Ask TaxMama Issue 589 – Black History Month

 Dear Family,  

This is the end of black history month. When I was in school, African-American studies were not a significant part of our curriculum. It didn’t matter though, because history was being made all around us at the time. Lots of great, good and bad things took place during my school years from grade 4 through college. I’ve been doing a little reminiscing…  

Despite my being useless, with the flu, looking back, it’s been a busy week. We released the new schedule and course descriptions for the CPE Link Tax Practice Series Classes. You may find the last class amusing or grim…when you see what it’s based on. I do hope you have a sense of humor.  

We released the new schedule for the Live Sessions of the  2011 TaxMama’s EA Exam Review Class. The early-bird discounts are up, as promised. Please note: Because I’ve been down with the flu, I have not set up the renewal links for existing students to get 2011 supplies. You will get those next week – along with hearty, huggy, personal congratulations to all who passed. I noticed your notes…really. How exciting.  

This morning started with Jim Blasingame, the Small Business Advocate – and if you are not listening to his show, you really are missing out on useful information. It’s OK if you can’t listen to him live – you can listen to the archives anytime. In particular, listen to his discussion with Caroline Rhinebarger about developing a mobile strategy. Her tips were news to me.  

Are you doing your exercises? Get tips and ideas and a regimen – as gift from AccountingWeb.com in the Daily Fitness program. You’ll find their daily exercises all on this page.  There are at least lots of  choices. Surely, at least one of them will suit you! I will start next week and try to catch up.   

There’s a lot of news and activity these days about taxes (celebrities in trouble), government corruption (like the City Managers and Council in Bell, California), and business ideas.  Some things are also just pure fun. Tune in via Twitter – www.twitter.com/taxmama .  

You will find the highlights of this week’s articles, below, along with this week’s features – IRS News, Money Funnies, AccountingWeb Blog, and more.  

Remember, we will be using Twitter more and more often, to get quick notes and updates out to you – www.twitter.com/taxmama . You don’t need to subscribe to Twitter if you’re on Facebook. Just friend me there. The posts will appear there, as well.  

Coming – Yes, they really are. (the flu put me behind on edits this week) The articles about Lourdes Martin-Rosa, who is a top expert on getting government contracts for small businesses – especially women. The first two articles about how to follow here guidance are in my editor’s hands at Suze Orman’s MoneyMindedMoms.com.  The first should be ready for you next week. In the course of writing the article, I am going through the recommended steps – and telling you about the obstacles I am facing – and how to overcome them.  

Meanwhile, don’t hesitate to use the information she has provided via American Express Open so you can start getting some serious money that the government has already set aside for small businesses, in particular, for women.  

From everything I am seeing, it is a good idea for you to use Small Business Taxes Made Easy to help you get your business set up properly, so you can win those government contracts.  

You can pick up your own  copy of Small Business Taxes Made Easy inexpensively at Amazon.com.  There’s even an ebook version out there for your Kindle or ebook reader.  

CPE Link Classes

 NEW! Here are the new classes! Five more sessions, Level Two of The Tax Practice Series.  http://www.cpelink.com/teamtaxmama 

 They will run from May through July:

IRS Practice Series: Circular 230 Considerations and Requirements

IRS Practice Series: After SUCCESSFUL Collections or Audits – What Next?

IRS Practice Series: Computing Or Recalculating IRS Assessments For Interest And Penalties

IRS Practice Series: Representing Your Client at a 1040 Audit – Office or Field

IRS Practice Series: Curing the Addicted Tax Delinquent – A 12-step program

 Even in the middle of tax season, you sometimes need to learn something  – or look up a procedure, quickly. One of the best ways to do that is with one of CPE Link classes. Look through the topics on the self-study classes or resources. Each course will include the handouts – with the reference material you need.  http://taxmama.wpengine.com/earn-cpe-without-leaving-the-office/

  EA Class News 

IRS still has not released the new, lower-priced Enrolled Agent applications and renewals. Expect it soon. Instead of $125, expect the price to be around $50.   

We’re coming to the end of the 2010/2011 testing season. Students are passing exams here at the last minute. A couple of people were soooooo close – just 2 or 3 points of. Such pain!  

Both Graduates and those still studying are using the material in TaxMama’s EA Exam review library to work with their clients during this tax season. There’s such a wealth of material to help you do your job AND to build your practice.

Hooray! The new 2011 schedule IS up. Early-bird discount is provided, via a coupon. In fact, Family Members can really cash in and use the Family Member discount AND the Early-Bird discount for huge savings. (There’s another discount if two or more people sign up together. Wow…it’s really getting inexpensive!)  http://irsexams.com/registration/  

 Remember, you get a 10% discount on the EA Class if you register for TaxMama’s Family first. http://taxmama.wpengine.com/membership/family-membership/

The discount code can be found in the Family Look-Ups resource. http://taxmama.wpengine.com/family-member-resources/  

Other TaxMama News and Tax Articles:  

This week’s MarketWatch column is about phantom income from winning money online by playing games –  and how to handle it. About dealing with roommate income and the battle of the exes. http://www.marketwatch.com/Journalists/Eva_Rosenberg

 In this week’s Wall Street Journal’s SmartMoney Tax Blog,  Jonelle tells you why the IRS I Bonds Program Loses Appeal and How she Found Out My Tax Preparer Was Arrested. Andrea asks if Just How Trustworthy Is Your Tax Preparer? Bill bischoff tells you Deducting Noncash Donations Not Easy. Keep an eye on this page for daily updateshttp://blogs.smartmoney.com/tax/

 Have you won a chat with Suze Orman! You might be the lucky person each month to win that prize, and some other goodies.   Just visit Suze Orman’s new MoneyMindedMoms.com site. You will find lots of practical money-saving tips – and ideas to help folks struggling with time, money, conflicts and more.   

