Ask TaxMama Issue 651 – Another Buggy Whip

Dear Family,

Next week is the anniversary of the Paperback book, which was first introduced by Penguin. There was a brand of paperback books called PocketBooks. As you may have realized, I am an avid reader. Have been since I could see.

When I was about 10 years old, my very glamorous aunt Rose offered to take me shopping for a PocketBook. You can’t imagine how excited I was. Most of my books came from the library. I had very few of my own. I was so happy; I was practically floating on air. Well, first we stopped at a very elegant department store. Rose loved luxury – and could afford the best. (OK, I’ll wait while she does her shopping first. I’ll try to be patient…)

We wandered past all the exquisite perfume bottles, and couldn’t help stopping to admire the art and titillating scents. We passed the cashmere sweaters, and stopped to feel how soft and luscious they were. Then Rose started looking at purses. There were some lovely, shiny works of art. Beads, embroidery, patent leather. (All very nice. But…when were we going to get to the books?) Rose started asking my opinion about the purses. Frankly, nice as they were, I really wasn’t interested – and was getting less interested as the minutes wore on.

Finally, finally, finally! She picked one out and showed it to me. Rose was buying that for me. Sweet. Generous of her. But…Huh? Oh no! THIS is a pocket book????

Oh well…she meant well. (I never let her know how disappointed I was.) And that really was the most lovely purse any little girl ever had. Regardless. Paperback books have had quite a run for the last 75 years or so (since 1935). They have made books, even some textbooks, much more affordable for the average person. But, with the advent of ereaders, do you think they’ll last until 2035? Or will that convenient pocket-size format go the way of the buggy whip, replaced by bits and bytes of data appearing on ever more ubiquitous screens?

This week’s Money Funnies have a rather arch tone. You can just see Father O’Malley’s eyes light up as he contemplates the coming conversation. But let me add a bit of reality to the humor. When it comes to charitable contribution deductions – always get the receipts from the charity BEFORE taking the deduction. Not only does IRS disallow the deductions if you get the receipt later – so does the Tax Court. It’s codified in the tax laws of the U.S. of A.

Today, in IRS News IRS talks to us about renting out our vacation homes. [Hidden behind the picture in that article is a link to Paradise in Utila, Honduras. A charming house, on a private beach, with all the amenities you could want for the perfect, (but luxurious) beachcomber vacation.] The other bit is about the Adoption Credit. We temporarily have a substantial credit and employee benefit available, that will end this year. Please make sure that anyone you know who is adopting, knows about it.

Speaking of employee benefits, if you’re in the market for a job, or a new employee, please visit the new TaxMama Career center, partnered with JobTarget.com. For 15% off on any postings or orders, use the code: taxcareers

Job sometimes require you to move. So, this week’s Equifax Blog is a reminder to Tell IRS and Your State When you Move. Doing this can help you avoid tax problems, believe me. The last thing you want is for the IRS (or your old state) to NOT know where to find you. Missing notices can be costly.

Today’s ItsaWAHMThing article explains why you might have a Marital Conflict of Interest with respect to tax matters. This is something we need look at more carefully. Read the article to understand how this affects you.

If you want to see all the TaxQuips from earlier in the week, drop by here. There are some interesting topics.

We have more classes coming up soon . We will be finishing up our Tax Practice Series at CPE Link in August. And we’ll have your small business checklist for you, too, among other interesting sessions.

At TaxMama’s EA Exam Review Course we’ll be starting the Part 2 business and entity courses on August 7th. You still have time to Join the fun!

Remember to visit the good folks at NAEA the week of August 7th. They will be holding NTPI and the National Convention. The courses at NTPI are THE best training for tax representation there is. Perhaps even a little better than my own Tax Practice Series – because you’re there, in person, and have time to walk through cases, on the spot. Incidentally, you will also have the opportunity for a Special Enrollment Exam cram session for three days.

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
Making Estimated tax payments
Free Money Coming Your Way Due to Tax Mistakes
Using Your Home Renovation to Maximize Tax Benefits
Money Management: Explaining Paystubs to Your Teen
Harvesting Capital Gains Now—or Later
Celebrity Tax Hit List: Celebrities in Tax Trouble
Tell IRS and Your State When you Move – NEW!

MarketWatch
http://www.marketwatch.com/Journalists/Eva_Rosenberg
Ruling poses tax issues for same-sex couples

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
Writing off summertime parties.
Vehicle Deductions Driving You Crazy?
Are You Classifying Your Workers Properly? – New
(note – this links to TaxMama overview of Stakeholder liaison discussion)
http://taxmama.wpengine.com/?p=11430
The Ins and Outs of Shoeboxed.com
Do you have a Marital Conflict of Interest?NEW!

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

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-651

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama® www.TaxMama.com

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TAX CALENDAR

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

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07/31/2012 2nd Quarter Payroll Taxes Due
07/31/2012 Deposit FUTA tax if more than $500 was paid through June 30th
07/31/2012 Employer’s Deposit Federal Unemployment (FUTA)
07/31/2012 Employers File Annual Return for Employee Benefits Plan 5500
07/31/2012 Employers File Annual Return for Employee Benefits Plan 5500-EZ
07/31/2012 Employers File request for Extension filing Employee Benefits Plan Return
07/31/2012 2nd Quarter Federal Excise Tax Return & Payment Voucher
08/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
08/30/2012 Time for businesses to consider setting up retirement plans

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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