years, uninterrupted. It is on 6.3 acres of land. Two years ago, I had the land subdivided into two lots, one with the house on it, the other vacant land. If I sell both in […]