*** Ask TaxMama Volume 7, Issue #330 October 14, 2005 ***
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http://taxmama.com/taxcalendar.html
10.17.2005 Personal Tax Returns Due
10.17.2005 Partnership/LLC Tax Returns Due
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JOB OF THE WEEK visit the NEW http://taxmama.careerbank.com
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All hail to the Chief - CFO, that is - for Ohio Central Savings
Live in Columbus, OH, and get your hands
on lots of dough.
http://taxmama.careerbank.com/job.cfm/226272.htm
Take the new 2005 Salary Survey
http://www.careerbank.com/resource/ssurvey/salary_survey.cfm
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Dear Family,
Busy, busy week. We've been scrambling to
finish all tax returns before the deadline
on Monday.
The extra day or so is welcome, since we lost
a couple of days this month due to the High
Holy Days.
Are YOUR returns done?
Also during this week, there was quite a flurry
of activity as IRS released their "unofficial
answers" to the Enrolled Agents Exam. Lots of
people, checking their answers against IRS's
list are telling me they passed. One person
missed it 'by that much' - just one point. We'll
see if we can fix that!
I've also had the privilege of spending an hour
with the guru behind PodcastBunker.com ,
www.podcastbunker.com
shortly after Time Magazine announced that his
site was one of the 50 coolest sites of 2005.
He generously taught me to improve the audio
quality on the podcasts. Dramatically better
sound. Listen to the last two, you'll hear.
http://www.asktaxmama.com/podcast/
Time to run. Still finishing tax returns.
If you haven't finished yours, drop what you're
doing and finish it NOW. If you have,...then do
some planning to reduce next year's taxes.
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. NEW! POSTAGE STAMPS - THE ORIGINAL 1913 TAX RETURN
http://www.cafepress.com/taxmama.28979465
Or create your own custom postage
- join CafePress
http://www.cafepress.com/cp/info/storeref.aspx?refby=taxmama
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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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Join us on October 18, 2005 at 11:30 am EASTERN
TaxMama will be on Your Money Radio Program
click the microphone to listen:
http://yourmoneylive.com
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Did you miss this the last webinar?
How to Run Your Business Instead of Letting
it Run You.
With Jacqueline Freeman of http://josephfreeman.com
Listen here http://taxmama.com/workshops/
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If you're flying Southwest Airlines this month,
be sure to read their Spirit Magazine.
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IRS POSTED THE UNOFFICIAL ANSWERS
http://www.irs.gov/pub/irs-utl
/2005_unofficial_answer.pdf
If you didn't pass, it's time to study:
EA Exam Review Class - Self-Study
Get an early start!
Especially if you still need to learn
about income taxes in the first place.
http://irsexam.com/register.php
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USE
THESE QUICKIE RESOURCES!
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101 WAYS TO BE YOUR BEST
http://www.1automationwiz.com/app/?Clk=1091429
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Small Business Taxes Made Easy
http://asktaxmama.com/go/autographed
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Tiger Direct's sale on hard drives
My husband's favorite place to shop online
http://www.tigerdirect.com/email/affiliate/promo.asp?id=40013864
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This Week's Tax Quips
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NEW - IMPROVED SOUND!
If you haven't subscribed yet, you're not just
missing some juicy tips and tax news.
Sign up for the Internet's NUMBER ONE tax podcast
http://www.taxmama.com/taxquips
/
Listen to this weeks pearls of wisdom are at:
http://www.asktaxmama.com/podcast/
MONDAY - Pain in the�Back
http://www.asktaxmama.com/podcast/index.php?id=77
TUESDAY - Partners on Payroll
http://www.asktaxmama.com/podcast/index.php?id=78
WEDNESDAY - Credit for Windows
http://www.asktaxmama.com/podcast/index.php?id=79
THURSDAY - Yom Kippur
FRIDAY - Parents Die
http://www.asktaxmama.com/podcast/index.php?id=80
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Beware of Flood Cars
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It's not enough that terrible things are happening
to people as a result of the hurricanes. Now, we're
starting to get warnings to watch out when we buy
cars. They might have come from the flood zone.
So, while you might not see the damage, all that
flooding might be eating away and corroding parts
of your car - which will stop working
the minute the
limited warranty expires. Isn't that the way it
always happens.
Before you buy any used cars, get the vehicle history
report on the car.
http://go.asktaxmama.com/carfax
I wonder if they're available for new cars?
Let's face it, I'll bet there are a lot of new cars
in the flood zone that will be sent out of state, too.
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Filing for a Trademark Online
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We talked about this last week. And a wonderful
trademark attorney said he'd write us an
article about how the process works and when
you should be using an attorney. I'm really
looking forward to reading it. Meanwhile,
if you missed this last week...
http://taxmama.blogspot.com/
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In Development
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From: Rhode Island
Dear TaxMama,
I have a developer who wants to purchase a
piece of my land. It will be in the form of
a subdivision, and I am concerned about the
tax repercussions.
Betsy
<TaxMama Replies>
Dear Wendy,
Then, wouldn't it be a great idea to go
to a good local tax professional and have
him or her review your tax situation?
A free columnist can only give you generalized
help - and none at all when your question doesn't
give us any information.
If you need someone good, please go to
www.naea.org and click on Find
an Enrolled Agent.
Just put in your city and state - and
you'll find
someone nearby.
Remember, while the money will be nice, you're
going to get new neighbors. So take that into account
in your decision.
