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The number 1 tax podcast - receive a daily TaxQuip that answers a listeners question using real life tax strategies and recommends resources to help you either solve your own tax problems or help you communicate with a Tax Pro.
18 Episodes
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It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about how the IRS is spending some of the money they got from the Inflation Reduction Act Dear Family, When Congress granted the IRS about $80 billion dollars as part of the Inflation Reduction Act (IRA), I heard [...]
Let me explain why this is important from a tax reporting perspective.
A business can deduct all its legitimate operating expenses from the business’ sales and income – either on a Schedule C, or a business entity return (partnership, corporaton, etc.) and deduct losses, as appropriate.
However, with a hobby, you must report all your income (on Schedule 1) – but you may not deduct your opertating expenses at all. Nowhere. Not on any form. The only thing you may deduct are your cost of goods sold. In other words, hobbyists that lose money don’t get to deduct expenses OR losses.
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about some questions people have asked TaxMama® after making major financial moves and ending up with extra taxes – or none of the tax breaks they were counting on. Dear Family, Well, we’ve survived the April 18th deadline! Many [...]
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about the new IRS Strategic Plan for using the $80 billon budget effectively – based on feedback they have received . Dear Family, Last week the IRS released their 150 page strategic plan on [...]
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about errors people have been making in their tax returns this year. Dear Family, My goodness, it’s already Spring! The first day, here in Southern California is mostly gray, threatening to rain…but not quite making [...]
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to suggest that you get advice FIRST before making major financial moves. Dear Family, Let’s start with the big thing this weekend – changing the clocks to Daylight Savings Time. Remember the old adage “Fall back; spring forward.” [...]
Listen to the podcast here It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to let you know what kind of support you can expect from the IRS this year – if any. Dear Family, As you understand so well, since COVID19, it’s gotten harder than [...]
It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to alert you to issues that will affect your tax return filing, and perhaps tax planning, during 2023 Dear Family, Where does the time go?! Sorry to be posting so late – but the days just seem to flash [...]
We are starting another EA Exam testing year on May 1, 2023. With all the IRS office closures, unopened mail and with IRS phone lines having super long waits, the skills of an Enrolled Agent are more valuable than EVER! This is a great time to improve your tax and representation skills and become an [...]
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 [...]
(Title – with apologies to the film – The Russians are Coming! The Russians are Coming!) 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, [...]
The post TaxMama’s® TaxQuips The Deadline is Coming! The Deadline is Coming! first appeared on TaxMama.
Using Solo 401ks for your clients and you This is a special session for you before the extension period ends for Partnerships and S corps on how to set up and use a Solo 401k for your small business clients an yourselves. It’s also a month before the October 17th filing deadline for personal tax returns [...]
The post All About the Solo401K first appeared on TaxMama.
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 15th is [...]
The post TaxMama’s® TaxQuips An Upcoming Deadline – AND Is it Really the IRS at my Door? first appeared on TaxMama.
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 [...]
The post TaxMama’s® TaxQuips Inflation Bill Highlights and More first appeared on TaxMama.
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 [...]
The post TaxMama’s® TaxQuips Flaw in the Tax Law – Casualties first appeared on TaxMama.
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 [...]
The post TaxMama’s® TaxQuips IRS Changes and Notes first appeared on TaxMama.
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 [...]
The post TaxMama’s® TaxQuips Giving and Receiving first appeared on TaxMama.
It’s TaxQuips time from TaxMama.com.® Today TaxMama® wants talk to you about some of the common questions you raised in the TaxMama® Tax Forum. Dear Family, Tax Season is always a frustrating time for taxpayers – and tax professionals. These last two seasons were the worst. Aside [...]
The post TaxMama’s® TaxQuips Tax Season Issues You Raised first appeared on TaxMama.
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