Ask TaxMama Issue 591 Daylight Savings Time

Dear Family, 

On Friday’s, I try to devote the morning to writing and compiling Ask TaxMama. But the phones keep ringing today – generally with people I love to hear from. So, the conversations do take much longer than they should.

 This weekend we change the clocks, right after midnight Saturday night (or in the first minute of Sunday morning). My husband thought it was last weekend and drove me crazy with clock changes and confusion. Do you ever go through bizarre experiences at the beginning and end of Daylight Savings Time? Or is it just me? Tell us your stories by using the comment area online.

 Yesterday, there was a horribly large earthquake in Japan. Bear in mind, here in California we tend to be a little blasé about earthquakes. But we don’t have the tragic death toll of this quake, that is probably over 1000 times more powerful than anything I’ve experienced here in my lifetime. If you’re any good at prayer – please, pray for the survivors.

Uh oh, just as I was about to publish today,…the related tsunami hit the Northern California coast. It’s already causing significant damage here. Earlier, there were reports about Hawaii.

The entire world is stepping up to help Japan. There may also be need for help in other Pacific Rim countries and islands. You are a generous soul. There is no doubt, you will make donations to help the victims of this devastation. That’s fabulous. But, please be careful – don’t let your money be wasted. There will be a lot of scams out there. Make your donations to organizations that you know and trust. There are already a lot of recognized non-profits in place, Red Cross, United Way, various religious organizations, schools, corporations. Also, please avoid sending THINGS. The cost to sort and ship used stuff is tremendous. Money is easier to send – and many things can be bought closer to Japan – remember, everything is made in China these days anyway.

Deadline reminders – corporate tax returns are due next week. If you’re not ready, remember to get an extension. I have been providing the links to that all week. Also, March 15th is the deadline to make the election (report the choice) to change from a C corporation to an S corporation or vice versa. You can only make this switch once every 5 years. So, spend some time evaluating if the other entity is better for you right now.

You will find the highlights of this week’s articles, below, along with this week’s features – IRS News, Money Funnies, AccountingWeb Blog, and more.

Remember, we will be using Twitter more and more often, to get quick notes and updates out to you – www.twitter.com/taxmama . You don’t need to subscribe to Twitter if you’re on Facebook. Just friend me there. The posts will appear there, as well.

The second article about how to tap into the BILLIONS of dollars available to women-owned business is ready for you at MoneyMindedMoms.com. It gives you a number of places to register and explains what will happen when you do.

Remember, I am using information provided by Lourdes Martin-Rosa, who is a top expert on getting government contracts for small businesses – especially women. In the course of writing the article. She is providing workshops and other recorded information on how to go through the process. So, feel free to work on ahead of me. Use the information Lourdes Martin-Rosa provided via American Express Open so you can start getting some serious money that the government has already set aside for small businesses, in particular, for women.

From everything I am seeing, it is a good idea for you to use Small Business Taxes Made Easy to help you get your business set up properly, so you can win those government contracts.

You can pick up your own  copy of Small Business Taxes Made Easy inexpensively at Amazon.com.  There’s even an ebook version out there for your Kindle or ebook reader.

CPE Link Classes

 Here are the new classes! Five more sessions, Level Two of The Tax Practice Series.  http://www.cpelink.com/teamtaxmama 

 They will run from May through July:

IRS Practice Series: Circular 230 Considerations and Requirements

IRS Practice Series: After SUCCESSFUL Collections or Audits – What Next?

IRS Practice Series: Computing Or Recalculating IRS Assessments For Interest And Penalties

IRS Practice Series: Representing Your Client at a 1040 Audit – Office or Field

IRS Practice Series: Curing the Addicted Tax Delinquent – A 12-step program

 Even in the middle of tax season, you sometimes need to learn something  – or look up a procedure, quickly. One of the best ways to do that is with one of CPE Link classes. Look through the topics on the self-study classes or resources. Each course will include the handouts – with the reference material you need. 

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

 EA Class News

 NOT YET!!! IRS still has not released the new, lower-priced Enrolled Agent applications and renewals. Expect it someday. Instead of $125, expect the price to be around $50.

The 2010/2011 Exam is over.  It’s time to sign up for classes for the next exam window. TaxMama’s discounts will only last another couple of weeks. If you want to save a TON of money – sign up now – www.IRSExams.com .

Lots of our friends passed their exams in the last couple of weeks. Now, we get a breather for the next two months – to finish tax season. Hooray! Congratulations to all who passed!

 Both Graduates and those still studying are using the material in TaxMama’s EA Exam review library to work with their clients during this tax season. There’s such a wealth of material to help you do your job AND to build your practice.

SIGN UP NOW! The new 2011 schedule IS up. Early-bird discount is provided, via a coupon – good through March 21st. In fact, Family Members can really cash in and use the Family Member discount AND the Early-Bird discount for huge savings. (There’s another discount if two or more people sign up together. Wow…it’s really getting inexpensive!)http://irsexams.com/registration/  

Remember, you 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 and Tax Articles:

 This week’s MarketWatch column is all about the Kiddie Tax and ways to deal with it, inspired by a question from the TaxQuips Forum. http://www.marketwatch.com/Journalists/Eva_Rosenberg

 Tune in to WSJ Digital’s Tax Show with Kelsey Hubbard. TaxMama talks about online gaming – and how it’s different from gambling.

