TaxMamas TaxQuips

Dear Family,

Did you enjoy the Stop Taxing My Patience Contest – from Office Depot and H&R Block?
The questions were so interesting. I love good questions – especially if they are short and challenging. The forum and all the questions will stay up for your benefit. But you can no longer post to it.

Please post your questions in the Ask TaxMama forum – http://taxmama.com/forum
I am doing my best to keep up with all your questions. And now, since they are online, the best tax pros in the country can help you too.

All the experts who have been answering questions in the past – and are doing so now – are getting upgraded to the Family Membership ($177 value). And you can include a link to your website, so people can find engage your services, if they are impressed with you.

So, if you’ve always wanted to become proficient at helping people, this is the time to do it. Be sure to research your answers and to provide links to the source of your information. Just posting a flip answer that adds nothing to the discussion will not qualify you for the upgrade. Also, you must use your real name. Usernames just won’t cut it for this deal. We want to know who you are.

Since it’s TaxNerd season, I’ve updated the TaxMama Zazzle Shop, where you can find all kinds of clothes, hats, bags and other goodies to proclaim your TaxNerdieness. Better yet, you can customize all the Tax Nerd goodies with your own name, company name, or witticism. A great way to promote your tax practice, too – for all you proud tax pros. Incidentally, you can customize the TaxMama stuff, too.
http://www.zazzle.com/taxmama

Has anything been going on in the news this week?
Let’s see, according to Lynn Freer from Spidell Publishing Inc www.caltax.com , we learn that the COBRA subsidies have been extended another 6 months – to fifteen months. If you were laid off, please check with your employer if you can participate. For details about how the whole COBRA subsidy works, here is some information from last year – http://taxmama.com/alert-for-cobra-subsidy-recipients/

A reminder that the Social Security income report you get each year does not include the $250 reimbursement you may have recieved. My clients have been showing me a separate letter from the SSA telling them they are receiving that extra $250 check. If you are on Social Security, VA retirement or disability, or Railroad retirement or disability, and you are not sure if you received the $250 or not – call your agency. Unfortunately, there is no quick look-up online.

This week, TaxMama’s media visits took me to see Jeff Levy, the Digital Doctor
http://kabc.com/showdj.asp?DJID=52884
Brent Clanton on CNN 650 in Houston – you can listen to the recording of the show
http://snurl.com/cnn650_brent_clanton
We were with Jim Blasingame, Small Business Advocate – You can listen to that show – and few others that might be helpful to you, from the past.
http://taxmama.com/small-business-radio/

Remember to enter Intuit’s Love A Local Business competition. And please, feel free to vote for us, too.
http://wefoundasolution.com/do-you-love-a-business/

Please add another helpful tip to WeFoundASolution.com this week.
http://wefoundasolution.com/

This week TaxMama’s TaxWatch gives you the February To Do list, things you should be working on right now.
http://www.marketwatch.com/taxes

In today’s Money Funny you get a lesson in Marketing 101. You’ll enjoy this.
http://taxmama.com/category/asktaxmama/money-funnies/
In IRS News today we learn Seven Tax Tips for Disabled Taxpayers, and we learn what income is taxable – and what is not?
http://taxmama.com/category/asktaxmama/irs-news/
In TaxQuips this week we learn what to do if your employer goes bankrupt and you won’t be getting a W-2; how to account for bouncing castles on your books; what to do if you left your business mileage off your tax return last year – and also didn’t submit it to your boss for reimbursement; and whether or not you can get education credits or deductions for the computer you use for college courses.
http://taxmama.com/category/tax-quips/

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.com/super-bowl-44-weekend/

TaxNerd gear makes a bold statement year-round. And it helps attract the opposite sex!
Shop at www.taxnerd.net or http://www.zazzle.com/taxmama*

Hugs from your favorite TaxNerd,
http://www.zazzle.com/taxmama*

Eva Rosenberg, EA

Your TaxMama® is watching…out for you.

