Ask TaxMama Issue 575 – Oh Joy!

Happy Birth Anniversary to Mary Travers of Peter, Paul and Mary

Dear Family, 

What a distracting morning! While I am perfectly capable of ignoring ringing telephones, I haven’t quite mastered the art of ignoring emails. They seem to pile up if you don’t answer them, or read them, have you noticed? Then we had a little earthquake. Not much. Certainly not for Southern California. (Actually, OK…truth?  I wouldn’t even have known about it if the LA Times had not sent me an alert.) 

But the most distracting thing? Rick got a break from work this morning and invited me out to breakfast. What woman can resist a charming invitation from her adorable husband? Especially since they have him working an odd shift tomorrow (noon- nearly midnight). In today’s economy, the reality is, you take whatever hours you can get. And your family needs to adapt to your schedule with good grace and good spirits. We might as well enjoy the chaos. 

Besides, the whole point of being self-employed is being able to be spontaneous. Embrace it! 

President Obama was on the radio this morning talking about the latest jobs statistics. We’ve had 10 straight months of job growth in the private sector. We still have horrible unemployment percentages – but it’s a little less bad. 

Perhaps this will help a little. Visit the new launch of Suze Orman’s  Money Minded Moms website. You’ll be meeting a team of passionate writers to help stretch your dollars, get along better with family, improve your health – perhaps even increase your wealth – and much more.  Our team’s first batch of articles are ready for your enjoyment. You’ll find about a dozen new articles from TaxMama, Suze Orman and the team each week.  The summary of the current line-up is below.  

But I must comment on Suze’s article about her appendectomy. There’s a picture of her on a gurney, with her doctor and nurse, heading into the operation. Now, friends, who would even have the presence of mind to take a picture at a time like that? I certainly didn’t when I was going in for gall bladder surgery! It just goes to show – there are two kinds of people:  

People who take pictures; and people who rarely go near a camera.  

If you are the kind of person who takes pictures of everything that goes on in your life, your family’s life and those around you….? This is your time of glory. The Internet has given you a medium where you can shine…and become quite popular. Think about it.   

Speaking of shining, I just got the evaluations on last Monday’s CPE Link class. Hooray! We were stunning. The class was about how to prepare the Form 433 series, the financial reports we must give IRS if you are to get your taxes reduced, or be able to make your payments on time. The students thought it was terrific webinar. That’s gratifying. Not just because it makes us feel good. But that means, if you listen to the workshop later, you will find it useful and practical. You don’t need to be a tax professional to understand our presentation. We try to make the information clear enough so that anyone can listen in and use it.  

Upcoming Live Classes this week. 

November 9, 11:00 am PT – Eva Rosenberg, EA Doing Tax Research Online for Free

 November 11,  9:00 am PT Roger B. Adams, EA The Alien in America

Upcoming on CPE LINK – with CPE for CPAs, EAs, and more  

Preview the series on YouTube

 The IRS Practice Series (all times in Pacific Time)

Team taught with Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA

Dec 7, 10:00am – 6 Simple Steps to an Offer-in-Compromise (form 656) 

Dec 10, 9:00am – The Un-agreed Collection Alternatives and Appeals 


 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.

 IRS Practice Series: Overview of Collection Issues – Price = ZERO:

This on-demand webcast provides a broad overview of the collections process. From preparing the Power of Attorney – IRS Form 4868, to freezing the collection activity, to Offers-in-Compromise and Appeals, the course will explore the numerous collection issues a practitioner may encounter and lay the ground work for the IRS Practice Series. Topics will be covered in more detail in the dozen courses of The IRS Practice Series – leading to a Tax Mediary (CTM) Certificate upon completion of the series.  

EA Class News

We’re done! All the live classes are over. Whew! It’s been an amazing 6 months with a class of fascinating, fun and fabulous students. Each person is more interesting than that last. That’s why I love teaching – getting to meet people with engrossing life stories. [Hmmm…perhaps there’s a book here 😉 ]

 Students are gloriously passing parts of the exam this week. The joy is intense!

We’ll be holding live guidance sessions twice this month and in December, to keep folks on track. Join us. We’re having a ball.  

Remember, you can get a 10% discount on the EA Class if you register for TaxMama’s Family first.

The discount code can be found in the Family Look-Ups resource.

Other TaxMama News:

New! Suze Orman’s debuted this week. You’ll find TaxMama’s columns there each week, along with a dozen delightful women. This week, TaxMama’s blog helps you if you owe money to IRS – I Owe, I Owe, IRS I Go – and helps you understand the importance of talking to your children about money, in The Time Has Come, The Walrus Said.  Suze Orman talks about what you can learn from her emergency appendectomy this past summer. Sabrina O’Malone helps you set a vision for your life.  Vicky Collins teaches that sacrifice is a state of mind. Doreen Kukral rails against disposables, as she helps us green our lives. Jen Goode shares her love of coupons.  Kim Rowley helps you redecorate your home on a budget. Liz Strauss helps you save before you spend it all – paying yourself first. You will find lots of useful, entertaining and fun articles for the whole family!

At Equifax this week, since it’s November, TaxMama explains the value of your company’s flexible spending account – and why you should participate. After all, this is open enrollment month. Ilyce Glink addresses the consequences of not paying your mortgage. Uh oh! Dan Solin discusses socially responsible investing – how to have your investments follow your conscience. Linda Rey talks to Road Warriors – and explains how to handle accidents when you’re traveling on business. The Equifax Credit Experts explain how closing an account affects your credit score.

Last week’s blog tells you how amusing Tax Court can be. I haven’t had time to write a new column yet – but will for next week!

In IRS News, Grant Thornton, LLC gives us 10 Year-End Tax Tips. Their advice is similar to the kind of information I would give you. Since they’ve done the work, let’s let them give you the guidance.

In Money Funnies today, we have fun with a bit of Word Play.

In TaxQuips this week, we start the week with John, who has  a network marketing business. He wants to know if his office in home is a red flag? Home Office Red Flag . Brad wants to buy a 5th wheel or RV to stay in during his business travels. What is the tax impact?   5th Wheel . TaxMama wants to discuss branding your business – and the effect of using your own name.  Branded . We end the week with Jennifer, whose bank has been hit with a subpoena for several years of a client’s records.  Will they have to do it for free?  Bank Subpoena

November’s MarketWatch column is to come. What do you think I should write about?

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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Hugs from your favorite TaxNerd,*

Eva Rosenberg, EA

Your TaxMama®  is watching…out for you.





11/01/20103rd Quarter Payroll Taxes Due

11/01/2010Employer’s Deposit Federal Unemployment (FUTA)

11/01/20103rd Quarter Federal Excise Tax Return & Payment Voucher 11/15/2010Employers Make Monthly Payroll tax deposit on the 15th of each month 12/15/2010Employers Make Monthly Payroll tax deposit on the 15th of each month 12/15/2010Corporations – 4th Quarter Estimate Due

12/31/2010Last Day to Open KEOGH account for 2010 deposits


From TaxMama® to You!


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