Ask TaxMama Issue 605 Happy Summer

Dear Family, 

 This week is officially the beginning of summer! Don’t you love this time of year?

Our legislators leave the Capitol and run home to their constituents to see what we want them to do. They pass fewer tax laws to distract and confuse us. Considering there were over 500 changes to the U.S. Tax Code last year…we certainly could use a break. 

Teaching about casualty losses last night, I flat out couldn’t remember if folks in disaster areas still had to reduce their personal losses by 10% or not. Even though the most current publication I looked at included the 10% reduction,  I wasn’t sure if the publication was correct. Some years, that was waived (Katrina); now, I guess that 10% reduction is back.

Oh, didn’t you know that many of the 2010 IRS publications you’re using are all wrong? Yup. They were published before Congress passed the last-minute extender bills. Yes indeedy.  That means I usually have to check two or three sources to be certain I am teaching the most current information. 

Please, someone, please, simplify, simplify, simplify! 

In today’s Money Funnies & Inspiration, we learn how the Internet and this whole brave new world got started

In IRS News, we get new mileage rates for the second half of 2011. And we are treated to a special article by W. Murray Bradford, CPA, about writing off your scuba diving. May you? 

A Week of TaxMama’s TaxQuips

We start the week with Tiffany who owns a home with her boyfriend. And H&R Block won’t let them split the depreciation any way they choose? Is H&R Block correct? Scott wants to know how bonus depreciation works. TaxMama starts out just fine – but rethinks herself – then posts mistaken information. Mike Reed and DA catch the error!  Nancy is getting married, but wants to file separately from her new husband. What should she be considering when thinking of MFS?  We end the week with Barb who has a client wanting to sell his farm to his son for $1. Just how exactly do you report a sale like that?

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.

            Sandra just read the book and said:

I am amazed at how simple, straightforward and easy to understand it is. I wish I had known about your book when I had my [tax] practice. I know it will help a great deal when I start teaching small business seminars for the IRS.

This week’s question for you – Do you have employees without realizing it?

Read Chapter 9 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 all about installment sales and barter.

 Tomorrow, we’re going to learn more secrets about how to pass Part 1 of the EA Exam. TaxMama teaches the secret to answering questions, when you simply don’t have a clue!

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

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: blog – June is Strut Your Stuff Month week’s Equifax article is  –   How to Avoid Getting Taxed for Phantom Income and Debt Forgiveness

This week’s Suze Orman article will be about Natural Victims – Seniors are Targets of Scam Artists can find daily TaxQuips into YouTube videos

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

You are what makes all this fun – and interesting!

Please use the Comments link online.                

TaxNerd gear makes a bold statement year-round.

It helps attract the opposite sex!

Shop at  or* 

Hugs from your favorite TaxNerd,*

Eva Rosenberg, EA

Your TaxMama®

Your TaxMama®  is watching…out for you.





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


From TaxMama® to You!


Follow TaxMama®’s Tweets –  

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.




===> Do it Yourself Legal Material

NOLO answers the question –

What can I do if my spouse gets into debt – do I owe his/her debts?

(disclosure – TaxMama receives a commission)

===> Need a Corp, LLC, Registered Agent

Incorp Services Inc. in Nevada – DISCOUNT

20% off on formation services.

Similar discounts on Registered Agent services.

Call 800.2.INCORP – use coupon code – TAXMAMA  – no coupon needed

===> Business Uniforms – 3 Choices:

Zazzle   –   Cafe Press  – Queensboro

===> Use your art or others – and customize it

Great for promotions – and to gear up for tax season!

Zazzle your Imagination.  Are you a TaxNerd?

Tell everyone – proudly!*

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Get volume discounts on orders of 2 or more.

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Cafe Press is the home of TaxMama® ‘s shops

You can upload your own art and graphics

Get extra discounts for yourself and friends after you order.

===>WOW! Embroidered Logo on ANYTHING – on sale!

Always a sale at the Queensboro Shirt Company

(They have clothes and novelties – and all sizes)

They do a gorgeous job.




Take TaxMama®’s 2011 EA Exam Review Class  

New class starts on May 17th

– sign up now – and join the FUN!

A 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.

Replay the session –

Everything You Wanted to Know About the EA Exam

=== CPA Exam Review

Looking for a great course?

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