Ask TaxMama Issue 605 Happy Summer

Your TaxMama® is watching…out for you.

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TAX CALENDAR

http://taxmama.com/tax-calendar-2011/
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06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

07/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/01/2011 2nd Quarter Payroll Taxes Due

08/01/2011 Deposit FUTA tax if more than $500 was paid through June 30th

08/01/2011 Employer’s Deposit Federal Unemployment (FUTA)

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500-EZ

08/01/2011 Employers File request for Extension filing Employee Benefits Plan Return

08/01/2011 2nd Quarter Federal Excise Tax Return & Payment Voucher

08/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/30/2011 Time for businesses to consider setting up retirement plans
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Incorp Services Inc. in Nevada – DISCOUNT

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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/

New class starts on May 17th

– sign up now – and join the FUN!

A flood of Tax Professionals are interested in taking

the EA Exam. We still have a few handy dandy totes

to hold all your books, notes and discs.

http://www.yaegercpareview.com/

Replay the session –
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=== CPA Exam Review

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Tax Deductions for Scuba Diving

June 24, 2011 by Tax Blog
Filed under Questions & Answers

Article reprinted with the permission of W. Murray Bradford, CPA

QUESTION: I sell property and casualty insurance in Florida. I also like to scuba dive. I would like your opinion on whether or not the following is deductible. I spent five hours with a prospect. First we went on a dive, then we spent two hours at dinner, where I asked the prospect to buy his car insurance and homeowners insurance from me. May I deduct the cost of the dive and the dinner? (S.D., Vero Beach, FL)

<!-~~more~~->

ANSWER : Yes. Both are deductible.

The dinner is deductible as directly related entertainment—this is a technical term in tax law for business entertainment that qualifies for the entertainment deduction because you had the business discussion in a business setting (the restaurant). The scuba diving is deductible as associated entertainment—entertainment that is associated with a business discussion qualifies as deductible entertainment.

You did not mention who paid for what. If you paid for both yourself and your prospect, you deduct for both. If you paid only for yourself, you deduct that amount. Either way, you qualify for the deduction.

REPLY: That’s great!

QUESTION: If our spouses were to scuba dive, how would that change the deductions? (S.D., Vero Beach, FL)

ANSWER : You could deduct the cost of having the spouses scuba dive under the closely connected rule that allows deductions for the costs of entertaining spouses even when the spouses are not involved in the business discussions.

Sincerely,

W. Murray Bradford, CPA
Publisher
Tax Reduction Letter
www.bradfordtaxinstitute.com

P.S. Subscribers to Tax Reduction Letter have access to tax planning tips every day at the Bradford Tax Institute’s archives. Not yet a subscriber? Find out more. Take a no-obligation 7-day FREE trial so that you can sample the helpful tips in the last two issues of Tax Reduction Letter. This trial is absolutely free with no obligations and no strings attached. That’s a personal promise. CLICK HERE.

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IRS Increases 2011 Mileage Rates

June 24, 2011 by Tax Blog
Filed under Questions & Answers

Courtesy of IRS http://www.irs.gov/pub/irs-drop/a-11-40.pdf

The following standard mileage rates will apply:

January 1 – June 30: 51 cents per mile for business miles driven
- July 1 – December 31: 55.5 cents per mile for business miles driven

January 1 – June 30: 19 cents per mile driven for medical or moving purposes
- July 1 – December 31: 23.5 cents per mile driven for medical or moving purposes

January 1 – December 31: 14 cents per mile driven in service of charitable organizations.
- This can only be changed by an Act of Congress. So it rarely changes

These rates apply to the use of cars, vans, pickups, or panel trucks.

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This is How it All Began, Really

June 24, 2011 by Tax Blog
Filed under Questions & Answers

In ancient Israel , it came to pass that a trader by the name of Abraham Com did take unto himself a young wife by the name of Dot.

And Dot Com was a comely woman, broad of shoulder and long of leg. Indeed, she was often called Amazon Dot Com.

And she said unto Abraham, her husband: “Why dost thou travel so far from town to town with thy goods when thou can trade without ever leaving thy tent?”

And Abraham did look at her – as though she were several saddle bags short of a camel load, but simply said: “How, dear?”

