Ask TaxMama Issue 573 – Wealth of Spirit

Happy Neewollah

Dear Family,

Just in case you’re looking for it, it may not be here for a while. The TaxMama site is undergoing some maintenance this morning. Rebalancing servers and the like. I was hoping it would be ready for prime time, but…perhaps it will be ready by the time I am speaking at the Virtual Wealth Expo (see today’s schedule below).

Yesterday, I tuned in to two speaking – the Dalai Lama and Layla Tusko, whose topic title caught my eye “A Good Crisis is a Terrible Thing to Waste”. Isn’t that a great title?

Layla is a work-at-home mom. After finding herself on her mother’s doorstep after a bad divorce, with a child – she turned her life around. Now she is now a millionaire work-at-home mom, doing consulting, training coaching, and investing in real estate. The pointers that she was providing are do-able for folks who don’t have fix-it skills, or money to invest. She didn’t divulge earth-shattering secrets. Layla simply provided sensible ways someone can get started making money in real estate without needing a license or capital – perhaps even without buying the property yourself.  I am rarely that impressed with a presentation.

His Holiness, the Dalai Lama, was surprisingly humorous. This man is clearly at ease with himself and large audiences. He has a gentle humor, easy to laugh with him, as a he chuckles about being a homeless person for 50 years. It all a matter of perspective. Being homeless has given him the opportunity to visit people and places. When someone asked him his opinion about the way schools are being taught. He teased that he have never spent  any time at all in a conventional school system. So he has no frame of reference.  Naturally, his message is one of serenity. Letting go of anger – it only harms those of us holding on to it.

ince our legislators are off getting re-elected, or supporting their friends who are fighting for their seats, we will not be seeing any new legislation this month. Just a lot of political commercials on TV and in our mail.  We’ve also passed through most of the deadlines for this month. There are still payroll tax quarterlies to finish. But we’re heading into November, a month free of significant tax deadlines.

IRS has issued new guidelines for the 1099s we’ll be getting from our investment accounts, starting 2012. The brokerages will now be required to show the basis of the investments we sell. Some are considerate enough to do so already. In 2012, it will become mandatory. That will make life easier at tax time. But, you and your investment house may need to do some reconcilations during 2011 to make this reporting possible.

Keep watching. In about a week, you’ll see a new launch of Suze Orman’s  Money Minded Moms website. You’ll be meeting a team of passionate writers to help you deal with money, family, health, wealth and more.

TODAY AT THE VIRTUAL WEALTH EXPO JOIN US!

9:00am Pacific / 12:00pm Eastern – Tax Lien Certificates –

(Tony Martinez)

11:30am Pacific / 2:30pm Eastern – Grow Your Wealth – and Keep Your Own $$$ –

(Eva Rosenberg)

2:00pm Pacific / 5:00pm Eastern – Use Your Head to Become Wealthy –

(Harvey Mackay)

2:30pm Pacific / 5:30 Eastern – The Missing Link to Creating Permanent Wealth –

(Robert Shemin)

2:45pm Pacific / 5:45pm Eastern – Business Networking Abundance –

(Ivan Misner)

Upcoming Events

Upcoming on CPE LINK – with CPE for CPAs, EAs, and more

http://taxmama.wpengine.com/earn-cpe-without-leaving-the-office/

Preview the series on YouTube

http://www.youtube.com/watch?v=UCMdSFFTwI8

The IRS Practice Series

Team taught with Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA

Nov 1, 10:00am – Hands-on Collections Workshop

Dec 7, 10:00am – 6 Simple Steps to an Offer-in-Compromise (form 656)

Dec 10, 9:00am – The Un-agreed Collection Alternatives and Appeals

http://www.cpelink.com/teamtaxmama

SELF-STUDY at CPE LINK:

Homebuyers Credits for Tax Professionals

The specific laws related to your clients.  How to get it rigth the first time. What to watch out for.

And how to overcome IRS Rejections.

