April 15, 2005 - Personal Income Taxes Due (Form 1040)
April 15, 2005 - Partnership Tax Returns Due (Form 1065)
April 15, 2005 - Trust Tax Returns Due (Form 1041)
April 15, 2005 - Or get first extensions
April 15, 2005 First estimated payment for 2005 due
http://www.taxmama.com/Articles-cur/es.html
Remember - you can use EFTPS to make the payments
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JOB OF THE WEEK http://taxmama.careerbank.com/
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Be a Winner. Work for the Hoosier Lottery in Indiana. http://taxmama.careerbank.com/seeker/view_job.cfm?id=140484
Check out the 2004 Salary Survey results to see where you stand.
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Dear Family,
We had such a good time at this week's life conference.
Heck, even those who didn't come had a great time laughing
at me, trying to get the date and time right in the messages
on Wednesday and Thursday. My apologies to those who showed
up at eastern time. I am SO sorry. Read - Tax Conference, below,
And speaking of your questions...please, please, PLEASE,
if you want an answer - use the form on the site.
http://taxmama.com/subscribe/askform.html
You can find from any page on TaxMama.com by simply
clicking on the 'Ask' button on the aqua navigation bar
across the top of each page. There were a couple of
urgent questions I wanted to answer during the next
free moment...but they got lost in the garbage that
comes in. Using the FORM on the site will put your
question into a special folder on my computer where
I will find you. So, please, help yourselves. Do
something novel - follow instructions.
What a kick! Barry Pinsky from Merrill Lynch's Encino
office mailed me Shalach Manot - Purim treats.
http://www.aish.com/purimmitzvot/purimmitzvotdefault/Gifts_to_Friends_and_the_Poor.asp
This is such a beautiful tradition. I know, I've
talked about it in past years, but, still, it's
lovely. This is the reverse of Halloween. When
Jewish children go out in costume on Purim and knock
on doors, they are bringing treats, not asking for
them.
I was looking at some of the Purim sites to
arrange to send some things out to family or
friends far away. It didn't occur to me to
just put a plate of goodies together and mail
them. And why not?
What do you think? Should we create our own,
secular day or week to send people we care
about tokens of our love? Not things we buy
online - but things we package with our own
hands and enclose a personal note? Kind of
like Kwanzaa...only sooner. Got it!
Let's target August to do that. On
Thanks for all the Gifts Week. Mark your calendar! http://taxmama.com/editorials/ThanksForGifts.htm
Do you want to keep up with the Joneses?
Well, then make a point of using your refund
to pay down your debt and add to your savings.
That's what most people who responded to this
survey said they'd do: http://www.nrf.com/content/default.asp?folder=press/release2005&file=taxreturns0305.htm&bhcp=1
TaxMama's advice? If you have a large refund -
yes. DO pay down debt or save some of it - if you
have no debt. But DO reserve a part of that money
to do something fun, outrageous and wonderful!
Start turning tax time into a celebration!
Speaking of celebration - the book cover looks
so red and hot...I just had to put the logo on
everything - even a doggy t-shirt. Doncha love it! http://www.cafepress.com/taxmama/556909
Anyway, lots of good questions and humor today.
More next week...time to go speak with Humaira
at MuslimRadio.com ... a nice Jewish girl like me?
Absolutely!
Remember to spring forward this weekend.
And please, don't play any mean pranks on anyone!
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
**************************************************
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
**************************************************
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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Media Tour and Classes
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We're doing it again!
Sign up now! April 13, 2005 at 1:00 p.m. Pacific Time
YES, right before the 15th - so come join us.
The topic will be:
Recordkeeping and Organizational Tips - and Extensions.
You're invited to a live online class - as my guest
To register, please click here and "Take the Free Test Drive" http://taxclass.ipowerworld.com/ipowerworld/customerform.aspx
Once you have registered, please sign up for the class http://www.ipwseminars.com/day.php?cid=2&catid=2&d=30&m=3&w=5&wd=3&y=2005&s
=
And please download the complimentary Multimedia
Conferencing Software http://mdizone.net/ipowerworld/freeipwmember.html
[If you need help signing up, please contact Donna Woodbury.
You can reach her at donna.woodbury@gmail.com or 707.884.4696
Don't hesitate to contact her - she really IS eager to
help set you up.]
---
Join us on Saturday, April 9th at noon EST as I visit with Penelope Tzougros
PhD, ChFC, CLU on Wealthy Choices http://www.nationalradionetwork.com/
You can listen live online,
http://www.warpradio.com/popTuner.asp?id=13921
[Yes, it IS eastern time.]
----
If you want to hear a fun interview, tune in to Thursday
March 31st's Radio Islam interview with Humaira. http://radioislam.com/radioislam/
----
Read articles and columns at www.WomensWallStreet.com
where you can even join in the discussion about the questions.
