Dear Family, Happy April Fool’s Day! This morning I read a CNN story about a family with a $54,000 tax refund. The H&R Block office was apparently so surprised that they repeatedly recomputed the tax return to see if there was a mistake. There wasn’t. And this is not an April Fool’s Prank! It turns […]
First of all, I’d like to invite you to join me at Knotts Berry Farm over the weekend of September 26-28. The California Chapter of NATP’s Annual Conference and Meeting is covering some very, very special material – how to practice before the Tax Court…and I’m teaching a couple of classes, too!
You all heard Barack Obama’s acceptance speech last night at the Democratic Convention, yes? The theme was that this is a time for change.
[Please note: TaxMama is a registered Independent. I am not a member of either party – and am not expressing support. Simply an opinion on last night’s events and how I see it affecting our future.]
I don’t usually have the patience to listen to speechifying – especially when it goes on for more than 5 or 10 minutes. But, last night’s speech was one of the more important speeches of the current era. So I tuned in for the whole thing.
After all, there has never been a time in America’s history when a person of color has gotten so close to the Presidency. At this point, the odds are that Obama will be elected. He is a skillful politician. He is articulate and and his delivery is smooth. Obama is smart enough to have his writers tap all the best inauguration speeches in history. In fact, I even recognized material from the film, “The American President”.
I tried to find a copy of the speech on the Obama site. Instead, what I found were very aggressive appeals for donations. You cannot get to any page without being pushed to donate. Annoying for someone who just wants information. Compelling for those who will break down and support his campaign.
You needed to see the 80 thousand people in Denver’s Mile High Stadium, all enthusistically cheering Obama onward. What a stroke of genius to open this key speech up to the people, instead of just the delegates. Brilliant.
Naturally (yawn), the speech did manage to make reference to all key minorities and special interests. Everyone who wants a champion now has one. (send the dollars….)
One thing Obama said that really did strike a note with me – he said something to the effect that the President must be the president of all the people – not just his own party. It’s one of my (many) pet peeves about the way American politics has developed over the centuries. Elected officials seem to have forgotten that they are only members of the party during the elections. Once they are elected, they are meant to represent and help ALL their constituents. Not just the ones in their own party.
What’s interesting is that at one point, he described himself as a boy from Kenya. That was odd. Since he was born in Hawaii, and lived in Indonesia with his step-father. There’s no evidence that he ever lived in Kenya – though his father and his paternal relatives all live there.
Selecting a running mate like Joseph R. Biden is a wise choice. Here is a man who has decades in the Legislature, is Chairman of the Senate Foreign Relations Committee, and knows how to get legislation passed – and where the bodies are buried. If Obama makes full use of his VP’s expertise, they could really get the kind of legislation passed to make the changes they want to make.
Of course, the question is – will you want all the changes he proposes?
To see what he proposes, you can read (skim) the text of his speech here (it wasn’t easy to find).
This is going to be an interesting campaign. McCain is going to have a tough fight on his hands. So, if you want McCain to win – get to work! If any candidates emerge from other parties, like the Libertarians or Green party or…their message will have to be quite compelling to overcome the popular support that Barack Obama has generated.
Our Job Advice of the Week suggests that you can’t and shouldn’t do it all! Focus on your own expertise – on the things you do well and love to do.
Speaking of things you love to do, today’s Money Funny will put all that in perspective as we discuss our longevity with a new doctor.
IRS News provides detailed information about that mysterious hobby loss rule. Remember all rules are meant to be broken. And when it comes to breaking the hobby loss rules – TaxMama is THE expert on what it takes to prove you have a business instead of a hobby.
TaxQuips this week generated some lively discussion about when a non-relative dependent qualifies as a tax exemption. We also discuss how to convince IRS your employer filed a 1099 when it should have been a W-2; and what to do if your Medicare costs are too high (or explain why they are so high), and then there’s the deck built to accommodate a disabled child and the tax benefits or relief related to the deck.
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
Please use the Comments link online.
And remember, when you buy any TaxNerd item, TaxMama will donate all the profits to the Central Asia Institute, where they are building schools for girls in Asia. The best way to achieve peace to earn the love and trust of people around the world by helping them improve their own lives.
Hugs from your favorite TaxNerd,
Eva Rosenberg, EA
Your TaxMama is watching…out for you.
TAX CALENDAR 2008
08.15.2008 Employers Make monthly Payroll tax deposit
09.15.2008 Employers Make monthly Payroll tax deposit
09.15.2008 Corporate Returns Due- FINAL DEADLINE
09.15.2008 3rd 2008 Estimated Payment – all entities Due
09.30.2008 Last day to establish SIMPLE plans
SPECIAL GIFTS FROM TAXMAMA – FREE – REALLY!
Keep your Resolutions:
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Since it’s summer, and you’re probably going to be traveling with your family, consider getting matching T-shirts and/or hats.
(DO NOT PUT ANYONE’S NAME ON THEM – you’re just asking strangers to kidnap your children!)
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Today TaxMama hears from Linda in Denver, with this wonderful question, “Is it safe to assume that you will not be audited if you receive the refund that due you?” Dear Linda, What an interesting perspective? IRS sends you a refund. And there will never be an audit of that year. I like it! If […]
By David & Mary Mellem, EAs The Treasury Inspector General for Tax Administration (TIGTA) released a 45 page (pdf version) report dated June 28, 2007 dealing with the Free File Program. There is also a one page “Highlights” of the report. One of the TIGTA concerns was the accuracy of the returns prepared using the […]