*** Ask TaxMama Volume 7, Issue #335 November 18, 2005 ***
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http://taxmama.com/taxcalendar.html
12.31.2005 Last Day to Open KEOGH account for 2005 deposits
01.15.2006 4th Estimated Payment for 2005
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JOB OF THE WEEK visit the NEW http://taxmama.careerbank.com
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Hate commitment? Be a temp. TaxMama's CareerBank is showing
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Take the new 2005 Salary Survey
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Dear Family,
It's been an exciting week for my EA Exam students.
IRS just released the official answers to the 2005
Enrolled Agents exam. It just went up on IRS's site.
http://www.irs.gov/taxpros/agents/article/0,,id=100711,00.html
We got an early copy and everyone's
been checking
to see how many of our challenges were accepted -
and if they've passed. Well, it turns out that IRS
accepted at least 25 challenged answers based on the
efforts of students, organizations like NAEA and
NATP and people like Jim Banks of FasTax and myself.
I've been hearing from my students and others on
my EA Exam News list that they've passed! The
challenges made all the difference to those who
were right on the verge. But there were people who
were so far off, they never expected to pass - and
they DID!
I've really got to applaud everyone who worked so
hard to make this possible - especially IRS for
being so generous.
And on the other hand, I tried to get IRS to
issue a new Revenue Procedure to enhance an
article I just finished for MarketWatch today.
Can you imagine, they wouldn't drop what they're
doing and issue a new Procedure just for me?
But they might add it to the queue for later. You
never know. I just have to find out how to submit
the proposal to get it added to their priority list.
http://www.irs.gov/pub/irs-utl/2005-2006_guidance_priority_list.pdf
Oh, what am I talking about? Well, it's something
you're going to hear a lot more about - and not
just from me. Rolling over 1031 exchanges into
tenant-in-common properties. The article will be
on MarketWatch.com later today.
But, I've got to tell you, during the last two or
three weeks of my research, everyone I've spoken
to has been completely enthusiastic. This area is
HOT! And the article I wrote just didn't have enough
room to explain the whole thing or why it's so very
exciting. So, I'll just have to explain in more
detail, with the help of the experts I've interviewed,
over the next few months. Yes, months. There's so
much - and there's so much benefit for you...You're
going to want to know more.
Speaking about more - and benefits. People have
been asking me to go into more depth about
taxes related to your business. You want me to
explain more about office in home, how to write
off your car, whether an LLC or an S-Corp
is
best for you...well, I'm going to do it. Live.
It's going to cost you - but it will be the best
money you've ever spent on your business.
Read the details - Such A Success
If you noticed the Happy Thanksgiving celebration
of today's issue, well, it's because there won't
be one next weekend.
We've all worked hard. You and me both.
And all our staff - and friends.
It's time to take a break and spend time with
family. They're pretty precious - and who knows
how much longer they'll be here. So, don't get
so busy as to forget the people you love.
I want to thank YOU. Your contributions, your
personal notes, your advice, your wisecracks.
You always brighten up my day.
Thank you for being here.
Hugs,
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. NEW! POSTAGE STAMPS - THE ORIGINAL 1913 TAX RETURN
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Or create your own custom postage
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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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Media Tour and Classes
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You can call in and join us live at MomsTown
with Heather Reider and Mary Goulet
on November 30th at 11 a.m. - Noon PST
http://MomsTown.com
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Saturday, December 3, 2005 1-3 CST
Join me live on the Jerry Wade Show
http://www.jerrywadeshow.com/
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Keep an eye on Tom Perkins' site for an
upcoming interview with TaxMama at
FitnessBusinessRadio
http://fitnessbusinessradio.com/
And visit Jill at Christian Work At Home Moms
to hear her interview with TaxMama
http://cwahm.com/
---
Did you miss this the last webinar?
How to Run Your Business Instead of Letting
it Run You.
With Jacqueline Freeman of http://josephfreeman.com
Listen here http://taxmama.com/workshops/
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If you're flying Southwest Airlines this month,
be sure to read their Spirit Magazine.
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IRS POSTED THE OFFICIAL ANSWERS
http://www.irs.gov/taxpros/agents/article/0,,id=100711,00.html
If you didn't pass, study at a relaxed pace - now:
TaxMama's EA Exam Review Class - Self-Study
Use this time to learn about tax areas you don't understand.
