Out here in the Valley, the day looks dark and gloomy. That in-between time, when the world is trying to decide whether or not to rain. The birds and squirrels seem to love it. Lots of fluttering around (birds) and frolicking (squirrels). Rick just called and said he’s taken a busload of children to the Arboretum. Wish I were there. It’s the perfect kind of day to explore trees and plants.
I’ve been distracted by some Facebook posts today (Yes, it’s easy to lose yourself in these conversations) talking about some of my high school classmates fathers – and how they hid out and fought the Nazis during the War. (Yes, even more than 50 years later,…memories continue.) We have new terrors in the present world. And much better news coverage, right on the ground. But that doesn’t seem to prevent tyrants from harming the people under their care, does it?
I read a story this week, that had a surprising twist to the ending. It is called Triggers, by Robert J. Sawyer. It was serialized in Analog Science Fiction and Fact magazine. One of the themes in the story is an attempt to assassinate the President of the U.S., after terrorists have destroyed key targets in major cities in the U.S. The president and his war cabinet are about to wreak devastating destruction against a Middle Eastern country. The reason I bring it up? In the end, Sawyer’s twist is a fanciful solution that could end all wars, everywhere. Forever. I so wish it could be possible. Oh well. (Even though it took 4 months to get the whole story because of the serialization…it’s a really good read. That’s why I don’t want to give away the punch line.)
Let’s look at fun things. TaxMama’s Utlimate Tax Nerd Contest is generating some creative pictures. Our Fourth Week Winners – The Fourth weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are:
Winner of the POPULAR VOTE – Clint Masser, It’s a Bird, It’s a Plane
This is still getting THE most activity, by far. Super TaxNerd, is definitely on his way!
Caroline Givens for Like Talking to a Stone winner of TaxMama’s top Choice!
TaxMama says “I can definitely identify, especially when I repeat the same information over and over again to the same clients who keep asking the same questions over and over again. What’s really odd, is that they always seem to understand the explanation, clearly – and can repeat it back to me. Then, a few weeks later, the same questions again. Sigh.”
These are both great entries, with lots of people playing with them. But there are others, too. People have been rather creative. I love your imagination.
Caroline gets an extra bonus prize this week, contributed by CPE Link – self-study course, Excel Speed Tips, it comes with 3 CPE hours, value $49.00! (I wonder, can I win one, too?)
The contest will run until April Fool’s Day (naturally!) $5,000 worth of prizes. I have added TaxMama/IRSExam gift certificates for each and every winner, ranging from $25 to $100. And remember, we have tax software from CompleteTax, H&R Block, TaxAct, or TurboTax for all the winners. Come on folks. Let’s get some entries from people who are not tax pros!
In today’s IRS News we learn more about Kiddie Tax Rules and some insipid information about how self-employed folks are meant to report their health insurance deductions. Unfortunately, IRS left out lots of the other good stuff about medical/health breaks for small business owners. (Read Chapter 10 of Small Business Taxes Made Easy.)
In today’s Money Funnies, we raise a glass of Green beer in honor of St. Patrick’s Day weekend. Join us, then try to read today’s Money Funny.
We had a TERRIFIC workshop this week at CPE LINK about the Tax Health Checklist for Small Businesses. If you missed it, don’t worry. It was recorded. You’ll be able to replay it in about a week or two.
I’ve started a new series of articles at BizFilings.com – This week, it’s all about Tax issues with copyrights, patents and trademarks.
Remember Wazzub. OVER 3.3 millions have joined. And it hasn’t even launched yet. That’s pretty darn successful. (I’m jealouse!) Isn’t it time you looked at this, too? Will launch in April.
Remember to follow TaxMama®’s Tweets – https://twitter.com/TaxMama
Have you put a nifty TaxQuips Widget on your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before hey are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or application. My gift to you.
Let’s address a few tidbits of news – and go back to work!
TaxMama has launched a fun new contest. We are searching for the Ultimate TaxNerd of 2012! Everyone is invited to enter.
1) Weekly Equifax blog is still going strong.
Make a Game Out of Filing Taxes
IRS Cuts Penalties – Don’t Forget the Forms
Coming – Tax Credits
BizFilings (I will be writing a half dozen articles for them this tax season)
Tax issues with copyrights, patents and trademarks
2) With Jim Blasingame, the Small Business Advocate https://www.smallbusinessadvocate.com/
You can find daily TaxQuips into YouTube videos
This week’s TaxQuips
Converting LLC to QJV – Today TaxMama® hears from Gary in the TaxQuips Forum with this tale. “During 2011 my wife and son-in-law formed an LLC in the State of Indiana. During 2011, no income was received, and only expenses were incurred as part of the start-up. Last week our son-in-law decided that he no longer is interested in being […] Read the full article → https://taxmama.wpengine.com/tax-quips/converting-llc-to-qjv/
Paying Double SS Tax – Today TaxMama® hears from Stanton in the TaxQuips Forum with this scenario. “A person by June 2012 will have earned $110,200 as an employee, with the maximum Social Security deducted. Then that person becomes an independent contractor for the balance of 2012. Is this person subject to the SS tax for the additional compensation over […] Read the full article → https://taxmama.wpengine.com/tax-quips/paying-double-ss-tax/
Marrying for Love – Today TaxMama® hears from Someone Privately with a romantic story. “My client was deeply in love with a woman who was dying of cancer. To demonstrate their love, they got married in July of 2011. She died in February 2012. The problem? She had a lot of tax debt, spanning several years. How do we […] Read the full article → https://taxmama.wpengine.com/tax-quips/marrying-for-love/
Starting PI Business – Today TaxMama® hears from Mary in the TaxQuips Forum who’s starting an adventure. “I just purchased your book ‘Small Business Taxes Made Easy’ on Nook. I am a big Dave Ramsey fan and am also reading his book ‘EntreLeadership‘. The reason I am reading books such as these is, because I started a new small […] Read the full article → https://taxmama.wpengine.com/tax-quips/starting-pi-business/
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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- 03/15/2012 S-Corp Election Decision Due (if Applicable)
- 03/15/2012 S Corporate Returns Due / Calendar Year
- 03/15/2012 Issue K-1′s S Corporate Returns / Calendar Year
- 03/15/2012 Corporate Returns Due / Calendar Year
- 03/15/2012 Corporate Returns/S Corp Extensions Due / Calendar Year
- 03/15/2012 Form 1042S – Foreign Persons US Income subject to withholdings
- 03/15/2012 Form 1042 – Annual Tax Return of US Income subject to withholdings of Foreign Persons
- 03/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
- 03/15/2012 Electing Large Partnerships – Issue K-1s to partners – even if you’re on extension
- 03/31/2012 Electronic filing of W-3′s with Social Security Admin including issued W-2′s
- 03/31/2012 Electronic filing of US transmittal of US information Returns
—————————————– From TaxMama® to You! —————————————–
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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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