TaxMamas TaxQuips: AskTaxMama

The Accountant, the Tax Attorney and the Actuary

Eva Rosenberg — Fri, 19 Apr 2013 09:06:00 -0500

An accountant tries horseback riding: Yesterday I had a near death experience that has changed me forever. I went horseback riding. Everything was going fine until the horse starts bouncing out of control. I tried with all my might to hang on, but was thrown off. Just when things could not possibly get worse, my foot gets caught in the stirrup. When this happened, I fell head first to the ground. My head continued to bounce harder as the horse did not stop or even slow down. Just as I was giving up hope and losing consciousness the Wal-Mart manager came and unplugged it.

~~~

An accountant, a tax attorney and an actuary were dining together at a fashionable restaurant.

“With income tax being so complicated, we accountants are all doing quite well these days,” the accountant commented. To prove it, he pulled out a $5 bill, applied a match to it and used it to light his cigar.

“With so many people engaging in tax avoidance and the IRS auditing more wealthy taxpayers , we lawyers are also doing very well these days,” the lawyer mused. To prove his point, he got out a $100 bill, applied a match to it and used it to light his cigar.

“With the new Affordable Care Act, we actuaries are doing even better,” the actuary said. To prove it, he wrote out a check for $1 million, applied a match to it and used it to light his cigar.

~~~

The doorbell, rings, and a man answers it. Here stands this plain but well-dressed kid, saying, “Trick or Treat!” The man asks the kids what he is dressed up like for Halloween. The kid replies, “I’m an IRS agent.” Then he takes 40 percent of the man’s candy, leaves, and doesn’t say thank you.

~~~

Courtesy of Robert E. McKenzie, Attorney at Law www.mckenzielaw.com

Your clean humor is welcome!

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Protect Yourself from the Dirty Dozen Tax Scams

Eva Rosenberg — Fri, 29 Mar 2013 10:45:00 -0500

The IRS’s annual ‘Dirty Dozen’ list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves against claims that sound too good to be true. Taxpayers who buy into illegal tax scams can end up facing significant penalties and interest and even criminal prosecution.

The tax scams that made the Dirty Dozen list this filing season are:

Identity Theft. Tax fraud through the use of identity theft tops this year’s Dirty Dozen list. Combating identity theft and refund fraud is a top priority for the IRS. The IRS’s ID theft strategy focuses on prevention, detection and victim assistance. During 2012, the IRS protected $20 billion of fraudulent refunds, including those related to identity theft. This compares to $14 billion in 2011. Taxpayers who believe they are at risk of identity theft due to lost or stolen personal information should immediately contact the IRS so the agency can take action to secure their tax account. If you have received a notice from the IRS, call the phone number on the notice. You may also call the IRS’s Identity Protection Specialized Unit at 800-908-4490. Find more information on the identity protection page on IRS.gov.

Phishing. Phishing typically involves an unsolicited email or a fake website that seems legitimate but lures victims into providing personal and financial information. Once scammers obtain that information, they can commit identity theft or financial theft. The IRS does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. If you receive an unsolicited email that appears to be from the IRS, send it to phishing@irs.gov.

Return Preparer Fraud. Although most return preparers are reputable and provide good service, you should choose carefully when hiring someone to prepare your tax return. Only use a preparer who signs the return they prepare for you and enters their IRS Preparer Tax Identification Number (PTIN). For tips about choosing a preparer, visit www.irs.gov/chooseataxpro.

Hiding Income Offshore. One form of tax evasion is hiding income in offshore accounts. This includes using debit cards, credit cards or wire transfers to access those funds. While there are legitimate reasons for maintaining financial accounts abroad, there are reporting requirements taxpayers need to fulfill. Failing to comply can lead to penalties or criminal prosecution. Visit IRS.gov for more information on the Voluntary Disclosure Program.
“Free Money” from the IRS & Tax Scams Involving Social Security. Beware of scammers who prey on people with low income, the elderly and church members around the country. Scammers use flyers and ads with bogus promises of refunds that don’t exist. The schemes target people who have little or no income and normally don’t have to file a tax return. In some cases, a victim may be due a legitimate tax credit or refund but scammers fraudulently inflate income or use other false information to file a return to obtain a larger refund. By the time people find out the IRS has rejected their claim, the promoters are long gone.

