Today TaxMama® hears from Michele in the TaxQuips Forum, with this question. “My client files MFJ with a son. The son made $1,237 on a W-2 and he received a K-1 with $137 in box one (business income) and $1,832 in the self-employment box. Does a K-1 q

Today TaxMama® hears from Farmer in the TaxQuips Forum, with a reasonable question. “Can you take a deduction of Mutual Fund operating expenses (12b fees?) on Schedule A, subject to the two-percent floor?” Dear Farmer, Before we answer, it’

Today TaxMama® hears from Scarulli in the TaxQuips Forum, with a good question. “My husband was critically ill and hospitalized for a month in 2012. I visited him daily (sometimes more often) as that was the only way I could get information from his d

Today TaxMama® hears from Yimmy in the TaxQuips Forum, who wants to know. “I moved into a newly constructed home in Oct. 2012. Are the sales taxes paid on the construction materials used in building the home tax deductible? The home is in Georgia.”

Today TaxMama® hears from Paul in the TaxQuips Forum, who says. “On my W-2 why does Code W say “Employer contribution to HSA” when it is the employee who made the contributions?”   Dear Paul, We get an answer from Susan Holtgrefe, EA o

Today TaxMama® hears from TaxSeason in the TaxQuips Forum, with this question. “Is there an easy or quick way to figure the commuting miles for people who file a Schedule C? (ie…5% of business miles)?” Dear Tax, Certainly there is. And th

Today TaxMama® hears from Joe in the TaxQuips Forum, with a reasonable question. “I am going after an ex client that owes me $11K. Once you get the judgment how do you go after their assets? Does a lawyer handle that?”   Dear Joe, No doubt

Today TaxMama® hears from TacoBrielle in the TaxQuips Forum, with a common misconception. “I can’t seem to get a definitive answer about this, so I’m asking here. I filed my federal return with a refund amount of $1,132. This refund went to the IR

Today TaxMama® hears from tbachrodt in the TaxQuips Forum, with this question. “I recently filed my taxes. I am already receiving the American Opportunity Credit and Lifetime Credit. I just received an additional 1098T in the mail that I forgot was co

Today TaxMama® hears from Goran in the TaxQuips Forum, with this issue. “My client and his mom were on the mortgage together. That property went through foreclosure. Naturally, they file separate tax returns. Which one will report the 1099-C?”