*** Ask TaxMama Volume 7, Issue #321 August 12, 2005 ***
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http://taxmama.com/taxcalendar.html
08.15.2005 Personal Returns or Extensions are due
09.15.2005 Corporate
Tax Returns Due
10.17.2005 Personal
Tax Returns Due
09.21.2005 - 09.22.2005 EA Exam - www.irsexam.com
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JOB OF THE WEEK visit the NEW http://taxmama.careerbank.com
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Executive Vice President & Chief Financial Officer
Texas Health Resources is one of the largest faith-based,
nonprofit health care delivery systems in the United States.
http://taxmama.careerbank.com/job.cfm/190601.htm
Take the new 2005 Salary Survey
http://www.careerbank.com/resource/ssurvey/salary_survey.cfm
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Dear Family,
Hey! Isn't money laundering illegal?
Well then, I am in trouble. Big trouble.
I laundered not just one bill, but there were several
$5 and $1 bills in the dryer when I pulled out my
husband's uniform shirts. Beats searching behind
couch cushions...
A discovery I just made. You probably already know it,
though. When you have a decent dryer, and it has one
of those really, really, really, irritating buzzers
that just keep buzzing anew every few minutes...and
you take the shirts out before the dryer actually
stops, you won't have to iron no-iron or permanent-
pressed garments. (Can you tell we finally got a
new set of laundry machines? I had no idea how
horrible the old set was until they were replaced.
Now, I can actually soak a load, without standing
there, waiting for the machine to fill, so I
can stop it. Ooops, too late, it's already in
the spin cycle! You've had that happen, right.)
Well, laundry time (daily) is much less taxing -
with the right equipment.
A filing deadline is coming up on Monday -
for personal tax returns. If you're not ready,
you'll find links to forms at the bottom of
this article about extensions. Use Form 2688.
http://taxmama.com/Articles/filingextips.html
And yes, my clients, we WILL be putting your
return on extension. If you haven't heard from
us, we didn't finish your return. (We had some
computer problems in the last two weeks -
and I am going out to buy a new computer tonight!)
And speaking of REAL tragedies, you know about the
floods and deaths in Mumbia (Bombay) India, yes?
The rains have caused such problms that people
have lost homes, lives, businesses, everything.
My friend, Amit Malik created a place that people
can use a clearing house for news about family
members, or just to offer help.
http://helpmumbai.com
You're going to like today's issue.
A friend of mine has been struggling to fix her
credit. It's the kind of thing you can really
relate to. You have no idea where to turn. Which
agency is honest and ethical and which credit repair
bureaus are stinkers. Well, ANN is learning - and
you're going to get the benefit of her experience.
Read Credit Repair Blues below - and listen to the
Tax Quip #29 for more guidance.
We've got a new e-book from Merle. It's Fr**.
You know she always writes excellent material.
Look at the e-book section below.
You'll enjoy the past week's worth of TaxQuips.
If you're not already getting the morning news,
you should be. Please sign up - the link is below.
And you simply must follow the special link I've
included in today's Money Funnies. Miraculous!
Remember to check the Tax-Free Days, or Tax Holidays
list to see if you can shop tax-free this week.
http://taxmama.com/AskTaxMama/320/article3.html
Got to run. Obviously, I am already hours behind.
Summer's running out quickly. Go out and enjoy
the weekend!
Best wishes,
Eva Rosenberg, EA
Your TaxMama is watching...out for you.
P.S. If you're in business, you MUST read
Small Business Taxes Made Easy
http://www.taxmama.com/AskTaxMama/book/
P.S.S. TaxMama has baby clothes!
http://www.cafepress.com/taxmama/138360
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
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Play a simple, two minute game
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Media Tour and Classes
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For Tax Professionals - Meet TaxMama
When: Tuesday, September 13. 2005
10:30 a.m. - 2:00
p.m.
Where: The Handlery Resort, San Diego, CA
Who: CSEA Chapter Meeting
What: Special Issues Affecting Clients With
Any Online Presence
How: To RSVP, call 800-642-1040. Leave a message.
CPE: 2 CPE credits
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Next Webinar - Save the Date!
September 14, 2005
How to Run Your Business Instead
of Letting it Run You.