Impersonation of Charitable Organizations. Following major disasters, it’s common for scam artists to impersonate charities to get money or personal information from well-intentioned people. They may even directly contact disaster victims and claim to be working for or on behalf of the IRS to help the victims file casualty loss claims and get tax refunds. Taxpayers need to be sure they donate to recognized charities.

False/Inflated Income and Expenses. Falsely claiming income you did not earn or expenses you did not pay in order to get larger refundable tax credits is tax fraud. This includes false claims for the Earned Income Tax Credit. In many cases the taxpayer ends up repaying the refund, including penalties and interest. In some cases the taxpayer faces criminal prosecution. In one particular scam, taxpayers file excessive claims for the fuel tax credit. Fraud involving the fuel tax credit is a frivolous claim and can result in a penalty of $5,000.

False Form 1099 Refund Claims. In this scam, the perpetrator files a fake information return, such as a Form 1099-OID, to justify a false refund claim.

Frivolous Arguments. Promoters of frivolous schemes advise taxpayers to make unreasonable and outlandish claims to avoid paying the taxes they owe. These are false arguments that the courts have consistently thrown out. While taxpayers have the right to contest their tax liabilities in court, no one has the right to disobey the law.

Falsely Claiming Zero Wages. Filing a phony information return is an illegal way to lower the amount of taxes an individual owes. Typically, scammers use a Form 4852 (Substitute Form W-2) or a “corrected” Form 1099 to improperly reduce taxable income to zero. Filing this type of return can result in a $5,000 penalty.

Disguised Corporate Ownership. Scammers improperly use third parties form corporations that hide the true ownership of the business. They help dishonest individuals underreport income, claim fake deductions and avoid filing tax returns. They also facilitate money laundering and other financial crimes.

Misuse of Trusts. There are legitimate uses of trusts in tax and estate planning. But some questionable transactions promise to reduce the amount of income that is subject to tax, offer deductions for personal expenses and reduced estate or gift taxes. Such trusts rarely deliver the promised tax benefits. They primarily help avoid taxes and hide assets from creditors, including the IRS.

For more on the Dirty Dozen, see IRS news release IR-2013-33.

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Don’t Miss the Health Insurance Deduction if You’re Self-Employed

Eva Rosenberg — Fri, 29 Mar 2013 10:25:00 -0500

Courtesy of the IRS

If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed.

The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end of 2012, even if the child was not your dependent.

You may be able to take this deduction if one of the following applies to you:

You had a net profit from self-employment. You would report this on a Schedule C, Profit or Loss From Business, Schedule C-EZ, Net Profit From Business, or Schedule F, Profit or Loss From Farming.

You had self-employment earnings as a partner reported to you on Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.

You used an optional method to figure your net earnings from self-employment on Schedule SE, Self-Employment Tax.

You were paid wages reported on Form W-2, Wage and Tax Statement, as a shareholder who owns more than two percent of the outstanding stock of an S corporation.

There are also some rules that apply to how the insurance plan is established. Follow these guidelines to make sure the plan qualifies:

If you’re self-employed and file Schedule C, C-EZ, or F, the policy can be in your name or in your business’ name.

If you’re a partner, the policy can be in your name or the partnership’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the partnership must reimburse you and include the premiums as income on your Schedule K-1.

If you’re an S corporation shareholder, the policy can be in your name or the S corporation’s name and either of you can pay the premiums. If the policy is in your name and you pay the premiums, the S corporation must reimburse you and include the premiums as wage income on your Form W-2.

For more information, see Publication 535, Business Expenses. It’s available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

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New York City's 28th Annual April Fools' Day Parade

Eva Rosenberg — Fri, 29 Mar 2013 10:03:00 -0500

The 28th Annual April Fools’ Day Parade will begin at Fifth Avenue and 59th Street at 12 noon, Sunday, April 1, 2012. Rain or shine, the parade will march down Fifth Avenue to Washington Square Park for the climactic selection of the King or Queen of Fools from the costumed marching look-alikes.

