Ask TaxMama Issue 627 – Bubbling Over

 Dear Family, 

Earlier today, IRS announced that electronic refunds are on target. People can expect to find them in your bank accounts within about 10 days. But, some refunds will be delayed. IRS is beefing up the fraud detection system. Returns with Earned Income Credits, American Opportunity Credits and other refundable credits will take a little longer. That’s good news, believe it or not. Last year, IRS releases millions of dollars of fraudulent refunds, despite safeguards. Hopefully, beefier security will cut that down.

[Don’t forget to play with the bubble wrap. Click on the picture to find games.] 

What else is going on in tax news? Today’s IRS News announces that over 12,000 free tax prep sites have opened their doors to help taxpayers needing advice and preparation. We also tell you about 10 tax benefits open to parents, since they have children.
Today’s Money Funnies are really funny – if you have a sense of humor, and irony. Anyone who is easily offended, please do NOT ready today’s story about He-l*l – As Explained By A Chemistry Student . (the dashes and stuff are for spam systems). On the other hand, there are over 200 other funny bits you can enjoy.

 

The Republican primaries are grabbing a lot of attention. This week, Mitt Romney was compelled to release his own tax returns, even before getting the nomination. (It was his intention to wait. One attorney, William Funk, wrote a scathing reprimand of all the sensationalists who’ve been blowing legitimate information out of proportion.

 

People are entitled to use the legal tax breaks written into the tax code. After all, isn’t that why you’re here? Certainly, we all want to know all the legal ways we can reduce our taxes. Why begrudge the same benefit to our politicians?

 

I was invited to review the two candidates’ tax returns by Bob McCormick for Money 101. You can see the comparison of Romney’s and Gingrich’s tax returns here. You will also have access to the actual tax returns, in case you want to see them. Some of Romney’s are over 200 pages long.

 

Incidentally, I want to thank all of you for your patience with the site this week. It’s finally stabilized and will stop popping off to sleep. We got too busy for the new server – and finally convinced our kind hosts to upgrade us and to keep an eye on things. You should be able to ask your questions and get answers now. Hooray!

 

Something fun? There’s a new site launching in April. It’s called Wazzub. You can sign up for it early. You can make some money doing it. This company has picked up enough investment capital to be paying the members who promote them. They plan to be your new home page. Hopefully, you’ll have everything on there you could ever want. At no charge.

 

Once they’ve opened their doors, they will be sharing 50% of their advertising revenue with us – those of us who get in at the beginning. [Note: This $1 per member concept worked very well for the folks who promoted ClubMom (now CafeMom). Some affiliates earned as much as $10,000 per month, just for sending them new members.] So, please join now.

 

 

Let’s address a few tidbits of news – and go back to work!
1) Weekly Equifax blog is still going strong.
http://blog.equifax.com/tax/
It’s a New Year—It’s Time to Lose Weight!

MarketWatch
How to File your Taxes For Free
Top Tax Sites

AccountingWeb Blog
Mitt & Newt, What can we Learn for Our Clients?

IShade.com
Mitt & Newt, again

2) Radio Interviews done recently or coming up

January 24, 2012Quickie interview withBob McCormick’s Money 101
about Mitt’s and Newt’s tax returns and tax reduction tips

February 27, 2012 –  Bob McCormick’s Money 101 show on KFWB.
2-hours. Call us 888-KFWB-980 (888-539-2980)

February 22, 2012 #SmallBizChat with Melinda Emerson
http://succeedasyourownboss.com/what-is-smallbizchat/

3) CPE Link courses www.cpelink.com/teamtaxmama
Great class coming in February – Tax Checklist for Divorce

And we are recording a GOOD self-study RTRP course next week.

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

This week’s TaxQuips

Direct Sellers Personal Use of Product – Today TaxMama® hears from Bill in the Tax Quips Forum who raises a good question. “I have a lot of independent distributors asking about deducting their autoship of product for personal use. They say that their tax person said you can claim the deduction because you have to “be a product of the product” or […] Read the full article →

Getting Double 1099s – Today TaxMama® hears from Stephanie in the Tax Quips Forum with a very valid concern. “I’m concerned about this requirement that PayPal report my sales numbers via the 1099-K. The clients I work with will also have to send me a 1099-MISC. Won’t that be income that is double reported? Usually I just enter my […] Read the full article →

TaxMama s TaxQuips Reimbursement Plans, Part 2 – Yesterday TaxMama® started discussing employee reimbursement plans. Today, TaxMama® explains how company reimbursement policies affect tax audits. Read the full article →

TaxMama s TaxQuips Reimbursement Plans, Part 1 – Today TaxMama® hears from Josh in the TaxQuips Forum with a complex question about reimbursement plans. So, TaxMama wants to explain the overall concept.   Read the full article →

Remember TaxMama’s Tax Calendar has been updated for 2012, with 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!

 

Please use the Comments link online.

http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-627                            

 

TaxNerd gear makes a bold statement year-round.

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Eva Rosenberg, EA

Your TaxMama®

www.TaxMama.com

 

Your TaxMama®  is watching…out for you.

 

www.TaxMama.com

www.TaxMama.com/TaxQuips

www.IRSExams.com 

www.TaxNerd.net

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TAX CALENDAR

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

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01/31/2012 File Heavy Highway Vehicles Form 2290 – various deadlnes – see form instructions
01/31/2012 File Form 730 – Tax Return for Wagers (Accepting Wagers, Pool, Lottery for Profit). Note: This is a monthly form.
01/31/2012 Furnish W-2s recipients
01/31/2012 Furnish 1099 MISC to recipients 
01/31/2012 Furnish 1099 Interest to recipients 
01/31/2012 Furnish 1099 Dividends to recipients 
01/31/2012 Furnish 1098s to borrowers – Mortgage interest
01/31/2012 File 4th, Quarter Payroll Reports
01/31/2012 File Employers Annual Payroll Reports
01/31/2012 File Annual Payroll for Agricultural employees
01/31/2012 Employer’s Annual Federal Unemployment (FUTA) Tax Return
01/31/2012 Individuals who missed 4th estimated pmt – May file & pay taxes now
02/15/2012 Employees to File new W-4 with Employer
02/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
02/29/2012 File Paper copy W-3′s with Social Security Admin including copies of W-2′s
02/29/2012 File paper copy of US transmittal of US information Returns
02/29/2012 Farmers & Fisherman – Use Personal Income Tax Return – Sole Proprietor
02/29/2012 Employers File Annual Report for Employees TIP Income – Form 8027
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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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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

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