www.TaxMama.com
www.homebusinesstaxcuts.com
www.TaxQuips.com
www.IRSExams.com
www.TaxNerd.net

==========================————————————————————-
TAX CALENDAR
http://www.taxmama.com/taxcalendar.html————————————————————-
02.16.2010 Employees to File new W-4 with Employer
02.16.2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
03/01/2010 File Paper copy W-3’s with Social Security Admin including copies of W-2’s
03/01/2010 File paper copy of US transmittal of US information Returns
03/01/2010 Farmers & Fisherman – Use Personal Income Tax Return – Sole Proprietor
03/16/2010 S-Corp Election Decision Due (if Applicable)
03/16/2010 S Corporate Returns Due / Calendar Year
03/16/2010 Issue K-1’s S Corporate Returns / Calendar Year
03/16/2010 Corporate Returns Due / Calendar Year
03/16/2010 Corporate Returns/S Corp Extensions Due / Calendar Year
03/16/2010 Foreign Persons US Income subject to withholdings
03/16/2010 Annual Tax Return of US Income subject to withholdings of Foreign Persons
03/16/2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
03/16/2010 Electing Large Partnerships – Issue K-1s to partners – even if you’re on extension
03/31/2010 Electronic filing of W-3’s with Social Security Admin including issued W-2’s
03/31/2010 Electronic filing of US transmittal of US information Returns————————————————————-
From TaxMama® to You!————————————————————-

Follow TaxMama®’s Tweets – http://twitter.com/TaxMama

You are invited to put a TaxQuips Widget on your phone, social networking page, website, or… You’ll get the TaxQuips as soon as they published – long before they are distributed in by e-mail. It’s a nifty gadget. Just pick up the code and paste into your site or application.
http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

Download TaxMama’s 2010 iphone Tax Calendar. My gift to you.
http://snurl.com/taxcalendar

The customizable tax calendar is coming. We need to make sure the reminder system works for you – then, it will be ready for prime time!
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Ask TaxMama

Where taxes are fun and answers are free

www.TaxQuips.com

The number ONE free tax podcast online

While most income you receive is generally considered taxable, there are some situations when certain types of income are partially taxed or not taxed at all.

To ensure taxpayers are familiar with the difference between taxable and non-taxable income, the Internal Revenue Service offers these common examples of items that are not included in your income:

• Adoption Expense Reimbursements for qualifying expenses
• Child support payments
• Gifts, bequests and inheritances
• Workers’ compensation benefits
• Meals and Lodging for the convenience of your employer
• Compensatory Damages awarded for physical injury or physical sickness
• Welfare Benefits
• Cash Rebates from a dealer or manufacturer

Some income may be taxable under certain circumstances, but not taxable in other situations. Examples of items that may or may not be included in your income are:

• Life Insurance If you surrender a life insurance policy for cash, you must include in income any proceeds that are more than the cost of the life insurance policy. Life insurance proceeds, which were paid to you because of the insured person’s death, are not taxable unless the policy was turned over to you for a price.
• Scholarship or Fellowship Grant If you are a candidate for a degree, you can exclude amounts you receive as a qualified scholarship or fellowship. Amounts used for room and board do not qualify.
• Non-cash Income Taxable income may be in a form other than cash. One example of this is bartering, which is an exchange of property or services. The fair market value of goods and services exchanged is fully taxable and must be included as income on Form 1040 of both parties.

All other items—including income such as wages, salaries and tips—must be included in your income unless it is specifically excluded by law.

These examples are not all-inclusive. For more information, see Publication 525, Taxable and Nontaxable Income, which can be obtained at IRS.gov or by calling the IRS at 800-TAX-FORM (800-829-3676).

 

Ask TaxMama

Where taxes are fun and answers are free

www.TaxQuips.com

The number ONE free tax podcast online

IRS Publication 525

Taxable and Nontaxable Income

Taxpayers with disabilities may qualify for a number of IRS tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are seven tax credits and other benefits that are available if you or someone else listed on your federal tax return is disabled.

