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Code W on W2
Today TaxMama® hears from Paul in the TaxQuips Forum, who says. “On my W-2 why does Code W say “Employer contribution to HSA” when it is the employee who made the contributions?” Dear Paul,We get an...
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Construction Sales Tax
Today TaxMama® hears from Yimmy in the TaxQuips Forum, who wants to know. “I moved into a newly constructed home in Oct. 2012. Are the sales taxes paid on the construction materials used in building...
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Medical Mileage
Today TaxMama® hears from Scarulli in the TaxQuips Forum, with a good question. “My husband was critically ill and hospitalized for a month in 2012. I visited him daily (sometimes more often) as that...
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Things Are Not Always What They Seem
Two traveling angels stopped to spend the night in the home of a wealthy family. The family was rude and refused to let the angels stay in the mansion’s guest room. Instead the they were given a small...
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Beware of Bogus IRS Emails
Courtesy of the IRS[TaxMama Note: Seriously, this is important. I am getting THOUSANDS of emails like this each week. Also emails from companies offering to magically solve your tax problems. BEWARE....
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Check Out College Tax Benefits for 2012 and Years Ahead
Courtesy of the IRS WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any...
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Ask TaxMama Issue 675 - Happy Purim
Look at that, it’s Purim in February. (Usually happens in March.) My favorite holiday. This is the only Jewish holiday that celebrates the accomplishment of a woman. Queen Esther’s courage saves the...
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Overseas Education
Today TaxMama® hears from Chell in the TaxQuips Forum, with an interesting question. “Can someone take an educational credit for books and Fees while they are taking a class in a foreign country? Plus...
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Mutual Fund Fees
Today TaxMama® hears from Farmer in the TaxQuips Forum, with a reasonable question. “Can you take a deduction of Mutual Fund operating expenses (12b fees?) on Schedule A, subject to the two-percent...
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Child with K-1
Today TaxMama® hears from Michele in the TaxQuips Forum, with this question. “My client files MFJ with a son. The son made $1,237 on a W-2 and he received a K-1 with $137 in box one (business income)...
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Overpaid Life Insurance
Today TaxMama® hears from Kresha in the TaxQuips Forum, with this problem. “My friend received a 1099-Misc for money from a life insurance company. They said they overpaid her when her husband died,...
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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 fact, you...
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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 IRSSome 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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Ask TaxMama Issue 676 - Happy Spring
Dear Family,True…it’s not really the first day of spring any longer. But that’s the only spring graphic I have right now. So…Happy Spring. A favorite season of re-birth, growth and joy.This week’s...
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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 has...
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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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