Ask TaxMama Issue 554 – Memorial Day Weekend

Dear %$firstname$% It’s already Memorial Day Weekend! Remember to remember the folks who make our way of life possible. And offer more than just the obligatoru barbeque – offer thanks to all those who serve, or have served!

You may have noticed yesterday that the TaxMama.com website was down. This has been a week of external, and odd, maintence issues with key tools around the web. Redundancy is nice. Technology ompanies should provide alternatives when servers go down.

We had a bit of a panic in the beginning of the week with the class conference system going down on Saturday. Fortunately, I DO believe in redundancy. We moved all the students into another company’s online conference system. Wouldn’t you know it, right after we finished the first two-hour lesson, it went down, too. Two more hours to go! So, this Pied Taxer lead my merry band of tax acolytes off to a telephone conference line – where we did manage to finish up another whole two hours of lecture. Whew! That was harrowing. I felt like Joan of Arc hoisting my standard for all my followers to trudge after me in the mud and muck, starving (for information), getting weary of the journey. Actually, I must say, everyone was such a good sport about it. (Only a few people cussed me out – and I was in total agreement with them. I felt the same way!)  

The week went quickly. Have I said that before? When you have about 40 hours worth of things to do in a day, it’s amazing how time passes. Everyone at Team TaxMama has just been working intensely – to ship out a mountain of materials; resolve the odd Homebuyers Credit rejections (though we do have one return that has not yet been rejected, but we just learned has an error in a Social Security Number); reviewing articles and e-books… which reminds me! 

We just posted a rather raw edition of The 100% Home-Based Business Tax Solution in TaxMama’s  Even More Quick Look-Ups. Though it still needs a bit of prettifying, I wanted you to have the updated data soonest. It will take us several weeks yet to make the ebook look snazzy! https://taxmama.wpengine.com/family-member-resources/ 

In our last episode, I was trying to pin IRS down on some specifics in time to file last week’s MarketWatch.com article wrapping up the Homebuyers Credits. As you realize, we didn’t get answers by press time. However, a few hours after the article was published, IRS answered most of my questions. Sigh. Expect to see that information in a follow-up piece in June’s Equifax blog.  

Meanwhile, at Equifax this week, we talk about what Kid-Friendly Tax Credits.
https://www.equifax.com/blog/tax/ The next Marketwatch column will have more to do with what steps you should take to do some planning and review in June.
https://www.marketwatch.com/Journalists/Eva_Rosenberg
You will also find lots more useful tax information in the MarketWatch.com Tax Guide.
https://www.marketwatch.com/taxes 

In Thursday’s EA Exam Review Class, we started talking about the IRA to RTaxMama Toteoth conversions people are doing this year. If you have questions about when it makes sense to roll your IRA over to a Roth – and pay the huge tax bill…join us at the next TaxMama’s Tax Round Table discussion on June 24, 2010 at 8:00 am PT.
https://taxmama.wpengine.com/category/tax-roundtables/ In IRS News, we learn that IRS is giving away a lot of money. Learn how you can get your hands on this – and help a lot of people!
https://taxmama.wpengine.com/category/asktaxmama/irs-news/

 In Money Funnies this week, we get introduced to the next edition of the Survivor series. This is the toughest challenge yet! Will the contestants survive?https://taxmama.wpengine.com/category/asktaxmama/money-funnies/

 Remember, 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!
https://taxmama.wpengine.com/education/tax-education/federal-tax-return-preparers-forum/

 This week’s AccountingWeb.com blog, resulted from an email from Sharon Kreider and Karen Brosi. It’s about an IRS Private Letter Ruling related to Registered Domestic Partners in Community Property states. If you are an RDP in such a state, you want to read this week’s blog.
https://www.accountingweb.com/blogs/accountingweb/talk-taxmama

 In TaxQuips this week we learn what happens to an LLC in a divorce; what to do when your life sucks and IRS or your state is garnishing your wages; how to determine how much tax to pay on the stock you received when your life insurance company demutualized (huh?); and if you can take an energy credit for your own labor when you install high efficiency equipment.
https://taxmama.wpengine.com/category/tax-quips/

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://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-554/ 

TaxNerd gear makes a bold statement year-round.
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Eva Rosenberg, EA 

Your TaxMama®  is watching…out for you. 

www.TaxMama.com
www.snurl.com/homebiz-tax
www.TaxMama.com/TaxQuips
www.IRSExams.com
www.TaxNerd.net

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TAX CALENDAR
https://taxmama.wpengine.com/tax-calendar-2010/
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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 
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From TaxMama® to You!
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Follow TaxMama®’s Tweets – https://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.
https://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

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Never miss a tax deadline again!
The customizable tax calendar is here.
Add or Remove dates. Add your own reminders – get alerts.
https://snurl.com/itaxmamapro

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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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Take TaxMama®’s 2010 EA Exam Review Class
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