1. Standard Deduction Taxpayers who are legally blind may be entitled to a higher standard deduction on their tax return.

2. Gross Income Certain disability-related payments, Veterans Administration disability benefits, and Supplemental Security Income are excluded from gross income.

3. Impairment-Related Work Expenses Employees, who have a physical or mental disability limiting their employment, may be able to claim business expenses in connection with their workplace. The expenses must be necessary for the taxpayer to work.

4. Credit for the Elderly or Disabled This credit is generally available to certain taxpayers who are 65 and older as well as to certain disabled taxpayers who are younger than 65 and are retired on permanent and total disability.

5. Medical Expenses If you itemize your deductions using Form 1040 Schedule A, you may be able to deduct medical expenses. See IRS Publication 502, Medical and Dental Expenses.

6. Earned Income Tax Credit EITC is available to disabled taxpayers as well as to the parents of a child with a disability. If you retired on disability, taxable benefits you receive under your employer’s disability retirement plan are considered earned income until you reach minimum retirement age. The EITC is a tax credit that not only reduces a taxpayer’s tax liability but may also result in a refund. Many working individuals with a disability who have no qualifying children, but are older than 25 and younger than 65 do—in fact—qualify for EITC. Additionally, if the taxpayer’s child is disabled, the age limitation for the EITC is waived. The EITC has no effect on certain public benefits. Any refund you receive because of the EITC will not be considered income when determining whether you are eligible for benefit programs such as Supplemental Security Income and Medicaid.

7. Child or Dependent Care Credit Taxpayers who pay someone to come to their home and care for their dependent or spouse may be entitled to claim this credit. There is no age limit if the taxpayer’s spouse or dependent is unable to care for themselves.

For more information on tax credits and benefits available to disabled taxpayers, see Publication 3966, Living and Working with Disabilities or Publication 907, Tax Highlights for Persons with Disabilitiesavailable on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Ask TaxMama

Where taxes are fun and answers are free

www.TaxQuips.com

The number ONE free tax podcast online

IRS Publication 3966

Living and Working with Disabilities

IRS Publication 907

Tax Highlights for Persons with Disabilities

Several people have asked for an explanation of Marketing.
Perhaps the following analogies will help clear it up:
You see a handsome guy at a party. You go up to him and say, “I’m fantastic in bed.”

– That’s Direct Marketing.

You’re at a party with a bunch of friends and see a handsome guy.
One of your friends goes up to him and pointing at you says, “She’s fantastic in bed.”

– That’s Advertising.

You see a handsome guy at a party. You go up to him and get his telephone number. The next day you call and say, “Hi, I’m fantastic in bed.”

– That’s Telemarketing.

You’re at a party and see a handsome guy. You get up and straighten your dress. You walk up to him and pour him a drink. You say, “May I?” and reach up to straighten his tie brushing your breast lightly against his arm, and then say, “By the way, I’m fantastic in bed.”

– That’s Public Relations.

You’re at a party and see a handsome guy. He walks up to you and says, “I hear you’re fantastic in bed.”

– That’s Brand Recognition.
You’re at a party and see a handsome guy. You talk him into going home with your friend.

– That’s a Sales Rep.
Your friend can’t satisfy him so he calls you.

– That’s Tech Support.

You’re on your way to a party when you realize that there could be handsome men in all these houses you’re passing. So you climb onto the roof of one situated toward the center and shout at the top of your lungs, “I’m fantastic in bed!”

– That’s Spam.

Courtesy of Ian Purdie http://electronics-tutorials.com
Whose extensive number of offspring speaks for itself.

Please remember to send us your humor.
Clean jokes preferred.

Ask TaxMama

Where taxes are fun and answers are free

www.TaxQuips.com

The number ONE free tax podcast online

Money Funnies at TaxMama.com

Tax and Business humor

Dear Family,

Much of my time this month has been spent getting ready to do the radio tour for the Office Depot – H&R Block Stop Taxing My Patience Promotion; and getting the contest set up, so you can ask your most pressing tax question – and 5 random winners will get a box of H&R Block at Home Premium software. We’ve been doing that, and getting the new TaxMama.com site ready for prime time.

