Ask TaxMama Issue 619 – Inflation Adjustments

Dear Family,

This has been a busy week out there in the world. We’ve had odd shootings, located a missing dictator in Libya, got an announcement that we are pulling out of Iraq by the end of the year. And remembered Steve Jobs. Among other things.


IRS has been busy updating information and putting out announcements on inflation adjustments. They have also opened the doors to licensing renewals for tax professionals. We hear that’s not going so smoothly yet – so wait another couple of weeks.  

People are starting to catch up on their education – tax and otherwise. I have a few classes coming at CPE Link next month that you’ll enjoy. Including the new Registered Tax Return Preparer course to help folks who haven’t taken an exam in years get ready to be tested.  

More importantly, let me remind you about a class I am not teaching – a set of courses in Excel! These courses can apply to anyone. You need to know Excel in business today. CPE Link has 22 hours of on-demand Excel training – at 50% off. The offer expires tonight, October 21 at midnight, PDT.  

 In IRS News this week, IRS gives us the new inflation adjustments that will apply to next year’s tax returns. No, these won’t change. Even Congress writes last minute legislation like they did last December.  IRS also gives us the new Pension, IRA and Retirement Plan contribution limits and phaseouts. Important for savers to know!  

In today’s Money Funnies & Inspiration, we see what it looks like when you translate the Federal budget into terms WE really understand – our household budget. Read Putting The Budget Into Perspective.  A Week of TaxMama’s TaxQuips

Network Marketing   Today TaxMama hears from Carrie in the Tax Quips Forum, with a common question. “I am reading through your new edition of Small Business Taxes Made Easy and want to clarify. Should I treat my new network marketing business as a sole proprietorship business?”   Read the full article →

Hiring Your Children  Today TaxMama hears from Ann in the Tax Quips Forum, with a reasonable question. “A woman pays her 13 & 15 year-old children to do office copying, collating, help distribute flyers, and help put on story plays for their author parent. If she were to hire an outside service, she would pay considerably more money […] Read the full article → 

IRS is Wrong  Today TaxMama hears from Bret in the Tax Quips Forum, with an IRS rejection letter. To make a long story short – “IRS rejected his Lifetime Learning Credit  for 2009 because the Form 1098-T showed –0- in box 1. And because his employer paid the expense – even though he paid taxes on the education […] Read the full article →
Interest on Multiple Homes Today TaxMama hears from Karen in the Tax Quips Forum, with a complex problem. “Her client owns three homes: A primary home, a vacation home and a home for Mom. They bought the vacation home with a mortgage. After paying cash for their residence, they refinanced it buy Mom’s home. The question is – can […] 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   

This week, TaxMama’s had so much fun last night learning how to make a living as an EA – without working too hard! They tossed in some good ideas, too.

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:  

“I want to thank you for conducting an absolutely wonderful “on-line” course that really did an excellent job of preparing me to pass all three sections of the Enrolled Agent exam. You did an absolutely fantastic job with me and I will forever be indebted to the clear and concise manner in which the course material was presented to me and the technology employed to allow me to go back
and study various portions of the instruction.

Elena Jackson

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 2011 Filing

Nov 21     8:00am-10:00am (Pacific)  Registered TaxReturn Preparer Course:Pt 1

Nov 23     8:00am-10:00am (Pacific)  Registered Tax Return Preparer Course:Pt 2

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

Jan 13,12  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  –  Making Sure you Get the Adoption Credit. 

AccountingWeb Blog is all about the job opening at Intuit for the Ask a Tax Expert positions – about 100 of them! Don’t tell me there are not job openings! 

And you’ll enjoy this new book, In For a Pound – by Donald Korn. I couldn’t put it down. (That’s the problem with good writers. You always want more!)

This month’s MarketWatch article is 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. 

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.

Leave a Reply