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*** Ask TaxMama Volume 7, Issue #304 April 15, 2005 ***
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ALL Deadlines are LOOMING - http://taxmama.com/taxcalendar.html
April 15, 2005 - Personal Income Taxes Due (Form 1040)
April 15, 2005 - Partnership Tax Returns Due (Form 1065)
April 15, 2005 - Trust Tax Returns Due (Form 1041)
April 15, 2005 - Or get first extensions
http://www.taxmama.com/Articles-cur/filingextips.html
April 15, 2005 First estimated payment for 2005 due
http://www.taxmama.com/Articles-cur/es.html
Remember - you can use EFTPS to make the payments
http://www.taxmama.com/AskTaxMama/297/article1.html
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JOB OF THE WEEK http://taxmama.careerbank.com/
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Washington DC is hiring - Chief Technology Officer
You could be running The District!
http://taxmama.careerbank.com/seeker/view_job.cfm?id=40552
Check out the 2004 Salary Survey results to see where you stand.
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Dear Family,
I just want to thank all of you who joined us last
Wednesday for our live Q&A session. What's really
interesting about the iPowerWorld family is that it
is SO international. We met people from Wales,
England, France, Canada...
If you're looking to do business internationally,
you'll find some excellent contacts - who are just
waiting to meet you. These people are wonderful
Meet them: Sign up f.r.e.e www.taxclass.ipowerworld.com
We're down to the wire, now. Your filing deadline is
now just hours away. Don't panic. If things are too
overwhelming, don't worry. Just put that tax return
on extension, take a deep breath...and relax.
You'll find a link to all the forms you need to
get that extension right from the home page.
Just go to TaxMama.com and click on the yellow.
(You'll see what I mean.)
[Note to clients: Your extensions are DONE. As always.
If you didn't hear from us, it's because you owe no
money. If you know that you owe - and didn't hear
from us - check your phone messages and e-mail.
Extensions with payment requirements, and estimated
vouchers were faxed or PDF'd to everyone we could
reach. The office will be open from about 9:00 am
- about 10:30 am to field last-minute calls. ]
Then, now that the pressure's off, how about
spending this weekend just catching up on the
sorting and filing and record-keeping?
With no stress and no urgency, you'll probably
finish pulling together everything you need, to
have to your returns done by next week.
To that end, we'll make this short. It will
contain a few last minute tax tips
We'll get back to your questions next week.
Time to finish up some last minute paperwork...
and then, we're off to party!
Best wishes,
Eva Rosenberg, EA
Your TaxMama is watching...out for you.
P.S. THE BOOK is out - if you're in business, you need it!
http://www.taxmama.com/AskTaxMama/book/
P.S.S. Drop by TaxMama's Shopping pages
http://taxmama.com/resources/shopping.html
P.P.S. TaxMama is scheduling speaking/teaching
engagements for summer 2005. (Calendar is filling up)
mailto:taxwriter@gmail.com?Subject=Speak4Bucks
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To comment on any articles in this issue, please,
DON'T send me back the whole issue. Send a note to
mailto:taxmama@taxmama.com?subject=AskTaxMamaComment
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ADDRESS CHANGES - Please, do NOT send them to me to do.
There is a link at the bottom of this issue. Please click
on it and you will be able to make updates and changes
yourself. And faster.
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---==========**********O**********==========------
In 2003, Americans OVERPAID their taxes
by more than $500 MILLION!
Did
you?
Play a simple, two minute game and learn what
tax professionals call "the most overlooked tax
deduction in America." ItsDeductible will put
$300 to $1200 back in your pocket
-- guaranteed -- or your money back.
http://1deg.net/ht/id1/taxmama/
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--------------------------------------------------------
Media Tour and Classes
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Listen to a replay of today's interview with Jim Blasingame
http://smallbusinessadvocate.com/content/features/listen.shtml
You'll get solid information from today's guests -
business economics, human resources and salesmanship
http://smallbusinessadvocate.com/cgi-bin/showschedule.cgi
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We're doing it again!
Sign up now! April 27, 2005 at 1:00 p.m. Pacific Time
YES, right before the 15th - so come join us.
The topic will be: ???? you tell me
mailto:TaxMama@taxmama.com?Subject=iPowerTax
You're invited to a live online class - as my guest
Meanwhile, please click here and "Take the Free Test Drive"
http://taxclass.ipowerworld.com/ipowerworld/customerform.aspx
And please download the complimentary Multimedia
Conferencing Software
http://mdizone.net/ipowerworld/freeipwmember.html
[If you need help signing up, please contact Donna Woodbury.
