December 31, 2004 - Last day to open KEOGH for 2004
December 31, 2004 - Last day for charitable contributions for 2004
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VISIT OUR NEW JOBS PAGES http://taxmama.careerbank.com/
Check out the 2004 Salary Survey results to see where you stand.
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Dear Family,
The lines at the post office are really long.
If you can, use their new self-service stations
in the P.O. Box area. I suspect most post offices
offer them.
Better yet, have UPS,FedEx or DHL pick up all your
packages from your office and whisk them away.
No lines, no hassles.
On the other hand...you might want to consider
giving the most precious gift of all. It doesn't
require mailing or gift-wrapping. Or standing in line.
Your time.
Simply write a friendly note to the people you care
about offering to give them a day of your time. They
decide how to spend your time. And on that day, you
turn off your cell-phone, pager and other enslavements,
and give that person 100% of your attention and energy.
It may involve a picnic, or running errands for them,
or helping them clean up...It might involve a ballpark
or amusement park, or a walk in the park.) Whatever you
end up doing with this person, even if it's a friend or
family member you're not as close to as you'd like to
be, you'll find yourself creating a special memory that
you'll both have forever. Usually...anyway.
Have a wonderful holiday time.
Some of you have sent some comments and arguments
that I thought were wonderful. I haven't had time
to respond. Frankly, I've simply been slacking off.
But I will. When I return.
Please save your tax questions until the first week
of January. I'll be off on holiday visiting family
and friends - and won't have Internet access.
If you really need help quickly - please, call your
tax professional's office. Though, they may be gone
for the holiday season, too.
Best wishes,
Eva Rosenberg, EA
Your TaxMama is watching...out for you.
P.S. Remember, TaxMama's Secrets is now available on CD http://www.cafeshops.com/taxmama.6819226
P.S.S. Drop by TaxMama's Shopping pages http://taxmama.com/resources/shopping.html
P.P.S. TaxMama is starting to schedule speaking/teaching engagements for next
year.
http://www.speakermatch.com/showcase/speakerinfo.asp?id=-667529472
P.P.S. If you're using spam blocker software, please add
taxmama.com to your approved list. I don't have time
to keep responding to each request for authentication.
I get hundreds.
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To comment on any articles in this issue, please,
DON'T send me back the whole issue. Send a note to
mailto:taxmama@taxmama.com?subject=AskTaxMamaComment
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ADDRESS CHANGES - Please, do NOT send them to me to do.
There is a link at the bottom of this issue. Please click
on it and you will be able to make updates and changes
yourself. And faster.
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In 2003, Americans OVERPAID their taxes by more than $500 MILLION!
Play a simple, two minute game and learn what tax professionals call "the
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To establish the basis of your donated vehicles -
Or to research price quotes and vehicle information
use EDMUNDS .com
http://www.jdoqocy.com/click-241922-10364151
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Radio Tour
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Tune in to Mike Kavanagh at WSB Radio in Atlanta, and on CNN. You'll be hearing
tax tips starting in January. http://wsbradio.com/about_us/moneymattersshow.html
http://wsbradio.com/features/2004_tax_tips.html
Coming soon - weekly radio show in the MoneyRoom...stay tuned
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New IRS Balance Due Notices
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The question came up last week.
http://www.taxmama.com/AskTaxMama/288/article1.html
I am still waiting for IRS to make a decision,
though, I'll admit that I haven't had time to
pester them this week.
Stay tuned.
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Tax-Free Rewards - Frequent Flier Miles
Visit Tim Winship's FrequentFlier.com to get lots of them
http://frequentflier.com/cgi-local/pl.cgi?sub
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Year-End Tax Tips
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Most of the old tips are still sensible.
http://taxmama.com/Articles/taxsmart.html
However, this year, you may want to test your tax
liability before you pre-pay property taxes or
increase your itemized deductions. So many people
are now affected by the Alternative Minimum Tax
limits that increasing your deductions will make
no difference at all. You may as well save them for
next year.
Of course, this year, you may still get that $25,000
deduction for the gas-guzzlers. May I suggest that
you don't rush out to take advantage of that tax
loophole unless you really, really need car like that.
Otherwise, all you're doing is getting short-sighted
tax deduction this year - and saddling yourself with
high car payments and very high operating expenses
(gasoline, insurance, maintenance and incidences of
theft).
This is the last year you get the easier to figure
auto donation. So, if you've got a vehicle sitting
around that you don't want or need - donate it before
December 31st. Just in case there's a big rush on
last-minute vehicle donations, and they may not be
able to pick it up - take it down yourself.
Run the numbers, though. If it looks like you can't
use the deduction - give the car to someone who can
and let them make the donation.
Read the two pages of Business Tax Savings Tips http://taxmama.com/Articles/taxsmart3.html
Sure, they're all from 2002...but they're mostly
still good - especially the parts about gathering
your receipts and doing the bookkeeping. You'll be
away from work for a while. If you have a business,
this is probably a quiet time. Use some of it to
get yourself up to date.
