Today TaxMama hears from Dallas in the Tax Quips Forum, with a disturbing question. “My mother has been collecting antique gold coins for years now. She got a call from one of her dealers telling that at the first of the year, the tax laws for these coins will change. They will no longer be […]
Tag Archives: Taxation in the United States
Today TaxMama hears from Matt in the Tax Quips Forum, who has the right idea. “I have started a side business doing yard work. I am trying to determine the best way to save to pay my taxes. I have a checking account that is just for the side business. I deposit all the money […]
Today TaxMama hears from Tom in the Tax Quips Forum, who has gotten bad advice. “I started investing in an online program that is registered in the British Virgin Islands. They say that this program is exempt from the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the US Investment Company […]
Courtesy of IRS. [TaxMama note: IRS issued this announcement on Sept 29, 2011. Not quite enough time to post this, much less for you to use this information by October 3rd. If you missed the deadline and didn’t get to file for an extension, try to get the extension anyway. The rules for last year […]
Today TaxMama hears from Mike in the Tax Quips Forum, who is unclear on the concept. “My 7 month certificate of deposit (in an IRA) will expire in November 2011. I used this money as a tax deduction for 2010. If I re-invest in another 7 month CD, at the same bank, can I use this […]
Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am barely breaking even, so there is […]
Today TaxMama hears from Dave in the Tax Quips Forum with an odd question. “I received SDI for two months in 2010 and gave it to my employer so that I could retain full pay. It does not show on my W-2 and I was taxed for full pay. How do I handle the […]
Today TaxMama hears from Anthony in the Tax Quips Forum with this question. “I won $100,000.00 at Bally’s casino in Atlantic City on January 15, 2011 However, by now I have gambled all my winnings away. I don’t own a house or car or anything, nor do I have any money left in the bank. […]
[TaxMama Note: IRS managed to handle millions of calls – without outsourcing the job to India or the Philippines. Think about it!] Courtesy of TIGTA – Treasury Inspector General for Tax Administration Increased Call Demand and Limited Resources Continue to Pose a Challenge WASHINGTON � The Internal Revvenue Service (IRS) exceeded its overall toll-free telephone […]
[Note: Stay tuned to TaxMama’s TaxWatch column in MarketWatch.com next week, for an anlysis of this program before you participate in it.] Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers as Employees WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification […]
Today TaxMama hears from Valoree in the Tax Quips Forum with this question. “My client received a sign-on bonus of $30,000. He worked awhile for the company, but left before the contract was up. He got a loan to pay back the $30,000 – and paid about $2,400.00 in interest. Is it possible to deduct […]
Today TaxMama hears from Sandra in the Tax Quips Forum with a quick question. “My soon-to-be spouse has a mountain of back tax debt. Can this affect me in any way or my property? I live in Missouri. He also has terrible credit.”