Ask TaxMama Issue 629 – Happy Valentines Weekend

 Dear Family, 

It’s a beautiful, sunny day here in Southern California. Lots to do. And oh yes, don’t forget. Valentine’s Day is next week. If you’re going to get something…order it now (like these lovely hearts…).LS Deal of the Week 

Hopefully, you’re making progress getting your tax returns ready for filing. Please remember, don’t file too early. There are still lots of documents coming your way. Anyone working with a tax preparer, make sure your Tax Pro has a valid PTIN. IRS started mandating this new registration last year. Taking it more seriously this year. (Some Tax Pros are still unclear about the regulations. Sometimes, things do get confusing.) Watch for the new MarketWatch article about how to hire a great tax preparer. And why.

 

Several of the questions in this week’s Tax Forum made my heart ache. People did things last year without seeking guidance. As a result, there are lots of unnecessary taxes or penalties – things that could have been avoided. Please, please, please, I beg you. ASK SOMEONE before taking any major financial moves. 

And if you MUST draw money from your pension or retirement account before you are age 59 ½? First move the money to an IRA. There are a variety of ways to avoid that 10% early withdrawal penalty, if the money comes from an IRA. There are NO ways to do it if you draw it from a retirement account. (OK, there may be one way.) 

We haven’t seen any earth-shaking news from Congress recently. Still waiting for the extension of the 2% FICA payroll reduction. Time is running out. It’s set to expire at the end of this month. 

Today’s IRS News includes a fun story about a day I spent in Tax Court. IRS explains how to claim the expanded Veteran’s Credit. Hiring anyone? Think of hiring a Vet. IRS released their new phone app, IRS2Go 2.0, with all kinds of goodies on it for you.  And IRS has Issued Proposed Regulations for FATCA Implementation. So if you have assets outside the US, or have clients who do – read this. You have an opportunity to give input to IRS about how to implement all the tedious new reporting requirements.

Moving on to fun things. In today’s Money Funnies, an arrogant professor challenges God! What do think happens? 

Something else fun. Have you joined  Wazzub, yet? About 1.2 million people already have. This site will launch in April – You can sign up for it early.  

Let’s address a few tidbits of news – and go back to work! 

TaxMama is about to launch a fun new contest.
We are searching for the Ultimate TaxNerd of 2012.
Everyone is invited to enter. Please invite members to
LIKE our FB page, in order to get the details next week.

1) Weekly Equifax blog is still going strong.
http://blog.equifax.com/tax/
Changes To Filing Taxes For Businesses

Saving Money On Taxes For Business Expenses

MarketWatch
Tax Tips for February
Next week – Hiring a Great Tax Preparer
http://www.marketwatch.com/Journalists/Eva_Rosenberg

AccountingWeb.com
A Day in Tax Court

2) Radio Interviews done, coming up

Alisa Parenti in Red, White and Blue Chips at MarketWatch radio
http://www.marketwatch.com/story/two-months-to-go-tax-tips-for-february-2012-02-08

(Date was changed) February 23, 2012 –  Bob McCormick’s Money 101 show on KFWB.  2-hours. Call us 888-KFWB-980 (888-539-2980)

February 22, 2012 #SmallBizChat with Melinda Emerson
http://succeedasyourownboss.com/what-is-smallbizchat/

Watch the YouTube invitation – The YouTube video

3) Print interviews
Are Taxable Frequent Flyer Miles in Your Future?
by Tim WInship in Smarter Travel

4) CPE Link courses www.cpelink.com/teamtaxmama
Great class coming on March 7th – Tax Checklist for Divorce

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

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-629        

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

 Eva Rosenberg, EA

Your TaxMama® 
www.TaxMama.com
www.TaxMama.com/TaxQuips
www.IRSExams.com 
www.TaxNerd.Net

—————————————–
TAX CALENDAR
http://taxmama.wpengine.com/tax-calendar/
—————————————–      
02/15/2012 Employees to File new W-4 with Employer
02/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
02/29/2012 File Paper copy W-3′s with Social Security Admin including copies of W-2′s
02/29/2012 File paper copy of US transmittal of US information Returns
02/29/2012 Farmers & Fisherman – Use Personal Income Tax Return – Sole Proprietor
02/29/2012 Employers File Annual Report for Employees TIP Income – Form 8027
—————————————–
From TaxMama® to You!
—————————————–

 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

 —————————————–
SPECIAL DEALS
—————————————–

===> Do it Yourself Legal Material

NOLO answers the question –

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

(disclosure – TaxMama receives a commission)

===> Need a Corp, LLC, Registered Agent

Incorp Services Inc. in Nevada – DISCOUNT

20% off on formation services.

Similar discounts on Registered Agent services.

Call 800.2.INCORP – use coupon code – TAXMAMA

http://vurl.bz/taxmama/Incorp  – no coupon needed

===> Business Uniforms – 3 Choices:

Zazzle   –   Cafe Press  – Queensboro

===> Use your art or others – and customize it

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

Zazzle your Imagination.  Are you a TaxNerd?

Tell everyone – proudly!

http://www.zazzle.com/taxmamate

your own customized Calendar at Zazzle

http://www.kqzyfj.com/click-241922-10414512

Get volume discounts on orders of 2 or more.

Get extra discounts for yourself and friends after you order.

===> Stuff for Pets and Pregnant Moms

Cafe Press is the home of TaxMama® ‘s shops

http://www.cafepress.com/taxmama

You can upload your own art and graphics

http://www.jdoqocy.com/click-241922-10463747

Get extra discounts for yourself and friends after you order.

===>WOW! Embroidered Logo on ANYTHING – on sale!

Always a sale at the Queensboro Shirt Company

http://www.queensboro.com/index.html?ref_id=632192

(They have clothes and novelties – and all sizes)

They do a gorgeous job.  CHEAP!

—————————————–

EA EXAM NEWS & SOLVING THE TAX PUZZLE

—————————————-

Take TaxMama®’s 2011 EA Exam Review Class

http://irsexams.com/  

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

Replay the session –

Everything You Wanted to Know About the EA Exam

=== CPA Exam Review

Looking for a great course?

You can’t do any better than this!

Phil Yaeger’s CPA Exam Review Course

http://www.yaegercpareview.com

 

 

 

Leave a Reply