Ask TaxMama Issue 466 – Hot Dog!

Happy Mational Hot Dog Month

It’s National Hot Dog month – and I don’t mean surfers and skate-boarders. The National Hot Dog and Sausage Council have lots of fun stuff on their site, with music, receipes and more. This must be Matlock’s favorite month!

But that’s not the big news this week. It’s all about depositors standing in line to get part of their money out of the bank – after they’ve already lost it. I’ve heard people say some harsh, insulting things about the victims. It’s easy to critize when you’re not the one affected. But let’s look at some more practical solutions – read this week’s MarketWatch column, where I learned that one of the resources we found last December is limited to covering the deposits of folks in Massachusetts.

This morning, Jim Blasingame, the Small Business Advocate, had some guests on his show addressing this issue, talking to Community Bankers and TaxMama about options personal depositors and small business depositors have.

You can listen to a replay of today’s show here – or in the archives

One of the interesting people on Jim’s show today was Terry Neese, of Her non-partisan organization has sent a list of issues to Senators McCain and Obama that WIPP wants addressed by the presidential candidates. Terry wants all workers, even part-timers, to have the opportunity to take more advantage of tax-free benefits, to make them more portable – and more.

She makes some good points. I really don’t think that employee benefit programs and flexible spending accounts need to be as complicated as they are. Frankly, any benefit that is included under those definitions should be available as a checklist to all workers. Too many people don’t understand or trust their company’s plans – and don’t take advantage of the tax-free benefits. There must be an easier way. The good thing about WIPP is that they take proposals directly to Congress and propose legislation.

Speaking of having an impact, this week’s Job Advice encourages you to take a gamble on yourself. It’s about making a choice between more money now or later – but giving yourself immediate satisfaction. Just remember, when you follow the advice – get the arrangement IN WRITING.

Today’s Money Funnies deals with logic. How many different ways can you answer the same question – and still be correct? Then let’s relate this thinking to your tax situation.

This week’s TaxQuips was fun. We learned how to track down our unclaimed assets and refunds; whether draws from annuities qualify for the first-home downpayment exclusion from penalties you get when you draw money from your IRA; learn about tax issues for s corporations; get some useful no-cost resources – and even learn a little bit about how to avoid getting caught – like the IndyMac investors did.

IRS News announces the details of the National Taxpayers Advocate’s report to Congress. Focus is on Tax-Related Identity Theft, IRS Collection Practices, and Cancellation of Debt Income.

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.


07.15.2008 Employers Make monthly Payroll tax deposit

07.21.2008 Last Day to get Personal info to me to file in August

07.31.2008 2nd Quarter Payroll Taxes Due

07.31.2008 2nd Quarter Sales Taxes Due



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