Ask TaxMama Issue 617 – Reflections


Dear Family,

This week, we’ve been busy trying to finish up tax season before the October 17th deadline. It’s odd that people we’ve been working with for a decade or two have suddenly forgotten the fundamental things needed to complete their own tax returns. Things they have been gathering year-after-year…they just don’t remember. Are we getting older? Or are we experiencing, as my husband seems to feel, a perpetual fool moon? 

Tonight is Yom Kippur. The holiest day of the Jewish faith. In one of the discussion places on Facebook, someone found an article about intense hatred being spewed by a radio talk show host because his city passed an ordinance asking neighbors not to run noisy machines on these holy days. The talk show host nearly incited a riot, encouraging his listeners to drive into the area and be noisy and hostile. What the talk show neglected to note was that the very same ordinances are in effect for Christmas and other non-Jewish days. The ordinances were all about common courtesy and consideration – not about preferential treatment for one group over another. 

Later this month, Diwali will mark the Hindu New Year– another beautiful celebration. One of my students is going to write up something for us about the holiday (I hope). All people have special, wonderful traditions. It’s so important to honor, respect  and preserve the beauty of our differences. It’s equally important to teach these traditions to subsequent generations so the beauty lives on.

In IRS News last week, we showed the IRS is offering a voluntary compliance program for employers who have been treating their employees as freelancers.   This week’s TaxWatch article at explains the program and discusses your options if you participate – and if you don’t.

In IRS News this week, we look at some special provisions for surviving spouses that were included in last year’s final tax act. It would be even more interesting if we were given notice a little earlier…but…TaxMama has a suggestion in case it affects you and you missed out on being able to take advantage of the opportunity. No guarantees it will work. But it never hurts to ask!

In today’s Money Funnies & Inspiration, we look back in history.Are you familiar with the old French adage, “Plus ca change, plus c’est la meme chose”  (the more things change, the more they are exactly the same)? That’s exactly what this week’s Money Funnies reflects.

A Week of TaxMama’s TaxQuips

Double-Dip IRA   Today TaxMama hears from Mike in the Tax Quips Forum, who is unclear on the concept. “My 7 month certificate of deposit (in an IRA) will expire in November 2011. I used this money as a tax deduction for 2010.  If I re-invest in another 7 month CD, at the same bank, can I use this […]  Read the full article →

Loss on Leasehold Interest Today TaxMama hears from Gordon in the Tax Quips Forum, who wants fairness. “In 1996 I purchased a leasehold interest in a lot in a recreational vehicle park.  The lot is on leased land owned by someone else.  Since there was actually no real property I assumed I would not have to pay capital gains […] Read the full article →

Homebuyer Credit Nightmare   Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am barely breaking even, so there is […] Read the full article →  

Employee Stock Purchase Plan Today TaxMama hears from Rick in the Tax Quips Forum with set of questions. “I have a tax question about my company stock purchase plan. I elected to contribute ($5,000) to the plan last year and it runs from Oct 1, 2010 till Oct 1, 2011. The benefit of the plan is that I receive […] Read the full article →

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 – How can your business you write off the entire cost of your family’s medical care, including health insurance?

Read Chapter 10 of Small Business Taxes Made Easy to learn the secret.

TaxMama’s Registered Tax Return Preparer Exam Review Class  

TaxMama has an 8-hour course designed to help you pass this exam if you feel you need one. However, I advise you to take the exam without paying for any course at all, first.Then, if you still have trouble – come to me! I am customizing key parts of the EA Exam Part 1 course, just for you! Price will be only $99. The live, online course will run two hours per morning, from Nov 1 – Nov 4. It will be recorded, so you can learn it as a self-study course, as well. Reserve your spot NOW! 

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.

This week, TaxMama’s students learned all about Audits, Appeals and more.

Learn more about Taxmama’s EA Exam Review Course

Here’s what one student just said about this class:

“With Tax Mama’s class even a stay at home mom with little tax experience can pass the first time and be ready to start a home based [tax] business.”

Susan H.

There is still time to sign up for TaxMama’s EA Exam Review Course   There is a Family Member discount of 10%.


CPE-Link – The IRS Practice Series is now a Self-Study course – or a do it yourself course!  

New classes coming soon:  

Nov 10            11:00am-1:00pm (Pacific)     How Innocent is Your Spouse?   

Nov 16            9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011Filing 

Dec 14            9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011Filing 

Jan 13, 2012   9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011 Filing 

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

The ABA Journal and US News and World Reports…well, those won’t appear for a few more weeks.

There is another quote in Liz Weston’s Money column

TaxMama Writing:

This week’s Equifax article is  –  Paying Taxes While Living Abroad

AccountingWeb Blog is In For a Pound – a review of a fun new book by Donald Korn.

This month’s MarketWatch article -will be about IRS’s new Voluntary compliance program for employers.
You 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.

Hugs from your favorite TaxNerd,*

 Eva Rosenberg, EA

Your TaxMama®