Today TaxMama® hears from Chris in the TaxQuips Forum with a good question. “In the near future I plan to purchase a 2nd home in a different city, and move my primary residence to that property. I will rent my current home. The mortgage for my current property is underwater. The rent I can charge […]
Tag Archives: Taxation in the United States
Today TaxMama® hears from Melody in the TaxQuips Forum with an IRS notice. “If we agree partially to the CP 2000 proposed changes, how should we include any payment? The IRS proposed amount is terribly wrong. We want to pay an adequate amount to cover the adjustment. Is there a calculator for this type of […]
Courtesy of the Internal Revenue Service [TaxMama Note: This is an opportunity for you to see some of the ways IRS responds to requests to fix or improve things. I say, just some of the ways, because I know of many more fixes IRS has implemented in the last several months. As, they say, it […]
Courtesy of the Internal Revenue Service IRS YouTube Videos Preparing for Disasters: English | Spanish | ASL How to Request a Copy of Your Tax Return: English | Spanish | ASL Podcast – Disaster Assistance: English | Spanish WASHINGTON — With the early start of this year’s hurricane season, the Internal Revenue Service encourages individuals […]
Today TaxMama® hears from Ninja in the TaxQuips Forum who got an IRS notice. Since her problem is universal, let me generalize her situation. “This is the time of year IRS starts sending out the CP2000 notices. These letters are computer-generated. The IRS computer compares your income to the information it has received from W-2s, […]
Today TaxMama® hears from Jeff in the TaxQuips Forum who is becoming an investor. “Last year I invested in $20k a business & $5k this year. In return I have a 25% share of the LLC. I did not claim any of it on this year’s tax return. Can I? And how do I claim […]
Courtesy of the Treasury Inspector General for Tax Administration WASHINGTON — The Internal Revenue Service (IRS) did not close any cases in Fiscal Year (FY) 2011 involving abuse or harassment of taxpayers by IRS employees while they attempted to collect taxes, concludes a report publicly released today by the Treasury Inspector General for Tax Administration […]
Courtesy of the Internal Revenue Service Employers that hired unemployed veterans during late 2011 and early 2012 had an expanded period to request the required certification for claiming the expanded Work Opportunity Tax Credit (WOTC). That expanded period ends on Tuesday, June 19. The IRS is reminding employers that for eligible veterans hired on or […]
Today TaxMama® hears from KD in the TaxQuips Forum who is justifiably confused. “I was looking over our tax return and was wondering why we are paying almost 50% effective tax rates on our income. I’m currently unemployed and my husband is an independent contractor. Our CPA included a chart with this year’s tax return. […]
Today TaxMama® hears from Lisa in the TaxQuips Forum who wants clarification. “Is there any way to amend an old tax return and receive a refund after the 3 year limit? I think you briefly touched on this in the CPE Link webinar last week.”
Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today announced that the spring 2012 issue of the Statistics of Income Bulletin is available to the general public. This issue features information on high-income individual income tax returns filed for tax year 2009.
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. […]