Ask TaxMama Issue 645 Just Fishing2012-06-08 by
Do you ever have those days when you just can’t seem to get started? Everything is a distraction. Everywhere you look is something you’d like to finish –so you start, then get interrupted to finish the next thing? I rarely ever have those days. But if they are going to happen, Fridays are good times for such distractions.
One interesting distraction, just as one of our students called, looking for the recordings of last night’s class, they arrived in my email box. I love happy coincidences, don’t you? Do you ever have those times when you think of someone – and they call you? Especially someone you haven’t heard from in years – and suddenly the phone rings. It’s magical. I wonder what causes that.
There’s nothing exciting going on in the world of IRS News this week. But the IRS Spring 2012 Statistics of Income Bulletin is Now Available. We get to learn about some of the tax tendencies of the wealthy – back in 2009. IRS’s statistics are always a few years behind. But if you’re one of those people who like to play with numbers (you know, a Tax Nerd…), you’ll enjoy this.
This week’s Equifax Blog topic is still about making estimated tax payments – which are due on June 15th. So…please, do make arrangements to have money available if you’re going to be making quarterly payments. In a discussion with Johnathon in the TaxQuips Forum, I learned that it may not be quite so easy to make estimated tax payments using the online payment services. But…did you know that you can set up your own EFTPS account with IRS at no charge? www.eftps.com It links to your bank and you can transfer money for the payments.
Incidentally, one year, I called my credit card company and had them send the money to IRS directly. This is a very uncomfortable experience. You don’t really have proofs of payment until the IRS actually takes the money from your account – or proof that it was applied to the correct year and the correct tax. Instead, have the credit card company deposit your cash advance into your own bank account – and use EFTPS to make the payment. You’ll have a record of when you paid it – and to which tax and tax year the money was applied.
If you want to see all the TaxQuips from earlier in the week, drop by here. We’ve had some lively discussions.
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.)
Michael Rozbruch and I taught another class at CPELink this week. Talk about great evualuations! 5.0 (out of 5.0) all across the board.
TaxMama’s EA Exam Review Course is started this week. We’ve had such a terrific time! With Susan Holtgrefe, EA as TaxMama’s Study Guide and Super Enabler, and with Mike Reed, EA and Super Quiz Man, creating clear summaries and quizzes, this will be the best year ever!
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.
(Yes, you 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. http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts
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
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
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!
Hugs from your favorite TaxNerd,
Eva Rosenberg, EA
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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