Best wishes,
Eva Rosenberg, MBA, EA
NEW! POSTAGE STAMPS - THE ORIGINAL 1913 TAX RETURN
http://www.cafepress.com/taxmama.28979465
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Travel and Grandkids
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From: Missouri
Dear TaxMama,
My wife and I traveled to CA, from Missouri, to
pick up our household items stored in a rented
storage unit.
On our return, we brought with us two of our grand-
daughters, who lived with us for 7 months last year.
Can we take the trip to retrieve our household
furniture off on our taxes?
Also can we take the two granddaughter on as
dependents for the 7 months, as we were their
sole support during this period?
Thank you.
Mel
<TaxMama Replies>
Dear Mel,
Sorry, I can't see any reason why your travel
expenses would be deductible. You're already
living in MO. You're not moving from CA to MO
for employment purposes....nope...can't see it.
Now, as to your grandchildren....
Are their parents claiming them on their tax returns?
If they are, you're going to have a battle. Do you
have legal custody?
Technically, since you provided the roof over their
heads and were their sole support for over half
the year, you fit the definitions and guidelines.
And you would win a battle with IRS.
Of course, if you're sure no one else is claiming
them, you won't even have a battle at all.
Though it's always easier to check with the
parents to see what they're putting on their
tax returns before you file yours.
Best wishes,
Eva Rosenberg, MBA, EA
http://www.TaxMama.com
Subscribe to the daily podcast - TaxMama's TaxQuips
http://www.asktaxmama.com/podcast/
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Under the Table
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From: Los Angeles, CA
Dear TaxMama,
I know someone who is working "under the table".
She mostly gets paid in cash, and does not report
her income to IRS.
Is there an email address or website, or a phone
number, where this person can be reported, so that
an investigation can be initiated?
Thanks
Janna
<TaxMama Replies>
Dear Janna,
Of course, there's a resource for everything.
In fact, you can get a reward if IRS collects
from this woman.
Read this, it will explain how the reporting works
http://taxmama.com/IRSnews/reward.htm
But remember, even though it says you can report
someone anonymously, if you go after the reward,
her attorney might be able to learn your identity
in discovery. I don't know how that works.
Good luck!
Best wishes,
Eva Rosenberg, MBA, EA
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Because We Care
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HURRICANE KATRINA, RITA et al
To help or to get help:
First.gov - http://go.asktaxmama.com/KatrinaRecovery
FEMA - http://www.fema.gov/news/newsrelease.fema?id=18473
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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!
visit Share The Power - http://www.sharethepower.com
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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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Frozen Assets
Two women were new arrivals at the pearly gates
and were comparing stories on how they died
1st woman: "I froze to death."
2nd woman: "How horrible!"
1st woman: "It wasn't so bad. After I quit shaking
from the cold, I began to get warm and sleepy, and
finally died a peaceful death. What about you?
2nd woman: "I died of a massive heart attack. I
suspected my husband was cheating, so I came home
early to catch him in the act. But instead, I
found him all by himself in the den watching TV."
1st woman: " So what happened?"
2nd woman: "I was so sure there was another woman
there somewhere that I started running all over
the house looking for her. I ran up into the attic
and searched, and down into the basement. Then I
went through every closet and checked under all
the beds. I kept this up until I had looked
everywhere, and finally I became so exhausted that
I just keeled over with a heart attack and died.
1st woman: "Too bad you didn't look in the freezer.
We'd both still be alive!
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Contributed by Jim Banks, EA in Montana, of FasTax http://www.fastax-ea-exam.com/
[Remember, we're always looking for SHORT, clean humor!]
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IRS and Tax NEWS
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Courtesy of IRS
New Tax Law Eases Loss Limitations for Katrina Victims
WASHINGTON � The Internal Revenue Service today is
advising taxpayers who suffered casualty or theft
losses as a result of Hurricane Katrina about a
recent change to the tax law. A new provision lifts
certain loss limitations for Hurricane Katrina victims.
Ordinarily, to figure a deduction for a personal
casualty or theft loss, you must reduce the loss by
$100 and also reduce the total of your casualty and
theft losses by 10 percent of your adjusted gross
income. Only the excess over these $100 and 10 percent
limits is deductible.
The new law removes these limits for Hurricane Katrina
losses, so that the entire amount is deductible.
To qualify, a loss must be attributable to Hurricane
Katrina and it must have occurred after August 24, 2005,
in the Presidentially-declared disaster area. The
$100 and 10-percent limits still apply to losses that
were not caused by Hurricane Katrina.
Read More:
http://www.irs.gov/newsroom/article/0,,id=149524,00.html
More on Katrina Relief
http://www.irs.gov/newsroom/article/0,,id=149391,00.html
Help for Katrina Victims
http://www.irs.gov/newsroom/article/0,,id=147085,00.html
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CAREER CENTER http://taxmama.careerbank.com/
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This is the best tim to hire and train staff.
TaxMama's Career Center provides you with the
best tools for finding employees in our industry.
http://taxmama.careerbank.com/
Explore the center today and take advantage of its
exclusive tools including job postings and resume
searches. As a member of the leading online career
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90+ accounting, finance and banking organization
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http://taxmama.careerbank.com/
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TaxMama On the WWW & Tooting Her Own Horn
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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 - 2005
TaxAnxiety Inc. P.O. Box 280549, Northridge, CA 91328
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