Today TaxMama® hears from Susan in the TaxQuips Forum, with an unusual question. “PA recognizes common law marriages if they started before ‘05. So, if they are now separated, are they doomed to the MFS status until a judge signs a divorce decree?

Today TaxMama® hears from someone in the TaxQuips Forum, who keeps asking similar questions about California LLCs and Canadian Limiteds owning an S Corp. So, let me tell you a little bit about S Corporation rules.   Dear Family, An S corporat

Today TaxMama® hears from RJ in the TaxQuips Forum, who asks an intriguing question. “I understand that both reinvested dividends and reinvested capital gains distributions get added into a mutual fund’s Cost Basis. But what about Foreign Tax Paid? D

Today TaxMama® hears from Front9532 in the TaxQuips Forum, who wants to clear up something confusing. “Both my wife and I have Health Savings Accounts (HSA accounts). In 2012 our health insurance plan qualified as a High Deductible Family Health Plan.

Today TaxMama® hears from JJ in the TaxQuips Forum, with an unusual situation. “I leased a car this fall. I paid for the entire sum up front, in a single payment. What is the correct deduction for federal taxes?”   Hi JJ What does that

Today TaxMama® hears from Chuck in the TaxQuips Forum, with this question. “So I received a 1099-MISC after I filed my taxes last year. (Yes I jumped right out there and got ‘em done and in.) What do I need to do to now so Uncle Sam doesn’t come lo

Today TaxMama® hears from Sheba in the TaxQuips Forum, who needs guidance. “My daughter is a first year college student out of state. She has a partial loan, partial scholarship and grants. I don’t know what to do with the information from the 1098-T

Today TaxMama® hears from AK in the TaxQuips Forum, who is trying to understand. “My wife and I have 1 child who is 3 years old. We recently received our W2’s and I started the process through Turbotax online. With just my income, it looked like we

Today TaxMama® hears from Stephanie who is getting asked these questions by her team of writers and websites. “Who should be sending out 1099s? And what do we do about those 1099-Ks?”   Dear Stephanie, These are

Today TaxMama® hears from Roger in the TaxQuips Forum who is frustrated with the concept. “I guess my question would be, what is different about what I’m doing and, say, a general contractor ICing a plumber regularly to plumb houses he is building? O