Today TaxMama hears from Carole in the TaxQuips Forum, with this interesting question. “Can a person deduct legal fees paid to lawyers that negotiated their debt (both personal & business credit cards as well as a mortgage on their personal home) as an itemized deduction? I’ve read that legal fees for collecting or producing taxable income […]
Tag Archives: Taxation in the United States
Dear Family, The morning is just zipping along. I keep checking to see if the government has come to a budget agreement yet. But, we just wrapped up the WSJ Digital Tax Show without an agreement in sight. Unfortunately, that doesn’t mean you have extra time to file your tax return. Nope. You’re still going […]
Courtesy of IRS Are you expecting a tax refund this year? Here are 10 things the IRS wants you to know about your refund.
Courtesy of IRS [But read TaxMama’s Tips at Suze Orman’s MoneyMindedMoms.com site – if you need even MORE time! And don’t like IRS’s options.] Taxpayers who owe taxes may be relieved to know that there are some options for those who owe and can’t afford to pay the full amount right away. Here are the top […]
Today TaxMama hears from James in the TaxQuips Forum, with an Oopsie! “I received a 1099-R reporting a disbursement from a retirement account I forgot I had taken – the day after I filed my return. I have yet to receive my refund. Since I claimed injured spouse status, I probably won’t receive it until […]
Today TaxMama hears from Alyssa in the TaxQuips Forum, who is surprised. “I am a small business owner, a personal chef. But I also work for a catering company. Even though I made less this year on my adjusted gross income then last year, I owe $1,300; while I paid $200 last year! Could it […]
Dear Family, Happy April Fool’s Day! This morning I read a CNN story about a family with a $54,000 tax refund. The H&R Block office was apparently so surprised that they repeatedly recomputed the tax return to see if there was a mistake. There wasn’t. And this is not an April Fool’s Prank! It turns […]
Courtesy of IRS The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. Here are three important guidelines […]
Today TaxMama hears from Pam in the TaxQuips Forum, with a good question. “1 purchased 1 new vehicle in 2010 that is used for both of my businesses (Sch C). How do I allocate the new vehicle Sec 179 deprecation expense to both businesses?”
Today TaxMama hears from Goran in the TaxQuips Forum, with a serious issue. “I am a contractor and have my own flooring company. I would like to know if I may have helpers with only an ITIN number. Then, could I file 1099’s with only an ITIN number to deduct on my taxes?https://mannadew.co.uk/wp-content/languages/new/cipro.html
Courtesy of IRS If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be entitled to injured spouse relief. Here are seven facts the IRS wants […]
Today TaxMama hears from Charmaigne in the TaxQuips Forum, with a reasonable issue. “My son turned 26 in November of 2010 and has been out of work for over a year. He lives with me and I have supported him in every way, medical bills, dental bills, auto insurance, food, clothes, etc. Is there a […]