We are running very late today because I started the day by writing articles. The first one was completed on time – TaxMama’s 10 Tips for Success. But the second took quite a bit longer. I got absorbed researching in this week’s MarketWatch article. It’s essentially exploring whether or not delayed tax benefits are worth the trouble when rates of return are so low. In the course of writing the article, I tried to find objective information about how many people in the US really are very wealthy.
What side-tracked me? Tracking down certain specific information to make sure I was correct (like there really is no age limit on who can use Sec 529 funds). Did you know that, according to IRS 2007 statistics, there were only about 2.3 million Americans worth $2 million or more? Of course, today, with FaceBook hitting the stock market, we’ll be adding a few more millionaires – and a couple of billionaires.
It looks as like FaceBook (FB) has been roller-coastering up down this morning between $42 and $38 all day. But still, it’s interesting to see how a little Internet business can be worth more than many major corporations that actually produce things.
The other thing that’s always a challenge for me is finding a good graphic for the Friday issue. I can’t create them, so I have to find something I already have. It’s too early for all the holidays or special days I normally have in May and too late for some of the others. So…I am really enjoying my new sunshade, so that’s today’s graphic!
We’re going to skip today’s IRS News. Although, Miranda sent me information about a bill that the House of Representatives passed this week. House Passes Bill to Limit Taxation of Mobile Workers’ Income – HR 1864. If the Senate passes this, our lives will be much simplified. States like New York won’t be able to tax you if you live and work in Tennessee (or California or elsewhere) for a New York-based company.
This week’s Equifax Blog topic is the answer to the eternal question – How Long Should I Keep Records?
If you want to see all the TaxQuips from earlier in the week, drop by here.
I spent the week teaching classes at CPELink. The reviews of our classes were fabulous. Why? Because we’re answering your questions as we go along, instead of leaving a few minutes at the end. That way, everyone’s questions DO get answered – unlike some webinars or teleseminars where only a few questions get addressed. (That’s so frustrating.)
We have more classes coming up next week and the week after. You especially want to attend the workshop on divorces. Everyone is either in the middle of one, helping someone with one, working with a client on one, or contemplating one.
TaxMama’s EA Exam Review Course is open for registration. The early-bird discount is over. But if you want to join the class, please sign up now, so you can get the books and software in time. We have started shipping books. Many of you should already have them. The rest will arrive next week.
1) Family members get a special 20% discount until May 31st – only on the full course – Live or Self-Study
2) Live students course materials include a terrific resource – the TaxBook WebLibrary – which includes materials for the 1040, as well as all business taxes – plus the All States resource. There are three years worth of detailed guidance. Our self-study students can also buy it – at a discount.
Note: Present members of the class – do NOT re-register. You don’t have to pay for the class again. Here is the order form for 2012 books and software.(Must log into Board)
Remember to follow TaxMama®’s Tweets – http://twitter.com/TaxMama
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!
Weekly Equifax blog is still going strong.
Filing Taxes: Paperwork For Your Tax Professional
Avoid Paying Penalties on Estimated Taxes
Learning from Your Tax Filing Mistakes
After Filing Taxes: Responding to Letters from IRS
What is the Best Entity for Your Business?
The Non-Profit as a Business Model
Tax Issues Regarding Copyrights and Trademarks
Business Licenses You Need and Trust
Now That You Have an LLC, it’s Time to Make Tax Decisions
You can find daily TaxQuips into YouTube videos
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. http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-641
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Eva Rosenberg, EA
05/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month 06/15/2012 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment 06/15/2012 Corporations – 2nd Quarter Estimate Tax payment Due 06/15/2012 Estates & Trusts 2nd Estimated Tax Payment 06/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month 06/15/2012 US Taxpayers Overseas Individual Personal Returns due 06/15/2012 US Taxpayers Overseas Claim Foreign Earned Income 06/15/2012 US Individuals Overseas Personal Return Extensions due 06/30/2012 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year
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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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