You can reach her at donna.woodbury@gmail.com or 707.884.4696
Don't hesitate to contact her - she really IS eager to
help set you up.]
----
Read articles and columns at www.WomensWallStreet.com
where you can even join in the discussion about the questions.
[Coming soon: Columns on www.WomensRadio.com ]
[Yes, someone kindly pointed out that my TOOTS pages
haven't been updated since 2003. Sorry - been too busy
living to write about it.)
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USE
THESE QUICKIE RESOURCES!
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Quick Links to Online Filing
http://www.taxmama.com/AskTaxMama/300/2005quicklinks.html
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How To Be Net Savvy - and Save Money
http://www.taxmama.com/AskTaxMama/298/article1.html
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The Most Overlooked Resource By Small Businesses Today
http://www.taxmama.com/AskTaxMama/297/article1.html
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TAX CLASS COMING UP - LIVE AND ONLINE
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Oh yes, and for those who keep asking, YES,
I will be conducting an Enrolled Agent Exam
review course this summer.
So, if you have an affinity for taxes (you poor fool)
and want to get credentialed, come join us for
the summer - the WHOLE summer. (No degree needed)
http://irsexam.com/included05.php
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LAST MINUTE TAX TIPS FOR 2004
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==> If you're not done yet - STOP.
Just get an extension. Don't rush. You'll make mistakes.
http://www.taxmama.com/Articles-cur/filingextips.html
==> Can't pay?
If you've already filed your tax return, expecting
to have the money to pay your taxes by April 15th,
but don't...
You can either use your credit card to pay it OR
just use Form 9465 to arrange for an installment
agreement. For more payment strategies, click here.
http://taxmama.com/month/taxblues.html
==> Retirement Plan You can Fund After April 15th.
If you're self-employed, there are still ways to
fund your retirement even if you can't pay by
April 15th.
1) KEOGH account. If you already have one that
was opened before December 31st of last year -
you may fund that plan until your tax return
due, date, including extensions. (October 15th!)
2) 401(k), TSA, SIMPLE - Although the employee's
contributions had to be funded long ago - the
employer's contributions made be funded until
the due date of your return, including extensions.
Ta Daaa! 3)SEP-IRA - This is the ONE plan you
may open and fund all the way up to October 15th
as long as you have two extensions, and haven't
filed your tax return. I call it the
Procrastinator's Retirement Plan
==> Filed already? Now you're getting notices
from IRS and your state? Read Chapter 13 of
Small Business Taxes Made Easy for the most
comprehensive explanation of IRS notices, what
they mean and how to respond - and when to worry.
[Just kidding, read Chapter 13 and you'll NEVER worry.]
http://www.taxmama.com/AskTaxMama/book
==> Filed and you realized that you made a mistake?
Wait for your refund to arrive. Then, simply file
and amended return to correct the error. Remember
to file the amendment with your state, too.
[Read the simple instructions here]
http://taxmama.com/AskTaxMama/132/oops.html
==> QUICK REFUND - net operating loss (NOL) - Form 1045
When you have a net operating loss on this year's
tax return, you have to carry the loss back to
prior years to get the benefit of it.
If you know how, you could have waived your right
to carry it back in order to use it in the future
when your income is higher. But, if you didn't
specifically include a statement waiving the
right to carry your loss back to prior year, you
have no choice - you MUST carry it back first,
before you can use what's left in the future.
To carry the NOL back and get a quick refund,
use Form 1045. It let's you put all three of
the past years on one form and flow the numbers
across. You can get the refund back in a few
weeks, instead of the 3+ months it takes when
you use a Form 1040X.
Uh, while the form looks simple, it's not.
Please have an experienced tax professional
help you prepare it. This will ensure that
you DO get your refund soonest.
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Because We Care
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Don't let yourself or your friend feel helpless.
Share the Power - SCHOLARSHIPS FOR SELF-DEFENSE TRAINING AVAILABLE
SHARE THE POWER:SELF DEFENSE TRAINING is gaining POWER!
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Helping Seniors keep their pets
http://angelsday.org/
Talk to Linda Baker for more information
(310) 680-0798 LBaker6343@aol.com
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The Jeremiah Society asks "Who Will Care for the Children?"
Today, many of these people outlive their parents. And therein
lies the problem. Once their loving caregivers are gone, who
will care for them? And will they be able to care for themselves?
