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*** Ask TaxMama Volume 7, Issue #303 April 8, 2005 ***
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Deadlines LOOMING - http://taxmama.com/taxcalendar.html
April 10, 2005 - Los Angeles County Property Taxes due
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
http://www.taxmama.com/Articles-cur/filingextips.html
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
http://www.taxmama.com/AskTaxMama/297/article1.html
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JOB OF THE WEEK http://taxmama.careerbank.com/
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Rubbermaid is hiring - for those who bounce off the walls.
http://taxmama.careerbank.com/seeker/view_job.cfm?id=140985
Check out the 2004 Salary Survey results to see where you stand.
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Dear Family,
Well, what fun. I needed a cell phone for a day or
two, so I picked up on of those 'throw-aways'
from 7-11 that they're always referring to on the
police dramas on TV. Let me tell you, they are not
cheap - 50 bucks! And with that, you get 25 minutes
at 20 cents per minute. And there are no visible
'send' or 'end' buttons. Whoever wrote the book,
although using good English, doesn't provide a clue
to actual useful information in logical sequence.
And then, and then, the phone number that the techie
in Louisiana gave me to call to add time to my phone...
it was to a sex line! I hope it was an error...
But, hey! We all need things to eat up time this
time of year.
Speaking of absorbing time - the new Harry Potter
book is out - Harry Potter and the Half-Blood Prince.
Amazon has it in stock. So, for all you Harry Potter
fans, I've collected links to Harry Potter's books,
DVDs and toys - enjoy!
http://taxmama.com/Promo/harrypotter.html
I can hardly wait for tax season to end so I can
read it! And speaking of indulging, drop by
MartketWatch.com this weekend to see the battle
of the refunds as Andrea Coombes and I take
opposite stands on what to do with refunds.
http://www.marketwatch.com/pf/taxes/
Oh, and when it comes to indulging, you're going to
love meeting this character. This is a guy that
messes with scammers who try to send fake checks
when they buy something off craigslist or other sites.
Vengeance is his, says the ScamBaiter.
http://poststuff.entensity.net/040105/scam.htm
[Warning. Warning. Do not enter unless you want
to explode with laughter.]
Got to go now. It will be a busy weekend.
We'll be working right through trying to get
everyone's returns out to them by Tuesday.
Except for the hour I get to spend on the air
with Penelope Tzougros on Wealthy Choices
(see links below)
[Note to my clients: We will not be returning
calls about "When is my return ready". When YOUR
return is ready, YOU will be the first to know.
We won't be keeping it a secret. We promise you.]
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
**************************************************
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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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.]
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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.]
---
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
http://taxmama.blogspot.com
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Tax Conferences - For You - no charge
-------------------------------------
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.]
http://www.taxmama.com/AskTaxMama/302/2005media.html
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Faded Receipts
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From: San Antonio, TX
Dear TaxMama,
My receipts for the first quarter of 2004 are
starting to fade. I wrote in black ink the name
of the company, amount, date, and what the
receipt was for. Will my additional handwriting
of the data on the faded receipt cover me when
the receipt goes completely faded out.
I have over 400 receipts. That will take a long
time to photocopy or to scan into a computer. I
also, have all the data on the receipts put into
a database called ACCESS. My access database has
all of data including sku numbers, transaction
numbers, product numbers.
Will my access database bail me out if the the
receipt becomes totally faded out.
Or am I condemned to scan in over 400 receipts one
at a time. This will take literally days and days
of work.
John
<TaxMama Replies>
Good morning John,
Coincidentally, after last week's issue of Ask
TaxMama, where we were talking about receipts
http://www.taxmama.com/AskTaxMama/302/article3.html
Sylvia Earnst of South Texas pointed out that
"fading" receipts should be enhanced before
some of us "learn the hard way"!
Well, goodness. What kind of place gives your
receipts that fade?! First of all, I suggest you
only shop in places that don't use thermal printers.
That would eliminate this problem altogether.
Sigh, not practical? Oh well.
You might consider scanning several invoices at
once, rather than one at a time.
The main receipts you want to have clear copies of?
Any major purchases - computers or equipment for
$500 or more per unit.
Actually, the truth is, very few of those receipts
will fade with time. If ALL of your first quarter receipts
really ARE fading, I can't tell you how unusual that is.
