*** Ask TaxMama Volume 7, Issue #320 August 5, 2005 ***
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http://taxmama.com/taxcalendar.html
08.15.2005 Personal Returns or Extensions are due
09.15.2005 Corporate Tax Returns Due
10.17.2005 Personal Tax Returns Due
09.21.2005 - 09.22.2005 EA Exam - www.irsexam.com
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JOB OF THE WEEK visit the NEW http://taxmama.careerbank.com
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Executive Vice President & Chief Financial Officer
Texas Health Resources is one of the largest faith-based,
nonprofit health care delivery systems in the United States.
http://taxmama.careerbank.com/job.cfm/190601.htm
Take the new 2005 Salary Survey
http://www.careerbank.com/resource/ssurvey/salary_survey.cfm
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Dear Family,
Oh my goodness! Last summer, an old friend died.
Before he did, he called me and entrusted me with
caring for his son. Now, since his son was middle-
aged, you wouldn't think that would be such an issue.
But Dad had sheltered him so well from financial matters
that his son didn't even have any of his own credit.
Read Serendipity to find out what happened.
And then, I get this message from my mother-in-law,
who's upset with for not acknowledging her
birthday when I made a fuss about Alex Trebek in
this newsletter. Hmpf. I got even with her. And it
took some doing, too. (But, now she's forced to
throw a party to suck down the keg we sent her!)
If you know her - call her and invite yourself over.
It will be well worth the visit! Wait until you
see what's in that keg!
Oh I really want to thank those of you who wrote
to me about the dates on the calendar. Fixed!
(I hope.) And speaking of dates, we're into
Tax-Free Days Season. Thanks to Tara in North
Carolina for reminding me. I've provided links to
all the states that have them. See below.
Speaking of surprises. Last week, I was given a
special tour of Quicken's new product for 2006.
Now, you have to understand, since most of my
clients have businesses, I usually recommend
Intuit's other product, QuickBooks. But, wow!
This version of Quicken knocked my socks off.
You may find some glitches in the site over the
next couple of weeks. We've just moved to a new,
faster server. Hopefully, everything came with us.
Sometimes, though, some of the underlying programs
don't always connect. So if you find links that
don't work, please let us know and we'll fix them.
Well, this issue is taking much longer than I
had planned. Friday is the day I try to turn the
phone off so I can write...yet, today, the calls
just keep on coming.
Today's issue is filled with all kinds of
interesting features, but not one question.
Oh well, next week. For now, I really must go.
I hope your day is filled with wonderful
interruptions, too!
Best wishes,
Eva Rosenberg, EA
Your TaxMama is watching...out for you.
P.S. If you're in business, you MUST read
Small Business Taxes Made Easy
http://www.taxmama.com/AskTaxMama/book/
P.S.S. TaxMama has baby clothes!
http://www.cafepress.com/taxmama/138360
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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--------------------------------------------------------
Media Tour and Classes
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For Tax Professionals - Meet TaxMama
When: Tuesday, September 13. 2005
10:30 a.m. - 2:00 p.m.
Where: The Handlery Resort, San Diego, CA
Who: CSEA Chapter Meeting
What: Special Issues Affecting Clients With
Any Online Presence
How: To RSVP, call 800-642-1040. Leave a message.
CPE: 2 CPE credits
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Next Webinar - Save the Date!
September 14, 2005
How to Run Your Business Instead
of Letting it Run You.
Guests, Joseph & Jacqueline Freeman
who've moved back to the farm...
and now control their lives and finances
Learn to get rid of your stress and
increase your income.
[Registration Details to come]
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TaxMama's IRS Exam Review Class - Self-Study
Listen, read, test yourself - pass the exam
http://irsexam.com/register.php
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Our Offer in Compromise workshop this week was terrific.
Order your copy http://go.asktaxmama.com/OIC-audio
EAs can get 1 hour CPE for this workshop
http://go.asktaxmama.com/OIC_EA-CPE
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USE
THESE QUICKIE RESOURCES!
