Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home. It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more. Should I refinance at today’s rates? I co

Today TaxMama hears from Russel in the TaxQuips Forum who wants clarification. “At the end of the show on KFWB 980 today (10/31) Bob McCormick asked you a question regarding small businesses employing spouses. I missed the answer. If a spouse is emplo

  Today TaxMama hears from someone in the TaxQuips Forum with another question about a barter. Rather than going into the details of her question (which you can read here), let’s talk about hypothetical questions. Dear Family, It’s a funny t

Today TaxMama hears from Seth in the TaxQuips Forum who is recovering. “I had an accident where I sustained multiple fractures (pelvis, ribs, and wrist). My medical insurance will pay 80% of my bills, which is great. In addition, I have personal accid

Today TaxMama hears from Cathy in the TaxQuips Forum with this question. “Are taxpayers required to file Form 982 when their Principal Residence is foreclosed on? If so, would they check off Part 1, 1e “Discharge of qualified principal residence indeb

Today TaxMama wants to ask you. “What is your most terrifying tax tale? What is the worst thing that IRS or your state tax agency ever did to you? Or the most embarrassing thing? Did your ex-spouse or ex-lover get you in trouble? Or did your tax profess

Today TaxMama hears from Jude in the Tax Quips Forum, with a wise question. “After reading about how barter and other unthought-of things are considered taxable, I started wondering. Are any of the following considered taxable – and how much is worth

  Today TaxMama hears from Carrie in the Tax Quips Forum, with a common question. “I am reading through your new edition of Small Business Taxes Made Easy and want to clarify. Should I treat my new network marketing business as a sole proprietorship

TaxMama hears from Ann in the Tax Quips Forum, with a reasonable question. “A woman pays her 13 & 15 year-old children to do office copying, collating, help distribute flyers, and help put on story plays for their author parent. If she were to hire an o

Today TaxMama hears from Bret in the Tax Quips Forum, with an IRS rejection letter. To make a long story short – “IRS rejected his Lifetime Learning Credit for 2009 because the Form 1098-T showed –0- in box 1. And because his employer paid the expe