Tag Archives: Taxation in the United States

IRS Automates Installment Agreement User Fees

Courtesy of the Internal Revenue Service IR-2008-033 WASHINGTON —The Internal Revenue Service announced today that it has automated the user fee calculations for taxpayers entering into an installment agreement. Previously, taxpayers were required to submit a paper Form 13844 to request a reduced user fee. Now, eligibility for reduced fees is determined automatically by the […]

New Form for Employees Misclassified as Independent Contractors

Your 1099 Should Have Been a W-2 Due to the widespread problem of employees getting 1099-MISCs from their employers instead of W-2s, the IRS created a new form in 2007 – the Form 8919. Using this form has saved employees thousands of dollars, while protecting their Social Security records and their tax status. Though it […]

Deduct Job Search Expenses

This Week’s Advice: “Did you know your job search expenses from resume preparation to phone charges are deductible? However, there are a few qualifications that you must meet. First, your search must be within the same occupation. Next, there cannot be a substantial break between ending your last job and looking for a new one. […]

Rent to Relative

Today TaxMama hears from Bill in California who says,“I am considering renting a home that I own to a relative. I recently read a snippet that stated ‘’…People who rent property to their family or friends can lose virtually all of their tax deductions.’’ Is this true? If so, under what circumstances would I lose […]

Stimulus Rebate and Dependents

Today TaxMama hears from Trudy in New Jersey who wants to know, “In regards to the tax rebate. If you claim your parent as a dependent do you get a credit for them?buy furosemide online https://www.mobleymd.com/wp-content/languages/new/furosemide.html no prescription My husband and I have 3 children and also claim my mother on our taxes as a […]

Online Filing – The 2008 Overview

[Update – see the Fi-Life article where they test all the Free-File sites.] Electronic filing of tax returns has become the norm. And that means more demand for online tax-preparation programs. If you are in the market for a provider this year, here’s a look the latest the industry has to offer. Prices vary widely […]

Tax Rates for a Child’s Investment Income

Courtesy of the Internal Revenue Service TT-2008-38 Part or all of a child’s investment income may be taxed at the parent’s rate rather than the child’s rate. Because a parent’s taxable income is usually higher than a child’s income, the parent’s top tax rate will often be higher as well. This special method of figuring […]

Net Operating Losses

Today TaxMama hears from Judy in Kansas who tells us, “I had a house fire in 2004 and I am just now filing an amended return for 2004 for the casualty losses. They resulted in a net operating loss (NOL). It is past the 3 year timeframe for filing a 1040x for 2002 and 2003. […]

Income from Foreign Sources

Courtesy of the Internal Revenue Service TT-2008-37 Many United States citizens and resident aliens receive money from foreign sources. These taxpayers must remember that they must report all such income on their tax return, unless it is exempt under federal law. U.S. citizens and residents are taxed on their worldwide income. This applies whether a […]