Ask TaxMama Issue 610 – Keep Your Fork

by on August 5, 2011

Dear Family,

The week just seems to fly by when you have interesting and exciting things to do. And we definitely have those around here!  

We’ve been working with the folks at NASBA to arrange for continuing education credit for CPAs who take TaxMama’s® courses and the SFV Breakfast roundtable. It takes a lot of time to put the materials together. But the people at NASBA have been impressively helpful, cooperative and delightful, making a complex process seem easy. Keep your fingers crossed, we just might start being able to offer it by the end of the summer.  

This week saw happy things and sad things. The sadness is, a delightful man died of cancer this week. Sam Rosenwald was in my first elementary school class when I came to California – and graduated from my high school, too. I had not seen him until the reunion this summer. It turns out that he was quite a pillar of the community – with 500 people honoring him at his funeral. Today’s Money Funny is in his spirit.  

The nice thing that happened is, I left the house. Yes, it does happen. Out of the blue, I heard from Jim Blasingame, the wonderful radio host of The Small Business Advocate. You’ve been listening to me on his show since he started over 15 years ago. I have known Jim even before the show…perhaps for nearly 20 years. But we have never met. This week, Jim and Davonna were in Los Angeles. They are even more delightful in person. You know that rare experience when someone you meet over the phone or online turns out to be even better in person. Also at that lunch were author Gene Siciliano and his wife, artist, Karen Dellosso. Do you ever have those times when you are simply reluctant to end them because the experience is perfect? We did a lot of laughing.  

It turns out that we all have something that is not ADD. It’s SOS. Don’t know what SOS is? Jim Blasingame explained the phrase – Shiny Object Syndrome.  (don’t you love it!)  It’s where you get excited about absolutely everything – every new idea and every new experience. Yes, it can be distracting. But, boy is it ever fun!  

In IRS News today, IRS gives us 10 ways to deal with tax debt – without your having to pay a tax professional thousands of dollars to deal with your problem. We also learn the pros and cons of outsourcing your payroll. It might just save your business – but beware, if your payroll service doesn’t pay your taxes!  

In today’s Money Funnies & Inspiration, you learn just why you might want to hang on to that fork of yours! Keep the Fork.  

A Week of TaxMama’s TaxQuips
We start the week off with Mary, whose mother-in-law did a smart thing with the way she deeded her house to Mary’s husband. It was a VERY smart thing. Want to know what she did? With the Airline ticket taxes expiring for a while, it is a good opportunity to recoup some of your travel expenses. IRS explains how.  Bradley is thinking of starting a business like Groupon – but he doesn’t want to pay tax on the full price of the coupon, since he has to pay the vendors their share. How does that work? We end this week with Myra, who filed an extension, now doesn’t know what to do. What filing status to use, how to pay the balance she expects, and more.

Lower taxes, achieved ethically = higher profits and increased joy

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention.  Andrew collected some of the reviews and awards generated by this book.

            Iram Martinez just finished reading the book:

I have to say, AWESOME, AWESOME, AWESOME.  I have to be honest and say that it was one of those books that once I started to read I could not put down and strange part of it, it was regarding taxes…..

This week’s question for you – What should your business be doing this summer?

Read Chapter 10 of Small Business Taxes Made Easy to guide you through the planning that will save you thousands of dollars this year.

TaxMama’s EA Exam Review Class 

Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.

This week, TaxMama’s students learned all about Corporations

Tomorrow, we’re going to do in-depth testing on how to pass the EA Exam even when you don’t know the answers to the Part 2 questions.

There is still time to sign up for TaxMama’s EA Exam Review Course  

There is a Family Member discount of 10%.  

CPE-Link – The IRS Practice Series is now over.  

But they are ALL up as a Self-Study Package – you can get them all at the special package price. The course prices are cheap enough for a non-professional to use them to help yourself fix your own tax problems.  http://www.cpelink.com/teamtaxmama/  

We’ll be working on some year-end reviews for you soon, too.

As well a course to explain how to deal with the Injured Spouse problem.    

In the meantime, people keep telling me they don’t know how to use Facebook and Twitter to improve their business. You will find some classes here, at CPE Link

Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you. 

TaxMama Interviews

LA Times, by Liz Weston
Tax strategies for self-employment income

TaxMama Writing:

AccountingWeb.com blog – Going to the IRS Tax Forum

 This week’s Equifax article is  - Wedding-Related Tax Benefits 

You can find daily TaxQuips into YouTube videos
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!  

Please use the Comments link online.

http://taxmama.com/asktaxmama/ask-taxmama-issue-610                     

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

http://www.zazzle.com/taxmama*

 Eva Rosenberg, EA

Your TaxMama®  www.TaxMama.com

 

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TAX CALENDAR

http://taxmama.com/tax-calendar-2011/

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06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

07/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/01/2011 2nd Quarter Payroll Taxes Due

08/01/2011 Deposit FUTA tax if more than $500 was paid through June 30th

08/01/2011 Employer’s Deposit Federal Unemployment (FUTA) 

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500-EZ

08/01/2011 Employers File request for Extension filing Employee Benefits Plan Return

08/01/2011 2nd Quarter Federal Excise Tax Return & Payment Voucher

08/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/30/2011 Time for businesses to consider setting up retirement plans

 

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From TaxMama® to You!

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Follow TaxMama®’s Tweets – http://twitter.com/TaxMama  

 

You are invited to put a TaxQuips Widget on your phone, social networking page, website, or… You’ll get the TaxQuips as soon as they published – long before they are distributed in by e-mail. It’s a nifty gadget. Just pick up the code and paste into your site or application.

http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

 

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SPECIAL DEALS

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NOLO answers the question –

What can I do if my spouse gets into debt – do I owe his/her debts?

 

(disclosure – TaxMama receives a commission)

 

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Similar discounts on Registered Agent services.

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Great for promotions – and to gear up for tax season!

 

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Get volume discounts on orders of 2 or more.

 

Get extra discounts for yourself and friends after you order.

 

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Cafe Press is the home of TaxMama® ‘s shops

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You can upload your own art and graphics

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Get extra discounts for yourself and friends after you order.

 

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Always a sale at the Queensboro Shirt Company

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(They have clothes and novelties – and all sizes)

 

They do a gorgeous job.

 

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

http://irsexams.com/  

 

Last night, TaxMama’s students learned all about Partnerships

Tomorrow, we’re going to learn all about Corporations and S Corps.

We had great fun getting insights into Partnerships this past week.

There is still time to sign up for TaxMama’s EA Exam Review Course.  

 

Replay the session -

Everything You Wanted to Know About the EA Exam

 

 

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Looking for a great course?

 

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