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101 WAYS TO BE YOUR BEST
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Small Business Taxes Made Easy
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Custom autographed book, just for you - $17.50
includes shipping in the continental US.
http://asktaxmama.com/go/autographed
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This Week's Tax Quips
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If you haven't subscribed yet, you're not
just missing some juicy tips. You're also
missing daily news and other commentary.
Please - accept a complimentary subscription
from your cheery TaxMama
http://www.taxmama.com/taxquips/
This weeks pearls of wisdom are at:
http://www.asktaxmama.com/podcast/
MONDAY - Not Born in the USA
http://www.asktaxmama.com/podcast/index.php?id=24
TUESDAY - No Extension
http://www.asktaxmama.com/podcast/index.php?id=251
WEDNESDAY - Not My Wife
http://www.asktaxmama.com/podcast/index.php?id=26
THURSDAY - Child's Play
http://www.asktaxmama.com/podcast/index.php?id=27
FRIDAY - Farmer Rings the Bell
http://www.asktaxmama.com/podcast/index.php?id=28
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Serendipity
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Oh my goodness! Last summer, an old friend died.
Before he did, he called me and entrusted me with
caring for his son. Now, since his son was middle-
aged, you wouldn't think that would be such an issue.
But Dad had sheltered him so well from financial matters
that his son didn't even have any of his own credit.
And Dad left debt - but substantial equity in his home.
It's been a year now. It's almost the anniversary of
Dad's death. And Son just called me with the latest
update on his financial education.
During the past year, Son has sorted out all of
Dad's financial issues. He's become adept at working
with his attorney to have the credit card companies
settle some of Dad's debt. He's paid the rest. He's
established credit of his own, to the point where he
is getting those solicitions from the credit card
companies inviting him to 'sign here'.
I promised his dad that I would find a way for Son
to stay in the home, even though the mortgage payments
would eat up all of his annual earnings. And I tossed
around some ideas to make it possible for him to stay
for at least 7 years, to get him on his feet, and to
buy time to build up additional equity in the home.
Well... this has gotten so long..it must continue here:
http://taxmama.blogspot.com
Read on for TaxMama Tips about Tragedies
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Tax-Free Days 2005
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Yes folks, we are in the Tax-Free Season!
Several people have been kind enough to
send notes about tax-free days. Just as
I was about to research the rest...the
resource was dropped into my lap by my
buddy Al Tompkins at Poynter.org
In general, the sales taxes are waived
on back to school clothing, supplies, and
sometimes even computers.
CONNECTICUT: Aug. 21 - 27, 2005
http://www.ct.gov/drs/cwp/view.asp?a=1514&q=276780
GEORGIA: July 28 - July 31, 2005
http://www.etax.dor.ga.gov/salestaxholiday/index.shtml
DC, WASHINGTON: August 6-14, 2005
http://cfo.dc.gov/otr/cwp/view,a,11,q,616892,otrNav_GID,1678.asp
FLORIDA: July 23-31, 2005
http://sun6.dms.state.fl.us/dor/taxes/tax_holiday.html
IOWA: August 5-6, 2005
http://www.state.ia.us/tax/educate/holiday1.html
MASSACHUSETTS: August 13-14
http://business.bostonherald.com/businessNews/view.bg?articleid=93573
MISSOURI: Aug. 5-7, 2005
http://www.infozine.com/news/stories/op/storiesView/sid/8882/
NEW MEXICO: Aug 5-7, 2005
http://www.state.nm.us/tax/
NORTH CAROLINA: Aug. 5-7, 2005
http://www.dor.state.nc.us/taxes/sales/salestax_holiday.html
SOUTH CAROLINA: Aug. 5-7, 2005
http://www.sctax.org/Tax+Policy/Policy/Sales+Tax+Holiday+Information.htm
TEXAS: Aug. 5-7, 2005
http://www.window.state.tx.us/taxinfo/taxpubs/tx98_490/tx98_490.html
Next year two more states will join the pack.
Lawmakers in Maryland and Tennessee this year
passed legislation creating tax-free back-to-school
holidays in 2006.
To keep with this information, visit Diane Hadaway's site
for Single Parents
http://singleparents.about.com/od/moneymatters/a/salestaxfree04.htm
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Quicken 2006 Review
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Speaking of surprises. Last week, I was given a
special tour of Quicken's new product for 2006.
