Today TaxMama® hears from 4775wsk in the TaxQuips Forum, with a quick question. “What are the tax breaks of home ownership?”   Dear WSK,   Laura, our Aumakua in Hawaii and Mike Reed our EA in California chime

Today TaxMama® hears from Ben in the TaxQuips Forum, with a question that raises another common issue. Let me summarize the issue. “Quite often when two people become partners, one of them ends up doing more work for the business than the other. How ca

Today TaxMama® hears from G in the TaxQuips Forum, with a question that raises a common issue. Let me rephrase the issue. “I used a subcontractor (or paid for parts) on a job for a customer. I only got to keep a part of the income. The rest went to pay

Today TaxMama® hears from Jennie in the TaxQuips Forum, with a good question. “I took out a mortgage from a private party 4 years ago. They have never sent me a mortgage interest statement. Therefore, I have never included it on my taxes. I realized th

Today TaxMama® hears from Jeb in the TaxQuips Forum, with a long, complicated issue. Let me summarize. “We want to close down our 3-member LLC, but there are outstanding issues. The CPA says we all need to file extensions, but one member has a big ref

Today TaxMama® hears from Ellen in the TaxQuips Forum, who is getting conflicting information. “I had no idea, when we decided to be responsible parents to my son and the son of a family friend, that we’d have such a headache at tax time when we dec

Today TaxMama® hears from Grandma in the TaxQuips Forum, who tells us. “We have a rental, which was left to us in a trust. It only brings in $500.00 a mo which is $6,000 a year. It is very old and has quite a few repairs each year. We have always file

Today TaxMama® hears from KH in the TaxQuips Forum, with this question. “My parents are willing to give me a rental property they own. The house is in their name and they currently claim it on their taxes. There is a mortgage on the property as well.

Today TaxMama® hears from Janet in the TaxQuips Forum, with this question. “Is an LLC registered in NV and doing business in CA required to pay California’s $800 LLC taxes?”   Dear Janet, YUP. In fact, you may be subject to CA’s Gros

Today TaxMama® hears from Kresha in the TaxQuips Forum, with this problem. “My friend received a 1099-Misc for money from a life insurance company. They said they overpaid her when her husband died, but didn’t supply any proof; nor did she send any