Ask TaxMama Issue 653 Happy Aviation Weekend

 Dear Family,

Our celebration this week is all about aviation, flight and fancy. This takes me back to a rather taxing incident in high school. My boyfriend was a pilot and I loved to go flying with him. So did his sociology instructor, the Reverend Carroll N. O’Dell. When Allen was in Mr. O’Dell’s class, he did a term report on flying and airplanes, using film that he shot at LAX (Los Angeles International Airport). He got a B for his report.

Here comes the taxing part.

Two years later, I was in Mr. O’Dell’s class. We got permission to use Allen’s film as my report. I studied it back and forth; learned to identify all the aircraft; learned everything I needed to know to put on a great presentation. Except for one thing.

There was no way I could get up in front of the class and deliver the report without quaking with fear. When my turn came, I dragged myself up there as slowly as possible, hoping against hope that the ‘big one’ (earthquake) would finally hit California NOW! No such luck. Nor did the earth simply open up to swallow me.

Allen was waiting at the projector, itching to get started. I finally dragged myself up and stopped quaking long enough to start the presentation. I was so nervous, I couldn’t remember anything I’d learned. I got practically everything wrong. Finally I sat down, trembling, waiting for the shakes to stop, the sweat to evaporate, and my breathing to recover.

We were both utterly shocked when Mr. O’dell announced the grade. He gave me an A for the presentation. Allen was furious (remember, he’d only gotten a B – and he’d done all the work). Me? I just couldn’t believe it. This utterly kind and gracious man issued the grade simply for the courage to get up and do something that (at the time) was totally impossible for me to do. That’s what Aviation Day (and good teachers) mean to me.

What do you think about when aviation comes to mind?

This week’s Money Funnies will make you laugh out loud (LOL) as you learn about the care and feeding of your various discs. Oh yes, and don’t forget this week’s Tax Trivia in 10 Fun Facts.

Today, in IRS News we learn about steps to take once you’ve gotten married. And to clarify some discussions we’ve been having about the self-employed health deduction… We have some news from David and Mary Mellem about the IRS’s most current procedure on how to handle the cost of Medicare premiums when you have a business.

Speaking of moving and marriage, should you let IRS know? Or hope they lose track of you? We answer that in this week’s It’s A WAHM thing column. A Moving Story – or Three Good Reasons to Tell IRS You Moved.

This week’s Equifax Blog also spends some time on those who are self-employed…Working Like an Employee While Being Paid Like a Freelancer

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

Incidentally, if you’re looking for a job, an intern, 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

CPE Link just got approved for the California CTEC program. So my upcoming classes will qualify for CTEC credit, in addition to EA, CPA, RTRP credits. Next week’s class is about how to do tax research online for free.

At TaxMama’s EA Exam Review Course, Part 2 is blazing along. More people are passing than ever, including our one special friend who struggled with Part 2 last year. (Congratulations Robbin!). You still have time to Join the fun!

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
Beware of Paying Increased Property Taxes
Working Like an Employee While Being Paid Like a Freelancer – 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? (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?
A Moving Story – or Three Good Reasons to Tell IRS You Moved – 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-653

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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08/30/2012 Time for businesses to consider setting up retirement plans
09/17/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
09/17/2012 Partnership Returns Due- FINAL DEADLINE
09/17/2012 Corporate Returns Due- FINAL DEADLINE
09/17/2012 S Corporate Returns Due- FINAL DEADLINE
09/17/2012 Estate & Trusts Returns – Final Deadline; Bankruptcy fillings use the same form
09/17/2012 Individuals, Farmers & Fishermen Pay 3rd Quarter Estimated Tax Payment
09/17/2012 Corporations – 3rd Quarter Estimate Tax payment Due
09/17/2012 Estates & Trusts 3rd Estimated Tax Payment
09/17/2012 Deadline for Corporations and Partnerships to fund SEP-IRAs for previous year.
09/30/2012 Last day to establish SIMPLE plans for current year
09/30/2012 Time for businesses to consider setting up retirement plans

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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