Get PRACTICE TIPS - worth 100x the price of the course.
http://irsexam.com/register.php
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USE
THESE QUICKIE RESOURCES!
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http://www.1automationwiz.com/app/?Clk=1091429
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Small Business Taxes Made Easy
http://asktaxmama.com/go/autographed
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What if you could have the relationship you always wanted?
Take the Magic of Differences Survey
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This Week's Tax Quips
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GRRRREAT SOUND!
It's so WOW that one of the top podcasters on the planet
wanted to know how I got that amazing sound quality.
I got it by getting a private session with Bruce at
the PodcastBunker.com , whose site was named one of
the TOP 50 BEST WEBSITES of 2005 by Time Magazine.
I've persuaded him to offer training to other ardent
podcasters. It's well worth the price.
http://www.podcastbunker.com/Podcast/Podcast_Picks/Tips_%26_Tools/
Winner of the PodcastBunker award for excellence
http://podcastbunker.com/
If you haven't subscribed to TaxQuips yet, you're
missing some juicy tips and tax news.
Sign up for the Internet's NUMBER ONE tax podcast
http://www.taxmama.com/taxquips/
Listen to this week's pearls of wisdom at:
http://www.asktaxmama.com
/podcast/
MONDAY - Mileage Log Book
http://www.asktaxmama.com/podcast/index.php?id=100
TUESDAY - Pregnant Mommy
http://www.asktaxmama.com/podcast/index.php?id=101
WEDNESDAY - Employer Deductions
http://www.asktaxmama.com/podcast/index.php?id=102
THURSDAY - Tax Deal
http://www.asktaxmama.com/podcast/index.php?id=103
FRIDAY - Your Tax Rates
http://www.asktaxmama.com/podcast/index.php?id=104
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Such A Success
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Since you know I can talk about taxes for hours -
and keep you entertained, laughing and interested...
and saving a lot of money. So, I will.
We've just spent days and nights over the last
couple of weeks to put this together for you.
http://www.suchasuccess.com
Over the next few months, you're going to have an
opportunity to tap my brain.
If you're in business, you absolutely must take
this class. It starts on Monday, December 5th.
Yes, it's short notice, but there are things you
need to review and do before the year end.
To get you more excited, I'm going to give you a
coupon code to use that will save you $275.00
over the posted price if you register before
Thanksgiving.
Your Special Code - OOPS, missing!*
*(You'll have to subuscribe to get the code)
Just copy the code and paste it into the order form
when you check out. (Don't use the coupon provided
on the site - that's only for $150.)
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Got Refund
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From: Berea, KY
Dear TaxMama,
I have a refund due from my State tax.
I owe the IRS.
Will I receive the State refund?
Danny
<TaxMama Replies>
Hi Danny,
Now, how would I know that?
My crystal ball is on the fritz today.
It all depends on how long you've been owing IRS.
If you just owe IRS for this year, odds are,
the state authorities don't know about that yet.
So, you'll get your money.
If you owe IRS money from earlier years, it's
quite likely that your state will have
been
alerted to divert your refund to IRS.
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
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Gift Tax Limits
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From: Altamonte Springs,Fl
Dear TaxMama,
What is the annual gift giving allowance
for 2005 without making it a taxable gift?
Norman
<TaxMama Replies>
Hi Norman
It's $11,000.
In another month or so, it will be 2006.
Then it will be $12,000.
Please feel free to include me on your gift list.
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
Subscribe to the daily podcast - TaxMama's TaxQuips
http://www.asktaxmama.com/podcast/
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Unfiled Unearthed
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From: Dallas, GA
Dear TaxMama,
Okay, Okay. I'm ready for the lecture to begin.
I just recently found out that my husband never
filed the last three years worth of taxes.
Can you give me any pointers on how I possible
lower any penalty costs that we will most
likely need to pay?
Mad in GA
<TaxMama Replies>
Aw Sheesh, Madeline,
You deflect the whole lecture thing. It's no fun
when you're expecting it.
Seriously, it's not the end of the world.
Especially if had a job, and withholding all that time.
It's even possible that he'll have refunds.
You have three choices:
1) take everything to a tax professional so
they can do the tax returns.