And Dot replied: “I will place drums in all the towns and drums in between to send messages saying what you have for sale, and they will reply telling you who is most willing to pay you the best price.

And the sale can be made on the drums and delivery made by Uriah’s Pony Stable (UPS).”

Abraham thought long and decided he would let Dot have her way with the drums. And the drums rang out and were an immediate success. Abraham sold all the goods he had at the top price, without ever having to move from his tent.

To prevent neighbouring countries from overhearing what the drums were saying, Dot devised a system that only she and the drummers knew.

It was called Must Send Drum Over Sound (MSDOS), and she also developed a language to transmit ideas and pictures – Hebrew To The People (HTTP)

But this success did arouse envy. A man named Benny Madoff did secrete himself inside Abraham’s drum and began to siphon off some of Abraham’s business. But he was soon discovered, arrested and prosecuted – for insider trading.

And the young men did take to Dot Com’s trading as doth the greedy horsefly take to camel dung.

They were called Nomadic Ecclesiastical Rich Dominican Sybarites, or NERDS.

And lo, the land was so feverish with joy at the new riches and the deafening sound of drums that no one noticed that the real riches were going to that enterprising drum dealer, Shiek William of Gates, who bought off every drum maker in the land.

And indeed did insist on drums to be made that would work only with Sheik Gates’ drumheads and drumsticks.

And Dot did say: “Oh, Abraham, what we have started is being taken over by others.”

And Abraham looked out over the Bay of Ezekiel, or eBay as it came to be known. He said: “We need a name that reflects what we are.”

And Dot replied: “Young Ambitious Hedonistic Owner Operators.” “YAHOO,” said Abraham. And because it was Dot’s idea, they named it YAHOO Dot Com.

Abraham’s cousin, Joshua, being the young Gumptious Enthusiastic Educated Kid (GEEK) that he was, soon started using Dot’s drums to locate things around the countryside.

It soon became known as Geek’s and Others’ Official Guide to Locating Everything (GOOGLE).
And that is how it all began.

Courtesy of Andrew McCluskey of http://simplyfriday.com/

Please remember to send us your humor and your inspiration.
Clean jokes preferred.

Read more Money Funnies and Inspiration here:
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He Bought the Farm

June 23, 2011 by Tax Blog
Filed under Questions & Answers

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Today TaxMama hears from Barb in the TaxQuips Forum with a simple question. “The farmer is selling his farm, and everything on it, to his son for $1. The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797?

<!-~~more~~->

Dear Barb

That’s not a sale. It’s a gift.

If this is what they want to do. Fine.

File a gift tax return for everything over $13,000.

Or if Mom is still with dad, over $26,000.

Or if son is married, Mom and Dad can give the gift to son and wife = $52,000.

With a $5 million lifetime gift tax exclusion for each – Mom and Dad, there’s lots of room to do some gifting.

Nothing they do, short of a legitimate FMV sale will change the basis anyway.

And remember, you can find answers to all kinds of questions about selling to related parties and other tax issues, free. Where? Where else? At www.TaxMama.com.

[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link – it’s free!]

Please post all Comments and Replies in the new TaxQuips Forum .

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Bride Files Alone

June 22, 2011 by Tax Blog
Filed under Questions & Answers

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Today TaxMama hears from Nancy in the TaxQuips Forum with several questions. “I am to be married this year. I am going to file as married, filing separately (MFS). Can I claim my husband since he is disabled and collecting social security disability? Also I understand that I cannot mix the standard deduction and itemizing on Schedule A. What I choose for my 1040 has to be the same on his 1040 is this correct? Can taxes be deducted from Social Security Disability income?”

Dear Nancy,

Congratulations! Getting married is always exciting.

But filing separately? I am sure you have your reasons, but please think carefully before doing this. Why?

1) Using the MFS separately status, 85% of your husband’s Social Security income becomes immediately taxable. Of course, if you earn over $30,000 then it would be taxable anyway. So that won’t be a consideration.

2) You’re right. If you decide to itemize (use Schedule A), he loses his standard deduction of $5,700.He will have to itemize also – or not. Perhaps his Medicare payments and medical expenses will be deductible. Add in his sales tax from the sales tax tables, and any vehicle taxes…maybe he’ll be able to recoup some of that $5,700 he loses if you itemize.

