Ask TaxMama Issue 635 – Swallowing Tax Pride

Dear Family,

This year, the Swallows Day Parade will be held in San Juan Capistrano on Saturday morning. Each year, they welcome back the swallows who return on March 19th. Folks in Southern California can join in the fun via Amtrak’s Surfliner (SNC station) and walk over to the festivities. (The southbound train will get there just 3 minutes before the parade!)

Back to taxes. Let’s talk about the TaxQuips Forum and asking questions. We’ve gotten a flood of questions this month. And I am very frustrated with some of them. It seems that people are getting excessively accustomed to TwitterTalk to TextSpeak. Stop it!

Here are some tips to help you use the TaxQuips Forum  more effectively.

We have some new resources for you this week. There’s a new place to go to get answers to your tax questions, quickly, but for a small fee. You’ll find useful articles and other information there, as well. I will be participating, too. More information later.

In this tough economy, a lot of people are still out of work, or underemployed. One of the best ways to start generating a stream of income, if you don’t feel comfortable enough to sell yourself, is….(drum roll here….)

Start your own non-profit organization! Believe it or not, many people who simply cannot get up the courage to sell themselves, or to ask for money for themselves, they have no trouble raising funds for charity. Have you noticed that about yourself, too? Well, charities don’t have to be about sickness or sadness. Non-profits can be built around fun and joy, too. And your non-profit can pay you a salary. So, instead of dealing with the indignity and humiliation of the job market, start thinking about how to start your own organization – and change your life for the better.

To help you understand how non-profits/exempt organizations work, I have asked my very wonderful friend, Cindy Lauren, to write a series of articles for you. The first one, for this week, is The Basics: Why is there a NonProfit Tax Status?

More fun things. TaxMama’s Utlimate Tax Nerd Contest is building up steam. Our Fifth Week Winners  in TaxMama’s search for the Ultimate Tax Nerd of 2012 are:

Winner of the POPULAR VOTE – Melissa Guy for Just barely April 18th 2012 with 120 views and 6 comments. (Wow, someone finally knocked Clint Masser off this spot. And he’s such a good sport about it.)

Susan Holtgrefe, EA for How life looks with your tax goggles on winner of  Nicole’s top Choice! (This is the second time Nicole has selected Susan. Is there a pattern developing? Or is Susan doing something special that resonates with Nicole?)

Nicole says I chose Susan “because of the amount of effort she put into finding the pictures and creating the witty captions.” (Aaah…we are starting to see Nicole’s pattern. She’s attracted to the time and effort of the design.)

I love these entries, too! But there are others that are also wonderful. People have been rather creative. I love your imagination.  Please visit and vote on the entries.

Susan 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! 

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 Money Funnies, we eat, drink and get merry, hoping it won’t cause our premature demise.

In today’s IRS News we get some useful tips about employee business expenses and an invitation to a really good IRS webcast coming up next week, on March 28th. S Corporations: Stock Basis of the Shareholders . This is such a confusing area. Do reserve some time for this. Or at least sign up for it so you can have access to the materials.

The next article at is actually quite useful. It’s all about what to do AFTER you set up your LLC.

Remember  Wazzub. OVER 3.75 millions have joined. And it hasn’t even launched yet. That’s pretty darn successful. Isn’t it time you looked at this, too? The launch date is fast approacting! Have you joined?

Remember to follow TaxMama®’s Tweets –

Have you grabbed the TaxQuips Widget for your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before they are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or phone app.

Let’s address a few tidbits of news – and go back to work!
TaxMama’s fun new contest is going strong. We are searching for the Ultimate TaxNerd of 2012! Everyone is invited to enter. 

1) Weekly Equifax blog is still going strong.
Filing Taxes: Smart Things to Do with Your Tax Refund

Tax Credits You Don’t Want to Miss
Coming – Tax Credits

BizFilings (I will be writing a half dozen articles for them this tax season)
Now That You Have an LLC, it’s Time to Make Decisions

2) Radio/Print Interviews done

Press Release from CPE Link about the RTRP Class

The San Juan Islander included Small Business Taxes Made Easy among the tax resources in the town’s library

3) You can replay my chat with Jim Blasingame, the Small Business Advocate

You can find daily TaxQuips into YouTube videos

This week’s TaxQuips

Long Term Care Insurance – Today TaxMama® hears from Connie in the TaxQuips Forum with an excellent question. “I have a long term care insurance policy that I took out last year. This insurance is to cover you if you are put in a nursing home or other type of care facility; it is not long term disability insurance. I […]  Read the full article →

Warning to Co-signers – Today TaxMama® hears from Toni in the TaxQuips Forum with this sad problem. “I volunteer with AARP Tax-Aide. Last week a taxpayer brought in a 1099-C with his other papers. It turns out he had co-signed for a vehicle. When the vehicle ‘owner’ disappeared, the lienholder collected a reduced amount from the co-signer. It was […] Read the full article →

Personal Residence Exclusion after Death – Today TaxMama® hears from Tina in the TaxQuips Forum with this convoluted question. “A person has resided in the same one-family residence in for the last ten years without any children or wife. This person was bound into an estate contract to sell his residence for $800,000 in November, 2011 when his tax basis in […]  Read the full article →

Reporting Sales Tax Collected on Personal Return – Today TaxMama® hears from Della in the TaxQuips Forum with this brief question. “I live in California and I am an online seller. I have received a Form 1099 K. Where do I report my sales tax that I should have collected from California buyers? The question is where do I report this information on […] 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!

Please use the Comments link online.

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Hugs from your favorite TaxNerd,*

Eva Rosenberg, EA

Your TaxMama®

Your TaxMama®  is watching…out for you.





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
04/17/2012 Last Day to set up and fund IRAs and Roth IRAs for previous year
04/17/2012 Individual Personal Returns due
04/17/2012 Personal Returns due – Nonresident, US income, etc.
04/17/2012 Personal Returns due – Easy Form Return
04/17/2012 Personal Returns due – Not Itemizing Return Form
04/17/2012 Personal Return – Extensions due
04/17/2012 US Gift and Generation-Skipping Transfer Tax Return
04/17/2012 US Gift and Generation-Skipping Transfer Tax Return Extension Due
04/17/2012 Partnership Returns due
04/17/2012 Issue K-1’s with Partnership Returns
04/17/2012 Electing Large Partnership Returns due
04/17/2012 Estate & Trusts Returns are due; Bankruptcy fillings use the same form
04/17/2012 Partnership, Estate & Trusts Returns – Extensions due
04/17/2012 Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment
04/17/2012 Corporations – 1st Quarter Estimate Tax payment Due
04/17/2012 Estates & Trusts 1st Estimated Tax Payment
04/17/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
04/30/2012 Deposit FUTA tax if more than $500 was paid through March 31st
04/30/2012 1st Quarter Payroll Tax Returns Due
04/30/2012 1st Quarter Federal Excise Tax Return & Payment Voucher – Form 720

—————————————– 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.

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I’m geting notes from people who are passing their exams. How exciting!

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