Ask TaxMama Issue 647 – Happy Summer

Dear Family, 

Happy Summer! Yes, despite the fact that many of us in sunny climes start to celebrate summer on Memorial Day weekend, the planet didn’t recognize summer until this week.  

Finally, this weekend, my mother’s 90th birthday party! I saw the album the girls put together. Lots of wonderful pictures! Lots. But, I think she would really, really have appreciated seeing some names. After all, even younger people can have trouble remembering the names of 40 or 50 children (and spouses), grandchildren (and spouses), great-grandchildren (and spouses), and the most recent 2 great-great-grandchildren.  

There’s still a lot to do this weekend, to get material ready for two classes – the CPE Link class about Employee vs Independent Contractor, and an August class for Lorman about the tax issues of the Office in Home. And of course, next week’s MarketWatch article – what should that be about? And the two EA Exam classes next week about Itemized Deductions and Tax Credits. Hmmm…busy weekend. 

So what are YOU doing this weekend?

IRS News has some good information for you this week, with tips to help you Prepare for Hurricanes, Disasters by Safeguarding Tax Records. There is also some inside information about how IRS handles requests and questions from stakeholders and taxpayers in IRS – Issue Management Resolution System – Turning Issues into Answers .  

Remember to file your paperwork  about your overseas accounts on the FBAR reports to arrive at the US Treasury by June 30th – not to be postmarked. ARRIVE (see the Tax Calendar). 

Money Funnies this week looks at what happens in life (or in business) when you react first, and ask questions later. Things are not what they seem. Or are they?  

This week’s Equifax Blog topic is about taking advantage of tax breaks when you make improvements or renovations on your home.  Using Your Home Renovation to Maximize Tax Benefits  

And the ItsaWAHMThing article is all about those Vehicle Deductions Driving You Crazy? 

If you want to see all the TaxQuips from earlier in the week, drop by here. There are some interesting topics.  

Reminder for your calendar – Coming in July –  Ask the Expert Interview coming up with iShade – you don’t want to miss THIS one! July 10, 10:00A-12:00P Pacific  – Eva Rosenberg, EA with Rob Nance, interviewer.  What an EA Can Do to Help Improve Your Accounting Practice.   (It’s not showing on their list yet – but will be – meanwhile the other upcoming interviews look interesting, too)  

We have more classes coming up soon . Next week, I’ll be teaching the difference between an employee and independent contractor.


TaxMama’s EA Exam Review Course is going strong. Next week we discuss itemized deductions and tax credits. People are loving the support team of Susan Holtgrefe, EA  as TaxMama’s Study Guide and Super Enabler, and Mike Reed, EA and Super Quiz Man, creating clear summaries and quizzes.

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!  

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
Tax Tips: How Long Should You Keep Records?
Using Standard Mileage Rate for Business Deductions
Making Estimated tax payments
Free Money Coming Your Way Due to Tax Mistakes
Using Your Home Renovation to Maximize Tax Benefits



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


Home Based Business Accounting Software Options
Writing off your Family’s Vacation
TaxMama’s 10 Tips for Success
Writing off summertime parties.
Vehicle Deductions Driving You Crazy?

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!

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®




06/30/2012 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year
07/16/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
07/31/2012 2nd Quarter Payroll Taxes Due
07/31/2012 Deposit FUTA tax if more than $500 was paid through June 30th
07/31/2012 Employer’s Deposit Federal Unemployment (FUTA) 
07/31/2012 Employers File Annual Return for Employee Benefits Plan 5500
07/31/2012 Employers File Annual Return for Employee Benefits Plan 5500-EZ
07/31/2012 Employers File request for Extension filing Employee Benefits Plan Return
07/31/2012 2nd Quarter Federal Excise Tax Return & Payment Voucher
08/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
08/30/2012 Time for businesses to consider setting up retirement plans

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