The New York April Fools’ Day Parade was created in 1986 to remedy a glaring omission in the long list of New York’s ethnic and holiday parades. These events fail to recognize the importance of April 1st, the day designated to commemorate the folly of mankind. In an attempt to bridge this gap and bring people back in touch with their inherent foolishness, the parade annually crowns a King or Queen of Fools from parading look-alikes.

The theme for this year’s parade is “Forget the Big Bang Theory, Let’s Just Go Out With a Big Bang.” The parade blasts off with John Lee Hooker’s hit “Boom Boom Boom Boom.” Grand Marshall Gen. David Petraeus plays lead kazoo with the Up Your Wazoo Marching Band and is joined by N. Korean, Russian, Syrian, Iranian, Israeli and Chinese military processions showing off their big-bang bombs.

Setting the pace for the floats will be Lance Armstrong and his U.S. Postal Service Pro Cycling Team, which will be much slower this year as the team is no longer using performance enhancing drugs. The first float will be the Room Temperature IQ float featuring medical doctor, Rep. Paul Collins Broun, Jr. (R-GA), who says that evolution, embryology and the Big Bang Theory are “lies straight from the pit of Hell;” Arkansas Republican State Legislator John Hubbard, who believes slavery “may actually have been a blessing in disguise” for blacks; Arkansas legislative candidate Charlie Fuqua, who wants to deport all Muslims and establish the death penalty for rebellious children; Televangelist Pat Robertson, who encourages men to become Muslim and relocate to Saudi Arabia so they can legally beat their wives; and Sen. Lindsey Graham (R-SC) who believes “the more you drink, the better you’re able to cope in Washington.” Demand to be on this float was so great this year that participation had to be limited. Next up is the Boy-Scout-Pedophile-Troup-Leaders-Against-Homosexuality protest float, followed by the Zumba Brothel Dance float featuring Alexus Wright and her johns, the GOP sponsored Clint Eastwood Empty Chair float, and the Viagra sponsored Hugh Hefner Marriage float.

Trojan Pleasure Carts will weave through the crowd handing out 10,000 vibrating sex toys. Ultra-Orthodox Jewish Vendors will follow in their footsteps handing out eye glasses that blur vision so attendees won’t have to look at anything they consider immodest.

The marching celebrity look-alikes will include John Sununu and Lil Wayne spewing racial slurs; former AIG CEO Hank Greenberg threatening to sue the government for its generosity; Chuck Norris ushering in 1,000 years of darkness after Obama was re-elected; wannabe senator Geraldo Rivera pleading “Vote for me!”; and biographer Paula Broadwell scoping out anyone who appears at all interested in General Petraeus. Bringing up the rear, and making his final exit, will be the 2012 King of Fools Mitt Romney, triumphant with an overwhelming 47% of the vote from last year’s parade attendees. He’ll be followed by adoring throngs of self-deporting immigrants.

As the parade enters Washington Square Park, the festivities will begin. Food concessions will sell Pink Slime, Horsemeat and Desinewed Meat Burgers; there will be an Artificial Fiscal Cliff where patrons can line up to jump off; a booth offering Free Amish Haircuts and Shaves; a Papal Confessional booth where Pope Benedict XVI will confess to the public about predator priests, BBC presenter Jimmy Savile’s Papal Knighthood, and the Vatican butler, before his sequestration and eternal silence begins; a Demonstration of Fracking in Public Parks will show how the government plans to use wasted open spaces to support energy independence while searching for Jimmy Hoffa’s body. A Celebrity Auction booth will offer a virtual date with Manti Te’o and will sell the Reverend Jessie Jackson Jr’s personal bling collection to help pay back squandered campaign contributions. There will be a XXX Screening of Hulk Hogan having sex with his friend’s wife. And finally, an Ask-a-Scientific-Genius booth where Rep. Dana Rohrabacher (R-CA) will discuss his belief that dinosaur flatulence might explain historic warming patterns; Rep. Lamar Smith (R-TX), current chair of the House Committee on Science, Space and Technology, who describes environmentalists who warn about the seriousness of climate change “global warming alarmists”; Todd Akin, former Missouri GOP Representative, who believes “if it’s a legitimate rape, the female body has ways to try to shut that whole thing down.” Volunteers will circulate waiting lists for personal surveillance drones and semi automatic assault rifles as well as petitions to make it harder for the elderly, disabled and poor to vote. At sunset, carrying on the theme of the parade, there will be a Ted Nugent Patriotic Fireworks Display.