Now, you have to understand, since most of my
clients have businesses, I usually recommend
Intuit's other product, QuickBooks. But, wow!
This version of Quicken knocked my socks off.
Do you know how you're always looking for that
cancelled check? Or you have stacks of boxes
and papers around, with invoices to file, or
reciepts that need too be filed.
Quicken 2006 lets you attach your go to your
online banking site and attach their copy of
your cancelled check directly to entry in your
Quicken check register.
When you shop online and the site takes you to
a receipt page, Quicken will let you grab that
page and attach it to the credit card entry in
your register, too.
Or if you have a scanner, you can scan receipts
or documents and include them with your records.
Oh yes, you can attach the warrenties, too.
This is the first application I've seen that
will truly make it easy to start eliminating
paper from around the house. And the time to
file all those papers away. (Which you can never
find when you need them.)
Just imagine, if you get audited - all you
need to do is pull up the report of that group
of expenses - and print out the report WITH all
the attachments. It can make getting ready for
audits a snap.
Incidentally, because of the nature of Quicken
is such that you can make entries now, for
transactions that took place years ago, you can
scan in documents from 5 years ago and have them
filed in your bookkeeping system.
They've created an interesting new set of reports,
too. You're going to be able to see how much you've
spent on a particular product, service, account or
vendor in the last 30 days, weeks, months, etc.
Sure, you could reports before, but these will
be created it when you click on a line entry -
without having to pull up a whole profit and loss
report, or cash flow report first.
Peter Karpas, vice president and general manager,
Quicken Solutions Group and his team talked to
users and even followed them home and watched
exactly how they used the program. (Yes, they DID
follow people home - with their consent, of course.)
They learned so much that they made 121 changes.
Of course, you'll still get all the kinds of
investment reports and tools you've always had.
But everything will work faster, be easier to
use - and be much more useful.
This is the very first time TaxMama has been
able to say - go out and get Quicken!
I don't know if the product has hit the shelves
yet. But watch Intuit's site for it to appear.
http://go.asktaxmama.com/quicken
I can hardly wait until they do this with
QuickBooks, too.
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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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A.N.G.E.L.S. DAY
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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Warning for Women
A friend sent me this urgent warning she
wanted me to pass on.
This new scam is being pulled mainly on
older women who are apparently past the age
of giving running pursuit.
What happens is that when the intended victim
stops for a red light, a completely nude,
good-looking, nicely tanned and unbelievably
well endowed young man comes up. With muscles
flexing, and body stretched to its full
potential, he pretends to wash your windshield.
While he is doing this, another person opens
the back door of your car, taking anything you
have in the car.
They are very good at this.
They got me three times Wednesday
and four times Thursday.
I couldn't find them on Friday.
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Contributed by Claire in Tracy
[Remember, we're always looking for SHORT, clean humor!]
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IRS and Tax NEWS
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IRS Receives Connect America Partner of the Year Award
WASHINGTON � The Internal Revenue Service today was
recognized for its community-based partnerships that
link low-income taxpayers with organizations that
prepare tax returns for free, ensure they properly
receive tax credits and assist them with ways to
build a financial savings.
The IRS� Stakeholder Partnership, Education and
Communications (SPEC) organization received the
Connect America Partner of the Year Award. The honor
is presented each year at the National Conference
on Community Volunteering and National Service. The
IRS is the first federal agency to receive the award.
[Read more about this here
http://www.irs.gov/newsroom/article/0,,id=142052,00.html ]
TaxMama Note: With all the budget cuts at IRS, you
have no idea how few resources the good folks at SPEC
have at their disposal. But I want you to know that
those very people, both in Washington, DC and in
Los Angeles, have worked with TaxMama over the last
couple of years to fix errors in the system, or in
forms or on IRS's website, that you've brought to
my attention. Sometimes, they've even been able to
help you resolve some of your problems, when no one
else could help.
IRS's SPEC team has some of the most creative,
dedicated and best-hearted people I've ever had
the privilege to know. The award is well-deserved.
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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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