Ask TaxMama Issue 547 – Tax Freedom Day

Tax Season is ending soon!

Dear Family,

Today is National Tax Freedom Day, according to The Tax Foundation, who tracks such things. This year’s Tax Freedom Day is one day later than in 2009, but more than two weeks earlier than in 2007. Though, since each state has their own tax rate, your tax freedom day may come sooner,…or later. What does this mean? It means that until now, ALL the money you’ve earned has gone towards paying taxes. From now on, for the rest of the year, your earnings are yours – at least symbolically.
http://www.taxfoundation.org/taxfreedomday/ – you can also look up your state.

Do you want to reduce your tax burden? Just this moment, I got a note from California First Lady Maria Shriver’s office. She has set up a new national database to help you find credits and benefits to help you. It’s called We Connect campaign and has a WEb Connector to help you find important programs and resources. Many of these programs, such as the Earned Income Tax Credit (EITC), Supplemental Nutrition Assistance Program (SNAP), and the Women, Infant and Children’s Program (WIC), are available to individuals and families, are often overlooked by those who need them. This looks like a nifty resource!
www.weconnect.net

This past week, TaxMama.com was honored to have been featured in CareerOverview.com’s list of 2010’s 20 Best Blogs for Tax Advice. We’re in good company. You will find several of our friends there, too.
http://www.careeroverview.com/blog/2010/20-best-blogs-for-tax-advice/

Incidentally, you will also enjoy their column on the 10 Most Famous Tax Evaders – some surprises there!
http://www.careeroverview.com/blog/2010/10-most-famous-tax-evaders-of-all-time/

I had a nice chat with CCH’s Chief Tax Analyst Mark Luscombe, CPA. He helped me update and improve that spreadsheet on the recent Health Care Act and the related Reconciliation Act. You can see the results here. Perhaps this will give you a better handle on what is coming, when.  
http://taxquips.com/1/Summary_TaxMama.xls
(If you don’t have spreadsheet software, you can pick it up an entire suite of tools at no charge here – http://www.openoffice.org/)

CCH is holding an online workshop about the new law on Friday, April 23rd – TAX ASPECTS OF HEALTH CARE REFORM: What You Need to Know Now About the Patient Protection Act. Get the details here:
www.CCHGroup.com/Healthcare

APRIL SPECIAL – Tax Professionals interested in taking the EA Exam. The first 50 people to sign up before April 15th will get free TaxMama Family Memberships. You will also be getting this handy dandy tote to hold all your books, notes and discs.
http://irsexams.com/news/

AccountingWeb.com – IRS Will Get Report on Your Client’s Merchant Account Sales
http://www.accountingweb.com/

This week TaxMama gives you two TaxWatch columns. The first is all about credits you may have missed. The second covers the tax benefits for education. You’ll be getting two more columns next week. Then, we’ll be back to once a month. (However, I’ll be starting a campy new weekly column somewhere soon. It’s a secret. I’ll tell you in about a week, or so.)
http://www.marketwatch.com/Journalists/Eva_Rosenberg

In today’s Money Funny we learn why we need education benefits
http://taxmama.wpengine.com/category/asktaxmama/money-funnies/

In IRS News today you will learn about IRS payment options for your balance due on April 15th. In particular, note the information about IRS flexibility on offers in compromise. But, don’t hold your breath. I am not hearing about any new, faster or easier acceptances. You will also learn Seven Things about Getting More Time to File your Tax Return – and about a bill on Governor Schwarzenegger’s desk to finally bring California into conformity with IRS tax laws. Sort of.
http://taxmama.wpengine.com/category/asktaxmama/irs-news/

Remember, IRS is seeking volunteers for the Taxpayer Advocacy Panel.  http://www.irs.gov/newsroom/article/0,,id=220433,00.html

In TaxQuips this week we learn if you can get a deduction for donating your timeshare weeks to charity, whether cancer insurance benefits are taxable, what kind of a charitable contribution you can get for discounting your services, and whether or not you should file your tax return after an audit, or wait until you get the final report?
http://taxmama.wpengine.com/category/tax-quips/

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.
http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-547/

TaxNerd gear makes a bold statement year-round.
It helps attract the opposite sex!
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Hugs from your favorite TaxNerd,
http://www.zazzle.com/taxmama*

Eva Rosenberg, EA

Your TaxMama®  is watching…out for you.

www.TaxMama.com
www.snurl.com/homebiz-tax
www.TaxMama.com/TaxQuips
www.IRSExams.com
www.TaxNerd.net

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TAX CALENDAR
http://www.taxmama.com/taxcalendar.html
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04/15/2010 Last Day to set up and fund IRAs and Roth IRAs for previous year
04/15/2010 Individual Personal Returns due 
04/15/2010 Personal Returns due – Nonresident, US income, etc.
04/15/2010 Personal Returns due – Easy Form Return
04/15/2010 Personal Returns due – Not Itemizing Return Form
04/15/2010 Personal Return – Extensions due 
04/15/2010 US Gift and Generation-Skipping Transfer Tax Return
04/15/2010 US Gift and Generation-Skipping Transfer Tax Return Extension Due
04/15/2010 Partnership Returns due 
04/15/2010 Issue K-1’s with Partnership Returns
04/15/2010 Electing Large Partnership Returns due 
04/15/2010 Estate & Trusts Returns are due; Bankruptcy fillings use the same form
04/15/2010 Partnership, Estate & Trusts Returns – Extensions due 
04/15/2010 Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment
04/15/2010 Corporations – 1st Quarter Estimate Tax payment Due 
04/15/2010 Estates & Trusts 1st Estimated Tax Payment
04/15/2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
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From TaxMama® to You!
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Follow TaxMama®’s Tweets – http://twitter.com/TaxMama

You are invited to put a TaxQuips Widget on your phone, social networking page, website, or… You’ll get the TaxQuips as soon as they published – long before they are distributed in by e-mail. It’s a nifty gadget. Just pick up the code and paste into your site or application.
http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

Download TaxMama’s 2010 iphone Tax Calendar. My gift to you.
http://snurl.com/taxcalendar

Never miss a tax deadline again!
The customizable tax calendar is here.
Add or Remove dates. Add your own reminders – get alerts.
http://snurl.com/itaxmamapro

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http://www.jdoqocy.com/click-241922-10463747

Get extra discounts for yourself and friends after you order.

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Always a sale at the Queensboro Shirt Company
http://www.queensboro.com/index.html?ref_id=632192
(They have clothes and novelties – and all sizes)

They do a gorgeous job.

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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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Take TaxMama®’s 2010 EA Exam Review Class
http://irsexams.com/ 

– sign up now – and join the FUN!
http://irsexams.com/registration/

APRIL SPECIAL – Tax Professionals interested in taking the EA Exam. The first 50 people to sign up before April 15th will get free TaxMama Family Memberships. You will also be getting this handy dandy tote to hold all your books, notes and discs.
http://irsexams.com/registration/

Read the ebook –  Everything You Wanted to Know About the EA Exam
http://taxmama.wpengine.com/free-member-resources/
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2 thoughts on “Ask TaxMama Issue 547 – Tax Freedom Day

  1. Pingback: Ask TaxMama Issue 547 – Tax Freedom Day « Accountants Directory

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