TaxMamas TaxQuips: Tax Quips-logo

TaxMamas TaxQuips: Tax Quips

Business >

The number one tax podcast online - receive a daily TaxQuips that answers a reader's tax question using real life tax strategies and recommends resources to help you either solve your own tax problems, or at least helps you communicate with your tax pro.

The number one tax podcast online - receive a daily TaxQuips that answers a reader's tax question using real life tax strategies and recommends resources to help you either solve your own tax problems, or at least helps you communicate with your tax pro.
More Information


United States


The number one tax podcast online - receive a daily TaxQuips that answers a reader's tax question using real life tax strategies and recommends resources to help you either solve your own tax problems, or at least helps you communicate with your tax pro.




Tax Deadline Looming

Today TaxMama wants to talk about deadlines, extensions, payments and dealing with it all on a tight budget. What do you do first?! Dear Friends and Family, I am hearing from a lot of people, tax pros as well as taxpayers, who are frantically trying to finish their tax returns by April 17. The stress makes things worse – and people are making errors or finding themselves going around in circles, not getting their computations to work. What’s the best advice I can give...


Not Filing Prior Years - Wasting Refunds

Today TaxMama hears from C in the TaxQuips forum. She has an all-too common problem. “I have a tax return that I completed but did not mail off from 2013, I know you have to process your taxes within 3 years, is there any way to mail off this 2013 tax return and get my refund? If not will I owe the IRS money?” Dear Friends and Family, The reason I am bringing this up today is, because the IRS is telling us that there is $1.1 billion waiting to be claimed by those who have not...


Tax Quip - Switching from Employee Status to Independent Contractor

Today TaxMama wants to give you something to think about before switching from employee status to independent contractor. Dear Friends and Family, As far as individual taxpayers, the biggest losers under the Tax Cuts and Jobs Act are employees who have unreimbursed out-of-pocket expenses. You won’t be able to deduct them any longer – from at least January 1, 2018 – December 31, 2025. And longer, if Congress extends this harsh rule. That’s why many employees are thinking of...


Introduction to the Trump Tax Plan

Today TaxMama wishes you a Happy New Year, and brings you some basics about how the Trump Tax Plan will affect this filing season. Dear Friends and Family, Happy 2018! 2017 ended with quite a bit of turmoil, as Congress scrambled to pass a sweeping new tax law. It’s massive, increasing the size of the U.S. Internal Revenue Code by several hundred thousand words. Too big to handle here. Enough to fill a book – which, as it happens, I am in the process of writing. My publisher,...


Storage Costs

Today TaxMama hears from Bob with this question. “In order to rent my residence (house) as “unfurnished”, I had to move my furniture and other belongings to a storage facility (like Public Storage). Can I deduct the expense of this storage against my rental income?” Dear Friends and Family, Your personal furniture is just that – personal. It has nothing whatsoever to do with your rental. About the costs, may I make a suggestion? Look at the value of your belongings. Compare...


But He is a Close Friend

Today TaxMama wants to talk to you about the latest con games affecting people you know – especially seniors. Dear Friends and Family, I just heard the most frightening story. Unfortunately, it’s true. An elderly woman is trying to figure out how to pay taxes on a major withdrawal of funds from her retirement account. Although this starts out as a tax problem, that’s just the symptom of the problem. The disease goes much deeper. This woman met someone on the Internet who...


Summary - Tax Cut and Jobs Act 2017

On November 2, the House Ways and Means Committee unveiled a sweeping tax bill, Tax Cut and Jobs Act, designed to undo many of the complexities of the Tax Reform Act of 1986. Please understand that this is not law yet. There’s still a long journey, with lots of hurdles, before some version of this bill becomes law. Whatever happens, this won’t affect your 2017 tax return adversely. Most provisions will take effect for “tax years after 2017.” In the meantime, let me give you a brief...


TaxMama’s TaxQuips Disastrous Tax Issues

Today TaxMama says we are facing Hurricane Irma in Florida, dealing with the devastation of Harvey in Texas – and the biggest fire in Los Angeles history. So let’s talk about the special tax breaks available to you. Dear Friends and Family, Generally, whenever a major disaster strikes in the United States, the president issues a declaration – which triggers some special tax breaks and extensions for those in the disaster area. In this case, President Trump has issued...


TaxMama’s TaxQuips Unused LLCs and Corps

Today TaxMama hears from several people who have questions about tax returns for entities they created – but never used. This recent question from Debbie, on behalf of one her clients, is far too common. Dear Friends and Family, STOP IT! Just flat out STOP IT! Why do you keep forming LLCs, partnerships or any kind of corporation when you’re not really ready to do business? Then, you have these legal entities, with stringent tax filing responsibilities – and you do...


