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IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return
[TaxMama Note: If you have not yet filed for 2009 and have a refund coming - FILE IMMEDIATELY! If you are still waiting for data, documentation or anything else that prevents you from filing, then file...
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NV LLC Operating in CA
Today TaxMama® hears from Janet in the TaxQuips Forum, with this question. “Is an LLC registered in NV and doing business in CA required to pay California’s $800 LLC taxes?” Dear Janet, YUP. In...
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Etiquette Tips for __________ (you can fill in the blank)
GENERAL: 1. Never take a beer to a job interview. 2. Always identify people in your yard before shooting at them. 3. It’s considered tacky to take a cooler to church. 4. If you have to vacuum the bed,...
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Tax Rules for Children Who Have Investment Income
Courtesy of the IRS Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s...
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Relief Available To Many Extension Requesters Claiming Tax Benefits
WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of...
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Parents’ Rental Property
Today TaxMama® hears from KH in the TaxQuips Forum, with this question. “My parents are willing to give me a rental property they own. The house is in their name and they currently claim it on their...
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Trust Income
Today TaxMama® hears from Grandma in the TaxQuips Forum, who tells us. “We have a rental, which was left to us in a trust. It only brings in $500.00 a mo which is $6,000 a year. It is very old and...
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New York City’s 28th Annual April Fools’ Day Parade
The 28th Annual April Fools’ Day Parade will begin at Fifth Avenue and 59th Street at 12 noon, Sunday, April 1, 2012. Rain or shine, the parade will march down Fifth Avenue to Washington Square Park...
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Protect Yourself from the Dirty Dozen Tax Scams
Courtesy of the IRS The IRS’s annual ‘Dirty Dozen’ list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves...
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Ask TaxMama Issue 677 – Easter and Passover
Dear Family, Today is Good Friday and also the middle of Passover. Lots of places are closed, like banks, stock exchanges, schools, and more. Take some time to enjoy today. You can start with the Money...
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Renting to Roommates
Today TaxMama® hears from Ellen in the TaxQuips Forum, who is getting conflicting information. “I had no idea, when we decided to be responsible parents to my son and the son of a family friend, that...
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Shut it Down
Today TaxMama® hears from Jeb in the TaxQuips Forum, with a long, complicated issue. Let me summarize. “We want to close down our 3-member LLC, but there are outstanding issues. The CPA says we all...
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Amend it Now
Today TaxMama® hears from Jennie in the TaxQuips Forum, with a good question. “I took out a mortgage from a private party 4 years ago. They have never sent me a mortgage interest statement. Therefore,...
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1099s for All Income
Today TaxMama® hears from G in the TaxQuips Forum, with a question that raises a common issue. Let me rephrase the issue. “I used a subcontractor (or paid for parts) on a job for a customer. I only...
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Some Give and Take
The Fallen Man A man had fallen between the rails in a subway station. People were all crowding around trying to get him out before the train ran him over. They were all shouting. “Give me your hand!”...
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Partnership Split
Today TaxMama® hears from Ben in the TaxQuips Forum, with a question that raises another common issue. Let me summarize the issue. “Quite often when two people become partners, one of them ends up...
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Owning a Home
Today TaxMama® hears from 4775wsk in the TaxQuips Forum, with a quick question. “What are the tax breaks of home ownership?” Dear WSK, Laura, our Aumakua in Hawaii and Mike...
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The Accountant, the Tax Attorney and the Actuary
An accountant tries horseback riding: Yesterday I had a near death experience that has changed me forever. I went horseback riding. Everything was going fine until the horse starts bouncing out of...
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Interest on Refund
Today TaxMama® hears from Stan in the TaxQuips Forum, with a valid question. “In October 2011, an amended Estate Tax return was filed. The IRS did not complete their review until the beginning of...
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Very Late 1099
Today TaxMama® hears from BigDog in the TaxQuips Forum, with an odd occurrence. “I received a 1099 for 2006 on 04/01/2013. This 1099 is from an old employer, who has in the past accused me of...
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