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*** Ask TaxMama Volume 7, Issue #295 Feburary 11, 2005 ***
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Deadlines LOOMING - http://taxmama.com/taxcalendar.html
02.15.2005 File new W-4 with Employer if you claimed exempt
in 2004
02.14.2005 Employers Make monthly Payroll tax deposit
02.28.2005 File W-2's with Social Security Admin
02.28.2005 File 1099's with IRS
02.28.2005 File City of L.A. Business License/Tax Form
02.18.2005 Get 2004 Corp Data to me to file on time
03.31.2005 California
Tax Amnesty ends
http://www.taxmama.com/AskTaxMama/294/article2.html
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VISIT OUR JOBS PAGES http://taxmama.careerbank.com/
Check out the 2004 Salary Survey results to see where you stand.
Washington DC needs a Deputy Chief Financial Officer for $100k+
http://taxmama.careerbank.com/seeker/view_job.cfm?id=118403
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Dear Family,
Tax Amnesty started in California last week.
One of my clients went in to a Franchise Tax Board
office with his application. He paid up his past due
balance. And they handed him his paid in full
documentation for his new lender, on the spot.
He saved over $10,000 in penalties and related
interest. So, if you owe California for past years,
deal with it now. It'll save you a bundle.
The guys at Quicken sent me some software to test out
and write about. It's the new Quicken Rental Property Manager.
http://snipurl.com/cp4j
I've taken a quick look at the demo and there are
things about it that I like. For instance, the product
manager PROMISED that when they upgrade it, all the old
software will still work with the new software - unlike
the company policy on QuickBooks updates.
But I'm not ready to do a review of it until I can look
at the other tools on the market. Are you using something
that you particularly like, to track your rental income
and expenses? Tell me about it - good or bad, please.
mailto:asktaxmama@taxmama.com?subject=RentalSoftware
On to more fun things -
Since you seemed to like last week's financial pranks
http://www.taxmama.com/AskTaxMama/294/money_funnies.html
I thought, this week, I'd give you some games to take
up more of your time at work. But, be strong. Play with
those links only at home. (See today's Money Funnies.)
Monday is Valentine's Day - you still have a little time
left to order flowrs, or cuddly bears or candy, or...
http://snipurl.com/cp4a @>----in@>----ou@>----
t@>----he@>----it@>---- s@>----tend it whenever you visit,
to keep it healthy - like your relationship.)
Best wishes,
Eva Rosenberg, EA
Your TaxMama is watching...out for you.
P.S. THE BOOK is out - if you're in business,
you need it!
http://www.taxmama.com/AskTaxMama/book/
P.S.S. Drop by TaxMama's Shopping pages
http://taxmama.com/resources/shopping.html
P.P.S. TaxMama is scheduling speaking/teaching
engagements for summer 2005. (Calendar is filling up)
mailto:taxwriter@gmail.com?Subject=Speak4Bucks
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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!
Did
you?
Play a simple, two minute game and learn what tax professionals call
"the most overlooked tax deduction in America." ItsDeductible will put
$300 to $1200 back in your pocket -- guaranteed -- or your money back.
http://1deg.net/ht/id1/taxmama/
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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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Media Tour
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Reserver the date! March 23, 2005 at 1:00 p.m. Eastern Time
[We'll be testing out a new, live online teaching tool]
Taxes Issues for Internet Businesses
[details to come]
Tune in to your morning TV shows on the Ides of March
(March 15th) to see Eva popping up all over.
Jim Blasingame - the Small Business Advocate.
http://www.smallbusinessadvocate.com/cgi-bin/archivesbybtsub.cgi?bt=222&sub=-1
Tune in to Mike Kavanagh at WSB Radio in Atlanta, and on CNN.
http://wsbradio.com/about_us/moneymattersshow.html
http://www.moneybulletin.com/Detailed/300.shtml
Coming soon - weekly radio show in the MoneyRoom...stay tuned
[Yes, someone kindly pointed out that my TOOTS pages
haven't been updated since 2003. Sorry - been too busy
living to write about it.)
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Tax-Free Rewards - Frequent Flier Miles
If you were reading Tim Winship's FrequentFlier.com
you'd be traveling free this summer
http://frequentflier.com/cgi-local/pl.cgi?sub
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President Bush and Social Security
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If you want to express your own opinion on Social Security
to President Bush and your legislator's, please feel free
to use the link at the bottom of this letter:
http://taxmama.blogspot.com/2005/02/open-letter-to-president-bush.html
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Daughterly Dependent
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From: Kentucky
Dear TaxMama,
My daughter got married this year but she still
lives with me. She is disabled. Her husband filed
his taxes married filing joint.