Guests, Joseph & Jacqueline Freeman
who've moved back to the farm...
and now control their lives and finances
Learn to get rid of your stress and
increase your income.
[Registration Details to come]
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TaxMama's IRS Exam Review Class - Self-Study
Listen, read, test yourself - pass the exam
http://irsexam.com/register.php
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Our Offer in Compromise workshop this week was terrific.
Order your copy http://go.asktaxmama.com/OIC-audio
EAs can get 1 hour CPE for this workshop
http://go.asktaxmama.com/OIC_EA-CPE
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USE
THESE QUICKIE RESOURCES!
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101 WAYS TO BE
YOUR BEST
http://www.1automationwiz.com/app/?Clk=1091429
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Small Business Taxes Made Easy
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Custom autographed book, just for you - $17.50
includes shipping in the continental US.
http://asktaxmama.com/go/autographed
And a CD of a GreatTeleseminars interview with Dan Janal
Should I Incorporate or What?
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This Week's Tax Quips
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If you haven't subscribed yet, you're not
just missing some juicy tips. You're also
missing daily news and other commentary.
Please - accept a complimentary subscription
from your cheery TaxMama
http://www.taxmama.com/taxquips/
This weeks pearls of wisdom are at:
http://www.asktaxmama.com/podcast/
MONDAY - Credit Repair Blues
http://www.asktaxmama.com/podcast/index.php?id=29
TUESDAY - No Extension
http://www.asktaxmama.com/podcast/index.php?id=30
WEDNESDAY - Partner Patter
http://www.asktaxmama.com/podcast/index.php?id=31
THURSDAY - Day Care Provider
http://www.asktaxmama.com/podcast/index.php?id=32
FRIDAY - Sold Gifted Home
http://www.asktaxmama.com/podcast/index.php?id=33
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Credit Repair Blues
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A little more information about the credit issue,
my friends. This is in addition to the TaxQuip above
http://www.asktaxmama.com/podcast/index.php?id=29
TaxMama Alert: We were shocked to learn that the
best credit repair agency in the country, CCCS,
now charges seriously too much - and their staff
gives out erroneous information.
Here's a progress report from our friend, Ann
(name changed to protect her privacy) who's
fixing her own credit. You can do it yourself, too!
1- The CCCS in Los Angeles is NOT the above-board,
best resort option. Their info and advice was inaccurate
and NOT in my best interest. Apparently, this is now
true nationally of their branches.
2- Watch out for this collection agency - Unifund
Do NOT pay them money, give them your bank account
number, or give them your credit card number.
If you are contact by this company or individual,
just get a phone number to call back - and read this:
http://www.budhibbs.com/debtcollectorpages/unifund_group_corp.htm
3- I have one huge black mark- through Unifun.
Interestingly, his black mark is not on my
Experian report because they refuse/reject his data.
I disputed his claims on the other Big 2 this morning,
and in theory, it should be gone from my credit
report within 30 days. And, it cost me NOTHING.
4 - It was way too difficult to get accurate info about
my credit issues. That Bud Hibbs guy is really great,
and was the most helpful of all http://budhibbs.com/
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Military Spouse's Income
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From: Havelock, NC
Good Day, TaxMama
I was told that, my spouse's income is also
tax-free while I serve in a combat zone.
Is this true or not?
I can not find anything on the Web
about this topic.
James
<TaxMama Replies>
Actually, this is not one of my areas of
expertise, but one of the instructors for
TaxMama's EA Exam does know the answer.
Let's see what Roger B. Adams, EA says
http://irsexam.com/instructors.php#roger :
All the rules and benefits extended to you
James can be found in the "Armed Forces Tax Guide"
http://www.irs.gov/pub/irs-pdf/p3.pdf
Another good site is
http://www.irs.gov/newsroom/article/0,,id=97273,00.html
I'm sorry to report that your wife's income
is not excludible. Since yours is, it might
be worthwhile exploring the "earned income
credit" possibilities for your family.
Best regards,
Roger B. Adams, EA
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Being Executor
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From the Internet
Dear TaxMama,
My mother recently passed away (2 months ago).
My dad at the time of his death asked me to give
my sister whatever was left in my mothers account
to my sister as in his words "all she cares about
is money not even that I am dying".
