Twitter Tax Tips #6
Remember to report alimony received as income, alimony paid as a deduction but child support? It’s tax neutral. #TwitterTaxTip
(For more on twitter tax tips, see my prior explanatory post.)
Remember to report alimony received as income, alimony paid as a deduction but child support? It’s tax neutral. #TwitterTaxTip
(For more on twitter tax tips, see my prior explanatory post.)
Hear that? It’s the sounds of the Internal Revenue Service (IRS) trying to retroactively impose rules on stimulus checks being paid out under the CARES Act. The latest target? Incarcerated persons. On May 6, 2020, the IRS posted the following FAQ on its website: Q12. Does someone who is incarcerated qualify for the Payment? (added…
Talk about the naked truth. Fans of beleaguered artist Ai Weiwei have tapped the power of the internet to show their support… by posing naked. Ai Weiwei was charged with tax evasion earlier this year, a charge that he claims is related to his outspoken criticism of the Chinese government. He was able to raise…
I opened up my calendar this morning and had to switch from the month view to the week view because all of my appointments were overlapping into some kind of freaky Ven diagram. My summer (which I thought would be slow) has been a whirlwind of activity, from client meetings to chauffeuring to and from…
Taxpayer asks: Dear Taxgirl: Do I have to file if I receive Alimony less than 8000 a year? and that is all I made? taxgirl says: The first part of your question is easy: you report alimony received on your federal income tax return no matter what the amount. There is no reporting threshold. The…
Here’s why people really hate Congress: these days, it’s all shenanigans. It’s not “what can I do for you?” so much as “what can I do for my friends?” It’s all backroom deals and sneaky tricks. And now we have another one to add to the mix. Rumor has it – and House Speaker John…
Taxpayer asks: My wife is a Girl Scouts Leader. Is all of her time and contributions to the troop tax deductible? If so, how? Taxgirl says: Okay, the bad news first: the value of your time spent volunteering for charitable organizations is never deductible. Ever. But there is good news! Out of pocket expenses relating…