Ask TaxMama Issue 558 Happy Summer


Dear Family,

It’s my mother’s birthday today. Her age exceeds the number of years mentioned at the beginning of President Lincoln’s Gettysburg address (add 1 to Lincoln’s number). Happy Birthday mom! Except for being in constant pain, she is remarkably spry and independent. All those admonitions to do all things in moderation seem to have worked really well for her, physically.

But let me tell you – all that moderation and caution – it led to very little fun. And even more rare laughter. Which do you want? A life full of glorious excesses, with intense highs and some profound lows, and lots of laughter and joy. Or a life filled with intense responsibility, attention to duty, moderation and a rare smile.

Neither choice is bad. Neither choice is the best. They’re just options. I’m somewhere in the middle, experiencing intense highs, intense responsibilities, lots of fun – but very little moderation in anything. Do you burn out earlier when you live a passionate life? I certainly hope not. After all, I have far too much to do ever stop.

It was interesting to see my sisters-in-law. Both women are over 60 years old. Neither looks much over 45. They both move with the fluidity and grace of much younger women, with active, loving social lives. Sixty did NOT look like this when I was a child. Grandparents were loving, stolid, and chunky. But they were old. And looked old. And moved old. Look around you at the 60 and 70 and 80 year-olds today. They are active, alive, energetic, athletic, informed, forward-looking.

Where do you see yourself in your future? Are you beginning to realize that you just might live an active, healthy life well into your 90s and beyond? What have you done to ensure that your finances will keep up with your longevity? Don’t count on Social Security – though it might still be there. It’s time to start seriously saving for your future. The younger you are, the earlier you start, the more you’ll have when you stop working. Of course, you don’t ever need to stop working, do you? If you just learn new skills, you can be assured of always making a living, even if you only work part-time.

Perhaps it’s time to look at the things you need to learn more about, or would love to know more about, but just don’t have the time, or patience, to sit in traffic and go take a class on someone else’s timetable? Well, you don’t have to. You can learn all the things you need to know to improve your administrative and technical skills and tax knowledge from the comfort of your own desk and chair. Learn how to master parts of QuickBooks you didn’t know existed, have someone explain how to set up complex Excel spreadsheets, learn how to buy or sell a tax practice, all about Twitter for Accountants – and other fun stuff. There are even some classes that have nothing to with accounting.

Incidentally, one last bit of investment advice for people who expect to live long lives. Cultivate younger, happy friends. They will always keep your mind bright and your soul feeling youthful.

There’s lots of legislation still pending. We probably WILL get the extenion on the Homebuyers Credit processing until September 30th. So far, the Senate has passed it. There will be other changes coming soon.

Upcoming Events

July 14, 2010 at 10:00 am – NOON pacific time
TaxMama’s In Depth Tax Web Workshop for Writers, Journalists and Bloggers
Learn how to avoid being audited, how to avoid being considered a hobby,
even how to increase your income as a writer.

July 15, 2010 at 8:00 am – 9:00 am PT
The next Tax Roundtable is next month. Will you be joining us?
At the last meeting –  IRA to Roth conversions, the new Registered Tax Preparer program, S corporations, pending legislation…join us at the next TaxMama’s Tax Round Table discussion on

Upcoming on CPE LINK – with CPE for CPAs, EAs, and more
July 28 at 1:00pm PT
Homebuyers Credits for Tax Professionals
The specific laws related to your clients.
How to get it rigth the first time. What to watch out for.
And how to overcome IRS Rejections.

Sep 1 at 12:00pm PT
Doing Tax Research Online for Free
Identify reliable sources of tax information,
how to use them and understand them.
Other TaxMama News:

At Equifax this week, we give you 7 things you need to know to get your homebuyer’s credit refund during your lifetime; 5 rules for protecting your retirement savings; 9 things to know about renting your vacation property; all about insuring your jewelry and other nice stuff; and what is a fraud alert – and how does it affect your credit?
In this week’s blog I discuss the value of peer groups and live meetings. Although I discuss this by using our SFV CSEA Breakfast group as the example, this is something you can do with any group of professionals or trades or just neighbors. It’s also the feel I am trying to build in our monthly TaxMama Roundtables.

Speaking of which, the June RoundTable covered a surprising array of topics.

In Money Funnies this week, we get to learn just what it is that men, like my husband, spend all their money on – out in that mysterious world of ….(drumroll here…) The Garaaaaaaage!

In IRS News, we learn about the new 10% excise tax on tanning services.
In TaxQuips this week we meet Felicia who wants to know why her mother, who mostly collected unemployment all year suddenly owes a bunch of taxes; we face some of the difficult (or impossible) questions we should ask before we get married; Gloria wants to know about the first time homebuyers credit rules for the military, and we end the week by meeting three interesting people who can heal your body, mind and soul.
Do you know which of your employees qualify for the HIRE act? Or about the extenders bill in the House that will change the way your S Corporation operates? Or about the electronic filing mandate for all tax professionals? You would know all this and more – if you read the TaxQueries Blogs!

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.

07/15/2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
08/02/2010 2nd Quarter Payroll Taxes Due
08/02/2010 Employer’s Deposit Federal Unemployment (FUTA) 
08/02/2010 Employers File Annual Return for Employee Benefits Plan 5500
08/02/2010 Employers File Annual Return for Employee Benefits Plan 5500-EZ
08/02/2010 Employers File request for Extension filing Employee Benefits Plan Return
08/02/2010 2nd Quarter Federal Excise Tax Return & Payment Voucher
08/16/2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
08/31/2010 Time for businesses to consider setting up retirement plans

From TaxMama® to You!

Follow TaxMama®’s Tweets –

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Download TaxMama’s 2010 iphone Tax Calendar. My gift to you.

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