This year’s parade will be televised by Al Jazeera with guest commentator former Florida Tea Party Congressman Allen West who will amaze the crowd with his talent as an anal ventriloquist. The public is encouraged to participate, in or out of costume, with or without floats, and may join the procession at any point along the parade route. Floats can be no wider than 10’ and no longer than 30’. They can be self-propelled, towed, pushed or pulled. Customized bicycles, tricycles, baby carriages and aerial balloons are welcome. All participants are costumed look-alikes, and the Parade Committee assumes no liability for damages caused by satire. Parade floats and marchers must be at 59th Street and Fifth Ave no later than 11:30 a.m..

We are grateful for the generous support of Goldman Sachs which wishes to express appreciation for having gotten off scot-free after ripping off the public. Other proud sponsors include the Government Services Administration (GSA) offering free champaigne and caviar throughout the park; Chick-fil-A offering free food to gay couples who refuse to patronize the anti-gay restaurant chain; Pizza Hut redeeming themselves after their misguided dare to customers to ask debating presidential candidates if they prefer sausage or pepperoni; and the international cruiseship industry hoping to entice patrons to take their new less toxic and more sanitary virtual cruises.

The King of Fools will be chosen based on the loudest cheers at Washington Square Park. The winner will reign through March 31, 2014.

Courtesy of Joey Skaggs, Committee Chair AprilFoolsDayParade.com

Your clean humor is welcome!

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Ask TaxMama Issue 676 - Happy Spring

Eva Rosenberg — Fri, 22 Mar 2013 13:25:00 -0500

Dear Family,

True…it’s not really the first day of spring any longer. But that’s the only spring graphic I have right now. So…Happy Spring. A favorite season of re-birth, growth and joy.

This week’s Money Funny is all Do Not Call list) and lied about being asked to call back a year ago. (Are YOU on the list?) So perhaps you’ll pick up a few helpful bits of etiquette, too. I learned a lot.

In today’s IRS News, the IRS has over $917 MILLION to return to taxpayers for 2009. If you haven’t filed yet – here’s how to get your money. Then there are those confusing and sometimes contradictory rules when your children have investment income. IRS explains. There’s some vague, but good news from the IRS. They are waiving late payment penalties for folks who couldn’t compute their tax returns (or file them) on time because the forms were not available until February or March. You’ll need to dig a little for the details. But, do remember to ask for penalties to be waived if you have filed, and get any penalties.

MarketWatch columns now and recently, cover the following topics to help you. This week will be all about how to minimize your capital gains taxes – and how to figure out your basis. The last few weeks cover: Crunch Time Tax To Do List Filing your taxes? 7 things to check first Is it better to buy or rent a home?

In this week’s Equifax Tax Blog you’ll learn about Four Tax Tips for Same-sex Couples and Unemployment Taxes and Other Surprises with lots more tips to come.

The full 2013/14 TaxMama Tax Calendar is up – enjoy!

And have a great spring weekend!

As always, we love your feedback, opinions and ideas.

You are what makes all this fun – and interesting!

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Eva Rosenberg, EA

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Relief Available To Many Extension Requesters Claiming Tax Benefits

Eva Rosenberg — Fri, 22 Mar 2013 13:13:00 -0500

WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.

The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the regular filing deadline. This relief applies to any of the forms delayed until February or March, primarily due to the January enactment of the American Taxpayer Relief Act.

Taxpayers using forms claiming such tax benefits as depreciation deductions and a variety of business credits qualify for this relief. A complete list of eligible forms can be found in Notice 2013-24, posted today on IRS.gov.

Individuals and businesses qualify for this relief if they properly request an extension to file their 2012 returns. Eligible taxpayers need not make any special notation on their extension request, but as usual, they must properly estimate their expected tax liability and pay the estimated amount by the original due date of the return.

The return must be filed and payment for any additional amount due must be made by the extended due date. Interest still applies to any tax payment made after the original deadline.

