There are four categories of people who should be paying estimated payments: People who are self-employed People whose nonwage income is increasing (or expected to increase) in the current year People who have done well on the stock market People who have gotten a healthy inheritance (or other windfall), with assets that produce income Anyone [...]
Small business owners can take a tax deduction with the standard mileage rate. Excerpt from Small Business Taxes Made Easy by Eva Rosenberg. Autos, trucks, vans, minivans, trailers, SUVs, whatever you’re using, it’s probably one of your most costly assets. It’s also your best source of business deductions, since you’ve got to have a set [...]
Tax tips for small business owners. Excerpt from Small Business Taxes Made Easy by TaxMama Eva Rosenberg. Get more advice for filing taxes from TaxMama’s posts on the Equifax Finance Blog. Keep all tax returns forever. Ignore what anyone else tells you. There have been too many times that the IRS or the state has [...]
You sent off your tax return last month, expecting to be done filing taxes. But what do you do when you receive a letter back from the IRS? Don’t panic. Often, communication from the IRS can be resolved quickly. However, there are some people who don’t even open mail from the IRS. They are so [...]
During the last two weeks of tax season, TaxMama got some heartbreaking requests for information from people who had done things in 2011 that couldn’t be fixed when filing taxes. Perhaps these are things you’re also thinking of doing right now? Let’s learn from their mistakes. First-time homebuyer credit errors The first-time homebuyer credit had [...]
Women are caring and nurturing creatures, but we can sometimes be taken advantage of. Read on to learn about two ladies who fought their own tax battles and the lessons we can learn from the mistakes they made in filing taxes. Crazy cat lady takes on the IRS Ms. Jan Elizabeth Van Dusen is a [...]
It’s bad enough having to face paying a fortune in taxes—there’s no reason to also get stuck paying penalties when filing taxes. Yet many people just don’t review their financial status or withholding during the year—and they end up coming up short over and over again. Although the IRS offers a delicious menu of penalties [...]
A good friend once told me, “Free is worth the paper it’s written on.” You’ve likely heard all the warnings about how there’s no such thing as a free lunch. Is this equally true when it comes to free tax preparation and tax filing services? Let me give you some good news—there really are some [...]
After 20 years of working with the same clients, it still astonishes me that every year the very same people forget to bring the very same documents to me when they are filing taxes. One of the nice things about working with a tax pro is the organization that he or she can offer you. [...]
This article was written by guest blogger Eva Rosenberg. A couple of months ago, someone wrote to TaxMama®, utterly shocked when he got his W-2. Early in the year, his company had relocated him from his home state to a different state. Somehow, the payroll department never changed his state withholding to his new location. [...]
