Ask TaxMama Issue 507 – Stopping Time

Happy National Rose Month

Remember – Quarter 2 Estimated Tax Payments are due on June 15th

Dear Family,

Aaaahhhh, thank goodness it’s Friday. Only one more day and night to work this week.

Whew! It’s been a tough week. We tried out some new conferencing software that’s been around for more than a decade. All established and stable, right? Amazingly unexpected things happened. We innocently managed to create an error they’ve never seen before – which caused the system to stop recording any audio, while the video continued to work. It took days to discover that there was no audio – and I had to re-teach the class. That’s OK. Several people who missed it the first time got to join me. So that was fun.

Unfortunately, trying to solve the problem, only to learn about the missing audio track ate up most of the week. Friends, time is precious. It’s absolutely not replacable. Believe it or not, I don’t mind losing money as much as I mind losing time.

Money – heck, I can always earn more.
Time? You just can’t get it back.

Unless of course, you have one of those magic watches, like the one John D. MacDonald’s book, The Girl, The Gold Watch and Everything. You know, the watch that freezes time and leaves you in a bubble where you can do things while time is stopped? Don’t you just love the concept. (It was also a movie with Pam Dawber)

Thinking of John D. MacDonald, are you familiar with his Travis McGee series? No? Really?
Oh, these are totally campy books about a guy that lives on a houseboat called the Busted Flush in Bahia Mar, Florida and makes his living getting things back for people who have been scammed. He drives a horrid blue Rolls Royce pick-up (converted naturally) and has wild adventures saving damsels in distress, recovering treasures, and otherwise righting wrongs like your genial, quixotic knight.
John D. MacDonald books.

I had read several of the books back in my teens. It turns out that my husband, Rick, is really into McGee. Mentioning that to my friend, Claire several years back, she told me that she happened to have the entire set of Travis McGee books – and sent them all to Rick the following week. Now this, THIS is treasure!

Of course, if you want your own set, you don’t need to track and collect a bunch of old books with crumbling pages (precious though they might be). Oh no! This is the 21st century. You could just download any of these books, anytime, into your own Kindle reader. Have you seen this thing? It is sooooo cool. It’s a wireless reader, about the size of a paperback book (though a bigger one is being released) that let’s you store over 1500 books at a time. And you can download a new book anytime, anywhere.
Get your own Amazon Kindle reader.

I’m saving up rewards certificates from my Amazon Visa to get one.

In IRS News this week, we learn about IRS Commissioner Doug Shulman announcement to set up ethical standards for the entire taxpreparer community. Whew! It’s about time. Over 45 states have no laws or regulations or licensing requirements for tax professionals. The National Taxpayer Advocate, Nina Olsen, has been advocating for preparer regulation for years. There have been at least two Bills before Congress to arrange for exactly this. It’s about time the IRS Commissioner gets into the act, don’t you think?

I call today’s Money Funny – Perfect Attendance. If you’re feeling down, or in a tight corner, this story will make you feel much better.

In TaxQuips this week, we learn about inherited coin collections and capital gains, rental losses and hobbies, Health Savings Accounts and deduction strategy, and whether imputed income can affect Social Security and Medicare taxes.

OK time to go back to work on tomorrow’s EA Exam Class – our first Final Review session. Just wait until the class finds out it’s THEIR turn to teach. Uh oh!

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.

TaxNerd gear makes a bold statement during tax season.

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Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama is watching…out for you.


06.15.2009 2nd 2009 Estimated Payment – all entities Due

06.15.2009 Employers Make monthly Payroll tax deposit

06.15.2009 Personal Tax Returns Due for US Taxpayers overseas Form 1040

06.15.2009 or File extensions for US Taxpayers overseas Form 4868



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