Further details on this relief, including instructions for responding to penalty notices, is available in Notice 2013-24.

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Tax Rules for Children Who Have Investment Income

Eva Rosenberg — Fri, 22 Mar 2013 11:27:00 -0500

Courtesy of the IRS

Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf.

There are special tax rules that affect how parents report a child’s investment income. Some parents can include their child’s investment income on their tax return. Other children may have to file their own tax return.

Here are four facts from the IRS about the taxability of your child’s investment income.

1. Investment income normally includes interest, dividends, capital gains and other unearned income, such as from a trust.

2. Special rules apply if your child’s total investment income is more than $1,900. The parent’s tax rate may apply to part of that income instead of the child’s tax rate.

3. If your child’s total interest and dividend income is less than $9,500, you may be able to include the income on your tax return. See Form 8814, Parents’ Election to Report Child’s Interest and Dividends. If you make this choice, the child does not file a return.

4. Your child must file their own tax return if they received investment income of $9,500 or more. File Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, with the child’s federal tax return.

For more information on this topic, see Publication 929, Tax Rules for Children and Dependents. This booklet and Forms 8615 and 8814 are available at IRS.gov. You may also have them mailed to you by calling 800-TAX-FORM (800-829-3676).

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Etiquette Tips for __________ (you can fill in the blank)

Eva Rosenberg — Fri, 22 Mar 2013 11:08:00 -0500

GENERAL:

1. Never take a beer to a job interview.
2. Always identify people in your yard before shooting at them.
3. It’s considered tacky to take a cooler to church.
4. If you have to vacuum the bed, it is time to change the sheets.
5. Even if you’re certain that you are included in the will, it is still rude to drive the U-Haul to the funeral home.

DINING OUT:
1. When decanting wine from the box, make sure that you tilt the paper cup and pour slowly so as not to bruise the fruit of the vine.
2. If drinking directly from the bottle, always hold it with your hands.

ENTERTAINING IN YOUR HOME:
1. A centerpiece for the table should never be anything prepared by a taxidermist.
2. Do not allow the dog to eat at the table, no matter how good his manners are.

PERSONAL HYGIENE:
1. While ears need to be cleaned regularly, this is a job that should be done in private using one’s OWN truck keys.
2. Even if you live alone, deodorant is not a waste of good money.
3. Use of proper toiletries can only delay bathing for a few days.
4. Dirt and grease under the fingernails is a social no-no, as they tend to detract from a woman’s jewelery and alter the taste of finger foods.

DATING (Outside the Family):
1. Always offer to bait your date’s hook, especially on the first date.
2. Be assertive. Let her know you’re interested: “I’ve been wanting to go out with you since I read that stuff on the bathroom wall two years ago.”
3. Establish with her parents what time she is expected back. Some will say 10:00 PM. Others might say “Monday.” If the latter is the answer, it is the man’s responsibility to get her to school on time.

THEATER ETIQUETTE:
1. Crying babies should be taken to the lobby and picked up immediately after the movie has ended.
2. Refrain from talking to characters on the screen. Tests have proven they can’t hear you.

WEDDINGS:
1. Livestock, usually, is a poor choice for a wedding gift.
2. Kissing the bride for more than 5 seconds may get you shot.
3. For the groom, at least, rent a tux. A leisure suit with a cummerbund and a clean bowling shirt can create a tacky appearance.
4. Though uncomfortable, say “yes” to socks and shoes for this special occasion.

DRIVING ETIQUETTE:
1. Dim your headlights for approaching vehicles, even if the gun is loaded and the deer is in sight.
2. When approaching a four-way stop, the vehicle with the largest tires does not always have the right of way.
3. Never tow another car using panty hose and duct tape.
4. When sending your wife down the road with a gas can, it is impolite to ask her to bring back beer too.
5. Do not lay rubber while traveling in a funeral procession.

Courtesy of the Old I-HelpDesk & WebReview

Your clean humor is welcome!

