Ask TaxMama Issue 492 – IRS Breaks Into Swiss Banks

Happy Birthday Gloria Vanderbilt

Dear Family,

Have you been following this week’s news? Whew!

IRS managed to break into the impregnable Swiss banking system. UBS has agreed to release information about thousands of Americans’ private Swiss accounts – and to pay $780 million for helping U.S. customers avoid taxes. This is unprecedented – and very exciting. At least for those of us who don’t send our millions of dollars offshore!
https://snurl.com/swissbanks

The real question, of course, is – will the collections of all these taxes and penalties from the 40,000 or tax evaders shore up the U.S.A.’s finances enough to get us out of this financial crisis? Please, don’t make me laugh. There will always be something more to spend the money on so we can stay in trouble.

Speaking of which, California has finally passed a budget. One of the provisions in this pared-down budget designed to help avoid forcing the State to lay off more workers includes….ta daaa!
Sen. Roy Ashburn of Bakersfield demanded money for the horse racing industry in his district. He got $32 million in state funding each year to offset maintenance fees at fairgrounds.

On the other hand, Ashburn also finagled $100 million for a $10,000 tax credit for those who buy new homes in California. The credit would be available starting in March and run through 2010. That, coupled with the federal first-time homebuyers credit, could really pump up home sales in California. That’s worth $18,000 to first-time homebuyer. (Don’t know what the rules will be for California’s credit quite yet.)

Follow me on Twitter and I’ll let you know as soon as I learn about it. https://twitter.com/TaxMama

TaxMama®’s MarketWatch.com article this week is an answer to the many folks, including tax professionals, who felt the February To Do article didn’t fully explain how medical deductions work – or don’t. It also explains how itemizing works. And includes an appeal to small business employers to give your staff a substantial raise, which won’t cost you a dime.

https://snurl.com/itemizing

In IRS News today, you learn how to request your own installment agreement online, if you can’t afford to pay this year’s tax bill. You also see the start of IRS’s resource to flesh out the provisions of the tax provisions in the American Recovery and Reinvestment Act of 2009.
https://taxquips.com/index.php?cat=IRSNews

In today’s Money Funny we learn to understand a bit more about how children hear what they are told – as they tell us their version of bible stories we know and love.
https://taxquips.com/index.php?cat=MoneyFunnies

In TaxQuips this week, we learn about how businesses can report logos and web design; the tax aspects of organ donation; what is and isn’t a deductible sales tax; pre & post tax medical expenses.

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=1131

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.IRSExam.com

www.taxnerd.net
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TAX CALENDAR 2009
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03.02.2009 Mortgage Interest file Form 1098s with IRS

03.02.2009 File W-2’s with Social Security Admin

03.02.2009 File 1099’s with IRS

03.02.2009 File City of L.A. Business License/Tax Form

03.02.2009 Farmers & Fisherman – file and pay taxes due for 2007 and pay all tax due if estimated payments not made on 01.15.2009.
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Feel free to share this link with your friends, your clients and your mailing list.
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GIFT IDEAS
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Open your own Zazzle account and create personalized

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You don’t need to use my designs – use your own photos and artwork.
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But you can upload your own art and graphics and unify your family – even your pets.

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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.

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