Today TaxMama® hears from Jenenne in the TaxQuips Forum with this sad story. “At my husbands job they just found out that a fellow employee has been given 3-5 months left to live. The doctors say nothing can be done for him. Everyone is scrambling trying to get some money together for him to be […]
Tag Archives: USD
Today TaxMama® hears from several people in the TaxQuips Forum about this topic. “Net Operating Losses have some special qualities that make them very desirable for tax purposes – even if they result from disasters in an economic sense. It’s important to understand how to use them, or you can waste them.”
Today TaxMama® hears from Geri in the TaxQuips Forum with this interesting question. “I had two jobs this year. Job 1, I put in the maximum of $16,500 in my 401(k); then in job 2, I put in an additional $6,000. I am under 50 years of age. I now realize I put in more […]
Dear Family, It’s already been a very busy morning – and I have to run out for an appointment. So my comments will be brief. Thanks a ton to all the people who challenged my advice this week. You did a wonderful job researching capitalizing assets vs. writing them off; proved that under-18 newspaper carriers […]
Today TaxMama® hears from Don in the TaxQuips Forum with a little confusion. “My daughter is a widow with 3 children. The kids receive Social Security income from their deceased father’s account. My daughter’s 13-year-old son earned $700 with a paper route & received a 1099-MISC with the amount in box 7 – Nonemployee compensation. […]
Today TaxMama® hears from Gary in the TaxQuips Forum with a brilliant observation. “I was working on a tax return for a married couple with income too high to receive the $1,000 Child credit. I have found (just recently) that if one of the spouses has a much lower income, or no income, filing them […]
Dear Family, This year, the Swallows Day Parade will be held in San Juan Capistrano on Saturday morning. Each year, they welcome back the swallows who return on March 19th. Folks in Southern California can join in the fun via Amtrak’s Surfliner (SNC station) and walk over to the festivities. (The southbound train will get […]
Today TaxMama® hears from Toni in the TaxQuips Forum with this sad problem. “I volunteer with AARP Tax-Aide. Last week a taxpayer brought in a 1099-C with his other papers. It turns out he had co-signed for a vehicle. When the vehicle ‘owner’ disappeared, the lienholder collected a reduced amount from the co-signer. It was […]
Today TaxMama® hears from Tina in the TaxQuips Forum with this convoluted question. “A person has resided in the same one-family residence in for the last ten years without any children or wife. This person was bound into an estate contract to sell his residence for $800,000 in November, 2011 when his tax basis in […]
Dear Family, Out here in the Valley, the day looks dark and gloomy. That in-between time, when the world is trying to decide whether or not to rain. The birds and squirrels seem to love it. Lots of fluttering around (birds) and frolicking (squirrels). Rick just called and said he’s taken a busload of children […]
Courtesy of the IRS Parents may not realize that there are tax rules that may affect their child’s investment income. The IRS offers the following four facts to help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. 1. Investment income Children with investment income may […]
Today TaxMama® hears from Gary in the TaxQuips Forum with this tale. “During 2011 my wife and son-in-law formed an LLC in the State of Indiana. During 2011, no income was received, and only expenses were incurred as part of the start-up. Last week our son-in-law decided that he no longer is interested in being […]