Ask TaxMama Issue 604 Happy Fathers Day Weekend

Dear Family, 

This weekend encompasses Fathers Day – so here’s a special card for all the fathers and folks who love them. Watch it play out – these Jacquie Lawson cards are so charming! 

Hooray for California. After forcing the state legislature to pass a budget bill on time or lose their pay for every day the bill is late…they passed a budget bill! 

Remember, most of our Federal and State legislators have legal training. They understand how to use the letter of the law to circumvent the spirit of the law. The California Legislature slapped together any old set of number, knowing full well that Governor Brown would veto anything but a real budget. So, THEY continue to get paid. That wasn’t exactly the intent of the law. The intent was that if government agencies and government-funded programs can’t get paid because there is no budget, they should not get paid either.  

Naturally, as someone who makes a living by reading the letter of the law, I have to applaud their understanding of detail, don’t you?   

This month’s TaxMama’s Tax Roundtable was very lively! And we got the recording up pretty quickly. The audio on some of the first 15-18 minutes is choppy. We’ll try to clean it up. Meanwhile, just skip over those parts. You can pause the replay and read the notes in the text chat area. We covered some rather interesting topics, including couples in business together – should they file as a partnership or use two Schedules C; how to straighten out someone’s problem when they have an S corp, but didn’t take any wages. And lots more fun topics.  

Today’s IRS News  is a round-up of IRS announcements this week as IRS loosens up on a variety of stringent rules.   

As to this piece I posted earlier in the week, I don’t know if this is political or funny. You decide. It’s a proposal to change the way our Congress is run.  

In today’s Money Funnies & Inspiration, we get some Information, Please.  

A Week of TaxMama’s TaxQuips 

We start the week with Terri, who is suddenly faced with more onerous State filing requirements for her business’ unemployment taxes. Is she unique? Shaun has been reading TaxMama’s articles about writing off your family vacation. He wants to write off his cruise to the US Virgin Islands. Hmmm. Can Mimi’s husband get a deduction for all those out-of-pocket expenses he incurs as a coach without getting reimbursed? We end the week with TaxMama winning an appeal about the Homebuyer’s Credit. This is something that may help someone you know whose tax credit was turned down.   

Lower taxes, achieved ethically = higher profits and increased joy

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention.  Andrew collected some of the reviews and awards generated by this book.

This week’s question for you – do you have to use software to do your company’s bookkeeping?

Read Chapter 4 of Small Business Taxes Made Easy for more details.

TaxMama’s EA Exam Review Class  

Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.

Last night, TaxMama’s students learned the strange estate tax options for people who died last year.

 Tomorrow, we’re going to learn more secrets about how to pass the EA Exam and to how to answer questions, when you simply don’t have a clue! There’s still time to join us.  

There is still time to sign up for TaxMama’s EA Exam Review Course  

There is a Family Member discount of 10%. 

IRS Practice Series Continues

The next session is about  Practice Series: Representing Your Client at a 1040 Audit – Office or Field

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

Remember to sign up for the whole IRS Practice Series. The 5 classes this summer will run from May through July. There’s a discount if you sign up for the whole series at once.  

Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you.  

TaxMama Interviews

Adrienne Mitchell – MarketWatch radio
Nasty Surprise Awaits 401k Borrowers

Paul Petillo, in the Business Insider
Your Retirement Lifetime: Longevity and Investing
https://www.businessinsider.com/your-retirement-lifetime-longevity-and-investing-2011-6

Radio with Jim Blasingame, the Small Business Advocate

  • How is an enrolled agent different from a CPA? What is the roll of an enrolled agent? Eva Rosenberg joins Jim Blasingame to define “enrolled agent” and reveal how they serve clients with tax and financial services.
  • The career of an enrolled agent (EA) How can you make a career of being an enrolled agent? Eva Rosenberg joins Jim Blasingame to discuss how to become a professional enrolled agent (EA), what an EA does for his or her clients, plus the earnings potential of an EA.
  • Two tax deductions to not overlook What are some tax deductions and credits you can still get? Eva Rosenberg joins Jim Blasingame to report on the health care tax credit and the SEP IRA that you can still fund and deduct through the extension period.

TaxMama Writing:

AccountingWeb.com blog – June is Strut Your Stuff Month
https://www.accountingweb.com/blogs/taxmama/talk-taxmama/june-strut-your-stuff-monthThis week’s Equifax article is  –  Teens and Taxes – Do Teens Need to File Tax Returns?
https://tax.equifax.com/2011/06/teens-and-taxes-do-i-need-to-file-taxes.html

This week’s Suze Orman article is about Natural Victims – Seniors are Targets of Scam Artists
https://www.moneymindedmoms.com/articles/You can find daily TaxQuips into YouTube videos
https://www.youtube.com/taxmama1#p/u

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-604                 

TaxNerd gear makes a bold statement year-round.

It helps attract the opposite sex!

Shop at www.taxnerd.net  or https://www.zazzle.com/taxmama*  

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.TaxMama.com/TaxQuips

www.IRSExams.com 

www.TaxNerd.net

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TAX CALENDAR

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

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 06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

07/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/01/2011 2nd Quarter Payroll Taxes Due

08/01/2011 Deposit FUTA tax if more than $500 was paid through June 30th

08/01/2011 Employer’s Deposit Federal Unemployment (FUTA) 

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500-EZ

08/01/2011 Employers File request for Extension filing Employee Benefits Plan Return

08/01/2011 2nd Quarter Federal Excise Tax Return & Payment Voucher

08/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/30/2011 Time for businesses to consider setting up retirement plans 

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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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SPECIAL DEALS

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NOLO answers the question –

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(disclosure – TaxMama receives a commission)

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They do a gorgeous job.

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

https://irsexams.com/  

– sign up now – and join the FUN!

https://irsexams.com/registration/

 flood of Tax Professionals are interested in taking

the EA Exam. We still have a few handy dandy totes

to hold all your books, notes and discs.

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 Replay the session –

Everything You Wanted to Know About the EA Exam

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