We have a winner! See comments! Our next tax trivia question is: The US has tax treaties with 67 countries. How many of those has taxgirl visited? Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?
We have a winner! See comments! Our next tax trivia question is: Who said: What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin. Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?
It’s Fix the Tax Code Friday! This week, I’ve been fielding a number of questions about forms 1099-C (debt cancellation). Under the Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA), qualified taxpayers receive an exclusion of up to $2 million (or $1 million MFS) of debt forgiveness on a principal residence if a home has…
Taxpayer asks: Can I claim my foster child as a dependent? Taxgirl says: Yes, assuming that your foster child meets all of the other dependent criteria. Keep in mind that, according to the Internal Revenue Service (IRS), a child is considered to be a foster child so long as he or she has “been placed…
Expense it! In 2008, businesses can expense up to $250,000 of §179 property instead of depreciating. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)
We have a winner! See comments! Our next tax trivia question is: Which comedian joked that if you actually read the entire Tax Code, you’d probably find a sex scene? Don’t forget: the first correct answer wins free CCH tax prep software. What’s your guess?
Taxpayer asks: Hi Tax Girl, I thought I’d see our accountant today but she’s out, then I found out about you! My parents claimed me as a dependent in 2007 because they paid for my last semester of college (although I did work and live on my own most of the year). I was an…
In recent days, I’ve noticed a disturbing number of comments with *not so polite* (and that’s the nice term) references to folks based on their ethnicity and other physical attributes. Those comments have been deleted. You have the right not to like somebody for whatever reason you want, even though I may think it’s kind…
Senator Max Baucus (D-MT) isn’t a fan of limiting the itemized deductions for higher wage earners. I’ve said before that I’m not a fan of the idea and I don’t think it will pass in Congress. But Baucus has another idea. He’s asked Treasury Secretary Geithner whether the Obama administration would consider changing the current…
We have a winner! See comments! Our next tax trivia question is: In the midst of all of the current “politicians not paying their taxes” scandals, we forget that other high profile politicians have also been accused of tax evasion. So, a two parter (if you know the answer to both, please guess only once…