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Ask TaxMama Issue 630 - Happy Presidents Weekend

2012-02-17 by

Dear Family,

The day is nearly gone – and so are you. Right before a holiday weekend, you’re probably already sitting in traffic, heading home. Me? I fell asleep at my desk. Amazing. It’s been a long, intense, and fun week.

We launched TaxMama’s Utlimate Tax Nerd Contest this week, to lots of laughter. It will run until April Fool’s day. $4,000 worth of prizes.

Our bold, brave and batty contestants have posted pictures for you to “vote” on. You register your approval two ways:


  • 1) By viewing their picture.

  • 2) By posting a comment on the picture you like best.


There will be two winners each week: One that you select; and one that TaxMama and the Tax Nerdy judges select. Our judges include

  • Rob Nance, Curator / Chief Content Manager at iShade The Accounting Profession Online.

  • Nicole Paulus, the brains and brawn behind this contest. This was created with the help of her wit…and wisdom.

  • Me – you know me.

  • YOU!


The person with most views and/or the most comments each week will win the POPULAR prize. We’ll pick the one WE like best, as well! Judging will take place each Wednesday. You can enter once each week so you have lots of chances to win!

Clint was the first one to post his photo, so he has a place in my heart. Right now, Melissa is ahead on on both views and comments (note: one comment is duplicated – and we will be not be counting it. We know…) You simply must see Susan’s entry. She put a whole array of pictures into her display. (Susan’s not just a Tax Nerd, she’s a gadget nerd, too!) Don’t you just love Traci’s Tax Blues Nerds? Bill describes his entire environment – now that IS brave! And Sherry looks wonderful on the dance floor. Visit all our Tax Nerds in their natural habitats and give them some love. Or submit your own entry!

Speaking of love often brings to mind money. Mark your calendar for February 28th at 7-9 pm eastern. Staples is putting up $5,000 worth of giveaways for you, and sponsoring a Twitter Tax Talk. It’s going to be a lot of fun. (Maybe that’s why I fell asleep?) We’ve been working behind the scenes all week to put together some great ideas and topics of you. More details next week.

In today’s IRS News we learn that Congress did pass the extension to the 2% payroll tax cut for the end of the year. Read the details. I would rejoice, but, by now, it’s utterly anticlimactic. We have an overview of the Medical and Dental deductions you can use. IRS gives us this year’s version of the Dirty Dozen Tax Scams. Do read them. People really ARE out to get you.

Incidentally, please, please watch out for your elderly friends and relatives. We just caught someone in a major bank selling an annuity, locked in for 5 years, to an 88-year-old woman who could barely even totter across the bank to the accounts desk. She was just trying to roll over a CD that had expired, when someone stepped in and sold her on an annuity. They did agree to close the account and return all her money to her, as soon as her son uttered the powerful key words “elder abuse”.

The reason I am so angry? Instead of apologizing, the woman tried to excuse her action by saying they looked at other factors beside her age. After all, the annuity was paying SO much more than the CD. Their CD would have paid about one-third of a percent. This magnificent annuity was paying 1%! (Note: it took me about a minute to find 1-year CDs paying better than that on Bankrate.com.) At no point did the bank lady mention that one of the factors was the huge commission she and/or the bank receive from the annuity company.

Time to change the mood. In today’s Money Funnies, we step into the middle of a child custody battle. Or is it a battle of wits? A surprising (or disturbing) bit of wit.

Something else fun. Don’t forget about Wazzub. over 1.7 million people have joined. They’ve been testing the site and it’s sounding really good. Rumor has it, they are letting some people log into the system early, in batches. This site will launch in April – You can sign up for it early.

Let’s address a few tidbits of news – and go back to work!

TaxMama has launched a fun new contest. We are searching for the Ultimate TaxNerd of 2012! Everyone is invited to enter.

1) Weekly Equifax blog is still going strong.
http://blog.equifax.com/tax/
Filing State Taxes for Out-of-Staters

MarketWatch
Tax Tips for February
Hiring a Great Tax Preparer
http://www.marketwatch.com/Journalists/Eva_Rosenberg

2) Radio Interviews done, coming up

(Date was changed) February 23, 2012Bob McCormick’s Money 101 show on KFWB. 2-hours. Call us 888-KFWB-980 (888-539-2980)

February 22, 2012 – #SmallBizChat with Melinda Emerson
http://succeedasyourownboss.com/what-is-smallbizchat/

Watch the YouTube invitation – The YouTube video

February 28, 2012 – 7 -9 pm EST – Staples Tax Talk Twitter chat with a $5,000 giveaway!

3) Print interviews
Are Taxable Frequent Flyer Miles in Your Future?
by Tim WInship in Smarter Travel

4) CPE Link courses www.cpelink.com/teamtaxmama
Great class coming on March 7th – Tax Checklist for Divorce

You can find daily TaxQuips into YouTube videos
http://www.youtube.com/taxmama1

This week’s TaxQuips

Overseas Freelancer – Today TaxMama® hears from Jim in the TaxQuips Forum with this question. “I live in Thailand and do some freelance work. I can’t put that income on Form 2555 for the Foreign Earned Income Exclusion because I had to return to the US for 60 + days for an operation. How do I report this [...] Read the full article →

Are YOU the Ultimate Tax Nerd of 2012? – TaxMama® is searching for the Ultimate Tax Nerd. Tax season brings out uncontrollable tax passions. Mild mannered individuals turn into rabid tax fanatics. Does that happen to you? Enter the Ultimate Tax Nerd Contest online beginning Wednesday, February 15th, 2012. The contest will run until midnight, Sunday April 1, 2012. Over $4,000 in prizes. Tax [...] Read the full article →

Stepchild in Divorce – Today TaxMama® hears from Susan in the TaxQuips Forum with a divorce question for Valentine’s Day. “What happens, taxwise, to the relationship of stepchildren when the parents divorce and the stepchild stays with the stepparent? Do they go back to just being the girlfriend’s kid again? I hear about stepparents adopting their spouse’s children. Is [...] Read the full article →

Across State Lines – Today TaxMama® hears from John in the TaxQuips Forum about an inequity. “My father & I both worked in PA, but both lived in NJ for the entire 2011. However on my W-2, I paid state taxes to NJ. On his W-2 He paid state taxes to PA. Is this correct? Also he worked inside of [...] Read the full article →

Remember TaxMama’s Tax Calendar has been updated for 2012, with enough information to carry you through to the first quarter of 2013.

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/asktaxmama/ask-taxmama-issue-630

TaxNerd gear makes a bold statement year-round.

Hugs from your favorite TaxNerd,

Eva Rosenberg, EA

Your TaxMama®
www.TaxMama.com
www.TaxMama.com/TaxQuips
www.IRSExams.com
www.TaxNerd.Net

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TAX CALENDAR
http://taxmama.com/tax-calendar/
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02/15/2012 Employees to File new W-4 with Employer
02/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
02/29/2012 File Paper copy W-3′s with Social Security Admin including copies of W-2′s
02/29/2012 File paper copy of US transmittal of US information Returns
02/29/2012 Farmers & Fisherman – Use Personal Income Tax Return – Sole Proprietor
02/29/2012 Employers File Annual Report for Employees TIP Income – Form 8027
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From TaxMama® to You!
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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

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They do a gorgeous job. CHEAP!

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

http://irsexams.com/

I’m geting notes from people who are passing their exams. How exciting!

Replay the session –
Everything You Wanted to Know About the EA Exam

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