TaxMamas TaxQuips: Tax Quips

It’s TaxQuips time from TaxMama.com . Today TaxMama® wants to alert you to some major tax news taking place before the year ends. Dear Family, As we come to the end of an incredibly busy year, there is still so much going on. Congress worked through the night to pass a 4,155 page Omnibus Act to get the budget passed. It’s on its way to the President for signature. They are also on their way to pass a SECURE Act 2.0 – that provides all kinds of tax and retirement-related...

It’s TaxQuips time from TaxMama.com . Today TaxMama® wants to talk to you about the very last filing deadline for calendar year taxpayers filing 2021 tax returns. Dear Family, The time has come, the Walrus said, to speak of many things. Of needless delays, sad tales and ignoring all the nagging pings. (apologies to Charles Lutwidge Dodgson) The good news is, you have a couple of extra days to finish filing all your 2021 final returns - until Monday, October 17, 2022, instead of...

It’s TaxQuips time from TaxMama.com . Today TaxMama® wants to talk to you about some imminent deadlines – and about the IRS dropping by your place of business. Dear Family, This year has flown by so quickly. I blinked and now it’s almost autumn. First, the upcoming deadline – September 15 is the final filing deadline for calendar year (December 31) partnerships and S corporations. Let me be clear. There are no more extensions. So if you haven’t gotten all your information...

It’s TaxQuips time from TaxMama.com . Today TaxMama® wants talk to give you some basics about the new Inflation Reduction Act. And some observations. Dear Family, By now, you are aware that President Biden has signed the Inflation Reduction Act into law. Although there are 273 pages to this Bill, only a few issues may affect you directly. I will give you more details about this Bill in the next couple of weeks. Meanwhile, here are the highlights: Extending the Premium Tax Credits...

It’s TaxQuips time from TaxMama.com . Today TaxMama® wants talk to you about a big flaw in the current tax laws. Dear Family, It’s summer! Can you believe the year is going by so quickly? The past month has been a whirlwind with teaching, taking classes and even going to a live, in-person CSTC Tax Symposium in Reno. It’s the first time since early 2000 that I have had the opportunity to meet friends, peers, students and TaxMama® fans. We met, learned, hugged, ate a LOT –...

It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants talk to you about an eclectic set of tidbits about IRS changes and news. Dear Family, Recently, the IRS started releasing updated Frequently Asked Questions (FAQs) about different topics. They didn’t actually add new information or change any procedures. But did add more clarifications (look for the updated date next to the FAQ): The most important information for people still waiting for their 2020 and 2021 tax...

It’s TaxQuips time from TaxMama.com . Today TaxMama® wants talk to you about an issue raised by Jean Mammen, EA. She says that right around now, there is so much going on, helping refugees, the homeless, and others who have experienced adversity. So, let me give you some quick tips about the tax laws related to gifts. Dear Family, These are the questions raised by Jean Mammen, EA. Here are some basic responses, with links to more details: Is a gift taxable? Generally when...

Honoring Ramadan, Easter, Passover It’s TaxQuips time from TaxMama.com Today TaxMama® wants talk to you about changes to this year’s filing season that you may have missed – or forgotten about. Honoring Ramadan, Easter, Passover It’s TaxQuips time from TaxMama.com Today TaxMama® wants talk to you about changes to this year’s filing season that you may have missed – or forgotten about. Dear Family, We are getting close to another year’s initial filing deadline. This...

It’s TaxQuips time from TaxMama.com Today TaxMama wants to talk to you about filing your tax return before you have all the information and to address all the money you’re going to need by April 18 . Dear Family, STOP! PLEASE, PLEASE STOP! TaxMama® is getting more questions than ever before from people who have already filed their tax returns – then learned about missing W-2s, 1099s, investment income and whatever. Really? You didn’t know about that extra $10,000...

It’s TaxQuips time from TaxMama.com TodayTaxMama wants to talk to you about all those pesky 1099Ks that you’re receiving this year. Dear Family, We’re getting questions from people who have suddenly started getting 1099Ks from their various casual sales – like Etsy, eBay, PayPal, Zelle, and other bank-like sources where they send or receive money. Why are they getting these 1099Ks this year? The IRS dropped the reporting threshold to payments of $600 or more, instead of...