In this week’s Wall Street Journal’s SmartMoney Tax Blog, TaxMama talks to you about the phantom tax on online games. The WSJ staff plays with the question – which Beatle would make the best CPA? Rachel talks about Martin Scorsese’s new tax drama and about extensions and balances due, and another fun topic – how the Tax Court rejected on TV anchor’s outrageous expenses – like her bikinis and thongs? Arden Dale explains the innocent spouse rules. Laura Saunders has a valuable article about how to delay estate taxes for centuries. Keep an eye on this page for daily updateshttp://blogs.smartmoney.com/tax/

 Have you won a chat with Suze Orman? You might be the lucky person each month to win that prize, and some other goodies.  

Have you had your chat with Suze Orman’s at the new MoneyMindedMoms.com site? You will find lots of practical money-saving tips – and ideas to help folks struggling with time, money, conflicts and more.   

  • You can ask Suze questions in the forum – Suze is actually dropping by an answering your questions, just as I do here. Join us and speak to Suze.
  • Suze introduces her Protection Portfolio, a very inexpensive way to store all those important financial documents and others that you need all in one place during an emergency.

 You’ll find TaxMama’s columns there each week, along with a dozen delightful women. This week, TaxMama starts the series of articles on how to tap into the $30 BILLION available to women-owned businesses – Part 2. Liz takes you on the Great Cookie Caper – sounds like fun! Uh oh! Sabrina’s Mommy-Sense is tingling. Phyllis asks if Medicare Advantage will cover long-term care? Vicki helps you come to terms with the concept that kids are not entitled to college tuition.

http://www.moneymindedmoms.com/articles/

At Equifax this week, TaxMama tells you about how to get your income down, when it’s too high…as part of the story about 6 Tips for Pushing Your Adjusted Gross Income Below $250,000.  Ilyce Glink gives you a way to sell your house when the market is tough. I’ve often recommended this, too – Consider A Lease With An Option To Buy When You Can’t Sell Your Home.   Roger Wohlner gives you 10 Questions You Should Ask Before Hiring a Financial Planner – Part 1 .Linda Rey gives you 3 Things That May Not Be Covered by Your Homeowner’s Insurance— But That You Still Need! The Equifax Credit Experts invited Liz Weston to tackle a sensitive topic – How to Talk To Your Partner About Debt.

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

This week, TaxMama’s AccountingWeb.com blog is about what a shock it was to learn about the bizarre rules for Kiddie Taxes.

Daily Fitness – This is THE place to come to find easy ways for us desk-slaves to take a real health break. New fitness ideas and exercises each day.

Have you seen AccountingWeb’s new small business publication? Going Concern – focusing on keeping the profits flowing.  http://goingconcern.com/subscribe/

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

 In IRS News, IRS tells you about alternative minimum taxes, and about the latest filing statistics, for those love numbers.  http://taxmama.wpengine.com/category/asktaxmama/irs-news/ 

In Money Funnies we learn that sometimes, there’s more to a situation than meets the eye. http://taxmama.wpengine.com/category/asktaxmama/money-funnies/ 

In TaxQuips this week, we start the week with Susan, whose husband started receiving a Canadian pension, with Canadian tax withheld. Now she’s trying to get a US Foreign Tax Credit and finds the form driving her crazy.  Bill’s daughter won one heck of a prize! A trip to NY and a wardrobe, all worth $18,000. Is this taxed at his rate or his daughter’s? Jesus wants to know if his 04/29/10 offer on his home qualifies him for the Homebuyers Credit. Or did he miss the deadline? Paula had two businesses. Can she offset the profits from one business with the losses from the other?  We end the week with Rachel who is surprised that TurboTax wants her to file two Schedule Cs for the one LLC she and her husband run. Why is that?  http://taxmama.wpengine.com/category/tax-quips/

Note: You can view them all on YouTube, too Daily TaxQuips from TaxMama® – taxmama1’s channel.

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-591   

 TaxNerd gear makes a bold statement year-round.

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 Hugs from your favorite TaxNerd,

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Eva Rosenberg, EA

Your TaxMama®

www.TaxMama.com

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-2011/

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03/15/2011 S-Corp Election Decision Due (if Applicable) 

03/15/2011 S Corporate Returns Due / Calendar Year

03/15/2011 Issue K-1’s S Corporate Returns / Calendar Year

03/15/2011 Corporate Returns Due / Calendar Year

03/15/2011 Corporate Returns/S Corp Extensions Due / Calendar Year

03/15/2011 Foreign Persons US Income subject to withholdings

03/15/2011 Annual Tax Return of US Income subject to withholdings of Foreign Persons 

03/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

03/15/2011 Electing Large Partnerships – Issue K-1s to partners – even if you’re on extension 

03/31/2011 Electronic filing of W-3’s with Social Security Admin including issued W-2’s

03/31/2011 Electronic filing of US transmittal of US information Returns

04/18/2011 Last Day to set up and fund IRAs and Roth IRAs for previous year

04/18/2011 Individual Personal Returns due 

04/18/2011 Personal Returns due – Nonresident, US income, etc.

04/18/2011 Personal Returns due – Easy Form Return

04/18/2011 Personal Returns due – Not Itemizing Return Form

04/18/2011 Personal Return – Extensions due 

04/18/2011 US Gift and Generation-Skipping Transfer Tax Return

04/18/2011 US Gift and Generation-Skipping Transfer Tax Return Extension Due

04/18/2011 Partnership Returns due 

04/18/2011 Issue K-1’s with Partnership Returns

04/18/2011 Electing Large Partnership Returns due 

04/18/2011 Estate & Trusts Returns are due; Bankruptcy fillings use the same form

04/18/2011 Partnership, Estate & Trusts Returns – Extensions due 

04/18/2011 Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment

04/18/2011 Corporations – 1st Quarter Estimate Tax payment Due 

04/18/2011 Estates & Trusts 1st Estimated Tax Payment

04/18/2011 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

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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