Ask TaxMama Issue 661 – Shuttle Moves

Dear Family,

Those of us in the Los Angeles area are dealing with a special and unusual phenomenon today. The Space Shuttle is taking its final trip, heading for the museum where it will make its home – the California Science Center near USC. Many people have already camped out, hoping for a glimpse, as the shuttle takes the final 12-mile trip over L.A. streets – many of which have been covered with special steel plates to distribute the weight of the shuttle and its carrier.

My husband, on the other hand, will be trying his best to avoid the shuttle. It turns out, the shuttle’s path (or choice of paths, since there is more than one) is almost literally along his daily school bus route. He has printed out all the published paths to hand out to other LAUSD school bus drivers so they can re-route their trips today and get through traffic (which was at a standstill on the day Endeavor flew to LAX). Rick’s going to have a fun day.

To top it all off, it’s raining. People in So Cal do not know how to drive on rain-slicked streets. I used to dispatch for the Official Police Garage and send my tow-truck drivers to pick up the results of the rain-caused accidents.

Meanwhile, I’ll be heading into the City (on those wet, treacherous highways) to join Bob McCormick on Money 101 to talk about more mundane things, like taxes; the impact of BofA erasing the debt on 150,000 second liens for mortgage borrowers in financial difficulty; the final filing deadline – and any of your questions.

So please, call us at (888) 539-2980 [888-KFWB 980] between 9:10 am and 11:00 am Pacific time.

Since I had to buy fuel yesterday at nearly $5 a gallon, this week’s Money Funnies wonders what would have happened to the development of the automobile if Bill Gates had been able to improve and refine vehicles as he has computers and software. Read Microsoft vs GM.

In IRS News this week, let’s start with the big news – the VP debate last night. Martha Raddatz did an excellent job. Her questions were much more direct and challenging than those in the presidential debate – and she kept the discussion on track. Here’s the full transcript on the ABC website. For those who want the down and dirty, CNN has a 99 second summary.  You can read the LA Times’ analysis here.  (Let me tell you, I would not have wanted to stand between those two strong men.)

Incidentally, the IRS publishes a really nifty Tax Calendar. You can pre-order the 2013 calendar right now. Do it early. They ran out last year by the time I wanted to order.

Getting back to taxes, the IRS has a wealth of last-minute tips for filers – and those who cannot afford to pay the full balance due.

This week’s Equifax Blog  explains what to do when you’re  paying your expenses with someone else’s credit card.

Did you enter Equifax’s Family Money Matters Video Contest? The voting for the best entry starts on Monday. One grand prize winner will receive a $1,000 Discover gift card, and all finalists will receive a complimentary full-year subscription to Equifax Complete™ Family Plan, a credit monitoring and identity theft protection product for the entire family. (Considering all the identity theft going on, this can be a serious valuable prize.)

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

The job search is on. 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  

We have an RTRP class coming up at CPE Link next week – after tax season ends. Someone just told me that Prometric only allows one person taking a given exam to be in the facility at one time. THAT really cuts the options people have for time slots. So, if you haven’t scheduled your exam date yet, in this week’s AccountingWeb.com blog, I explain why you may want to reserve that date now!

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
Working Like an Employee While Being Paid Like a Freelancer
Tax Issues to Resolve During Your Divorce
I Received an IRS Notice – Now What?
Tax Strategies for the Unemployed – New!

MarketWatch
http://www.marketwatch.com/Journalists/Eva_Rosenberg
Ruling poses tax issues for same-sex couples
Whistleblowing for Fun or Profit
Who’s Using YOUR Social Security Number?

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?
http://taxmama.wpengine.com/?p=11430
The Ins and Outs of Shoeboxed.com
A Moving Story – or Three Good Reasons to Tell IRS You Moved
Avoiding Fly by Night Tax Pros
4 Easy Steps to Resolving Your Tax Problems
Are you Wasting Tax Benefits?
Has your Child been the Victim of Identity Theft?
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

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

 

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

Remember TaxMama’s Tax Calendar has enough information to carry you through to the first quarter of 2013.

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-661

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama® www.TaxMama.com

10/15/2012 Personal Returns due – Easy – Final Deadline
10/15/2012 Personal Returns due – Not Itemizing – Final Deadline
10/15/2012 Deadline for Schedule C filer to fund SEP-IRAs for previous year.
10/15/2012 Net Operating Loss – Eligible Small Business carry back loss
10/15/2012 US Gift and Generation-Skipping Transfer Tax Return – Final Deadline
10/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
10/15/2012 Employers File Annual Return for Employee Benefits Plan 5500, if on extension
10/15/2012 Employers File Annual Return for Employee Benefits Plan 5500-EZ, , if on extension
10/31/2012 3rd Quarter Payroll Taxes Due
10/31/2012 Employer’s Deposit Federal Unemployment Tax (FUTA) – if total due is more than $500 through Sept 30th.
10/31/2012 3rd Quarter Federal Excise Tax Return & Payment Voucher – Form 720

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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