Courtesy of VectorStock.com It’s TaxQuips time from TaxMama.com® Today TaxMama® wants to address some of your concerns. Dear Family, First of all, let’s start with the news you’ve been waiting to hear. The IRS efiling system is officially open today. more-> So anything you submitted to the tax software companies earlier – or from now on, can get transmitted immediately. No doubt, there will be glitches for a while – but not as many as last year, when Congress changed the rules...

It’s TaxQuips time from TaxMama.com® – Today TaxMama® wants talk to you about some year-end tips and ideas to get ready for next year. Dear Family, This year is coming to a close remarkably fast. It seems it was just January one blink ago – and now, it’s nearly over. This year has been filled with lots of small and major successes for my students, family and friends. Tinged with a great deal of sadness, illness, and death. The Yin/Yang of life. We still have a...

Subtitle: Playing 10 Questions with California’s Employment Development Department about How to Onboard Former Freelancers Since the California Legislature passed Assembly Bill 5 (AB5) in September of 2019, the rules regard who is and who is not an employee in this state have gotten ever more stringent – and confusing. Why confusing? Because there was a very loud roar from several industries whose workers’ statuses were so severely compromised by this Bill. I remember being at the...

It’s TaxQuips time from TaxMama.com. Today TaxMama wants talk to you about the final income filing deadline for this year’s tax returns. Dear Family, Every year we get to this point in time. Getting down to the wire. In private social media forums, tax professionals are posting notes and screams of frustration, dealing with clients showing up at the last minute with surprise income, off-handedly mentioning – Oh, I sold that property last year, or mention of an LLC they opened...

It’s TaxQuips time from TaxMama.com®. Today TaxMama® wants talk to you about the unemployment refund checks the IRS has started to send out. Yours may be on the way! Dear Family, In today’s TaxQuip, I want to reach taxpayers who prepare your own tax returns. Please share this with anyone else who is affected. Let’s do a little recap on the current situation: Long after millions of taxpayers filed their tax returns (American Rescue Act in March 2021), Congress decided to...

It’s TaxQuips time from TaxMama.com® – Today TaxMama® wants to remind you about tomorrow’s due date – June 15th. Dear Family, With two topsy turvy tax years due to COVID19, it’s harder to keep track of deadlines. But, for the rest of this year, all deadlines are the same as they have been historically, unless you live in a federally declared disaster area. https://www.irs.gov/newsroom/tax-relief-presidentially-declared-disaster-areas So, let’s review what’s due...

An Ode to April 15! Why is every year the same When we play this taxing game? “May 17th” turns out to be, something we couldn’t really foresee! With estimates still due on April 15. Folks do think the IRS is mean! Costs us more than just one night Making sure that all is right! Until at the latest day, We finally know what we get or pay! Why these taxes have to be Like a nasty little flea? Once they bite you, that’s for sure - Your life will never be like before! Love or...

It’s TaxQuips time from TaxMama.com® – today TaxMama® wants to talk to you about the upcoming April 15th deadline – sort of… Dear Family, Well, we are one week away from the traditional filing deadline of April 15. Do we still care? After all, the IRS moved the filing deadline to May 17 – so can we totally ignore April 15 ? Not really. Some things are still due on April 15: 2021 first quarter estimated tax paymentsYour state tax return – if they haven’t complied with the...

It’s TaxQuips time from TaxMama.com® – today TaxMama® wants to tell you a little bit about the new law – the American Rescue Plan Act – signed by the President yesterday. Dear Family, Well, people have been anticipating this new Tax Act eagerly, waiting to get the next round of stimulus checks. One of the “improvements” in this law is that the $1,400 per person checks will be provided to (or on behalf of) everyone – all dependents, regardless of age. So you don’t have...

It’s TaxQuips time from TaxMama.com® – today TaxMama® wants to talk to you about the sticker shock (high tax return balances) you just faced – and how to reduce some of that financial pain. Dear Family, There’s a lot going on right now, and new legislation about to be passed tomorrow. Drop by TaxMama.com tomorrow for a quick summary of the final changes. Meanwhile, you thought you did everything right last year, but when you prepared your tax returns, you suddenly owe a whole...