Generally, (and I only speak from about 25 years
experience, so I don't know everything yet), only those
little cash receipts from gas stations or other convenience
shops tend to fade. All the rest seem to retain their
integrity....as long as you keep them out of direct sun.
Your handwriting over the receipts may be viewed as
suspicious or helpful, depending on the auditor.
But your ACCESS database, or a good bookkeeping
system where you record each receipt will generally
cover you. The amounts will need to reconcile with
your bank account or credit card account.
Having the SKU numbers and all may be a little overkill,
but...if it's fun and relaxing, go for it.
I urge you to use checks and credit cards for most
of your business purchases. Use cash as rarely as
you can. After all, the purpose of maintaining records
(other than for your own management and decision-
making purposes) is to be able to survive audit.
The best way to do that is to have objective,
independently verifiable documentation - checks
and credit card statements are excellent for that
purpose.
It sounds like you're doing all right, John.
Just don't obsess.
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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Lost Refunds
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From: California
Dear TaxMama,
My previous tax preparer led me to believe he filed
my tax returns. I have since found out that he
never filed them.
I just found out I am beyond my statue of limitations
for a refund for money he had me send in back in 2000.
I had to get all my records from the appropriate people
because he had everything. My new tax preparer has
just finished my taxes and it appears I overpaid both
federal and California state taxes back in 2000.
Do I have any chance of getting this money back?
Sincerely,
Jules
<TaxMama Replies>
Hi Jules
Odds are that neither IRS nor the state will
give you back refunds. Write them a cover letter
asking nicely. And when you get the letter that they
refuse to issue you a refund, write them a letter again,
explaining and asking for help.
Also, contact the Taxpayers Advocate's office - both
IRS and the FTB have them.
But, as soon as you get the letter denying you the
refund, file a lawsuit against your preparer for the
amount of the lost refunds. At least you should be
able to get up to $5,000 from small claims court.
If you happen to get IRS or the state to release your
money before the suit....you can always cancel it.
You will have one problem - and that is the statute
to sue the preparer. You may have only two years
after you hired him. However, you can overcome that
by invoking the date you learned it wasn't filed as the
start date for those two years.
Check with an attorney about that.
And if you happen to win the judgement AND later,
IRS or the state refund your money....well, then it's
up to you how to deal with the preparer (whether to
refund his money or not).
Don't give up on this. Keep pushing this through the
various advocates' offices. You probably will get your
money back.
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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Because We Care
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MONEY FUNNIES
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You Must Report All Income
A woman walks into an accountant's office and tells
him that she needs to file her taxes.
The accountant says, "Certainly, before we begin,
I'll need to ask a few questions.
He gets her name, address, social security number,
etc., and then asks...
"What is your occupation?"
"I'm a whore," she says.
The accountant balks and says, "No, no, no, that
will never work. That is much too explicit. Let's
try to rephrase that."
The woman says, "OK, I'm a high-end call girl."
"No, that is still too crude. Try again."
They both think for a minute, then the woman states,
"I'm an elite chicken farmer."
The accountant asks, "What does chicken farming
have to do with being a whore or a call girl?"
"Well, I raised over 5,000 little peckers last year."
----
Contributed by Blakely Sanford, EA in San Diego
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IRS and Tax NEWS
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Last Minute Tips from IRS and TaxMama:
What to Do If You Can’t Pay Your Taxes
If this year’s tax filing deadline will be a “pay”
day for you and you cannot pay the full amount
you owe, you should still file your return by the
due date and pay as much as you can.
You can charge your taxes on your American Express,
MasterCard, Visa or Discover cards. To pay by credit
card, contact one of the service providers at its
telephone number or Web site listed below and follow
the instructions. The service providers charge a
convenience fee based on the amount you are paying.
Do not add the convenience fee to your tax payment.
Official Payments Corporation
1-800-2PAY-TAX (1-800-272-9829)
www.officialpayments.com
Link2Gov Corporation
1-888-PAY-1040 (1-888-729-1040)
www.pay1040.com
Or establish an EFTPS account and pay directly from
your bank account without fees.
http://www.taxmama.com/AskTaxMama/297/article1.html
If you need more time to pay, but want to file now,
you're experiencing the tax season blues - click here:
http://taxmama.com/month/taxblues.html
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E-Books and Workshops - all Yours - No Charge
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Fifty Easy Ways to Promote Your Website, By MERLE
http://www.websitetrafficplan.com/ebook.htm
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
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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
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