Ask TaxMama Issue 592 Happy Purim

Happy Purim

Dear Family,

Tessa Allen a Licensed Tax Preparer in Oregon sent me a note that our lovely State of California has reached out and touched Oregon residents. CA, whose budget is really shot, is looking for money. If you worked in California, or have K-1s from California, or have any income sourced in CA, Tessa is alerting you that California will be getting in touch with you soon. Thanks, Tessa!

After all, when a government agency doesn’t want to raise taxes, what’s the next best way to generate money? Collect taxes. Expect IRS to be looking for non-filers, and to ramp up deadbeat collections, too.

This week, we are just flooded with questions. I want to thank the valiant folks who have been providing answers – Mike Emeigh the NC TaxPro, Valoree Higham in Atascadero, CA, who happens to also be a Certified Acceptance Agent, Kris Hix, EA in Tennessee, who is becoming quite a writer in her own right. Rita Lewis an Enrolled Agent from CT.

In addition to the tax professionals, we’ve gotten some excellent answers and guidance from folks who are, well, what can I say? Tax Nerds – David Toelkes in SC – who isn’t really a tax professional at all, just has good research skills. David is a real estate professional and has expertise in real estate tax issues. Sethu Subramanian in North Carolina, is a scientist, philosopher and all-around Renaissance Man.

Thanks to everyone who’s been pitching in and helping out! When tax season is over…you will be getting gifts. Thank you. Thank you. Thank you!

Incidentally, speaking of gifts. I have THREE online TurboTax tax returns to give away. I will give them away to the next three people who do these three things:

1) Sign up for the live TaxMama and Equifax Facebook chat on March 24th
2) Tweet about the chat, putting @taxmama in your post
3) Include this link to the chat in your Tweet – http://eqfx.cm/evalc

(These two steps ensure that I get a copy of your tweet.)
Winners will be announced on Monday!

where you can get all your questions answered. It’s sponsored by Equifax. If you want to be amused – watch me in this YouTube video about doing your own tax returns

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.

The second article about how to tap into the BILLIONS of dollars available to women-owned business is ready for you at MoneyMindedMoms.com. It gives you a number of places to register and explains what will happen when you do.

Irene Nash writes the Bird’s Eye View Book Reviews. This week, she wrote the loveliest review about my book. Basically, pointing out how useful this is whether you’re starting a new business – or already operating one:

Are you a beginner with a great web idea who is just getting your feet wet on the Internet? She takes you through each step of organizing you work with scads of resources to extend your learning curve.
Are you the frantic CEO of your own company looking for a solution to a specific problem?

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
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

The Early-Bird discount is about to expire – it will end at midnight ET on Sunday! So if you want to save 15% on your registration – sign up NOW!

http://irsexams.com/registration/

Remember, you 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.

Sad news, we just learned that Jimmie (Yvonne) McBee died, suddenly, of a massive heart attack this week. Our love goes out to her family and friends – and study buddies. She was so smart and fun!

Other TaxMama News and Tax Articles:

This week’s MarketWatch column is all about Tax Credits you don’t want to miss.
http://www.marketwatch.com/Journalists/Eva_Rosenberg

Tune in to WSJ Digital’s Tax Show with Kelsey Hubbard. TaxMama talks more about some of the credits.
In this week’s Wall Street Journal’s SmartMoney Tax Blog, TaxMama talks to you about getting surprise 1099s. The articles by everyone else are terrific. You must visit and see what the team is writing about.
Keep an eye on this page for daily updates – http://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.

Have you had your chat with Suze Orman’s at the 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.

http://www.moneymindedmoms.com/articles/

Visit the Euifax Blog for helpful tips from me and the team.
http://www.equifax.com/blog/tax/en_ff

Drop by and add comments to TaxMama’s AccountingWeb.com blog and read the tax news from AccountingWeb
http://www.accountingweb.com/blogs/accountingweb/talk-taxmama

In IRS News, IRS tells you Employee Business Expenses – and how they are getting gentler on collections actions.
http://taxmama.wpengine.com/category/asktaxmama/irs-news/

In Money Funnies we learn how computers make communications clearer. Uh huh!
http://taxmama.wpengine.com/category/asktaxmama/money-funnies/

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-592

TaxNerd gear makes a bold statement year-round.
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Hugs from your favorite TaxNerd,
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Eva Rosenberg, EA
Your TaxMama®
www.TaxMama.com

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
http://taxmama.wpengine.com/tax-calendar-2011/
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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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SPECIAL DEALS
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They do a gorgeous job.

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