Ask TaxMama Issue 621 – Time to Change

Dear Family,

This week, we are working on the first review class for the new Registered Tax Return Preparer examination. When I scheduled the class for November, my intention was to take the exam myself, before teaching the course. After all, the IRS announced the new exam would be available by the middle of October. Wouldn’t you know it – they haven’t released the new exam yet!  Meanwhile, IRS did release some information about the exam – but it’s not really clear.  

At least David Williams, the nice fellow in charge of this mammoth project, is answering questions at a special Facebook site he set up just for this new IRS office – the Return Preparer Office. Really, if you have questions about anything to do with tax return preparers, the new exam, etc. – he does take the time to answer you. I really like this resource.  

Speaking of great resources, I now know how to do everything. Really. The new BUST DIY Guide to Life: Making your way through every day  just arrived. A nice, big, bright pink hardcover book. It’s full of fun, understandable, followable instructions on how to do just about anything. It’s a compilation of brief articles, edited by Laurie Henzel and Debbie Stoller – the courageous ladies who publish the very campy Bust Magazine. You can make things, cook things, fix things – even art. There’s a paint-by-numbers nude on page 155. I used to LOVE doing paint by numbers things, and mosaics, and coloring books. Remember those?  

Of course, no guide to everything would be complete with tips from TaxMama. Learn how to avoid a tax mess. Oh yes, you can learn to shuck clams, set up a bike, tag your luggage, put on your makeup, exfoliate, and fix your hair, among other useful skills. This is such a lively, silly, adorable book. Even if you never follow any instructions, just reading it will lift your spirits.    

In IRS News this week, we get some year-end tips from the good folks at CCH. Use this article as a checklist for things to do before year-end.  

In today’s Money Funnies & Inspiration, we enjoy Danny Duck’s visit to the bartender in One Smart Quacker. A rather undaunted duck, wouldn’t you say? 

A Week of TaxMama’s TaxQuips

New Mortgage – Today TaxMama hears from John in the TaxQuips Forum with a sweet question. “We are re-financing a loan on a 2 flat. Our daughter, who lives in one unit, will be the primary borrower on the loan; my wife and I will be co-borrowers.  My wife and I will be making the entire mortgage payment.  May […] Read the full article →

Pay Off or Refi? – Today TaxMama hears from Tom in the TaxQuips Forum with an interesting problem. “I have a $270,000 mortgage on my primary home.  It is a 30-year loan at 5 3/8% fixed. My home is worth substantially more.  Should I refinance at today’s rates? I could pay off the loan, but that would drain our […] Read the full article →

Spouse as Employee – Today TaxMama hears from Russel in the TaxQuips Forum who wants clarification. “At the end of the show on KFWB 980 today (10/31) Bob McCormick asked you a question regarding small businesses employing spouses.  I missed the answer.  If a spouse is employed by a sole proprietorship do you have to carry workman’s comp insurance? […] Read the full article →

Hypothetical Questions – Today TaxMama hears from someone in the TaxQuips Forum with another question about a barter. Rather than going into the details of her question (which you can read here), let’s talk about hypothetical questions. Read the full article →  

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.      

I give your book to all my clients. They love it. When they have questions, I just tell them to read the book. The answers are in there. And it also gives them a better idea of what questions to bring to me.  

Rita Veen, EA

This week’s question for you – If I haven’t made all my estimated tax payments for the year, how can I avoid the underpayment penalty?

Read Chapter 11 of Small Business Taxes Made Easy to learn the secret.

TaxMama’s Registered Tax Return Preparer Exam Review Class  

TaxMama has an 8-hour course designed to help you pass this exam if you feel you need one. However, I advise you to take the exam without paying for any course at all, first. Then, if you still have trouble – come to me! I am customizing key parts of the EA Exam Part 1 course, just for you! Price will be only $99. The live, online course will run two hours per morning, from Nov 1 – Nov 4. It will be recorded, so you can learn it as a self-study course, as well. Reserve your spot NOW! ]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.

The Live course  is now over. Students are taking – and passing – their exams.

We will continue to meet twice monthly to help all students (Live and Self-Study) finish passing the exam before the testing window closes on February 29, 2012

Learn more about Taxmama’s EA Exam Review Course

Here’s what one student just said about this class:

” I passed part 2 today on my first try!  I am one happy person today – I was dreading this one!  Thanks so much for all your help.   Anna

There is still time to sign up for TaxMama’s EA Exam Review Course   There is a Family Member discount of 10%. 

CPE-Link – Lots of courses coming up – and some money-saving bundles      http://www.cpelink.com/teamtaxmama  New classes coming soon:  

Nov 10   11:00am-1:00pm (Pacific)      How Innocent is Your Spouse?  Nov 16   9:00am-11:00am (Pacific)      Top 10 Tax Changes for 2011 FilingNov 21   8:00am-10:00am (Pacific)   Registered Tax Return Preparer Course:Pt 1

Nov 23   8:00am-10:00am (Pacific)   Registered Tax Return Preparer Course:Pt 2 

Dec 14   9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011 Filing

Jan 13, 12  9:00am-11:00am (Pacific) Top 10 Tax Changes for 2011 Filing

Jan 13, 2012   9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011 Filing 

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

The ABA Journal and US News and World Reports…well, those won’t appear for a few more weeks.

There is another quote in Liz Weston’s MSN.com Money column
http://money.msn.com/home-loans/should-you-rent-out-a-room-weston.aspx?

TaxMama Writing:

This week’s Equifax blog – interesting recent articles –
The Most Affordable State to Retire In.
Tax Tips for Your Job Search

AccountingWeb Blog is all about the job opening at Intuit for the Ask a Tax Expert positions – about 100 of them! Don’t tell me there are not job openings! (Intuit is STILL hiring.) Some of my friends got hired. Have you?

Also on AccountingWeb Blog is In For a Pound – a review of a fun new book by Donald Korn.

This month’s MarketWatch article -will be about IRS’s new Voluntary compliance program for employers.
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-621        

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

http://www.zazzle.com/taxmama*

 Eva Rosenberg, EA

Your TaxMama®  www.TaxMama.com  

 

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TAX CALENDAR

http://taxmama.wpengine.com/tax-calendar-2011/

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  • 11/30/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month
  • 12/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month
  • 12/15/2011 Corporations – 4th Quarter Estimate Due
  • 12/31/2011 Last Day to Open KEOGH account for 2010 deposits
  • 01/17/2012 Individuals, Farmers & Fishermen Pay 4th Quarter Estimated Tax Payment
  • 01/17/2012 Estates & Trusts 4th Estimated Tax Payment
  • 01/17/2012 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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SPECIAL DEALS

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NOLO answers the question –

What can I do if my spouse gets into debt – do I owe his/her debts?

 

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Great for promotions – and to gear up for tax season!

 

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

http://irsexams.com/   

I’m geting notes from people who are passing their exams. How exciting!

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

Replay the session – Everything You Wanted to Know About the EA Exam 

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