2) Go to IRS's forms pages and get the forms
for those years and prepare the returns manually.
http://www.irs.gov/formspubs/article/0,,id=98339,00.html
Remember to get forms from your state,
too.
Scroll down Georgia's Individual Forms page.
You'll find forms for several years.
http://www.etax.dor.ga.gov/inctax/individual_income_tax_forms.shtml
3) Or use TaxCut software for the prior years -
scroll down on this page to
"Need to File Prior Years?"
http://taxmama.com/month/taxblues.html
If you do end up owing taxes, at least these
few years had the lowest interest rates ever!
Around 4% - 7%. You can just let the tax
agencies compute the interest and penalties.
Remember, the lower the taxes, the lower the
penalties and interest, since they are
computed on the tax balance.
But penalties may be as high as 25% of the
taxes due. So do your best to keep the
tax
balance as low as legally possible.
If you need a good tax professional, visit
NATP's tax pro site
http://www.taxprofessionals.com/
You'll find a good cross-section - or ask me.
I know some wonderful tax pros in Georgia!
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
Subscribe to the daily podcast - TaxMama's TaxQuips
http://www.asktaxmama.com/podcast/
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Because We Care
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HURRICANE KATRINA, RITA et al
To help or to get help:
First.gov -
http://go.asktaxmama.com/KatrinaRecovery
FEMA - http://www.fema.gov/news/newsrelease.fema?id=18473
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MONEY FUNNIES & INSPIRATION
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Employee Relations
I urgently needed a few days off work, but
I knew the Boss would not allow me to take
a leave. I thought that maybe if I acted
"CRAZY" then he would tell me to take a
few days off.
So......
I hung upside down on the ceiling and
made funny noises.
My co-worker asked me what I was doing.
I told her that I was pretending to be a
light bulb so that the Boss would think I
was "CRAZY" and give me a few days off.
A few minutes later the Boss came into the
office, seeing me hanging on the ceiling,
he asked "What are you doing?"
I told him I was a light bulb.
He said "You are clearly stressed out.
Go home and recuperate for a couple of days".
I jumped down and walked out of the office.
When my co-worker followed me, the Boss asked
her, " And where do you think you're going?"
(You're gonna love this..... )
She said, "I'm going home too, I can't
work in the dark!"
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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 IRS
IRS just released the new redesign of their website!
www.irs.gov
You'r going to find that navigation is more
intuitive. More links you need will be at
the top of the page, or visible on the left.
Online tools for Small Businesses are right up front.
http://www.irs.gov/businesses/small/article/0,,id=101169,00.html
IRS publishes a beautiful tax calendar.
But, uh, don't order it yet. Wait for the 2006.
The site addresses farmers and international
taxpayers and provides tax information for
specific industries and professions.
Even their search tools have improved.
You'll find the most commonly requested
forms right on top. And the navigation
offers you the most commonly requested
destinations on the site.
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JOB SEEKER OF THE WEEK http://taxmama.careerbank.com/
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Marty is a CPA in Buchanan MI who is a Tax Specialist.
He is willing to work in Indiana or Michigan.
Marty has experience prepare federal and state
income/franchise tax returns for large corporations.
Research various state income, franchise, and license
tax issues. Respond to state tax notices.
Prepare state income/franchise estimates.
Prepare state withdrawal, merger, and dissolution
documents to be filed with various states.
Work with clients, state, and local governments
to obtain tax abatements, credits, and incentives
for new and expanding businesses.
A great guy for your tax department. You
can find him
and others like him at TaxMama's Careerbank
http://taxmama.careerbank.com/
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CAREER CENTER http://taxmama.careerbank.com/
---------------------------------------------------
This is the ideal time to hire and train staff.
TaxMama's Career Center provides you with the
best tools for finding employees in our industry.
http://taxmama.careerbank.com/
Explore the center today and take advantage of its
exclusive tools including job postings and resume
searches. As a member of the leading online career
center network for banking, finance and accounting
professionals, you can post your job on our Career
Center once and it will automatically be seen on
90+ accounting, finance and banking organization
career centers. Visit the TaxMama's CareerBank
http://taxmama.careerbank.com/
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E-Books and Workshops - all Yours - No Charge
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What to do in a Quake
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What: Women in Business teleclass series, course nine
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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
friends and invite them to subscribe!