3) No, you can’t claim him as a dependent. He’s your husband. Not your child. If you want him as a child, adopt him. Don’t marry him.

4) IRS Publication 501 has a whole list of other credits and deductions you lose when filing separately.

Yes, to answer your last question. You can have federal taxes withheld from his Social Security income. Since it will be 85% taxable, that’s a good idea. You can tell them how much you want withheld. Do that after you do some projections to see what his and your tax obligations will be. You can use TurboTax’s TaxCaster to test out your alternatives for free.

But, please, consider investing in a consultation with a tax professional. Once someone knows your circumstances, there may be a better, easier way to accomplish what you’re trying to do, without filing separately.

And remember, you can find answers to all kinds of questions about getting married and other tax issues, free. Where? Where else? At www.TaxMama.com.

Please post all Comments and Replies in the new TaxQuips Forum .

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Bonus Depreciation

June 21, 2011 by Tax Blog
Filed under Questions & Answers

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Today TaxMama hears from Scott in the TaxQuips Forum with this question. “How long would you have to keep a business vehicle to take advantage of bonus depreciation deductions? What if I sold a new business use vehicle after three years, are there penalties?

<!-~~more~~->

Hi Scott,

When it comes to bonus depreciation and Sec 179 depreciation for vehicles, you must always hold the vehicle AND use it for business more than 50% if the time for 5 years.

For bonus depreciation, in years when it’s available, the vehicle you buy must be new. For Sec. 179 depreciation, the vehicle may be used.

Note: We don’t have bonus depreciation in 2011. We DO have Sec 179:

Qualified property must also meet all of the following tests.

You must have acquired qualified property after December 31, 2007, and before January 1, 2009. If a binding contract to acquire the property existed before January 1, 2008, the property does not qualify.

Qualified property must be placed in service before January 1, 2010 (before January 1, 2011, for certain transportation property and certain property with a long production period).

The original use of the property must begin with you after December 31, 2007.

If you only use it for 3 years, you will have to pay back the 2/5 or 3/5 depreciation, which was taken prematurely.

So if you only plan to keep a car for three years at a time, either avoid the bonus depreciation – or include the extra taxes in your tax budget for the third year.

And remember, you can find answers to all kinds of questions about depreciation and other tax issues, free. Where? Where else? At www.TaxMama.com.

Please post all Comments and Replies in the new TaxQuips Forum .

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Who Gets Mortgage Interest

June 20, 2011 by Tax Blog
Filed under Questions & Answers

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Today TaxMama hears from Tiffany in the TaxQuips Forum who is upset with H&R Block. She tell us “My boyfriend and I own a home. Both of our names are on the deed and on the 2 mortgages we have on the house. We each file our own tax return… Since both of our names are on the forms – can’t we alternate years on who takes the deduction – like 2010 I take it and 2011 he takes it? H&R Block says we can’t do that. If not, can one of us just claim it? ”

Dear Tiffany,

When you are both on title and both on the mortgage, essentially, you’re fine with either of you claiming the deductions.

I say “essentially” because that’s only good until you’re audited.

Then IRS will want to see the source of the payments.

You are not married to each other. You’re not sharing a joint account from which the payments are made. So you may each only deduct the interest that YOU pay.

If you are paying 50-50, that’s the way you’ve got to take the deductions. You can’t just decide, we’ll split it any way we like. If you want your partner to get all the deductions, then all the payments need to come from his bank account. You pay for other things, things that are not deductible – like the utilities, household supplies, food, etc., instead of the mortgage.

When you are not married, you have to plan out your expenses to determine who will get the tax benefits.

Meanwhile, unfortunately, H&R Block is correct.

And remember, you can find answers to all kinds of questions about sharing deductions and other tax issues, free. Where? Where else? At www.TaxMama.com.

Please post all Comments and Replies in the new TaxQuips Forum .

