Ask TaxMama Issue 643 – Happy Memorial Day Weekend

Happy Memorial Day Weekend Dear Family ,

What a historic week in space. We had a rare annular eclipse (see photos) on Sunday. The next one will be in 2030. And this very morning, the SpaceX capsule, Dragon, docked with the International Space Station. (See updates here.) For the first time in history, private enterprise is successfully entering the biggest frontier – space. Clearly, governments simply don’t have the budgets for the space race any longer. World economies are in trouble. But business? Even small business…there’s nowhere to go but up!  

This is the foundation of the kind of thing science fiction writers have been imaging for decades. Soon, we will see asteroid mining – not just for precious metals, but also for things like water and oxygen, to make it possible to establish habitats in space. 

Incidentally, SpaceX is doing a whole bunch of hiring, here in Hawthorne, California, at their Texas facility and at Cape Canaveral. They even have internships. If I were looking for work, this is a company where I’d love to work. WOW!  

Our office will be closed Monday for the Memorial Weekend Holiday. As will states, the IRS and their efiling systems. 

We have lots of interesting tidbits in today’s IRS News . First of all, IRS issued new, more lenient payment plans for an offer in compromise (for people who can’t afford to pay their taxes). They did it just a couple of hours before my class on IRS Collections issues. Perfect timing – we were able to cover that. On the flip side, IRS will be closing 43 offices and consolidating others. Although this is designed to yield about $70 million in savings, it could be a real inconvenience for folks needed to get face-to-face help. Another reduction involves granting of federal ID numbers. IRS is cutting this down to one per day, per responsible party.

Meanwhile, IRS offers more assistance to taxpayers via online courses. Coming up next on June 5, Tax Related Guidance for Child Care Providers. You can also tune in to IRS’ Small Business Workshop video anytime you like. 

This week’s Money Funnies is a test. Let’s see just how smart you really are…or can you be led by clever questioning? Or ARE you the weakest link?  

This week’s Equifax Blog topic is all about Using Standard Mileage Rate for Business Deductions. Walter asked a very astute question about this in the TaxQuips Forum. 

If you want to see all the TaxQuips from earlier in the week, drop by here.  

I spent the week teaching classes at CPELink. The reviews of our classes were fabulous. Why? Because we’re answering your questions as we go along, instead of leaving a few minutes at the end. That way, everyone’s questions DO get answered – unlike some webinars or teleseminars where only a few questions get addressed. (That’s so frustrating.)   

We have more classes coming up next week . You especially want to attend the workshop on divorces. Everyone is either in the middle of one, helping someone with one, working with a client on one, or contemplating one.  

TaxMama’s EA Exam Review Course is starting very, very soon. It’s registration time if you want to join the liver class. Stop procrastinating – make up your mind, immediately! Sign up now, so you can get the books and software in time. We have started shipping books. Many of you should already have them. The rest will arrive next week.  

1) Family members get a special 20% discount until May 31st – only on the full course – Live or Self-Study

2) Live students course materials include a terrific resource – the TaxBook WebLibrary – which includes materials for the 1040, as well as all business taxes – plus the All States resource. There are three years worth of detailed guidance. Our self-study students can also buy it – at a discount.  

Note: Present members of the class – do NOT re-register. You don’t have to pay for the class again. Here is the order form for 2012 books and software.(Must log into Board)   

Remember to follow TaxMama®’s Tweets – http://twitter.com/TaxMama 

Have you grabbed the TaxQuips Widget for your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before they are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or phone app. http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts 

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

Weekly Equifax blog is still going strong.
http://blog.equifax.com/tax/
Filing Taxes: Paperwork For Your Tax Professional
Avoid Paying Penalties on Estimated Taxes 
Learning from Your Tax Filing Mistakes
After Filing Taxes: Responding to Letters from IRS
Tax Tips: How Long Should You Keep Records?
Using Standard Mileage Rate for Business Deductions
MarketWatch
http://www.marketwatch.com/Journalists/Eva_Rosenberg

BizFilings

What is the Best Entity for Your Business?
The Non-Profit as a Business Model 
Tax Issues Regarding Copyrights and Trademarks 
Business Licenses You Need and Trust 
Now That You Have an LLC, it’s Time to Make Tax Decisions

ITS A WAHM THING
Home Based Business Accounting Software Options
Writing off your Family’s Vacation
TaxMama’s 10 Tips for Success

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

http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-643

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Eva Rosenberg, EA

Your TaxMama®

www.TaxMama.com

www.TaxMama.com/TaxQuips

www.IRSExams.com

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TAX CALENDAR

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 06/15/2012 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment
06/15/2012 Corporations – 2nd Quarter Estimate Tax payment Due
06/15/2012 Estates & Trusts 2nd Estimated Tax Payment
06/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
06/15/2012 US Taxpayers Overseas Individual Personal Returns due
06/15/2012 US Taxpayers Overseas Claim Foreign Earned Income
06/15/2012 US Individuals Overseas Personal Return Extensions due
06/30/2012 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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