TaxMamas TaxQuips

Dear Family,

Don’t forget to change your clocks Saturday night. Yup, I could tell you stories of times when I didn’t. You probably have stories, too, don’t you? Anyway…

I have great news – and bad news.

First the great news. It’s VERY exciting! Not only will Congress be extending the $8,000 first time homebuyers credit, they will be expanding it to make $6,500 available for people who are not new buyers – as long as they owned their last home for at least 5 years. This could be a big help to all of us – even folks who’ve lost their homes in the depression no one will admit we had.

Now the bad news. Congress be extending the $8,000 first time homebuyers credit, and they will be expanding it to make $6,500 available for people who are not new buyers – as long as they owned their last home for at least 5 years. Why is this bad news?

Well, if the new legislation does not include authority for IRS to get proof before issuing the money, not only will there be more fraud, there will be even greater delays than we have now. It won’t take much to fix the problem. Really, truly, it’s very easy to fix. All we need to do is have folks send in their documentation with their tax returns.

But the details and authority must be in the new law.
in the new law.

What can you do about it? IMMEDIATELY email or write your legislator and send him or her the fix I outline in my open letter to my Representative, the Honorable Brad Sherman. Feel free to use my words – or use your own. But speak up NOW. We only have a few days before they vote on this, probably next Tuesday. You will find my letter in my accountingweb.com blog at:

In IRS News this week we get to read the Information Reporting Program Advisory Committee’s (IRPAC) 2009 recommendations on a wide range of tax administration issues. Did you know there was a group of tax pros watching out for you? Yes indeed. This committee, essentially volunteers over 100 hours to provide recommendations on how to make your life easier. Let’s thank the hard-working team at IRPAC!

We also get a series of IRS videos to help us set up and run a non-profit organization. Remember, if you can’t find a job you are willing to accept, you have alternatives. Perhaps this is the time to follow your passion. Set up your own non-profit organization to fulfill your dream to help, teach, educate, or save someone or something. Funds may be hard to raise at first. But once you get started, and do it right, the money will come rolling in. Passion is contagious.
http://taxquips.com/index.php?cat=IRSNews

The October issue of TaxWatch on MarketWatch.com is about the specific problems taking place right now in the processing of the First Time Homebuyers Credit. It also provides a solution. I know, you think I’m obsessed with this Credit. Well, when people call me every day, telling me their tax return was filed months and IRS lost it…yes, it gets me upset.
http://www.marketwatch.com/Journalists/Eva_Rosenberg

In today’s Money Funny we have Hospital Hostility, a little Halloween prank for you.
http://taxquips.com/index.php?cat=MoneyFunnies

In TaxQuips this week we learn if a guy supporting his girlfriend and her child qualifies for head of household filing status; whether someone can avoid paying taxes on his consulting income by depositing it directly in his son’s Sec 529 education savings plan; if an unemployed 22-year-old should cash out his retirement account to cover his living expenses; can a woman get the first time homebuyers credit if her husband co-signed on a home in the past. Incidentally Robert W. Tracey provides us with some excellent advice about whether or not to take advantage of this year’s permission not to take a minimum distribution from your retirement account. For those age 70 1/2+, it’s well worth considering.
http://taxquips.com/index.php?cat=TaxQuips

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://taxquips.com/index.php?id=1391

TaxNerd gear makes a bold statement during tax season.
Shop at www.taxnerd.net or http://www.zazzle.com/taxmama*

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama is watching…out for you.

www.TaxMama.com
www.TaxQuips.com
www.IRSExams.com
www.taxnerd.net
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TAX CALENDAR 2009
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11.02.2009 3rd Quarterly Payroll Returns and Pay Taxes Due

11.02.2009 3rd Quarterly Sales Tax Returns and Pay Taxes Due
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SPECIAL GIFTS FROM TAXMAMA – FREE – REALLY!
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Keep your Resolutions:
Here’s a well-thought-out e-book to help you start the
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help you achieve your goals.

Download the book here (just use your e-mail address in this e-mail, so you can avoid subscribing to
my newsletters twice.)

Feel free to share this link with your friends, your clients and your mailing list.
http://www.simpleology.com/p/blogging/taxmama/ATM440
Explore Simpleology 101 - It includes set of step-by-step daily missions for you to follow to get more focused and become more successful this year.
You can check them off as you go.

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Join SuccessNet.org for free and learn the 10 Essential Success Keys You Need to Know for You
And Your Business to Grow
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GIFT IDEAS
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ThinkGeek has some wonderful, unusual stuff, including something very like a Dick Tracy watch – a touchscreen cell phone PDA watch. They also have the USB Memory watch that holds 2GB of data.

Open your own Zazzle account and create personalized
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You don’t need to use my designs – use your own photos and artwork.
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Similar discounts on Registered Agent services.
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Cafe Press is the home of TaxMama’s shops
http://www.cafepress.com/taxmama

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http://www.cafepress.com/

Get extra discounts for yourself and friends after you order.

WOW DEAL! Embroidery

Wouldn’t you love to get your logo or family crest, or picture or whatever, EMBROIDERED on hats and T-Shirts?

Well, it costs a heck of a lot less than you think.
And there’s always a sale!
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(They have a lot more than shirts – and all sizes)
They do a gorgeous job.

Ask TaxMama

Where taxes are fun and answers are free

www.TaxQuips.com

The number ONE free tax podcast online

Money Funnies

Hospital Hilarities for Halloween

IRS News

IRPAC report, exempt org videos

TaxMama's TaxWatch column

Solving the First Time Homebuyer Credit Snafu