Ask Taxmama Issue 438 – Amend Your Returns

 width=  width=
 width= Happy Chanukah
 width= Merry Christmas
 width= Habari gani?

Dear Family,

Great news! Today’s IRS News contains, not one, but TWO opportunities to amend your tax returns and get refunds from IRS. Sanctioned by IRS, even.

More good news. If you’re still thinking of buying a hybrid vehicle so you can get the tax breaks, IRS has a list of all the Qualified Alternative Fuel Motor Vehicles QAFMV) and Heavy Hybrid Vehicles, with the related amount of tax credit still available.

http://www.irs.gov/businesses/article/0,,id=175456,00.html

This week’s TaxQuips generated some heated discussions, in particular about saving homeowners facing default and foreclosure on those sub-prime loans. We also had an innocent question about losing money in a bank that didn’t have adequate FDIC-type coverage – which led to TaxMama finding information for you on how to protect your savings and investments. I particularly like Blake’s suggestion that each person with over $100,000 in deposits, whose savings get protected based on my advice, should send me $5.00. Love it! There was also a question about how to get money back from a son who stole money from Mom. And a wistful desire to write off a teacher’s French vacation.

We are deeply into the holiday season. Many people are out of town, shutting down their offices, or slowing down, running a holiday schedule.

Not so for everyone. I spoke to a pension administrator whose entire staff is on overdrive this month. It’s their busiest month, as new companies sign up to set up pension plans for 2007 that just might let them stash away double or triple the SEP-IRA and 401(k) limits. If you have a business, check with your financial advisor, RIGHT NOW, before year end.

In fact, it may be time to review the retirement plans you presently have set up – whether you’re the only employee, or if you have many employees. There are some really great tax cutting tools available as a result of the Pension & Protection Act of 2006.

One of the most interesting things that did come out of this week’s set of Tax Quips questions is, that it may be time for you to evaluate your savings. How much money DO you have in any one bank or financial institution? Are your deposits or accounts insured? Up to what amount?

If your full balances are not insured, what are your options?
Either ask the financial institution to take on additional insurance, or find a financial institution that does have extra coverage. Or, must you split up all your deposits among several institutions? Or, can you get private insurance to protect your hard-earned money…money that you can’t easily replace or re-earn? Take care of this now.

See, today’s issue is just filled with tax saving ideas.

Have an untaxing, joyful holiday season.
Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama is watching…out for you.

www.TaxMama.com

www.TaxQuips.com
www.IRSExam.com
www.TaxNerd.net
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TAX CALENDAR
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12.31.2008 Last Day to Open KEOGH account for 2007 deposits

01.15.2008 4th Estimated Payment for 2007 Due

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GIFT IDEAS
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ThinkGeek has some wonderful, unusual stuff, including something very like a Dick Tracy watch – a touchscreen cell phone PDA watch. They also have the USB Memory watch that holds 2GB of data. Just click on Holiday Mega Deals.

Open your own Zazzle account and create personalized

gifts to your family and friends. You still have time
to get things delivered before Chanukah ends. Really.
You don’t need to use my designs – use your own photos and artwork.
http://www.zazzle.com/taxmama*

Join SuccessNet.org (FREE!) and you’ll be able
to give Michael Angier’s ‘101 Best Year-End and New
Year Questions’ to everyone you know. It’s an excellent

way to open a dialog with those close to you – and to
ensure that 2008 will be a great year. And there’s no
charge for this gift at all.
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SPECIAL DEALS
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Need a Corp, LLC, Registered Agent

Incorp Services Inc. in Nevada – DISCOUNT

20% off on formation services.
Similar discounts on Registered Agent services.
Call 800.2.INCORP – use coupon code – TAXMAMA – or
http://go.asktaxmama.com/incorp

(no code needed)

Summer Family Identity – 3 Choices:

Zazzle – Cafe Press – Queensboro

Since it’s summer, and you’re probably going to be traveling with your family, consider getting matching T-shirts and/or hats.

(DO NOT PUT ANYONE’S NAME ON THEM – you’re just asking strangers to kidnap your children!)

But do put everyone’s picture – so even if you don’t know the local language, you can point to a family member and ask if anyone has seen him or her. Or use a graphic or piece of art you all like. You’ll find three options right here in our SPECIAL DEALS section.

Use your art or others – and customize it

Zazzle your Imagination. Are you a TaxNerd?
Tell everyone – proudly!
http://www.zazzle.com/taxmama*

Create your own customized Zazzle Apparel, bags or more.

Get volume discounts on orders of 2 or more.

Get extra discounts for yourself and friends after you order.

Stuff for Back to School and Back to Work

Cafe Press is the home of TaxMama’s shops
http://www.cafepress.com/taxmama

But you can upload your own art and graphics and unify your family – even your pets.

http://www.cafepress.com/

Get extra discounts for yourself and friends after you order.

WOW DEAL! Embroidery

Wouldn’t you love to get your logo or family crest, or picture or whatever, EMBROIDERED on hats and T-Shirts?

Well, it costs a heck of a lot less than you think.

You can get 12 items for $99! That includes the set-up fees.

Can you believe that? Use Coupon Code PC076c
At the Queensboro Shirt Company

(They have a lot more than shirts – and all sizes)

They do a gorgeous job.

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