Ask TaxMama Issue 593 – Women’s History Month

Happy Womens History Month

Dear Family,

 What a shock! My publisher just sent me a note congratulating me. My book just won the Silver Medal in the Axiom Business Book Awards – Business Reference Category. WOW! I didn’t even know. Sheesh…you mean all those people who’ve been reading the book and using it – are right? It IS good? Well, it IS meant to be helpful. It IS meant to help you build a business that you can live on, that will prosper and make you happy. That was the idea. I hope it’s help you.

 This has been a busy week. I devoted a lot of time to answering questions all over the place – on the radio, on Facebook, on WSJ digital, on the TaxQuips Forum. I have tried to answer every single question that has come in.

But sometimes, since I am not here, Members of Team TaxMama have answered them first. And there have been some good answers, with helpful resources. Some of the wonderful people who’ve taken the time to answer this week include  Mike Emeigh the NC TaxPro – who managed to find a surprisingly interesting reference to an IRS conversation with a Congressman about deducting the costs of storing umbilical cords. (I don’t know if I would have found that!) Kris Hix, EA in Kentucky, who writes a newspaper column. Her article this week is about Starting a Business. Rita Lewis an Enrolled Agent from CT tackled a series of questions about filing amended tax returns. Tax Nerd David Toelkes, a real estate professional in SC answered a question about filing in Massachusetts, when I didn’t even understand the meaning of the question. He understood that MA has a requirement (and a penalty) for residents to have health insurance. Who knew?

 An interesting thing happened to Tracy Bauman, an Enrolled Agent in Hawaii. Several clients came to her office needing help getting prior year tax credits for their adoptions. Why? Because H&R Block started advertising about the adoption credits – which can be worth as much as $13,170. We want to thank the good folks at H&R Block for generating all this business for Tracy.

 Thanks again to everyone who’s been pitching in and helping out! When tax season is over…you will be getting gifts. Thank you. Thank you. Thank you!

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.

This was a BUSY  week, writing and answering questions.

With Kelsey Hubbard on the WSJ Digital Network – Tax Report.
http://online.wsj.com/public/page/news-personal-finance-taxes.html
This week will be about Making Estimated Tax Payments

Last week – Giving Yourself Credit
http://online.wsj.com/video/tax-report-give-yourself-credit/B56AD892-C46A-4EC1-B2C9-CEF47D98BB8B.html?mod=WSJ_Taxes_VideoModule_2
 
KFWB 980 radio with Bob McCormick on Money 101 – 2 hours live call-in.
http://losangeles.cbslocal.com/category/shows/money-101-with-bob-mccormick/
(He cuts up the interview into brief snippets afterwards.)

We will do it again on April 18th – so you will be able to get answers to last-minute questions.
 
Equifax Facebook TaxMama Chat to answer live questions –  You can replay yesterday’s chat here
http://eqfx.cm/evalcLast Wednesday, as part of IRS speakers team,
Eva Rosenberg, EA (NAEA/CSEA) and Carol Thomas, EA (NATP/NATP-CA)
We used the IRS PowerPoint – topic –  Small Business Taxes 
Valley Economic Development Council – Downtown LA
5:00 PM – March 23, 2011 
Note: Their idea of a micro-loan is $50,000  – They can fund them in-house!

TaxMama writing:
This week’s MarketWatch article How to Find your Basis for Capital Gains
http://www.marketwatch.com/story/how-to-find-your-cost-basis-for-capital-gain-taxes-2011-03-25?siteid=nbchIncidentally, these columns are all syndicated through the Dow Jones Newswire.

WSJ Tax Blog –  How to Pay Estimated Taxes
http://blogs.smartmoney.com/tax/2011/03/24/how-to-pay-estimated-taxes/?mod=SMBlog&mod=smartmoneyThis week’s Equifax article is  about the Gift Tax
http://tax.equifax.com/2011/03/do-i-get-deduction-for-my-gifts-or-do-i.htmlYou can find daily TaxQuips into YouTube videos
http://www.youtube.com/taxmama1#p/uAnd again, there’s more…I just can’t remember it all

In IRS News, IRS tells you about Innocent Spouse and Injured Spouse issues – and how to protect your refund from your spouse’s tax problems.  

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

In Money Funnies we learn when even the Lord must make a practical decision.

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

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-593    

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Your TaxMama®  is watching…out for you.

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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  

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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