IRS Practice Series: Overview of Collection Issues – Price = ZERO:

This on-demand webcast provides a broad overview of the collections process. From preparing the Power of Attorney – IRS Form 4868, to freezing the collection activity, to Offers-in-Compromise and Appeals, the course will explore the numerous collection issues a practitioner may encounter and lay the ground work for the IRS Practice Series. Topics will be covered in more detail in the dozen courses of The IRS Practice Series – leading to a Tax Mediary (CTM) Certificate upon completion of the series.

http://www.cpelink.com/teamtaxmama

EA Class News

We’ve had a lot of fun this week, learning about Collections and Tax Court.

This weekend, we’ll do the third Final Review for Part 3. And next week, we’ll be playing with filling in collections forms.

www.irsexams.com

Anyone signing up in October – I upgrade you to a Live Member for the rest of the Part 3 sessions.  http://irsexams.com/registration/

Remember, you can get a 10% discount on the EA Class if you register for TaxMama’s Family first.

http://taxmama.wpengine.com/membership/family-membership/

The discount code can be found in the Family Look-Ups resource.

http://taxmama.wpengine.com/family-member-resources/

Other TaxMama News:

At Equifax this week, you get 9 ways to update your bookkeeping skills; Ilyce Glink tells you 5 things your builder won’t tell you when you’re buying a new home. Dan Solin explains why you should be participating in your company’s 401(k) plan. Linda Rey explains why you need renters insurance. Or do you? The Equifax Credit Experts tell you what credit and debt statistics mean for investors.

http://www.equifax.com/blog/tax/en_ff

This week’s AccountingWeb.com blog tells you how amusing Tax Court can be.

http://www.accountingweb.com/blogs/accountingweb/talk-taxmama

In IRS News, IRS has issued new guidelines for the 1099s we’ll be getting from our investment accounts, starting 2012. The brokerages will now be required to show the basis of the investments we sell. Some are considerate enough to do so already. In 2012, it will become mandatory. That will make life easier at tax time. But, you and your investment house may need to do some reconcilations during 2011 to make this reporting possible.

http://taxmama.wpengine.com/category/asktaxmama/irs-news/

Money Funnies has some Neellowah humor for you.

http://taxmama.wpengine.com/category/asktaxmama/money-funnies/

In TaxQuips, We start the week with Cinda who bought a new business with over $70,000 worth of accounts payable. Can she deduct those costs? . Feeling overwhelmed by your problems? Get perspective. TaxMama introduces you to Renee Firestone who survived life and death and Steven Spielberg. We end the week with TaxMama telling you about lots of ways to Get Free Tax Help when you owe money to the IRS or your state.
http://taxmama.wpengine.com/category/tax-quips/

This month’s MarketWatch column is to come. What do you think I should write about?

http://www.marketwatch.com/Journalists/Eva_Rosenberg

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-573

TaxNerd gear makes a bold statement year-round.

It helps attract the opposite sex!

Shop at www.taxnerd.net or http://www.zazzle.com/taxmama*

Hugs from your favorite TaxNerd,

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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://taxmama.wpengine.com/tax-calendar-2010/

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11/01/20103rd Quarter Payroll Taxes Due

11/01/2010Employer’s Deposit Federal Unemployment (FUTA)

11/01/20103rd Quarter Federal Excise Tax Return & Payment Voucher 11/15/2010Employers Make Monthly Payroll tax deposit on the 15th of each month 12/15/2010Employers Make Monthly Payroll tax deposit on the 15th of each month 12/15/2010Corporations – 4th Quarter Estimate Due

12/31/2010Last Day to Open KEOGH account for 2010 deposits

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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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SPECIAL DEALS

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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/

Tomorrow we will do the Part 3 – second Final Review session.

I got a funny note from a student who just passed the hardest part – Part 2, and is now done. He told me how my class not only helped him pass the EA Exam, but also to lose 10 pounds. I’ll tell you about it in next week’s EA Exam News.

– sign up now – and join the FUN!

http://irsexams.com/registration/

A flood of Tax Professionals are interested in

taking the EA Exam. We still have a few handy

dandy totes to hold all your books, notes and discs.

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Read the ebook –  Everything You Wanted to Know About the EA Exam

http://taxmama.wpengine.com/free-member-resources/

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