The Jeremiah Society, is working to help enhance and enrich the
lives of developmentally disabled teens and adults in the Jewish
Community Please Call Rose Lacher, (714) 997-8193
http://www.jccoc.org/adults.html
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MONEY FUNNIES
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Go Fish!
A young guy from Missouri moves to Florida and goes
to a big "everything under the roof department store"
looking for a job.
The manager asks " Do you have any sales experience?"
The kid says "Yeah, I was a salesman back home in Missouri."
Well, the boss liked the kid so he gave him the job.
"You start tomorrow, I'll come down after we close and
see how you did."
His first day on the job was rough but he got through
it. After the store was locked up, the boss came down,
"How many sales did you make today?"
The kid says "one."
The boss says, "just one?!! Our sales people are
required to average 20 to 30 sales a day!
How much was your one measly sale for?
The kid says "$101,237.64"
The boss says, "$101,237.64? WHAT THE HECK DID YOU SELL?"
Kid says, "First I sold him a small fish hook, then I
sold him a medium fish hook, then I sold him a larger
fish hook, then I sold him a new fishing rod, then I
asked him where he was going fishing and he said down
at the coast, so I told him he was gonna need a boat. So
we went down to the boat department and I sold him that
twin engine Chris Craft.
Then he said he didn't think his Honda Civic would pull
it, so I took him down to the automotive department and
sold him that 4x4 Expedition."
The boss said, "A guy came in here to buy a fish hook
and you sold him a BOAT AND A TRUCK??"
The kid says, "No, sir. He came in here to buy a box
of tampons for his wife and I said, "Well, your weekend's
shot, you might as well go fishing..."
----
Contributed by Blakely Sanford, EA in San Diego
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IRS and Tax NEWS
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Quickie Tax Tips
IRS Free File is still available.
http://www.irs.gov/efile/article/0,,id=118986,00.html
DEFENSE PENSION ERROR!
The Defense Finance and Accounting Service (DFAS)
sent 2004 Forms 1099-R, Distribution From Pensions,
Annuities, Retirement or Profit-Sharing Plans, IRA,
Insurance Contracts, to many military annuitants with
incomplete information.
Along with the Form 1099-R, DFAS sent a letter
indicating how much the annuitant paid to the
Survivor Benefit Plan (SBP) or the Reserve Component
Survivor Benefit Plan (RSFPP). DFAS told the retirees
to take a "credit" or "an adjustment to income" on
their 2004 Form 1040, U.S. Individual Income Tax Return,
for the amounts paid.
This is incorrect information which may cause the
delay of a refund or eventual notices from the IRS.
The military annuitants/taxpayers should include the
gross income reflected in Box 1 of their 2004 Form 1099-R
on either line 16a of the Form 1040 or on line 12a of
Form 1040A, U.S. Individual Income Tax Return. They
should report the net taxable pension (the gross
pension less the SBP or RSFPP payments, but not
below zero) on either line 16b or 12b. These numbers
were included in the DFAS letter.
The Form 1099-R reflects gross payments made to the
retiree. DFAS did not reduce these payments by the
SBP or the RSFPP that were directly remitted to DFAS.
If the taxpayers have any questions, they can call
the IRS toll-free number at (800) 829-1040.
[Or talk to your tax professional and get some
help in case you've already filed and need to
amend to get some money back.]
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http://www.websitetrafficplan.com/ebook.htm
This is one woman who's done well.
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her years of experience.
---
New Year's Resolution Time - Budgets!
Money For Life, a novel about budgeting...
along with some interesting tools for you.
http://giftsurf.com/Specials/Money4Life.pdf
--
For more:
http://taxmama.com/workshops/
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Not-So-Fr*e Books
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http://taxmama.com/resources/shopbook.html
eBook - TaxMama's Secrets:
Ten Businesses to Start Online Without Spending One Thin Dime
hhttp://www.1automationwiz.com/app/aftrack.asp?afid77528
For more:
http://taxmama.com/resources/shopbook.html
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TaxMama On the WWW & Tooting Her Own Horn
http://taxmama.com/toots/index.html
TaxMama is teaching - in person and Online:
http://taxmama.com/toots/meettaxmama.html
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Critical Dates http://taxmama.com/taxcalendar.html
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Ask TaxMama is published by the good folks at http://taxmama.com
ISSN 15320790 © copyright, Eva Rosenberg, 1999 - 2004
TaxAnxiety Inc. P.O. Box 280549, Northridge, CA 91328
Written (e-mail) permission is required to copy or redistribute this
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