[Coming soon: Columns on www.WomensRadio.com ]
[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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Quick Links to Online Filing http://www.taxmama.com/AskTaxMama/300/2005quicklinks.html
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How To Be Net Savvy - and Save Money http://www.taxmama.com/AskTaxMama/298/article1.html
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The Most Overlooked Resource By Small Businesses Today http://www.taxmama.com/AskTaxMama/297/article1.html
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-------------------------------------
Boring Things That Change Your Life
-------------------------------------
Monday morning, in an e-mail, a friend complained
about doing something very boooooooorrrriiiing.
And it started a train of thought that sent me all
the way back to this class I took in college that
I expected to be totally uninformative.
But I was curious.
It was a class in Judaism.
Now, you have to understand, by that point in my
life I had spent nearly 18 years in Jewish schools,
from the age of 2 in nursery - to Yeshiva University,
while I was still in high school. So, I knew the
class would be boring. But I wanted to know how a
university, in a secular environment, would teach a
course like this.
Wnat to know what happened? Click here. http://taxmama.blogspot.com
-------------------------------------
Tax Conferences - For You
-------------------------------------
We'll be holding another one in two weeks. For what
it's worth, mark your calendars. They will generally be
held at 1:00 PM PACIFIC time. (Disregard any other times
I send you - the correct time is 1:00 p.m. PACIFIC.)
You know how it works...do what I mean - not what I say.
The next topic will be about record-keeping and
organizational tips - because that's what everyone
requested. We'll be doing these free workshops every
two weeks - so, sooner or later, you'll get to join us.
[And after tax season, I'll figure out how to record them
and make them available on CD for those who want them.]
We'll be setting up a survey to get your requests for
topics you want covered - and your time preference for
these sessions. After tax season.
What I'd like to accomplish is to provide you an hour
every other week where you can get your tax and small
business questions answered - especially if I don't
get to them by e-mail.
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Fake CPA
-------------------------------------
From: The Internet
Dear TaxMama,
How does one go about reporting a person who
claims to be a certified public accountant but is not?
Thank you,
John
<TaxMama Replies>
Hi John,
Well it really would help to know what state you're
in. Then I could have pointed you to the right place.
Nevertheless, you can find it.
Go to your state CPA association's site.
Look up the phone number.
Call them up and ask them.
Also, if your state also licenses or oversees CPAs,
like California's Consumer Affairs department,
you could also report it to them.
And then, there is always your local TV station's
consumer affairs reporter.
This is pretty serious. People who pretend to be
something they're not (when they are not TV
characters) do much more harm than good.
If they were skilled enough to be the profession
they are professing - they could get licensed or
certified, or whatever.
If they can't get the license...what does that
tell you about their skills and experience?
When it comes to taxes and accounting - if you
rely on their advice, and they're wrong...and
you get called on it - you have no defense.
Their opinion and/or advice won't hold up.
Good luck!
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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Under $10
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From: South Bend, Indiana
Dear TaxMama,
Am I required to keep receipts for business
purchases of $10.00 or less, as proof of
purchase, for the IRS?
This would be in addition to a canceled check.
Tova
<TaxMama Replies>
Hi Tova,
It doesn't hurt to have those receipts.
Otherwise, that quickie business purchase of, say,
a couple of rolls of scotch tape might have taken
place at Sav-On. That's what the check says, right?
How does IRS know that the purchase was for
business and not medications, or personal items?
Just drop all those little receipts into an envelope
each month - and if you're ever audited and need
to prove that the check to Sav-on was for office
supplies - you will be able to prove it.
If you do a lot of running around for things like that,
just keep an envelope in the car and drop the slip in.
You'll get some other good tips if you listen to this
teleconference about tax tips and organization tools
for small and Internet businesses. It costs nothing -
listen! http://www.NitroTaxHelper.com/webcast.o/taxmama
And of course, you're going to find a lot of answers to
the kinds of things you need to know to run your business
in Small Business Taxes Made Easy
http://www.taxmama.com/AskTaxMama/book/
You know TaxMama' philosophy - discard no receipt before
it's time!
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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eBay Basis
-------------------------------------------------
From: Barnesboro, PA
Dear TaxMama,
I will be filing a schedule C this year for my
eBay sales.
But I have no cost of goods because I get my
items from my attic. I am selling things I have
collected over the years.
How do I determine a price to report to the IRS?
I don't remember what I paid for them.
Thanks Sally
<TaxMama Replies>
Hi Sally,
That's a very good question.
And after all, if you have them, you either bought
them, or someone gave them to you as a gift.
If these were things you bought, you might want
to pick up a copy of It's Deductible
http://1deg.net/ht/id1/taxmama/
IRS accepts those values as your cost when
you make charitable contributions. So, it stands
to reason that they will accept it for this as well.
As to anything not listed in there...make your
best guess on what you paid for it. You're more
likely to remember than anyone else. Right?
If you inherited it....well, what was it worth at
the date of that person's death? Do the best
you can to come up with reasonable numbers.