To satisfy him and in front of him I promised
verbally to adhere to his request. He was not
happy about it as he knew her troublesome ways.
Mom dies and I said okay as soon as my sister
divides the jewelry she grabbed from Mom as she
was going in to hospital weeks before her death
which by note written by Mom divided the jewelry
between me and my sister.
60 days have gone by and she has not responded.
Now the kicker, back in 1993 my parents made a
will stating whatever was left should go to their
4 grandchildren equally at $2000 a year and my
sister and I are Executors.
This will as the children would override my
father's wish and my sister would be left out.
What do I do?
HELP!
Joe
<TaxMama Replies>
Dear Joe,
You're in a tough position.
You made a promise to your father.
But there's a written will.
If there was no one to witness your promise
and to testify in court to that effect,
legally, you are required to honor your
parents' written wishes.
You might want to visit an experienced and ethical
estate tax attorney. After all, if you distribute
things to your sister and the grandchildren ever
find out that they were not given their due, YOU
could be held financially responsible. Don't put
yourself in that position.
And if your sister wants to fight it out with
attorneys, sigh, well, you know what will happen
to the assets... the attorneys will get it all,
so there won't be any problem about who gets what.
Besides, Dad only made you promise that because
he was feeling beaten down by your sister's greed.
Let the written will stand.
I wish you a great deal of luck in resolving this.
And my condolences on the loss of your loving
and generous parents.
Best wishes
Eva Rosenberg, EA
TaxMama.com
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What You Do When You're Overwhelmed
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Last week, I asked "Do you ever have days when you just
get behinder and behinder? How do you handle them?"
Here are your replies:
Pitch in get it all cleared out and go forward.
Amen.
Ellen
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I try to make time to priortize and then I delegate
what I can to others who are less taxed. Usually,
I must spend extra hours, including weekends,
catching up.
Tim
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Hi, Unfortunately, as a physically impaired senior,
'm always behind, but eventually catch up. Then I
do what I can, until the pain is so bad. that I
have to lie down. At least, I am still here.
Zie gezunt. B.
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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
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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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The Sperm Count
An 85-year-old man went to his doctor's office
to get a sperm count.
The doctor gave the man a jar and said, "Take
this jar home and bring back a semen sample tomorrow."
The next day the 85-year-old man reappeared at the
doctor's office and gave him the jar, which was
as clean and empty as on the previous day.
The doctor asked what happened and the man explained:
"Well, doc, it's like this - First I tried with my
right hand, but nothing. Then I tried with my left
hand, but still nothing.
Then I asked my wife for help. She tried with her
right hand, then her left, still nothing. She tried
with her mouth, first with the teeth in, then with
her teeth out, and still nothing.
We even called up Arleen, the lady next door and she
tried too, first with both hands, then an armpit and
she even tried squeezing it between her knees, but
still nothing."
The doctor was shocked! "You asked your neighbor?"
The old man replied, "Yep. And no matter what we
tried, we still couldn't get the jar open."
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Contributed by Claire in Tracy, CA
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Hummingbird Magic
If you've never seen the building/laying/birth of
Humming Birds, take a look at this. Be sure and
click "next" at the bottom of each page (5 pages).
It's truly amazing.
http://community-2.webtv.net/Velpics/HUM
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Contributed by Blakely Sanford, EA in San Diego
[Remember, we're always looking for SHORT, clean humor!]
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IRS and Tax NEWS
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Courtesy of SmartPros.com
Blowing the Whistle Can Lead to Harsh Aftermath, Despite Law
Aug. 3, 2005 (USA TODAY) — David Windhauser speaks
from experience when he says pursuing a whistle-blower
complaint under the Sarbanes-Oxley Act is not for
the faint of heart.
TaxMama asks - Can you really blow the whistle on
your employer with impunity?
Read more:
http://accounting.smartpros.com/x49218.xml
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E-Books and Workshops - all Yours - No Charge
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It's 21 pages of information and resources anyone
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We'll post your announcements -
just tell us about your no-cost event.
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http://taxmama.com/workshops/
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Not-So-Fr*e Books
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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:
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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 - 2005
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, you are encouraged to forward an intact copy to all your
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