Can I Claim her for the EIC?
If so how do I do It.
Sharon
<TaxMama Replies>
Dear Sharon,
In a word - NO!
That would be asking for a tax fraud investigation.
Come on, Mom, you know better than that.
She's married. They're filing jointly.
What does that tell you?
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
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Delaware Corporation
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From: Italy
Dear TaxMama,
We have just opened a Delaware Corporation and
a US Bank account. It is a sole owner Corporation:
No activities, offices or clients in the USA.
Do we have to file a Federal Tax Form each year?
Giovanni
<TaxMama Replies>
Dear Giovanni,
You bet you need to file a US tax return.
You opened that corporation in order to have a
US bank account, probably to accept Visa and/or
Mastercard purchases from US residents.
All the activities that run through that bank account
are US activities.
As to Delaware, you simply need to file an annual
Franchise Tax report and pay an annual fee.
Sorry to be the bearer of bad news.
But US corporations do come with a price.
Besides, what it this? You want to collect money
from Americans using US credit cards; but you
don't want to pay back your share of the taxes
on our purchases? Hey, buddy, that's simply
un-American!
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
The BOOK is out!
Small Business Taxes Made Easy - read all about it!
http://www.taxmama.com/AskTaxMama/book/
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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 POWER:SELF DEFENSE TRAINING is gaining POWER!
visit Share The Power - http://www.sharethepower.com
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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
==========
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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The Breakfast Special
or Micro Economics
101
We went to breakfast at a restaurant where the
special was two eggs, bacon, hash browns and
toast for $1.99. "Sounds good," my wife said.
"But I don't want the eggs."
"Then I'll have to charge you two dollars and
forty-nine cents because you're ordering a
la carte," the waitress warned her.
"You mean I'd have to pay for not taking the
eggs?" my wife asked incredulously. "I'll
take the special."
"How do you want your eggs?"
"Raw and in the shell," my wife replied.
She took the two eggs home.
----
Bonus: Things to Take Up Your Time
Reflex
http://oos.moxiecode.com/examples/reflex/
Throw Rocks
http://www.davidandgoliathtees.com/games/throwrocks.html
WorldWinner - word games, skill games, sports
Compete for free - or win money
http://www.worldwinner.com/cgi/welcome/21jus
Have you seen the real casino games online?
http://www.LuckyNugget.com/RFBPromo260105__s||aff59990__b||lnc_
(NOT AT WORK! Remember to report your winnings.
Yes, these folks can be counted to pay you.)
----
Contributed by Joyce Ragels, EA in Arizona
and Ziva Herzog in Israel
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IRS and Tax NEWS
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Courtesy of IRS - Assorted News
1040 TeleFile and 941 TeleFile will sunset August 16th, 2005.
These filing methods will no longer be available after the
extension due date for 1040 TeleFile and the 2nd quarter
due date for 941TeleFile.
So, if you file for a second extension on your tax return,
you may still use e-filing and paper tax returns - but not
your phone's keypad.
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Honda Vehicles Certified for Clean-Fuel Vehicle Deduction
IR-2005-14, Feb. 10, 2005
WASHINGTON — The Internal Revenue Service has certified
the model year 2005 Honda Insight, the Honda Civic Hybrid,
and the Honda Accord Hybrid as being eligible for the
clean-fuel vehicle deduction. This certification means
that taxpayers who purchase one of these hybrid vehicles
new may claim a tax deduction of up to $2,000 on Form 1040.
Under the recently signed Working Families Relief Act of
2004, the clean-burning fuel deduction is up to $2,000
for certified vehicles first put into service in 2004
and 2005. The deduction will be limited to $500 for
vehicles placed in service in 2006. No deduction will
be allowed after 2006.
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This is one woman who's done well.
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---
New Year's Resolution Time - Budgets!
Money For Life, a novel about budgeting...
along with some interesting tools for you.
http://giftsurf.com/Specials/Money4Life.pdf
--
For more:
http://taxmama.com/workshops/
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Not-So-Fr*e Books
-------------------------
http://taxmama.com/resources/shopbook.html
eBook - TaxMama's Secrets:
Ten Businesses to Start Online Without Spending One Thin Dime
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For more:
http://taxmama.com/resources/shopbook.html
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TaxMama On the WWW & Tooting Her Own Horn
http://taxmama.com/toots/index.html
TaxMama is teaching - in person and Online:
http://taxmama.com/toots/meettaxmama.html
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Critical Dates http://taxmama.com/taxcalendar.html
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