The Small Business Tax Help Blog

Archive for November, 2007

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United Way Helping You Get Bigger Tax Return

Those of us who are tax savvy may already know about the Earned Income Tax Credit, but the Pikes Peak United Way is here for those who are not. More than $60 million dollars went unclaimed in Colorado for the 2008 tax year. The Pikes Peak United Way wants to make sure we all get every penny this tax season.

Vegas PBS Recession Rx May 18, 2008 Part 3

Question: Estate income versus personal income?

My mother had an IRA, the money was moved the day before she died so it could be used to open her estate account, pay her bills, and mortgage plus funeral expenses. The estate account was opened a week after she passed away. I received a 1099R in her name, (not the estate) with her SSN
not her Federal ID number. Is this taxable income on her personal return? The money went into the estate? Or should it just be entered on the 1041 estate tax return? I do not know where the money in the IRA orginiated from to know what would be taxable. I don’t know if it came from my fathers life insurance when he passed or from when she sold her home.
This money went to pay her bills, mortgage and other expenses for her while the will was in probate.

Answer: If the money was moved before she died than it is your mother's taxable income not the estate's. But the value of the money will be needed to be included in her estate return as well. The 1041 estate return will be for the income that your mother's estate earned after her death. As far as taxability of the IRA, unless it's a Roth IRA, it's all taxable. And there is a limit as to how much can be put into an IRA on a yearly basis, so it is highly unlikely that the IRA money was from your father's life insurance or from when your mother sold her house. You used to have to have earned income in order to contribute to an IRA, and life insurance proceeds or sale of a house are not earned income.

Capstead Mortgage Corporation Announces Fourth Quarter 2009 Results

DALLAS----Capstead Mortgage Corporation today reported Core Earnings of $42,908,000 or $0.54 per diluted common share for the quarter ended December 31, 2009 compared to Core Earnings of $42,677,000 or $0.56 per diluted common share for the third quarter of 2009.

Remarkable Estate Maureillas Property Languedoc

Question: I was self employed for 2007 AGI was $7244 tax liability was SE tax of $1101 will i still get a rebate?

My only tax liability was self employment tax of $1101 my AGI was $7244 and I have a qualifying child will I get a tax reabte?
My only tax liability was self employment tax which falls on lines 58 and 63 of form 1040 not lines 44-57

Answer: yes.

How the New Wealth Taxes Will Hit You

The health-care bill that Congress passed in March contained two surprising new taxes to help pay for the changes. Here's how they work.

Question: Executor of mother’s estate-condo-cleared about $87000-probated. Split equally with 3 sibs. What tax forms?

Trying to find out if I have done everything properly. I opened a business account with a EIN#. Wrote 4 equal checks dividing the probated condo money and about $16,000 of my mother’s personal bank account money which was already in my name too. Checks were approx. $26,000 each. Is there anything I have to do tax wise? Like provide any information to the IRS or my siblings for tax purposes. We all live in Ohio except one in Florida.

Answer: The basis of the condo is stepped up to the fair market value as of the date of your mother's death. If you sold it shortly thereafter, after figuring in sales costs, you may actually have a long term capital loss for tax purposes. You should file a fiduciary income tax return, IRS Form 1041 to report the sale and distribute any "paper proceeds" to the beneficiaries.

NEWS / AKTUELLES

Die rekordbrechende Kälte in Florida und anderen Teilen des Südostens treibt die Preise und die Nachfrage für alles von Tomaten bis Erdbeeren nach oben, die aus Kalifornien und Mexiko geliefert werden.

florida urlaub ein traum

Question: Anyone do their own nanny tax?

I’m a first-time nanny employer. So I do really need an EIN if the nanny decides not to have federal taxes withheld? I live in Nevada so no state income tax is needed. I’m trying to do this myself to save some money. I realize that I need to worry about FICA. Any help to ease this process would be appreciated. Thank you.

Answer: You don't have to get an EIN, you can use your SSN.

Tax steps household employers need to take

Don't forget taxes when hiring household help. That nanny, gardener or home nurse will cost you more than salaries.

Mex Immigration_0001.wmv