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Ask TaxMama Issue 633 - Daylight Savings Time

2012-03-09 by

Dear Family,

Twice this week, Rick told me this weekend is Daylight Savings Time. I brushed him off. It makes no sense. This EARLY in March?!! Darned if he isn’t right!

Oh well. You’ll notice in Today’s IRS News, there’s information about a new form. Folks who expect to owe money in April and cannot pay yet should pay particular attention to this week’s news.

Thanks to everyone who has been asking such interesting questions. I’ve been answering your questions in the TaxQuips Forum in every spare, waking moment. (Note: I have been asleep for part of this week, getting over the flu.) Meanwhile, some terrific people have been stepping in and answering, either in the TaxQuips Forum or in TaxQuips. I can’t remember everyone right now, but some of the terrific answers have been coming from Rita Lewis, EA, Tom Copeland, attorney, Paul Clausen, Orlando Javien and Melody. Thank you all for being there while I slept.

Let’s look at fun things. TaxMama’s Utlimate Tax Nerd Contest is generating some creative pictures. Our Third Week Winners – The Third weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are:

Winner of the POPULAR VOTE – Clint Masser, It’s a Bird, It’s a Plane
Clint’s fans are getting into a quite a conversation in German. In fact, I think I saw some other languages tossed in, just for fun. (Too bad I can’t play, too.)

Melissa Guy for The Taxorcist winner of iShade’s Rob Nance’s top Choice!

Rob said this about Melissa’s entry – “The creative elements displayed in Melissa’s entry were eerie, relevant and tied together with aplomb and skilled execution. Her effort could easily serve as one of the framed movie posters in my basement; however, it might be too scary at night! In honor of this win, I project that Melissa will be having split pea soup for lunch today.”

These are both great entries, with lots of people playing with them. But there are others, too. People have been rather creative. I love your imagination.

We are privileged to add a bonus prize this week, contributed by CPE Link – self-study course, Excel Speed Tips, it comes with 3 CPE hours, value $49.00! (I wonder, can I win one, too?)

The contest will run until April Fool’s Day (naturally!) $5,000 worth of prizes. I have added TaxMama/IRSExam gift certificates for each and every winner, ranging from $25 to $100. And remember, we have tax software from CompleteTax, H&R Block, TaxAct, or TurboTax for all the winners. Come on folks. Let’s get some entries from people who are not tax pros!

In today’s IRS News we learn more about IRS’s Fresh Start Program – and some ways to get your penalties reduced. If you can’t pay your taxes in April…you have a brand new form to file by April 17th. Don’t miss this! The other important bit of information is designed to help employers learn more about how to claim the health care credits. Please, please read through the information carefully. This is a bit complicated – but worth the trouble!

In today’s Money Funnies, we learn the art of making doggone good friends!

Remember Wazzub. Nearly 3 millions have joined. WOW! Isn’t it time you looked at this, too? Will launch in April.

 

Remember to follow TaxMama®’s Tweets – http://twitter.com/TaxMama

 

Have you put a nifty TaxQuips Widget on your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before hey are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or application. My gift to you.

http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

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/
Changes To Filing Taxes For Businesses

Saving Money On Taxes For Business Expenses
Track Down Your Missing W-2s
Filing Taxes: Pitfalls of Procrastination

MarketWatch
Tax Form Changes to Watch For

Don’t let divorce make tax woes worse
http://www.marketwatch.com/Journalists/Eva_Rosenberg

Coming – Tax Credits
2) Radio/Pring Interviews done

SF Chronicle with Kathleen Pender

Kinder, gentler IRS announces new policies

Jessica Toonkel at Reuters

Brokers delay 1099s, causing US investor angst
3) Events coming up – March 15, 2012 – 5:30 – 6:00 am PT – On Live with Jim Blasingame, the Small Business Advocate http://www.smallbusinessadvocate.com/

4) CPE Link courses www.cpelink.com/teamtaxmama
Great class coming on March 14th – Small Business Health Checklist
This is designed for start-up businesses, as well as a review for folks currently in business.

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

This week’s TaxQuips

Utility Offers to Buy Home – Today TaxMama® hears from Dean in the TaxQuips Forum with this odd question. “The local power company wants to purchase my home, payoff my mortgage, allow me to live rent free for 12 months; then allow me to purchase the house back for the market value to avoid capitol gains tax. Is this legit? They [...] Read the full article → http://taxmama.com/tax-quips/utility-offers-to-buy-home/

Winners – Third Week – TaxMama’s Ultimate Tax Nerd Contest – The Third weekly winners in TaxMama’s search for the Ultimate Tax Nerd of 2012 are: Clint Masser wins again with It’s a Bird, It’s a Plane. Melissa Guy , for the Taxorcist. Share this:
Read the full article → http://taxmama.com/asktaxmama/winners-third-week-taxmamas-ultimate-tax-nerd-contest/

Computing Your Own Withholding – Today TaxMama® hears from Brian in the TaxQuips Forum who finally asked the right question. “What I really was asking was, if I take my withholdings up to, say, single and 8 on federal and state for this check only would I get more of the check?” Share this: Read the full article → http://taxmama.com/tax-quips/computing-your-own-withholding/

Missing Hotel Receipts – Today TaxMama® hears from Tim in the TaxQuips Forum with this question. “A relative was sent by his company to work far away from home in different places for weeks at a time. He was given a nonaccountable per diem that was included in Box 1 of his W-2. He did not save the hotel [...] Read the full article → http://taxmama.com/tax-quips/missing-hotel-receipts/

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-633

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Eva Rosenberg, EA

Your TaxMama®

www.TaxMama.com

Your TaxMama® is watching…out for you.

www.TaxMama.com

www.TaxMama.com/TaxQuips

www.IRSExams.com

www.TaxNerd.net
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TAX CALENDAR

http://taxmama.com/tax-calendar/
————————————————————-


  • 03/15/2012 S-Corp Election Decision Due (if Applicable)

  • 03/15/2012 S Corporate Returns Due / Calendar Year

  • 03/15/2012 Issue K-1’s S Corporate Returns / Calendar Year

  • 03/15/2012 Corporate Returns Due / Calendar Year

  • 03/15/2012 Corporate Returns/S Corp Extensions Due / Calendar Year

  • 03/15/2012 Form 1042S – Foreign Persons US Income subject to withholdings

  • 03/15/2012 Form 1042 – Annual Tax Return of US Income subject to withholdings of Foreign Persons

  • 03/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month

  • 03/15/2012 Electing Large Partnerships – Issue K-1s to partners – even if you’re on extension

  • 03/31/2012 Electronic filing of W-3’s with Social Security Admin including issued W-2’s

  • 03/31/2012 Electronic filing of US transmittal of US information Returns


—————————————– From TaxMama® to You! —————————————–

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http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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