Ask TaxMama Issue 626 – Caffeine Time!

Dear Family,

Time keeps on slippin’, slippin’ into the future… Are you feeling that way? It was just Monday – and pow! The week is nearly over. I got a ton of work done. But it feels as if I’ve done nothing.

Clearly, I need to take this month’s celebration seriously, and indulge in the joys of Gourmet Coffee International Month. Yes, in fact, Lulu has actually been bringing in coffee in the mornings. The good, strong stuff you get at Coffee Bean and Subway. Oh, did I say Subway? Yeah, she found this terrific deal – coffee and breakfast sandwich for about $3. That’s cheaper than I could make them.

Speaking about cheap. We had a chance to see a movie early this week. The matinee price for two tickets was $19.00. Ouch! (That’s expensive – yet the parking lot was full!) We got to see the new Dolly Parton, Queen Latifah movie – Joyful Noise. If you feel like a good cry and some good laughs, go for it. Two of my favorite ladies – and lots of energetic, talented others. Pure fun! Give yourself a break.

What’s going on in tax news? Today’s IRS News tells us about the current status of the Tax Gap. If we could close that, we wouldn’t need taxes raised. Well, maybe not. The Tax Gap is about $385 billion. While the current budget deficit is about $1.101 billion.

We learn about the Taxpayer Advocate’s report to Congress. You get an overview, and access to the Executive Summary and the whole report. It’s interesting reading. Ms. Olson is pushing for new Taxpayer Rights legislation to deal with the current erosion of our rights, declining taxpayer services, and more.

And Spidell Publishing sends us an alert about sending out 1099-MISC forms. Oh joy. If you’ve paid someone via credit card or PayPal, you can remove then from your list of 1099s to send out. Sigh, another bookkeeping problem.

To cheer you up, today’s Money Funnies help you put taxes and life into perspective. Or at least see them from the perspective of some great minds. If Einstein couldn’t understand taxes, how can you be expected to understand them?

For folks who own, or would like to own, real estate – listen to Carol Flammer’s Atlanta Real Estate Forum Radio. We discussed the benefits/costs of owning vs. renting, some good ways to get better organized for this year – and other tips. We had such fun with Carol and her two co-hosts.

Let’s address a few tidbits of news – and go back to work!

1) Weekly Equifax blog is still going strong.
https://blog.equifax.com/tax/
The next article should be
Crazy for 1099-Ks or Missing W-2s

MarketWatch
You really can file for tax bankruptcy

AccountingWeb Blog
Running a Tax Practice – Easy or Hard

2) Radio Interviews coming up

February 27, 2012 – Bob McCormick’s Money 101 show on KFWB.
2-hours. Call us 888-KFWB-980 (888-539-2980)

February 22, 2012 #SmallBizChat with Melinda Emerson
https://succeedasyourownboss.com/what-is-smallbizchat/

3) CPE Link courses www.cpelink.com/teamtaxmama
Great class coming in February – Tax Checklist for Divorce

This week’s TaxQuips

Old Ohio Taxes – Today TaxMama hears from Jimmy in the TaxQuips Forum with a distressing problem. “I received a notice from the State of Ohio Tax Bureau that I owe a large sum of taxes for 2004 and 2005. My taxes are taken directly out of my paycheck by my employer and I know that I paid my […] Read the full article →

Sold Daughter’s Home – Today TaxMama hears from Pam in the TaxQuips Forum with this problem. “My husband and I bought a house for $59.000 five years ago. Our daughter lived in the house, rent-free. Her name was on the title. We sold the house this spring for $48.000. We were issued a 1099 in our name (not our […] Read the full article →

1099ing the Gardener – Today TaxMama hears from Donna in the TaxQuips Forum with a good question. “Do I need to 1099 the gardener that is paid $250.00 per month?” Read the full article →

Sending 1099-MISC – Today TaxMama hears from Sue in the TaxQuips Forum with a timely question. “I was wondering if LLC’s are exempt from getting a 1099 MISC form from our company?” Read the full article →

Remember TaxMama’s Tax Calendar has been updated for 2012, with enough information to carry you through to the first quarter of 2013.

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

You are what makes all this fun – and interesting!

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TAX CALENDAR

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

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01/04/2012 Employers Make Semi-Weekly Payroll tax deposit on Wednesday’s & Friday’s
01/17/2012 Individuals, Farmers & Fishermen Pay 4th Estimated Tax Payment
01/17/2012 Estates & Trusts 4th Estimated Tax Payment
01/17/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
01/31/2012 File Heavy Highway Vehicles Form 2290 – various deadlnes – see form instructions
01/31/2012 File Form 730 – Tax Return for Wagers (Accepting Wagers, Pool, Lottery for Profit). Note: This is a monthly form.
01/31/2012 Furnish W-2s recipients
01/31/2012 Furnish 1099 MISC to recipients
01/31/2012 Furnish 1099 Interest to recipients
01/31/2012 Furnish 1099 Dividends to recipients
01/31/2012 Furnish 1098s to borrowers – Mortgage interest
01/31/2012 File 4th, Quarter Payroll Reports
01/31/2012 File Employers Annual Payroll Reports
01/31/2012 File Annual Payroll for Agricultural employees
01/31/2012 Employer’s Annual Federal Unemployment (FUTA) Tax Return
01/31/2012 Individuals who missed 4th estimated pmt – May file & pay taxes now
02/15/2012 Employees to File new W-4 with Employer
02/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
02/29/2012 File Paper copy W-3’s with Social Security Admin including copies of W-2’s
02/29/2012 File paper copy of US transmittal of US information Returns
02/29/2012 Farmers & Fisherman – Use Personal Income Tax Return – Sole Proprietor
02/29/2012 Employers File Annual Report for Employees TIP Income – Form 8027

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From TaxMama® to You!

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