TaxMama’s TaxQuips False Social Security Numbers

Today TaxMama hears from Lue with a question that is more common than you may realize.” A friend who’s been doing work for my husband regularly for the past two years knowingly gave him a false Social Security Number. We were just notified of this by the IRS. He won’t provide us with a real Social Security Number, which I think is so messed up, considering he’s supposed to be a good friend. What can we do so we don’t suffer the repercussions of this?” Dear Friends and Family and...


TaxMama’s TaxQuips End of Tax Season Payments and Tips

Today TaxMama wants to talk about Extensions, Payments and End of Tax Season stuff. Dear Friends and Family, Today is April 17. Don’t panic! Tax season isn’t quite over yet. You have until tomorrow to file your tax return or extension. Here are some last minute tips. But before I do, let me remind you (and pass this on those friends – you know who they are) that tomorrow is the absolute deadline to file the 2013 tax return and still collect a refund from the IRS. There’s a BILLION...


TaxMama's Year-End Tips

Today TaxMama wants to remind you about last-minute steps to take before 2016 ends. Dear Friends and Family, The Electoral College has confirmed our new president-elect. So we can expect some changes next year. You can view an outline of what to expect next year, here. For now, we still need to take care of some of the routine things. Here are some quick steps: charitable contributionsFoundation Centerno compensation$700,000 in compensation Do some computationsyou can...


TaxMama’s TaxQuips Highlights of Trump Tax Plan

Today TaxMama® wants to give you an advance peek on what you can expect from a Donald Trump tax plan, coming to a Congress near you! To read the details, please drop by here: Ask TaxMamaTaxQuipsTaxQuips ForumTaxQuips Forum File Download (0:00 min / 5 MB)


He Who Hesitates is Lost - or - Expired Refunds

Today TaxMama® hears from several people in the TaxQuips Forum with questions about expired refunds. Let me summarize. “I faced a hardship and didn’t file tax returns for several years. Now, I learn that I cannot get my refunds for all those years. Can you help?” Dear Friends and Family, My answers to Dustin and to DParker don’t bring much hope. They do have heartbreaking stories. And I truly wish I had a solution. But here’s the problem. Even the IRS doesn’t have discretionary...


Wages for S Corp Officers

Today TaxMama® hears from ASquare in the TaxQuips Forum with this question. “I work as a full time employee for a company on W2. I own S-CORP that i get income for the services provided in my free time. Do I need to run the payroll for that money earned on S-CORP or can I claim it as distribution at the end of the year?” Dear ASquare, This is a very common issue that people really should think about before forming S corps or LLCs – but often don’t consider. Hmmm…is your S...


Divorce Home Sale

Alexas_Fotos / Pixabay[/caption] Today TaxMama hears from Greg in the TaxQuips Forum with a very common divorce issue. Let me paraphrase. We got divorced. My wife and child stayed in our home. I made the payments. Now, when we want to sell it 7 years later, is there any way at all that I can get the personal residence exclusion? Hi Greg Well, I have good news for you. 1) Yes, you are entitled to claim the $250,000 personal residence exclusion on your share of the profit when the house is...


Wasted Refunds

stevepb / Pixabay Today TaxMama wants to bring wasted refunds to your attention. The IRS keeps sending out announcements that refunds are expiring. People keep ignoring those announcements, thinking that this doesnt apply to them. more-> Last weeks TaxWatch column at tells some stories of people who lost their refunds becauseshrug, I just cant be bothered to file right now. Please read that column and pass it on to your friends or family members who arent filing. Let me...



[s3audio s3url= /] TaxMama and Ken Jeffries interview: LISTEN TO PODCAST Ken: Its TaxQuips Time from . Today TaxMama covers deductible mileage. What kinds of mileage are deductible by individuals and businesses? TaxMama: Actually, there are four ways to take advantage of vehicle-related deductions: Medical mileage Moving Mileage Job or business mileage Charitable mileage Ken: What are the mileage rates for 2016?...


TaxMama's TaxQuips First Time Homebuyer and IRAs

Today TaxMama hears from Emily in the TaxQuips Forum with an excellent question. Im 35 years old and taking money out of an IRA for a down payment on my house. I am not a first time homebuyer. This will be my primary residence. Should I roll my IRA into a ROTH IRA before taking the funds out? Or just take the funds straight out of the IRA? I have a separate 401k where Im investing heavily each month. Dear Emily, First of all, are you sure youre not a first time homebuyer? That doesnt mean...


IRA Warnings

Today TaxMama hears from Jeff in the TaxQuips Forum with a very common type of problem. Let me paraphrase. My wife had a traditional IRA at Vanguard and we rolled it over to another company where I set up the account. We didnt notice that the account was in my name, instead of hers until we saw my name on a recent statement. What now? Dear Jeff and TaxMama Family, You can read my answer to Jeff here. But I want to talk to you today about avoiding IRA problems. I hear about so many problems...


Try Premium for 30 days

Live games for all NFL, MLB, NBA, & NHL teams
Commercial-Free Music
No Display Ads