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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.




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...

Duration: 00:03:14

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...

Duration: 00:04:28

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...

Duration: 00:02:12

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...

Duration: 00:03:43

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...

Duration: 00:04:08

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)

Duration: 00:03:41

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...

Duration: 00:02:28

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...

Duration: 00:01:37

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...

Duration: 00:01:53

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...

Duration: 00:02:02


[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?...

Duration: 00:01:19

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...

Duration: 00:02:31

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...

Duration: 00:03:08

Happy New Year

Today TaxMama wants to wish you a Happy New Year 2016 and leave you with these snippets of fun. I was thinking ...about how the status symbol of today is those cell phones that everyone has clipped on. I cant afford one so Im wearing my garage door opener. You know, I spent a fortune on deodorant before I realized that people didnt like me anyway. ...that women should put pictures of missing husbands on beer cans. ...about old age and decided that it is when you still have something on the...

Duration: 00:02:11

Innocent Spouse Relief - Sort of

Today TaxMama hears from Melissa in the TaxQuips Forum. I was granted innocent spouse relief after my divorce in 2013. Yet when I filed my taxes this year, I didnt get my refund and received no info on why; or if it went to my ex-husbands unpaid state (WV) taxes, that he hasnt paid for 3 yrs on his small business. They took my refund for 2013. But I thought if I was granted innocent spouse, they couldnt take them for 2014. Hi Melissa, You may have been granted innocent Spouse relief from...

Duration: 00:01:39

Business Tax Returns

Today TaxMama wants to talk about the upcoming tax filing deadline on September 15th for calendar year entities. Returns that are due include partnerships, corporations C & S, certain estates and trusts. Its important to know what to get ready for your tax pro or you. Dear Family, After decades of preparing business returns for my own clients, teaching my students or advising others, I take a lot of organizations elements for granted. There are certain minimum reports you need when you...

Duration: 00:03:02

TaxMama s TaxQuips Net Operating Losses

Today TaxMama hears from Jean in the TaxQuips Forum, with this problem. I have a client that hasnt filed his personal tax returns for 8 years. He is currently under audit, and I am preparing the returns. Can I carryback net operating losses (NOLs) from 2012 to 2010, and forward from 2009 to 2010? Since these tax returns have never been filed to begin with, does that allow me to go that far back? Hi Jean You dont have any choice, actually. To waive the carryback period, the taxpayer would...

Duration: 00:01:46

IRS Notices

Today TaxMama hears from Paul in the TaxQuips Forum, with this common issue. I just received a CP2000 Notice from the IRS informing me of $1,900 in proposed taxes due from 2013. (On our joint return, I forgot to include my wifes 1099 earnings in the amount of $5,100.) This amount due seems high, given that we are in a 15% tax bracket (not a nearly 40% bracket). Dear TaxMama Family, My answer to Paul is posted in the TaxQuips Forum. But I want to talk to you about these IRS notices in...

Duration: 00:02:28

Reasonable Care and RMD

Today TaxMama hears from Sonia in the TaxQuips Forum, who has this quickie question. I contacted the custodian of my IRA AT 3 PM on 12/31 to request a required minimum distribution (RMD). The transaction ended up being dated 1/1. Will the 50% penalty apply? If so, how can I apply for relief? Dear Sonia, There IS a way to get penalty relief on RMDs, IF reasonable steps were taken to take the required minimum distribution. Calling the custodian at 3 pm on New Years Eve, when most people have...

Duration: 00:02:11

Tax Season Blues

Today TaxMama just wants to bring up a little lightness of being. Today is the day to pay last years taxes with the extension; estimated taxes for this year, and the final IRA contribution to reduce last years taxes a bit. Soits time to sing the blues. The Post-Tax Filing Blues I finally filed my tax return. Through sleepless nights, how my eyes burn. I dug and searched before I filed. But let me tell you, I am riled. I work too hard and pay a ton. But, hey,for now, my tax returns done. ....

Duration: 00:01:00

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