Do your best to print out the information you find.
You want to document your sources for your files.
If you have some basis for your numbers, IRS
will accept your reasonable values.
These two tools will help with the rest of your
record-keeping and tax reduction....and with
growing your business.
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
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Today, many of these people outlive their parents. And therein
lies the problem. Once their loving caregivers are gone, who
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The Jeremiah Society, is working to help enhance and enrich the
lives of developmentally disabled teens and adults in the Jewish
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http://www.jccoc.org/adults.html
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MONEY FUNNIES
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DID YOU KNOW ALL THIS? I SURELY DIDN'T.
As you walk up the steps to the building which
houses the U.S. Supreme Court you can see near
the top of the building a row of the world's
law givers and each one is facing one in the
middle who is facing forward with a full
frontal view...
it is Moses and he is holding the Ten Commandments!
DID YOU KNOW?
As you enter the Supreme Court courtroom, the two
huge oak doors have the Ten Commandments engraved
on each lower portion of each door.
DID YOU KNOW?
As you sit inside the courtroom, you can see the
wall, right above where the Supreme Court judges
sit, a display of the Ten Commandments!
DID YOU KNOW?
There are Bible verses etched in stone all over the
Federal Buildings and Monuments in Washington, D.C.
DID YOU KNOW?
James Madison, the fourth president, known as "The
Father of Our Constitution" made the following statement:
"We have staked the whole of all our political
institutions upon the capacity of mankind for self-
government, upon the capacity of each and all of
us to govern ourselves, to control ourselves, to
sustain ourselves according to the Ten Commandments
of God."
DID YOU KNOW?
Patrick Henry, that patriot and Founding Father of
our country said:
"It cannot be emphasized too strongly or too often
that this great nation was founded not by
religionists but by Christians, not on religions
but on the Gospel of Jesus Christ".
DID YOU KNOW?
Every session of Congress begins with a prayer by
a paid preacher, whose salary has been paid by
the taxpayer since 1777.
DID YOU KNOW?
Fifty-two of the 55 founders of the Constitution
were members of the established orthodox churches
in the colonies.
DID YOU KNOW?
Thomas Jefferson worried that the Courts would
overstep their authority and instead of interpreting
the law would begin making law, which would be an
oligarchy, the rule of few over many.
DID YOU KNOW?
The very first Supreme Court Justice, John Jay, said:
"Americans should select and prefer Christians as
their rulers."
How, then, have we gotten to the point that everything
we have done for 220 years in this country is now
suddenly wrong and unconstitutional?
----
Contributed by Blakely Sanford, EA in San Diego
[Now...where does that leave us Jews and Muslims
and ....?]
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IRS and Tax NEWS
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Courtesy of IRS
The Internal Revenue Service has provided you with
the proper rules for deducting the cost of lodging,
meals and other expenses when traveling away from
home for business, particularly when furnished by
the employer at no charge to the employee.
Meals and Lodging: In certain professions employers
provide meals and lodging at no cost for employees
away from home. No amount is deductible to the
employee on his/her personal tax return in this
situation because there is no out of pocket expense.
Incidental Expenses: An individual might be entitled
to an employee business expense deduction for other
expenses incurred while working away from home,
commonly referred to as “incidental expenses.”
Examples of incidental expenses include fees out
of pocket for:
Fees and tips given to porters, baggage carriers,
bellhops, hotel maids, stewardesses, etc.
Transportation to the place where meals are taken,
if meals cannot be obtained on site and if
transportation is not provided.
Mailing costs associated with filing travel vouchers
or payment of employer-sponsored charge card billings.
Incidental expenses do not include expenses for
laundry, cleaning or pressing of clothing, lodging
taxes, or the costs of telegrams or telephone calls.
In order to claim a deduction for incidental expenses,
the employee must establish when, where and why
(business purpose) they were away from home. For
example, barge workers or mariners could use a copy
of their ship’s log to establish the information.
Employees may choose to keep track of actual incidental
expenses and deduct the actual amount spent, or they
may use an optional method, which allows a set amount
per day. The optional method allows $3.00 per day
(effective October 1, 2003, $2.00 prior to October
1, 2003) and no receipts are required. A tax
professional can help determine the best method.
Incidental expenses are deducted on Form 1040;
Schedule A, Itemized Deductions, as Unreimbursed
Employee Business Expenses.
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This is one woman who's done well.
And she's not charging you a dime for
her years of experience.
---
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/
-------------------------
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 hhttp://www.1automationwiz.com/app/aftrack.asp?afid77528
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
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Ask TaxMama is published by the good folks at http://taxmama.com ISSN 15320790 © copyright,
Eva Rosenberg, 1999 - 2004 TaxAnxiety Inc. P.O. Box 280549, Northridge, CA
91328 Written (e-mail) permission is required to copy or redistribute this
publication or to use it on your site. mailto:taxmama@taxmama.com However,
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