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TaxMamas TaxQuips: Tax Quips

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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.
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United States

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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.

Language:

English


Episodes

TaxMama’s TaxQuips 2019 Mileage Update

12/14/2018
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Today TaxMamafinally got the 2019 mileage rates from the IRS. Dear Family, Normally, the IRS releases the next year’s mileage information by the end of October. This year, we’re feeling lucky to get it in mid-December. Here are the new and old rates: Type of mileageDepreciation included Charity never changes – it literally takes an act of Congress. The IRS doesn’t have the right to update that number for inflation. And just in case you were not aware, when you use...

Duration:00:02:16

Last Minute Tips 2018

12/11/2018
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Today TaxMamawants to give you some steps to take before the end of 2018. Dear Family, This year, it’s especially difficult to figure out how to reduce your taxes. The average couple is not likely to be itemizing any more. Folks with high employee business expenses won’t be able to use them. Individuals with mortgages might still have expenses above the standard deduction. Or folks, who, heaven forbid,have been seriously ill with minimal insurance coverage. So what’s a...

Duration:00:04:06

Paycheck Check-Up

11/20/2018
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Meditations / Pixabay” width=”103” height=”150” /> Today TaxMama wants to help you avoid a surprise balance due on April 15th. Dear Family, At a recent IRS Stakeholder Liaison meeting in Los Angeles, the IRS managers at the meeting revealed that they had been testing the IRS’ Paycheck Check-Up tool – and most of them learned that they were going to owe money on April 15. https://www.irs.gov/newsroom/time-for-a-paycheck-checkup In fact, some of them have used the system a...

Duration:00:03:37

Are you Losing Your Passport?

11/20/2018
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Today TaxMama wants to help you avoid losing your passport, if you owe the IRS too much money. You need to act quickly. Dear Family, You’ve been hearing a lot in the past couple of years that the IRS will start revoking passports of Americans who owe taxes. Well, the process is now in full swing. The IRS has sent a list of over 280,000 Americans to the State Department to prevent their passports from being renewed – or to arrange to have their passports revoked. Who is affected?...

Duration:00:03:48

TaxMama’s TaxQuips Last Minute Tips - 2017 Returns

10/15/2018
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Today TaxMama wants to give you some last minute tips on the drop-dead filing deadline – October 15th. Dear Family, For most people – and C corporations – October 15 is the final filing deadline for the 2017 tax returns. Partnerships, S corps, trusts, all pass-through entities, were due on either September 15 (Forms 1065 and 1120) or October 1 (Form 1041). For those of you still on extension, even if you’re not ready – file IMMEDIATELY. File something, even if information is...

Duration:00:04:44

TaxMama’s TaxQuips Selling Rental Home

9/14/2018
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Today TaxMama hears from KW who is selling his former residence. He wants to know if the residence he bought in 1991 and converted to a rental in 2007 still qualifies for the personal residence exclusion of $250,000? Dear KW, Since you have not lived in that home for well over 5 years, the entire gain is taxable. There is no way to exclude any gain. Your basis in the home has nothing to do with the mortgage. The fact that you have such a high mortgage only means that you pulled a...

Duration:00:02:49

TaxMama’s TaxQuips Big Refunds for Disabled Vets

8/3/2018
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Today TaxMama wants to tell you how disabled vets might be eligible for IRS tax refunds going back as far as 1991. Unbelievable? But true! Dear Friends and Family, We all know that you cannot get IRS refunds if you file for them more than 3 years after the tax return was filed (or was originally due, if unfiled). So why can you suddenly go back over 25 years to get these refunds approved? Well, it turns out that the Combat-Injured Veterans Tax Fairness Act that was passed in...

Duration:00:04:45

TaxMama’s TaxQuips Filing the IRS Postcard 2018

7/9/2018
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Today TaxMama wants to update you on the Postcard Tax Form . Dear Friends and Family, You’ve been hearing a lot of talk about the IRS’ new “postcard” tax return, designed for you to use in 2019. You can pick up copies of the form(s) here. Let me clear up a few myths for you – and give you the nitty-gritty about how this will affect you. WI.1040.Comments@IRS.gov Overall, this will make it easier for people who have jobs, can use the standard deduction, and don’t have...

Duration:00:06:30

TaxMama’s TaxQuips Highlights of Federal Tax Issues in June 2018

6/8/2018
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Today TaxMama wants to update you on key tax issues that affect you this year. Dear Friends and Family, As you have already noticed, there have been sweeping changes to our tax system this year. There will probably be more, after the November elections. In the meantime, the IRS Tax Reform Information Office (TRIO) is frantically trying to update 450 forms and 140 information technology (IT) systems – with a diminished staff. So don’t be surprised if you encounter obstacles and...

Duration:00:05:11

TaxMama’s TaxQuips Good News and Bad News in May

5/2/2018
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Today TaxMama wants to talk about things to consider now that your tax return is filed. It IS filed, isn’t it? Dear Friends and Family, I have good news and bad news for employees with job-related expenses. The good news is Senator Casey introduced the “Tax Fairness for Workers Act” which returns to employees the right to deduct their job related expenses (which were lost in the Tax Cuts and Jobs Act). And it would give union members the right to claim a deduction for union dues...

Duration:00:05:00

Tax Deadline Looming

4/13/2018
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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...

Duration:00:02:53

Not Filing Prior Years - Wasting Refunds

3/20/2018
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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 filed...

Duration:00:03:49

Tax Quip - Switching from Employee Status to Independent Contractor

2/13/2018
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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 taking...

Duration:00:03:09

Introduction to the Trump Tax Plan

1/9/2018
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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,...

Duration:00:04:20

Storage Costs

12/6/2017
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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...

Duration:00:02:01

But He is a Close Friend

11/13/2017
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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...

Duration:00:04:31

Summary - Tax Cut and Jobs Act 2017

11/6/2017
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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...

Duration:00:03:16

TaxMama’s TaxQuips Disastrous Tax Issues

9/6/2017
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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...

Duration:00:03:14

TaxMama’s TaxQuips Unused LLCs and Corps

5/26/2017
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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...

Duration:00:04:28

TaxMama’s TaxQuips False Social Security Numbers

5/2/2017
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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...

Duration:00:02:12