Today TaxMama® hears from Stanton in the TaxQuips Forum with this scenario. “A person by June 2012 will have earned $110,200 as an employee, with the maximum Social Security deducted. Then that person becomes an independent contractor for the balance of 2012. Is this person subject to the SS tax for the additional compensation over […]
Tag Archives: USD
Dear Family, Twice this week, Rick told me this weekend is Daylight Savings Time. I brushed him off. It makes no sense. This EARLY in March?!! Darned if he isn’t right!
If you are a small employer with fewer than 25 full-time equivalent employees that earn an average wage of less than $50,000 a year and you pay at least half of employee health insurance premiums…then there is a tax credit that may put money in your pocket. The Small Business Health Care Tax Credit is […]
“The reason a dog has so many friends is that he wags his tail instead of his tongue.”-Anonymous “Don’t accept your dog’s admiration as conclusive evidence that you are wonderful.”-Ann Landers “If there are no dogs in Heaven, then when I die I want to go where they went.”-Will Rogers
Today TaxMama® hears from Dean in the TaxQuips Forum with this odd question. “The local power company wants to purchase my home, payoff my mortgage, allow me to live rent free for 12 months; then allow me to purchase the house back for the market value to avoid capitol gains tax. Is this legit? They […]
Courtesy of the IRS IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available […]
Today TaxMama® hears from Brian in the TaxQuips Forum who finally asked the right question. “What I really was asking was, if I take my withholdings up to, say, single and 8 on federal and state for this check only would I get more of the check?”
Dear Family, This week was very busy working on the Staples Tax Tweet and $5K Tax Giveaway. It turned out to be a lot of fun – and very informative.
Courtesy of IRS A tax credit is a dollar-for-dollar reduction of taxes owed. Some tax credits are refundable meaning if you are eligible and claim one, you can get the rest of it in the form of a tax refund even after your tax liability has been reduced to zero. Here are four refundable tax […]
Today TaxMama® hears from someone else in the TaxQuips Forum who is being audited. “This person is being audited by IRS for a child tax credit. At this point, she can no longer locate the care provider to get her Social Security Number – the woman’s phone is disconnected. She didn’t get receipts for her […]
Transcript of the Staples and TaxMama Twitter Tax Event 2/28/12 I want to thank EVERYONE who joined us, retweeted us and asked great questions. Staples: Kick off tweets Welcome to our Twitter tax event! We were here with @TaxMama, ready to lay down some tax tips and answer questions. Okay, here we go! Take it away, […]
Today TaxMama® hears from someone in the TaxQuips Forum who was overwhelmed. Let summarize. “After a grueling audit, and a lot of personal tragedies, the IRS agent went back and reviewed the medical mileage. Despite having detailed evidence to prove the mileage, the reason it was medical mileage, and the reason the treatment needed to […]