Today TaxMama hears from Karla in the TaxQuips Forum, with this question. “Is the loss on surrender of life insurance deductible on 1040?” Dear Karla, It’s not clear why you would have a loss when you surrender a life insurance policy. Of co

Today TaxMama hears from Karen in California in the TaxQuips Forum, who tells us. “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for

Today TaxMama hears from Chris in the TaxQuips Forum, who puts out a challenge to TaxMama. He says, “Tax mama has advice for business owners. But how does an individual get more money on their paychecks?” Dear Chris, Goodness have I been neglec

Today TaxMama wants to discuss a tax issue that will affect tax preparers, certain taxpayers – and perhaps your friends and relatives around the country. Same-Sex marriage. Please don’t turn away because the topic is odious to you. You probably know

Today TaxMama hears from Bill in the TaxQuips Forum, who is angry “I don’t want to pay a fee nor spend my time and money on exams and continuing education that I do not choose. I spent my money going through H&R Block tax courses and subscribe to mag

Today TaxMama hears from Terri in the TaxQuips Forum, with an delightful problem to have. “What is the best way to reduce the tax consequences of inheriting land? The person inheriting the land is not related to the owner. He could possibly marry her

Today TaxMama hears from Karol in the TaxQuips Forum, with an odd question. “I have a paid internship in the Rhode Island state vocational rehabilitation agency and they pay me $11 an hour (I work the most 35 hrs/wk) without taking out taxes. I am worr

Today TaxMama hears from Rob in the TaxQuips Forum, who couldn’t get IRS to answer him. “I am adjusting a 2006 return using the 3115 Form per your guidance. The Real estate is 1974 property where we used ACRS, 125% and 20 years. For the step-up do

Today TaxMama hears from Alex in the TaxQuips Forum, with this issue. “I am the worship leader at my church and am currently paid a salary of $6,000 a year without taxes taken out. I also just recently took on a short term job in which I was hired as a

Today TaxMama hears from Dennis in the TaxQuips Forum, with a problem. “I have recently become Treasurer of a band booster organization and need clarification about quota accounts. They have a “quota” account for each student that is used for an a