Dear Family, We’re getting ready for TaxMama’s Last Minute Tax Workshop – on Monday. It is designed to update you on the high points of things you need to know for your 2009 tax returns. Some tips to help you in 2010 – and things to watch out for! You will also learn a few […]
Tag Archives: USD
WASHINGTON — The Internal Revenue Service today reminds individual taxpayers who are considering buying a new car that they have until Dec. 31 to take advantage of a tax break that may not be around in 2010. Taxpayers who buy a qualifying new motor vehicle this year after Feb. 16 can deduct the state or […]
Today TaxMama hears from Dee in California, who wants to know. “Is my mother’s Social Security income ($9,000 – no other income) considered earned income in order for me to meet the criteria to file for Head of Household?”
Today TaxMama hears from Jon in California, who has this plan. “I am going to refinance my current residence for $338,000. I will use $140,000 of that to pay off the existing mortgage. The remainder will be a down payment on my next house. The next house will be my primary residence; the current house […]
Courtesy of IRS In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service […]
This tale of taxes has been circulating on the Internet for years, attributed to various professors and economists Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The […]
Today TaxMama hears from Ray in Ohio, who has a problem. “My son and I started working for a contractor in Feb 2006 as a sub. The 1099 was in his name and SS#. We worked on a 60-40 split. The 60 came to me, with all expenses paid out of my pocket. We have […]
Today TaxMama hears from James in Florida with this question. “I’m a licensed Realtor ® in Florida. If I purchased a home warranty plan for a buyer as a gift at closing, could I deduct the cost from my taxes at years end?”
Today TaxMama hears from Carol in New York who tells us. “ I inherited lakefront property in 1999. I recently sold it for $60,000.00 and I am holding the mortgage with payments being made of $600.00/month. Do I have to report the sale; and how will taxes be calculated?”
Today TaxMama hears from Shane in California with this idea. “Lets say my kid’s braces cost $7,000. Healthcare pays $2,000; so we pay $5,000. If I have a Flexible Spending Account (FSA) with $5,000 and my wife has an FSA account with $5,000, can we both claim $5,000 each against our respective FSA accounts?”
Today TaxMama hears from Carole in Washington State who tells us. “My brother, a 1st time real estate buyer, is considering the purchase of a property with a garage/shop on it (not a house). Would this purchase qualify for the $8,000.00 1st time buyer tax credit?”
Today TaxMama hears from Anne in New Jersey with this problem.https://www.quaintonhall.org.uk/wp-content/languages/new/customwritings-com.html “My tenant was evicted on 6/30/09. She left owing ,000 in back rent – and she vandalized the townhouse.purchase vardenafil online https://medstaff.englewoodhealth.org/wp-content/languages/new/purchase/vardenafil.html no prescription So far, I have spent ,000 in repairs (contractor fees and supplies) to bring the townhouse into rentable condition.https://www.quaintonhall.org.uk/wp-content/languages/new/college-paper-writing-service.html Can […]