Ask TaxMama :: Where taxes are fun and answers are free
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IRS Practice Series: Curing the Addicted Tax Delinquent – A 12-step program

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Ask TaxMama Issue 604 Happy Fathers Day Weekend

June 17, 2011 by Tax Blog
Filed under Questions & Answers

1 Comment

img class=”alignleft” style=”margin: 10px; border: 0px;” src=”http://taxmama.com/AskTaxMama/313/313_header.gif” alt=”” />

Dear Family,

This weekend encompasses Fathers Day – so here’s a special card for all the fathers and folks who love them. Watch it play out – these Jacquie Lawson cards are so charming!

Hooray for California. After forcing the state legislature to pass a budget bill on time or lose their pay for every day the bill is late…they passed a budget bill!

Remember, most of our Federal and State legislators have legal training. They understand how to use the letter of the law to circumvent the spirit of the law. The California Legislature slapped together any old set of number, knowing full well that Governor Brown would veto anything but a real budget. So, THEY continue to get paid. That wasn’t exactly the intent of the law. The intent was that if government agencies and government-funded programs can’t get paid because there is no budget, they should not get paid either.

Naturally, as someone who makes a living by reading the letter of the law, I have to applaud their understanding of detail, don’t you?

This month’s TaxMama’s Tax Roundtable was very lively! And we got the recording up pretty quickly. The audio on some of the first 15-18 minutes is choppy. We’ll try to clean it up. Meanwhile, just skip over those parts. You can pause the replay and read the notes in the text chat area. We covered some rather interesting topics, including couples in business together – should they file as a partnership or use two Schedules C; how to straighten out someone’s problem when they have an S corp, but didn’t take any wages. And lots more fun topics.

Today’s IRS News is a round-up of IRS announcements this week as IRS loosens up on a variety of stringent rules.

As to this piece I posted earlier in the week, I don’t know if this is political or funny. You decide. It’s a proposal to change the way our Congress is run.

In today’s Money Funnies & Inspiration, we get some Information, Please.

A Week of TaxMama’s TaxQuips

We start the week with Terri, who is suddenly faced with more onerous State filing requirements for her business’ unemployment taxes. Is she unique? Shaun has been reading TaxMama’s articles about writing off your family vacation. He wants to write off his cruise to the US Virgin Islands. Hmmm. Can Mimi’s husband get a deduction for all those out-of-pocket expenses he incurs as a coach without getting reimbursed? We end the week with TaxMama winning an appeal about the Homebuyer’s Credit. This is something that may help someone you know whose tax credit was turned down.

Lower taxes, achieved ethically = higher profits and increased joy

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention. Andrew collected some of the reviews and awards generated by this book.

This week’s question for you – do you have to use software to do your company’s bookkeeping?

Read Chapter 4 of Small Business Taxes Made Easy for more details.

TaxMama’s EA Exam Review Class

Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.

Last night, TaxMama’s students learned the strange estate tax options for people who died last year.

Tomorrow, we’re going to learn more secrets about how to pass the EA Exam and to how to answer questions, when you simply don’t have a clue! There’s still time to join us.

There is still time to sign up for TaxMama’s EA Exam Review Course.

There is a Family Member discount of 10%.

IRS Practice Series Continues

The next session is about Practice Series: Representing Your Client at a 1040 Audit – Office or Field

Remember to sign up for the whole IRS Practice Series. The 5 classes this summer will run from May through July. There’s a discount if you sign up for the whole series at once.

Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you.

TaxMama Interviews

Adrienne Mitchell – MarketWatch radio
Nasty Surprise Awaits 401k Borrowers

Paul Petillo, in the Business Insider
Your Retirement Lifetime: Longevity and Investing
http://www.businessinsider.com/your-retirement-lifetime-longevity-and-investing-2011-6

Radio with Jim Blasingame, the Small Business Advocate

How is an enrolled agent different from a CPA? What is the roll of an enrolled agent? Eva Rosenberg joins Jim Blasingame to define “enrolled agent” and reveal how they serve clients with tax and financial services.

The career of an enrolled agent (EA) How can you make a career of being an enrolled agent? Eva Rosenberg joins Jim Blasingame to discuss how to become a professional enrolled agent (EA), what an EA does for his or her clients, plus the earnings potential of an EA.

Two tax deductions to not overlook What are some tax deductions and credits you can still get? Eva Rosenberg joins Jim Blasingame to report on the health care tax credit and the SEP IRA that you can still fund and deduct through the extension period.

