Today TaxMama hears from David in North Carolina who wants to know. “If a self-employed taxpayer obtains a valid extension, then files a return before the extension deadline, can the taxpayer then establish and fund an SEP-IRA (before the extension deadline) and file Form 1040X to claim the deduction? Or does the extension end when […]
Tag Archives: Taxation in the United States
Today TaxMama hears from Shirley in Florida who asks. “At what rate are capital gains taxed? Suppose your adjusted gross income before the capital gain is $8,000 and the capital gain is $150,000. Is the rate for CG tax based on AGI before the gain or after the gain?”
Today TaxMama hears from Kelli in Michigan with this question. “I am currently self-employed and will have over $3,000 in mileage charges due on my lease when I turn the car in next year. When I file my 2008 tax returns, however, I will no longer be self-employed. Although I won’t be billed and pay […]
Today TaxMama hears from Bruce in Florida who wants to know. “What are the correct deductions for someone who works for a company but pay their own expenses. i.e. daily meals, miles, hotel, etc.”
Courtesy of the Internal Revenue Service – IR-2008-87, July 8, 2008 WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Among the key areas of focus will be improving IRS procedures to […]
Today TaxMama hears from Steven in Connecticut who says. “Are the salaried employees liable to pay the taxes or does the company pay? Any info on S-Corp and tax payouts would be deeply appreciated.https://drugeriemarket.co.uk/wp-content/languages/new/vardenafil.html ”
Today TaxMama hears from Joanna in New York who tells us. “I have been working as a finder, uniting people with their abandoned funds in NY State – funds lost due to inactivity.https://pinnacle.berea.edu/wp-content/languages/new/how-to-do-a-bibliography.html These monies consist of insurance funds, NYS Income Tax Checks, mutual funds, inactive bank accounts, etc. My question: What happens to Federal […]
Today TaxMama hears from Steve in Tennessee with an interesting question . “I am running for Mayor in my little town. Are my campaign expenses deductible?”
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Today TaxMama hears from Michael in AZ who’s grousing. “According to the IRS I owe over $10,000 dating back to 2000. I recently filed 2003-2007. My files show, before penalties and fees, approximately $8,000. I was told “less than 10% of those who self file for an offer in compromise get approved. several tax places […]
IR-2008-82, June 23, 2008 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The rate will increase to […]