I am hearing from a lot of people who've had profits
on the stock market lately. They're shocked, it's
been so long. Hardly anyone remembers what to do
about it. But let me give you a clue. You have all
those old capital losses you're carrying forward.
See how much loss you already have. You may be able
to absorb all of this year's capital gains with
your loss carryforwards. If not, check out the rest
of your portfolio. This is a good time to finally
dump those promising stocks who've lost their promise.
Dumps those bums. If they haven't bounced back since
April of 2000...time to send them away. (spelled
Janus Technology.) (I speak to you as much as to me.)
The TurboTax folks have some tips here: http://www.turbotax.com/articles/Top10YearEndTaxTips.html
But...do not roll your IRA's over to ROTHs. Please,
please. I've been getting calls about that. Why ever
would you want to pay tax in advance? Let the money
in your IRAs build up until you retire - and you're
not getting your salary any longer.
Ray Martin ads a tip about giving gifts.
He reminds you that you may give $11,000 gifts to
anyone, gift-tax-free. Please, remember me...
http://cbs.marketwatch.com/pf/taxes/default.asp?id=5&siteid=mktw
I must to tell you, most of the other tips columns online
that I've sought out, aren't offering any other brilliant
new insights either.
================================================
Hey! Look at your teeth. Come on - get them cleaned. http://www.qksrv.net/click-241922-8219039
=================================================
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Canadian Drugs
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We're hearing a lot about people getting drugs offshore
in Canada or Mexico because they are so much cheaper
than drugs in the US.
For many people, being able to buy the less costly drugs
may mean they get to live another month. But, it's illegal.
Got that. In this land of the free and free-trade, and
with our right to life, liberty and pursuit of happiness,
our rights are hampered because of corporate profits.
The administration is dead set against allowing Americans
to shop outside our borders because of safety considerations.
http://www.chron.com/cs/CDA/ssistory.mpl/nation/2958975
So, let's see, the drugs are safe enough for Canadians to
use, but Americans might die? You lost me on this one?
And who the heck ever said we can't shop anywhere we darn
well please in the free world? What idiot came up with that concept.
The IRS Regulations - Reg. 1.213-1 has decreed that it is illegal to take
the cost of those medications as medical
deductions on your tax returns.
Not only that, but the costs of those drugs may not be
reimbursed by your Flexible Spending Account.
Frankly, I think is restraint of our freedom.
This sounds unconstitutional to me. But, hey,
what do I know? I'm only a poor taxpayer.
And if it were me, and I needed to get treatment, and the
best place to get it, or the only place I could afford,
is out of the country - I'd get the treatment and fight
for the tax deduction later.
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Because We Care
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Don't let yourself or your friend feel helpless.
Share the Power - SCHOLARSHIPS FOR SELF-DEFENSE TRAINING AVAILABLE SHARE THE
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A.N.G.E.L.S. DAY
Helping Seniors keep their pets
http://angelsday.org/
Talk to Linda Baker for more information
(310) 680-0798 LBaker6343@aol.com
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The Jeremiah Society asks "Who Will Care for the Children?"
Today, many of these people outlive their parents. And therein
lies the problem. Once their loving caregivers are gone, who
will care for them? And will they be able to care for themselves?
The Jeremiah Society, is working to help enhance and enrich the
lives of developmentally disabled teens and adults in the Jewish
Community Please Call Rose Lacher, (714) 997-8193
http://www.jccoc.org/adults.html
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MONEY FUNNIES
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A Tough Old Cowboy
A tough old cowboy once counseled his grandson
that if he wanted to live a long life, the secret
was to sprinkle a pinch of gunpowder on his oatmeal
every morning.
The grandson did this religiously and lived to the
age of 110. He left 4 children, 20 grandchildren,
30 great-grandchildren, 10 great-great grandchildren
and a fifty-foot hole where the crematorium used to be.
----
Courtesy of Betty Briggs, EA in Arizona
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IRS NEWS
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2005 Ford Escape SUV Certified for Clean-Burning Fuel
Deduction
If a taxpayer buys a certified clean burning fueled
vehicle, a tax deduction is available.
The IRS has certified in New Release 2004-147 the 2005
Ford Escape Sport Utility Vehicle as a clean-burning
fuel vehicle eligible for the $2,000 tax deduction.
Previous certifications have been released for the
Toyota Prius for 2001-2005, the Honda Insight for
2000-2004, and the Honda Civic Hybrid for 2003-2004.
Purchases of qualified cars in 2004 & 2005 receive the
full $2,000 deduction. Purchases in 2006 receive only
25% of the deduction.
This text has been shared with you courtesy of: David
& Mary Mellem, EAs & Ashwaubenon Tax Professionals, 920-496-1065 (fax
920-496-9111) davidmellem@yahoo.com, davidmellemea@yahoo.com, marymellemea@yahoo.com,
and marymellem@yahoo.com
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For more:
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