Whew! We made it in time. Your response has been glorious. Feedback we are getting on the new site is enthusiastic.

And my enthusiasm is boundless. I have been wanting to build this for you for 10 years. Each time I’d get started with a web designer, they’d agree to do it, then they’d go and build something completely contrary to what I requested – and totally useless to me – or to you. Finally, after over 10 years, I am able to give you what I’ve always dreamed of – a tax information site you can actually USE!

The new site is much more useful for you. Once you log in, along the left side, you will find categories and topics, with answers to questions gathered all in one place. You can use the forums to ask questions and get answers from TaxMama and the Tax Pros (sounds like a good name for a rock band?). Resources are being added, including e-books, articles, links to tools, calculators and forms. And lots, lots more. This is going to be the only place you need to go, as a starting point to get all the tax information you need.

TaxMama was on Jim Blasingame’s Small Business Radio show this morning (which is why I am running a bit late today). Jim is now on featured on Forbes.com – you can see who’s been on his show each day – and link directly to the clips from the show. Today, we talked about the new licensing program for tax professionals, deductions for business, and extra standard deductions you can take, even if yu’re not itmizing. Listen now
http://www.forbes.com/entrepreneurs

As you know, Wednesday was spent virtually traveling to visit radio shows around the country on behalf of Office Depot, H&R Block – and TaxMama. I love doing radio. It’s so much fun. You can read all about it here.

Please keep me company on Sunday, as I join Jeff Levy, the Digital Doctor on KABC at 2:30 pm. You are invited to call in with your questions. You’ll love Jeff. He knows everything about computers and laptops and the Internet and…You can listen to the show live, even if you are not in California.
http://kabc.com/showdj.asp?DJID=52884

Do you want to win some money for your business? Or help your favorite business win money? Read about Intuit’s Love A Local Business competition. And please, feel free to vote for us, too.
http://wefoundasolution.com/do-you-love-a-business/

Please add another helpful tip to WeFoundASolution.com this week.
http://wefoundasolution.com/

This week TaxMama’s TaxWatch tells you how to get your tax return done for free. And meet a delightful and passionate volunteer tax preparer.
http://www.marketwatch.com/taxes

In today’s Money Funny you learn how to save money on paper towels – and get some really terrific ideas.
http://taxmama.com/category/asktaxmama/money-funnies/

This week’s IRS News we learn how to take your deductions to Haiti recoveries on your 2009 tax return, we also learn if you have to file a tax return.
http://taxmama.com/category/asktaxmama/irs-news/

In TaxQuips this week we learn about earthquake and disaster insurance coverage decisions, whether you can use two $10,000 penalty exclusions when you pull money from an IRA to buy a home, how to stop IRS from sending employment tax forms after you no longer have an employee, and how to fix the problem of tips not being reported to the boss.
http://taxmama.com/content/

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

Please use the Comments link online here, or use the forums.
http://taxmama.com/forum/

TaxNerd gear makes a bold statement year-round. And it helps attract the opposite sex!
Shop at www.taxnerd.net or http://www.zazzle.com/taxmama*

Hugs from your favorite TaxNerd,
http://www.zazzle.com/taxmama*

Eva Rosenberg, EA

Your TaxMama® is watching…out for you.

Ask TaxMama

Where taxes are fun and answers are free

www.TaxQuips.com

The number ONE free tax podcast online

Money Funnies at TaxMama.com

How to save money on paper towels

IRS News

Do you have to file a tax return; Deducting Haiti donations in 2009

TaxMama's TaxWatch column

How to file your tax return for free

WeFoundASolution.com

How to win money for your favorite business

The Jeff Levy Show - the Digital Doctor

Join TaxMama on KABC with Jeff this Sunday at 2:30 pm