TaxMama Writing:

AccountingWeb.com blog – June is Strut Your Stuff Month
http://www.accountingweb.com/blogs/taxmama/talk-taxmama/june-strut-your-stuff-month

This week’s Equifax article is – Teens and Taxes – Do Teens Need to File Tax Returns?
http://tax.equifax.com/2011/06/teens-and-taxes-do-i-need-to-file-taxes.html

This week’s Suze Orman article is about Natural Victims – Seniors are Targets of Scam Artists
http://www.moneymindedmoms.com/articles/

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

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-604

TaxNerd gear makes a bold statement year-round.

It helps attract the opposite sex!

Shop at www.taxnerd.net or http://www.zazzle.com/taxmama*

Hugs from your favorite TaxNerd,

http://www.zazzle.com/taxmama*

Eva Rosenberg, EA

Your TaxMama®

Your TaxMama® is watching…out for you.

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www.IRSExams.com

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==========================
————————————————————-

TAX CALENDAR

http://taxmama.com/tax-calendar-2011/
————————————————————-

06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

07/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/01/2011 2nd Quarter Payroll Taxes Due

08/01/2011 Deposit FUTA tax if more than $500 was paid through June 30th

08/01/2011 Employer’s Deposit Federal Unemployment (FUTA)

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500-EZ

08/01/2011 Employers File request for Extension filing Employee Benefits Plan Return

08/01/2011 2nd Quarter Federal Excise Tax Return & Payment Voucher

08/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/30/2011 Time for businesses to consider setting up retirement plans
————————————————————-

From TaxMama® to You!
————————————————————-

Follow TaxMama®’s Tweets – http://twitter.com/TaxMama

————————————————————-

SPECIAL DEALS
————————————————————-

= Do it Yourself Legal Material

NOLO answers the question –

What can I do if my spouse gets into debt – do I owe his/her debts?

(disclosure – TaxMama receives a commission)

= Need a Corp, LLC, Registered Agent

Incorp Services Inc. in Nevada – DISCOUNT

20% off on formation services.

Similar discounts on Registered Agent services.

Call 800.2.INCORP – use coupon code – TAXMAMA

http://vurl.bz/taxmama/Incorp – no coupon needed
————————————————————-

EA EXAM NEWS & SOLVING THE TAX PUZZLE
————————————————————-

Take TaxMama®’s 2011 EA Exam Review Class

http://irsexams.com/

– sign up now – and join the FUN!

flood of Tax Professionals are interested in taking

the EA Exam. We still have a few handy dandy totes

to hold all your books, notes and discs.

http://www.yaegercpareview.com/

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

=== CPA Exam Review

Looking for a great course?

You can’t do any better than this!

Phil Yaeger’s CPA Exam Review Course

Ask TaxMama :: Where taxes are fun and answers are free
TaxQuips :: The number ONE free tax podcast online

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The IRS Loosens up and Asks for Feedback

June 17, 2011 by Tax Blog
Filed under Questions & Answers

1 Comment

The IRS has been busy this week, providing more time for financial professionals who had signature authority over clients’ overseas accounts through 2008 (before 2009) to catch up on reporting requirements to comply with FBAR disclosures. They now have until November 1, 2011.

As a result of all the disasters in Missouri earlier this year, IRS has suspended certain stringent requirement for the low-income housing credit properties in the United States as a result of the devastation caused by severe storms, tornadoes, and flooding in Missouri beginning on April 19, 2011. They are allowing the properties to provide temporary emergency housing for people who have lost their homes or apartments – who would not otherwise meet the low-income qualifications.

The Electronic Tax Administration Advisory Committee (ETAAC) today released its 2011 Annual Report to Congress during a public meeting. The report discusses five groups of recommendations on issues in electronic tax administration.

The report includes recommendations on the following topics:

standards for security and accuracy for the electronic tax community,

1040 Modernized e-file (MeF) platform,

barriers to e-filing employment tax returns,

tax filing simplification

collaboration and partnership with the electronic filing community

And IRS has sent out a survey asking for opinions on what we think is important for the new breed of registered tax return preparers to know about for the test they will start taking this fall. I can’t give you the link to it. Unfortunately, once I took the survey, the link no longer works.

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