*AskTaxMama Newsletter

Ask TaxMama Issue 515 – Happy Tax-Free Season

Posted on by TaxMama

Happy Season of Tax-Free Days
Dear Family,

Every summer around this time, states all over America offer special tax-free days. These are weeks or weekends when families can buy their back-to-school supplies, and certain other needed merchandise, without having to pay sales taxes. Clicking on today’s graphic will take you to the national list. Just look for your states. On high-ticket items, like computers and energy-saving installations, the savings can be substantial.

News this week has been interesting. Congress has voted more money for the Cash for Clunkers program. Those $3500/$4500 credits are going like hotcakes. It only took 10 days to use up the first $1 billion – and to sell about 220,000 cars. Will this revive the auto industry? Or just be a short-term boost?

Sonia Sotomayor was just confirmed 68-31 by Senate. Looks like we have a new woman on the Supreme Court – and the first Latina. I can’t tell how excited I am about her confirmation. She’s an intriguing woman. One, who I feel has a strong sense of honor. Congratulations Justice Sotomayor!

In light of the continued high rate of unemployment (even though the rate just dropped slightly last month), Congress is considering extending unemployment benefits when they return to session in the fall.

And private citizen, former President Bill Clinton pulled off a major coup , bringing back two imprisoned reporters to Burbank, CA this week. Oddly enough though, I can’t find any discussion of what he offered or promised to North Korea in exchange for their pardons. Does anyone know?

This week’s CSEA DigiTax workshop about Hobby Loss started a little late due to my technical difficulties. Ooops. Should have started on a different computer in the first place. Regardless, the class was interesting. The questions lively. And afterwards, from the e-mails I received, it is clear that IRS IS running hobby loss audits. One attendee already has a Tax Court petition planned to review the harsh results from the initial audit. For me, that’s always the fun part of the process – winning those Tax Court cases – without ever having to go into Court! You can pick up a CD of the workshop from CSEA

We’ve been having a lot of fun in the EA class. One of the favorite pastimes is working on sample tax returns and analyzing them, going into detail on how to handle particular issues. A little bit like the old bookkeeping concept of the Sample Set. (Do they still teach that?) What’s interesting is that even using someone else’s prepared sample return and data, certain things jumped out at me that would definitely not make sense on a tax return (usually missing expenses). For instance, the return we worked on included investments in tax-exempt bonds – but no interest income from tax exempt bonds. It included rental income – but no rental expenses. In fact, this business didn’t even pay rent – or a mortgage. Where the heck was the business domiciled.

The reason I bring this up is to alert you to your own tax return. Review your personal or business returns for things that jump out at you as being missing. Even if you never prepare your own tax return, get BOLD! Read it – every page. See what IRS is going to see. Does it hold together? Does it make sense? Are there numbers on the return that you didn’t give your tax professional – and shouldn’t be there? Sometimes, those numbers are sheer errors. Other times, they are designed to give you a large refund to which you’re not entitled.

In IRS News this week we learn about the $35,000 loan program from the SBA to stressed small businesses – and who doesn’t qualify (the tough love program). And IRS tells us what to do if you think your identity has been stolen.
https://taxquips.com/index.php?cat=IRSNews

In today’s Money Funny – we learn about the Medical Stimulus Package in a Nutshell.
https://taxquips.com/index.php?cat=MoneyFunnies

TaxQuips this week we learn about some ridiculous and wasteful behavior in the Cash for Clunkers program; a generous fellow wants to design and donate a website to a local school; some pathetic business ownder didn’t file or pay payroll taxes for years; and dear old Dad is paying a whopping $900 per month towards his son’s health insurance – does he get ANY tax breaks? As always, I really appreciate all the help from tax professionals and readers all over the world. You are what makes it all worthwhile for me!
https://taxquips.com/index.php?cat=TaxQuips

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.
https://taxquips.com/index.php?id=1305

TaxNerd gear makes a bold statement during tax season.
Shop at www.taxnerd.net or https://www.zazzle.com/taxmama*

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama is watching…out for you.

www.TaxMama.com
www.TaxQuips.com
www.IRSExams.com
www.taxnerd.net
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TAX CALENDAR 2009
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08.17.2009 Employers Make monthly Payroll tax deposit

09.15.2009 Employers Make monthly Payroll tax deposit

09.15.2009 Corporate & Partnership Returns Due- FINAL DEADLINE

09.15.2009 3rd 2009 Estimated Payment – all entities Due
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SPECIAL GIFTS FROM TAXMAMA – FREE – REALLY!
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Keep your Resolutions:
Here’s a well-thought-out e-book to help you start the
year off properly. It contains a place for you to
list your promises to yourself – and lots of tools to
help you achieve your goals.

Download the book here (just use your e-mail address in this e-mail, so you can avoid subscribing to
my newsletters twice.)

Feel free to share this link with your friends, your clients and your mailing list.
https://www.simpleology.com/p/blogging/taxmama/ATM440
Explore Simpleology 101 – It includes set of step-by-step daily missions for you to follow to get more focused and become more successful this year.
You can check them off as you go.

Audio and Video Training
Is 2009 the year you learn to put use audio and video
on your websites or online? Here are some excellent
no-cost training opportunities. All you need is time.
Join David at AudioAcrobat.com

Join SuccessNet.org for free and learn the 10 Essential Success Keys You Need to Know for You
And Your Business to Grow
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GIFT IDEAS
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ThinkGeek has some wonderful, unusual stuff, including something very like a Dick Tracy watch – a touchscreen cell phone PDA watch. They also have the USB Memory watch that holds 2GB of data.

Open your own Zazzle account and create personalized
gifts to your family and friends.
You don’t need to use my designs – use your own photos and artwork.
https://www.zazzle.com/taxmama*
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SPECIAL DEALS
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Need a Corp, LLC, Registered Agent

Incorp Services Inc. in Nevada – DISCOUNT
20% off on formation services.
Similar discounts on Registered Agent services.
Call 800.2.INCORP – use coupon code – TAXMAMA – or
https://go.asktaxmama.com/incorp
(no code needed)

Customised Personal or Businesswear – 3 Choices:

Zazzle – Cafe Press – Queensboro

It costs much less than you think to be creative, and to develop your own look and identity.

Use your art or others – and customize it

Zazzle your Imagination. Are you a TaxNerd?
Tell everyone – proudly!
https://www.zazzle.com/taxmama*

Create your own customized Zazzle Apparel, bags or more.

Get volume discounts on orders of 2 or more.

Get extra discounts for yourself and friends after you order.

Stuff for business, travel and fun

Cafe Press is the home of TaxMama’s shops
https://www.cafepress.com/taxmama

But you can upload your own art and graphics and unify your family – even your pets.
https://www.cafepress.com/

Get extra discounts for yourself and friends after you order.

WOW DEAL! Embroidery

Wouldn’t you love to get your logo or family crest, or picture or whatever, EMBROIDERED on hats and T-Shirts?

Well, it costs a heck of a lot less than you think.
And there’s always a sale!
At the Queensboro Shirt Company

(They have a lot more than shirts – and all sizes)
They do a gorgeous job.

TaxMama

Your personal TaxMama is alive and well, answering your questions, and dreaming up ways to help you enjoy dealing with taxes – and paying less.