Tag Archives: terrific

Putting the US Budget into Perspective

Let’s see how the U.S. Budget stacks up to a household budget, shall we? In order to compare apples to apples, we are using the numbers based on the same fiscal year – 2009, since that is the most current set of numbers available from the IRS. We will show you how the U.S. budget […]

Network Marketing

Hiring Your Children

Today TaxMama hears from Ann in the Tax Quips Forum, with a reasonable question. “A woman pays her 13 & 15 year-old children to do office copying, collating, help distribute flyers, and help put on story plays for their author parent. If she were to hire an outside service, she would pay considerably more money […]

IRS is Wrong

Today TaxMama hears from Bret in the Tax Quips Forum, with an IRS rejection letter. To make a long story short – “IRS rejected his Lifetime Learning Credit  for 2009 because the Form 1098-T showed –0- in box 1. And because his employer paid the expense – even though he paid taxes on the education […]

Interest on Multiple Homes

Today TaxMama hears from Karen in the Tax Quips Forum, with a complex problem. “Her client owns three homes: A primary home, a vacation home and a home for Mom. They bought the vacation home with a mortgage. After paying cash for their residence, they refinanced it buy Mom’s home. The question is – can […]

Free IRS Phone Forums – Employee Plans

  Free phone forums featuring IRS employees discussing retirement plan topics. Upcoming Phone Forums Determination Letter Issues Regarding Employee Stock Ownership Plans – October 28, 2011 The presentation will cover topics such as technical issues affecting ESOPs and recurring issues noted in ESOP determination letter submissions. Presenters are Don Kieffer and Rick Parker in the […]

IRS Urges Tax Professionals to Prepare Now for New e-File Rules

[TaxMama Note: This is wise advice, my friends. The time has come, the Walrus said…to get with the program. If you plan to prepare tax returns next year, and get paid to do so, you must be filing electronically, now.  It may be hardship for folks who have been preparing tax returns manually, or who […]

Tax Extension Reminder – Things Not to Overlook

Courtesy of the IRS Don’t Overlook Special Individual and Small Business Tax Benefits; Choose e-file, e-pay  [TaxMama Note: Be careful. If you have disclosure statements that you want to go to IRS with your tax return, make sure your tax software company is transmitting those pages or forms.  If you cannot reach them in time, […]

Ready for the Paddy wagon

  Paddy goes to the vet with his goldfish. “I think it’s got epilepsy” he tells the vet. Vet takes a look and says “It seems calm enough to me”.  Paddy says, “I haven’t taken it out of the bowl yet”.  

Antique Coins

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 […]

Flipping Off

Today TaxMama hears from Marina in the Tax Quips Forum, with this situation. “Two separate clients have purchased houses to flip in 2010.  One is a R.E. agent the other is the owner of a construction co. (C corp).  Both have purchased a house, and after renovating them, both were able to flip their houses […]