Today TaxMama® hears from BlueSage in the TaxQuips Forum with this question. “Is it better to declare 20 children and then store the tax one would pay in an investment account, and use that money to pay taxes at year end? Or is it better to declare the

While we’re waiting for the TaxQuips Forum to go back up, today TaxMama® wants to discuss what to do when you get an IRS audit notice. Dear Family, One of the scariest letters you can get is an IRS audit notice. Som

Today TaxMama® wants to have a little fun while I am waiting for all my emails to download. During our Thanksgiving vacation, I had time to do some reading. Let me introduce you to Diane Kelly, a CPA and writer – and her very interesting protagonist,

Today TaxMama® hears from Shar in the TaxQuips Forum, with this observation. “If you start an LLC and elect to have it be taxed as a C-Corp, does this election require you to follow all the ongoing requirements of your state for maintaining a C-Corp (

Today TaxMama® hears from John in the TaxQuips Forum, with this quick question. “Can a new marijuana business in CO and WA declare business deductions on a federal tax return?” Good question John. Clearly, they can on the state return. But sinc

Today TaxMama® hears from Matt in the TaxQuips Forum, who asks a common type of question. “I would like to know if an LLC can also be an S Corporation and what the tax advantages would be?” Hi Matt, Yes, an LLC can elect to file as an S Corp.

Today TaxMama® hears from Mike in the TaxQuips Forum, who asks a logical question. “I sell collectible cards in NC. I collect sales tax on new product (such as a new pack of 15 cards). The question is, if I buy a single card from someone who just boug

Today TaxMama® hears from Ed in the TaxQuips Forum, who is concerned “I was a beneficiary of my father’s IRA in 2009, after he died. I took out the entire amount at that time and paid the taxes due. Everything I read on the web indicates that I do no

Today TaxMama® hears from Asal in the TaxQuips Forum, who asks a simple question. “Did you know how many people in the United States owe back taxes?” Yes Asal, I do. While I wait for Asal to expand on his question – or tell us what he really

Today TaxMama® hears from Monica in the TaxQuips Forum, who needs to make a decision. “My tax status is single, no dependents. I plan to undergo $10,000 out-of-pocket medical procedure. Please consider these scenarios. If done in 2012 with an adjusted