Today TaxMama hears from Karen in the TaxQuips Forum who needs to settle an issue. “My husband and his brother jointly own a second home (both names are on the title). But my husband paid the property taxes from an account titled only to himself. Can b

None of us enjoys paying taxes. We see the very rich layer of society getting away with murder financially and naturally want the same privileges in life. Besides, getting something for free always holds appeal. As a result, tax return schemes get ever

Today TaxMama hears from Michael in the TaxQuips Forum who wants clarification. “I drive a lot. Is there a maximum dollar amount I may deduct for my vehicle expenses?” Hi Michael, No, there is no maximum amount you may deduct. If you can prove

Today TaxMama hears from Bruce in the TaxQuips Forum with this hopeful question. “I have a sole proprietorship based in CA. During 2010 one of my customers was located in Texas and I traveled to Texas to provide services. Should I report the income I

Today TaxMama hears from Nunya in the TaxQuips Forum who was advised by an EA “that typically she prefers accrual, but I can’t really recall for sure or why. She was giving a small [business] seminar.” Dear Nunya, Ever since I read your note

Today TaxMama hears from TW in the TaxQuips Forum who wants an update. “Does any one know how much is the tax on stocks gains and dividends earned from stock.” Dear TW, Now that we have a new law, the federal maximum tax on long-term capital ga

Today TaxMama hears from Jared in the TaxQuips Forum,who is confused. “What are the guidelines for writing off a new commercial van? I need a big deduction. Can I write off the whole thing? I have been to many sites – and even the IRS site is differe

Today TaxMama hears from Christy in the TaxQuips Forum,with this question. “Just wondering if mortgage insurance would be deductible if not included on form 1098 from the lender? The client purchased the home in 2007 and has a loan balance for 09 of $2

Today TaxMama wants to talk to you about Affiliate Marketing. Yesterday, I was interviewed by Lisa Picarille for her Geekcast.fm broadcast and the Performance Marketing Association website. You may not be familiar with this entire universe of opportunitie

Today TaxMama hears from Haley in the TaxQuips Forum, who is working on an Offer in Compromise. “Is there a method for obtaining a fair market value (FMV) for a Time Share property? I would hate to report the full purchase as the FMV on the 433-A, but d