Ask TaxMama Issue 603 – Success and Failure

  Dear Family, 

You’ve heard the old Chinese (or is it Jewish) curse – may you live in interesting times! 

 This week, I am. 

One of the things I write about in the very first chapter of Small Business Taxes Made Easy is failing because of success. It’s a warning to business-owners to make provisions in case the business suddenly spikes and sales go through the roof. I also warn about having contingencies in place in case website activities spike and go through the roof.

So I keep monitoring my sites and activities to watch for just that eventuality. Even so, sometimes, you’re just not prepared. That’s what happened to our EA Exam class this week. Due to the overwhelming enthusiasm of the class, we overloaded the server!  Our host is in the process of moving it to a bigger, better, faster, brighter, prettier server. It should be ready by Sunday, perhaps sooner. 

Depending on your perspective, that’s either a good thing or a bad thing.  If you have a sense of humor, it’s a funny thing. Considering chapter 1. 

Do you want to know the most terrific thing that I’ve learned during this trying move?  

People can be wonderful. Everyone at our host company has been going out of their way to be helpful. Even more so, the students who have been inconvenienced have been (is there a better word than wonderful?) SENSATIONAL! Patience, consideration, and trust. I can’t thank you enough.  

Naturally, I have fallen behind on everything else I had planned to do this week, working on this project and working through the arrangements. But, by next week, life will be running smoothly and we’ll have forgotten all about it. 

Meanwhile, today’s IRS News  alerts us that IRS has revoked the exempt status of 275,000 exempt organizations – that means charities to which you may have made contributions, counting on the deductions. You will want to look at the list to see if you’re affected. If you are, you may not have totally lost those deductions just yet.

IRS has provided guidelines giving them instructions on how to get reinstated. Light a fire under your charity and get them to file the missing paperwork!  

And you’ll find information about this summer’s National Tax Practice Institute® courses put on by NAEA. They are held in conjunction with the NAEA National Conference. This is THE best program in the country to train someone to represent taxpayers before the IRS. And for folks looking for a live, in-person EA Exam Review class, you’ll find one of those there, too.  

In today’s Money Funnies we learn why Texas ladies feel pretty safe! 

A Week of TaxMama’s TaxQuips 

We start the week with Tawfiq, who was smart enough to use the tax benefits offered by using a Health Savings Account – but how does he set up the insurance component? Richard’s dad left quite a valuable baseball card collection to Mom. But since Richard is selling it for her, how does he get out of paying her taxes?  SB had to kick back some commissions to a homebuyer recently – and didn’t want to get stuck paying taxes on the $4,000 he never got to keep. We end the week with Susan who makes people laugh uproariously with her question about taking care of her son’s class’ pet snake for the summer. 

Lower taxes, achieved ethically = higher profits and increased joy

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention.  Andrew collected some of the reviews and awards generated by this book. Here is a glowing review from a reader named Candace.

Eva,

Thank you for a wonderful book “Small Business Taxes Made Easy”.

I read it in one sitting and as dry as accounting and taxes can be just

by virtue of your humor and the information I learned with your easy

style of writing I didn’t have any problems understanding.

This week’s question for you – How do you fail in the face of success?

Read Chapter 1 of Small Business Taxes Made Easy for more details.

TaxMama’s EA Exam Review Class 

Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.

Last night, TaxMama’s students learned the strange estate tax options for people who died last year.

 Tomorrow, we’re going to learn more secrets about how to pass the EA Exam and to how to answer questions, when you simply don’t have a clue! There’s still time to join us. 

There is still time to sign up for TaxMama’s EA Exam Review Course  

There is a Family Member discount of 10%.

 IRS Practice Series Continues

The next session is about  Practice Series: Representing Your Client at a 1040 Audit – Office or Field

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

Remember to sign up for the whole IRS Practice Series. The 5 classes this summer will run from May through July. There’s a discount if you sign up for the whole series at once. 

Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you. 

TaxMama Interviews

Adrienne Mitchell – MarketWatch radio
Nasty Surprise Awaits 401k Borrowers

Paul Petillo, in the Business Insider
Your Retirement Lifetime: Longevity and Investing
http://www.businessinsider.com/your-retirement-lifetime-longevity-and-investing-2011-6

Radio with Jim Blasingame, the Small Business Advocate

  • How is an enrolled agent different from a CPA? What is the roll of an enrolled agent? Eva Rosenberg joins Jim Blasingame to define “enrolled agent” and reveal how they serve clients with tax and financial services.
  • The career of an enrolled agent (EA) How can you make a career of being an enrolled agent? Eva Rosenberg joins Jim Blasingame to discuss how to become a professional enrolled agent (EA), what an EA does for his or her clients, plus the earnings potential of an EA.
  • Two tax deductions to not overlook What are some tax deductions and credits you can still get? Eva Rosenberg joins Jim Blasingame to report on the health care tax credit and the SEP IRA that you can still fund and deduct through the extension period.

TaxMama Writing:

AccountingWeb.com blog – June is Strut Your Stuff Month
http://www.accountingweb.com/blogs/taxmama/talk-taxmama/june-strut-your-stuff-month

This week’s Equifax article is  –  Renting vs Buying
http://tax.equifax.com/2011/06/tax-differences-between-buying-and.html

This week’s Suze Orman article will be about Natural Victims – Seniors are Targets of Scam Artists
http://www.moneymindedmoms.com/articles/

You can find daily TaxQuips into YouTube videos
http://www.youtube.com/taxmama1#p/u

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-603               

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.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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06/15/2011 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment

06/15/2011 Corporations – 2nd Quarter Estimate Tax payment Due 

06/15/2011 Estates & Trusts 2nd Estimated Tax Payment

06/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

06/15/2011 US Taxpayers Overseas Individual Personal Returns due 

06/15/2011 US Taxpayers Overseas Claim Foreign Earned Income

06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

06/15/2011 US Individuals Overseas Personal Return Extensions due 

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From TaxMama® to You!

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

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New class starts on May 17th

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A flood of Tax Professionals are interested in taking

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