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IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return

Eva Rosenberg — Tue, 19 Mar 2013 11:51:00 -0500

[TaxMama Note: If you have not yet filed for 2009 and have a refund coming – FILE IMMEDIATELY! If you are still waiting for data, documentation or anything else that prevents you from filing, then file a PROTECTIVE CLAIM. i.e. File a tax return. Write PROTECTIVE CLAIM on the top of the first page. Include a note or cover letter about what’s missing and why. This will give you an extra three years to collect your refund. Otherwise, you lose it on April 15th.]

WASHINGTON — Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

The IRS estimates that half the potential refunds for 2009 are more than $500.

Some people may not have filed because they had too little income to require filing a tax return even though they had taxes withheld from their wages or made quarterly estimated payments. In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim a refund within three years, the money becomes property of the U.S. Treasury.

For 2009 returns, the window closes on April 15, 2013. The law requires that the return be properly addressed, mailed and postmarked by that date. There is no penalty for filing a late return qualifying for a refund.

The IRS reminds taxpayers seeking a 2009 refund that their checks may be held if they have not filed tax returns for 2010 and 2011. In addition, the refund will be applied to any amounts still owed to the IRS or their state tax agency, and may be used to offset unpaid child support or past due federal debts such as student loans.

By failing to file a return, people stand to lose more than refund of taxes withheld or paid during 2009. In addition, many low-and-moderate income workers may not have claimed the Earned Income Tax Credit (EITC). For 2009, the credit is worth as much as $5,657. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2009 were:

$43,279 ($48,279 if married filing jointly) for those with three or more qualifying children,

$40,295 ($45,295 if married filing jointly) for people with two qualifying children,

$35,463 ($40,463 if married filing jointly) for those with one qualifying child, and

$13,440 ($18,440 if married filing jointly) for people without qualifying children.

For more information, visit the EITC Home Page.

Current and prior year tax forms and instructions are available on the Forms and Publications page of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676). Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for 2009, 2010 or 2011 should request copies from their employer, bank or other payer.

If these efforts are unsuccessful, taxpayers can get a free transcript showing information from these year-end documents by filing Form 4506-T, Request for Transcript of Tax Return, with the IRS or by calling 800-829-1040.

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Ask TaxMama Issue 675 - Happy Purim

Eva Rosenberg — Fri, 22 Feb 2013 15:37:00 -0600

Look at that, it’s Purim in February. (Usually happens in March.) My favorite holiday. This is the only Jewish holiday that celebrates the accomplishment of a woman. Queen Esther’s courage saves the lives of the Jews in Persia (now Iran) sometime around the 3^rd century BCE. Not only is this about a strong woman, this holiday is all about partying, drinking and making lots of noise. (Hmmm…do you think this is where Mardi Gras originated?) Better yet, it’s the reverse of Halloween. Instead of little children in costume knocking on your door begging for treats or threatening you; they are knocking on your door to bring you treats. See…so many reasons to be a favorite holiday!

As long as we’re having fun with angels like Esther, this week’s Money Funny is about two traveling angels. You’re about to find out that things aren’t always what they seem.

In today’s IRS News, the IRS tells us to watch out for fake communications from the IRS. Seriously, read all about how to avoid getting entrapped by these horrible phisherfolk. Then the IRS gives us a lot of information about education benefits and how to tap into them. Education is the one treasure no one can steal from you.

Today’s MarketWatch column is about the big question. Should you rent or buy a home? The article takes into account the full cost of utilities for homeowners. It doesn’t pick them up for renters because, generally, the landlord picks up the cost of gas/fuel, trash and water. The tenant usually only pays for electricity. At least around here.

Earlier this week, I was reading Jennifer Openshaw’s article titled, What good is life insurance if no one collects? She talks about unclaimed property. So…since I was in kind of a funk, I started looking through California’s database to see if there was anything for me, or for anyone I knew. Wow! I found $2,000 for my cousin. There were several other smaller things in there for several people I knew – but that was a nice find. It will more than pay for dinner when we go out tonight.

In this week’s Equifax Tax Blog you’ll learn about tax laws that will affect you THIS year, in 2013. Other articles tell you about credit report accuracy, how to house-hunt online without getting into trouble, and more.

And have a great weekend!

As always, we love your feedback, opinions and ideas.

You are what makes all this fun – and interesting!

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Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama® www.TaxMama.com

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