  • You can ask Suze questions in the forum – Suze is actually dropping by an answering your questions, just as I do here. Join us and speak to Suze.
  • Suze introduces her Protection Portfolio, a very inexpensive way to store all those important financial documents and others that you need all in one place during an emergency.  

You’ll find TaxMama’s columns there each week, along with a dozen delightful women. This week, TaxMama walks you through an example of how the FreeFile Alliance works on a free tax return. Liz asks if you are the The BusyBody in the Mall When Kids Misbehave? Trish is Saving Money with Daily Deals.   Jen tells you how to Save And Teach With School Lunches.  Doreen shows you how to Outfit a Family: Shop, Swap or Sell. http://www.moneymindedmoms.com/articles/

 At Equifax this week, TaxMama tells you how to file your tax 2011 Tax Filing Help: How to Select the Right Tax Pro for You .  Ilyce Glink tells you about Real Estate Investing: How to Be a Good Landlord  Roger Wohlner asks  Should You Pay Your Grandchildren’s College Tuition?. Linda Rey gives you Insurance Tips: How to Handle Your Policy When Taking an Extended Trip The Equifax Credit Experts introduce David Bach: Pay Down Your Debt in 2011  .  http://www.equifax.com/blog/tax/en_ff

 This week, one of the main stories on AccountingWeb.com is about IRS’ annual budget report. Read the details to see if you are an IRS target this year. Daily Fitness – This is THE place to come to find easy ways for us desk-slaves to take a real health break. New fitness ideas and exercises each day.

Have you seen AccountingWeb’s new small business publication? Going Concern – focusing on keeping the profits flowing.  http://goingconcern.com/subscribe/   http://www.accountingweb.com/blogs/accountingweb/talk-taxmama

 In IRS News, IRS tells you about phishing and scams pretending to be IRS. And about 100 IRS offices that will be holding open houses this weekend to help you.  http://taxmama.wpengine.com/category/asktaxmama/irs-news/

 In Money Funnies we learn about the value of biscuits and spouses, and sweating the small stuff. http://taxmama.wpengine.com/category/asktaxmama/money-funnies/

 In TaxQuips this week, we start the week with Rachel who used her airline miles to book her friend’s ticket. What are the tax consequences? Amber had a big problem with debit card theft. So TaxMama revived an old article with a Twist on Using Credit Cards. Gabrielle is doing her boyfriend’s tax return and doesn’t understand why he owes so much money. Do you? We end the week with Somsak who learned a tough lesson when he lost a huge down payment on a couple of condos. How can he recoup his money through tax breaks?   http://taxmama.wpengine.com/category/tax-quips/

Note: You can view them all on YouTube, too Daily TaxQuips from TaxMama® – taxmama1’s channel.

As always, we love your feedback, opinions and ideas.

You are what makes all this fun – and interesting!

 Please use the Comments link online.  http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-589

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 Your TaxMama®  is watching…out for you.

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www.snurl.com/homebiz-tax 

www.TaxMama.com/TaxQuips

www.IRSExams.com 

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TAX CALENDAR

http://taxmama.wpengine.com/tax-calendar-2011/

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02/15/2011 Employees to File new W-4 with Employer

02/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

02/28/2011 File Paper copy W-3’s with Social Security Admin including copies of W-2’s

02/28/2011 File paper copy of US transmittal of US information Returns

02/28/2011 Farmers & Fisherman – Use Personal Income Tax Return – Sole Proprietor

03/15/2011 S-Corp Election Decision Due (if Applicable) 

03/15/2011 S Corporate Returns Due / Calendar Year

03/15/2011 Issue K-1’s S Corporate Returns / Calendar Year

03/15/2011 Corporate Returns Due / Calendar Year

03/15/2011 Corporate Returns/S Corp Extensions Due / Calendar Year

03/15/2011 Foreign Persons US Income subject to withholdings

03/15/2011 Annual Tax Return of US Income subject to withholdings of Foreign Persons 

03/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

03/15/2011 Electing Large Partnerships – Issue K-1s to partners – even if you’re on extension 

03/31/2011 Electronic filing of W-3’s with Social Security Admin including issued W-2’s

03/31/2011 Electronic filing of US transmittal of US information Returns

04/18/2011 Last Day to set up and fund IRAs and Roth IRAs for previous year

04/18/2011 Individual Personal Returns due 

04/18/2011 Personal Returns due – Nonresident, US income, etc.

04/18/2011 Personal Returns due – Easy Form Return

04/18/2011 Personal Returns due – Not Itemizing Return Form

04/18/2011 Personal Return – Extensions due 

04/18/2011 US Gift and Generation-Skipping Transfer Tax Return

04/18/2011 US Gift and Generation-Skipping Transfer Tax Return Extension Due

04/18/2011 Partnership Returns due 

04/18/2011 Issue K-1’s with Partnership Returns

04/18/2011 Electing Large Partnership Returns due 

04/18/2011 Estate & Trusts Returns are due; Bankruptcy fillings use the same form

04/18/2011 Partnership, Estate & Trusts Returns – Extensions due 

04/18/2011 Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment

04/18/2011 Corporations – 1st Quarter Estimate Tax payment Due 

04/18/2011 Estates & Trusts 1st Estimated Tax Payment

04/18/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

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From TaxMama® to You!

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Follow TaxMama®’s Tweets – http://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.

http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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