Ask TaxMama Issue 553 – Buckle Down

Dear Family,

Do you ever have one of those mornings where good things start to happen?

I got the very first question from the new Equifax Personal Finance Blog this morning – and it was the perfect subject for the next column! OK, not the next column you see…since I’ve already got several columns completed in advance. But you will see this question, and my related free-association, in June.

Last week, I told you about my last-minute, miraculous discovery of the Amtrak bus to take me home from Union Station when I arrived late in the evening. Remember how I mentioned that for a mere $14, this seat on this bus was guaranteed? Wow!! Our train from San Diego arrived over a half hour late. Not only was the bus still there waiting for me, it sat there for another 15 or 20 minutes waiting for other late arrivals. Let me tell you, when it’s close to 11:00 in Downtown Los Angeles, that is really reassuring to know.

OK, you know I’ve been trying to get answers from IRS, for weeks, about the bizarre things that are happening in the world of Homebuyers Credits. To my utter disappointment, very few answers were forthcoming. I know that at least three people in the press office really tried to push for clarity. IRS management, or counsel, simply does not want to address these issues – or doesn’t have the time. When you read this month’s MarketWatch article, you may understand why. But you won’t like it, if you’re one of those waiting for your Homebuyers Credit.
You will also find lots more useful tax information in the Tax Guide.

Which gives rise to this week’s blog, where I wonder aloud. Why is IRS forcing us to guess how to report things, instead of just telling us how to do it properly in the first place?

We talked a bit about that during this month’s TaxMama Tax Roundtable meeting. And about some political issues – like Flat Tax, Fair Tax, VAT, etc.  You really should join us next month.

At Equifax this week, we talk about what you need to know – and do – when you are unemployed. Last week, something unpopular – the impossible conversation to have with your future mate, before you get married.

Today’s Money not-so-Funny you are asked to read labels – to do a little musing and perusing.

In IRS News, we learn that IRS has issued the new form so you can get credit for hiring new workers. Hooray!

For all unlicensed tax preparers around the country, IRS is holding a phonr forum on June 9th at 2:00 pm ET to explain what you will have to do to comply. Don’t miss this!

IRS is accepting applications for new members for the Internal Revenue Service Advisory Council (IRSAC),,id=222365,00.html

In TaxQuips this week we learn more about how to make best use of the resources here at; the taxability of renting out your house, but keeping just one little room for your storage; whether or not huge amounts of NSF fees are deductible; and how to handle the reporting when you turn your home into a boarding house.

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

Please use the Comments link online.

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Your TaxMama®  is watching…out for you.


06/15/2010 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment
06/15/2010 Corporations – 2nd Quarter Estimate Tax payment Due 
06/15/2010 Estates & Trusts 2nd Estimated Tax Payment
06/15/2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
06/15/2010 US Taxpayers Overseas Individual Personal Returns due 
06/15/2010 US Taxpayers Overseas Claim Foreign Earned Income
06/15/2010 US Individuals Overseas Personal Return Extensions due 
From TaxMama® to You!

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