News

IRS Increases 2011 Mileage Rates

Courtesy of IRS http://www.irs.gov/pub/irs-drop/a-11-40.pdf The following standard... 

So…Who Should Pay Income Taxes?

David Walker, a former Government Accountability Office head, thinks it’s a problem... 

Two Bad Tax Ideas for Creating Jobs

In Washington, bad ideas never go away. Now two old tax breaks have resurfaced with... 

Fifth Circuit Court Of Appeals Ruled That A 90-Day Letter Does Not Start If Mail Is Undeliverable

Pamela R. Terrell appealed the Tax Court’s order dismissing her petition for lack... 

CBO Updates its Report on the Looming Debt Crisis

Every couple years, the Congressional Budget Office publishes a very scary document,... 

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Articles

The Top Total Income Tax Rate on Corporate Profits, 1913-2011

Corporate profits are taxed under both the corporate and individual income taxes.... 

Tax Reform: The Wheels Are Beginning To Turn

In a contribution to the Christian Science Monitor, Donald Marron discusses strategies... 

Tax Reform In An Era Of Deficits

Tax reform should focus on three goals:1) reducing needless complexity, 2) reducing... 

Health Reform: A Four-Tranche System : Updated and Revised

This package of tables considers interactions between four different provisions of... 

Tax Policy and Small Business : Before the U.S. House of Representatives Subcommittee on Select Revenue Measures, Committee on Ways and Means

Donald Marron’s testimony before the U.S. House of Representatives Subcommittee... 

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Questions & Answers

Ask TaxMama Issue 605 Happy Summer

Dear Family, This week is officially the beginning of summer! Don’t you love this time of year? Our legislators leave the Capitol and run home to their constituents to see what we want them to do. They pass fewer tax laws to distract and confuse us. Considering there were over 500 changes to the U.S. Tax Code last year…we certainly could... [Read more of this review]

Tax Deductions for Scuba Diving

Article reprinted with the permission of W. Murray Bradford, CPA QUESTION: I sell property and casualty insurance in Florida. I also like to scuba dive. I would like your opinion on whether or not the following is deductible. I spent five hours with a prospect. First we went on a dive, then we spent two hours at dinner, where I asked the prospect... [Read more of this review]

IRS Increases 2011 Mileage Rates

Courtesy of IRS http://www.irs.gov/pub/irs-drop/a-11-40.pdf The following standard mileage rates will apply: January 1 – June 30: 51 cents per mile for business miles driven July 1 – December 31: 55.5 cents per mile for business miles driven January 1 – June 30: 19 cents per mile driven for medical or moving purposes July... [Read more of this review]

This is How it All Began, Really

In ancient Israel , it came to pass that a trader by the name of Abraham Com did take unto himself a young wife by the name of Dot. And Dot Com was a comely woman, broad of shoulder and long of leg. Indeed, she was often called Amazon Dot Com. And she said unto Abraham, her husband: “Why dost thou travel so far from town to town with thy goods... [Read more of this review]

He Bought the Farm

Today TaxMama hears from Barb in the TaxQuips Forum with a simple question. “The farmer is selling his farm, and everything on it, to his son for $1. The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797? <!-more-> Dear Barb That’s not a sale. It’s a gift. If this... [Read more of this review]

Bride Files Alone

Today TaxMama hears from Nancy in the TaxQuips Forum with several questions. “I am to be married this year. I am going to file as married, filing separately (MFS). Can I claim my husband since he is disabled and collecting social security disability? Also I understand that I cannot mix the standard deduction and itemizing on Schedule A. What... [Read more of this review]

Bonus Depreciation

Today TaxMama hears from Scott in the TaxQuips Forum with this question. “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties? <!-more-> Hi Scott, When it comes to bonus depreciation and Sec 179 depreciation... [Read more of this review]

Who Gets Mortgage Interest

Today TaxMama hears from Tiffany in the TaxQuips Forum who is upset with H&R Block. She tell us “My boyfriend and I own a home. Both of our names are on the deed and on the 2 mortgages we have on the house. We each file our own tax return… Since both of our names are on the forms – can’t we alternate years on who takes... [Read more of this review]

Ask TaxMama Issue 604 Happy Fathers Day Weekend

img class=”alignleft” style=”margin: 10px; border: 0px;” src=”http://taxmama.com/AskTaxMama/313/313_header.gif” alt=”” /> Dear Family, This weekend encompasses Fathers Day – so here’s a special card for all the fathers and folks who love them. Watch it play out – these Jacquie Lawson... [Read more of this review]

The IRS Loosens up and Asks for Feedback

The IRS has been busy this week, providing more time for financial professionals who had signature authority over clients’ overseas accounts through 2008 (before 2009) to catch up on reporting requirements to comply with FBAR disclosures. They now have until November 1, 2011. As a result of all the disasters in Missouri earlier this year, IRS... [Read more of this review]

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