tag:blogger.com,1999:blog-123330032024-03-13T15:56:09.321-04:00Mom's Gone Virtual's Telecommuting TaxesIncome taxes can be a very difficult topic, especially if you telecommute or work from home! Mom's Gone Virtual helps take the confusion out of telecommuting taxes by giving you free tax tips.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.comBlogger75125tag:blogger.com,1999:blog-12333003.post-62184999136661153622008-02-13T16:03:00.002-05:002008-02-13T16:17:03.559-05:00Get Your Tax Questions Answered for Free - Tomorrow OnlyKristine McKinley is at it again, but this time she wants to help you with your taxes! :)<br /><br />Tomorrow, February 14th at 1pm EST, she's holding a teleseminar where she's going to answer tax questions from callers, but you have to go <a href="http://wahmcart.com/x.php?adminid=1838&id=2933&pid=2260">here</a> and fill in your name, email and your top tax questions to get the call in number and have your question answered during the call.<br /><br />Just click on the image below to get more information and the call in details! :)<br /><p><center><a href="http://wahmcart.com/x.php?adminid=1838&id=2933&pid=2260"><br /><img border="0" src="http://wahmcart.com/headers/1838/TaxTipsBanner.gif" alt="Tax Tips Q&A" width="468" height="60"></center></a></p>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-20418562184648555922008-02-13T16:01:00.002-05:002008-02-13T16:02:54.581-05:00Stimulus Payments Set to Go Out in May - BUT You Have to File 2007 Taxes<p>Here's the email I received from the IRS today and thought I'd pass along for those who are curious about the stimulus plan.</p><p>*********************<br /></p><p>WASHINGTON — The Internal Revenue Service today advised taxpayers that in most cases they will not have to do anything extra this year to get the economic stimulus payments beginning in May. </p> <p>“If you are eligible for a payment, all you have to do is file a 2007 tax return and the IRS will do the rest,” said Acting IRS Commissioner Linda Stiff. </p> <p>The IRS will use information on the 2007 tax return filed by the taxpayer to determine eligibility and calculate the amount of the stimulus payments. </p> <p>The IRS will begin sending taxpayers their payments in early May after the current tax season concludes. Payments to more than 130 million taxpayers will continue over several weeks during the spring and summer. A payment schedule for taxpayers will be announced in the near future. </p> <p>Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won't need to do anything else to receive the stimulus payment. For taxpayers who haven't filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments. </p> <p>Most taxpayers just need to file a 2007 tax return as usual. No other action, extra form or call is necessary. This Web site will be the best information source for all updates and taxpayer questions. </p> <p>In most cases, the payment will equal the amount of tax liability on the tax return, with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return). </p> <p>The law also allows for payments for select taxpayers who have no tax liability, such as low-income workers or those who receive Social Security benefits or veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007. These taxpayers will be eligible to receive a payment of $300 ($600 on a joint return) if they had at least $3,000 of qualifying income. </p> <p>Qualifying income includes Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. While these people may not be normally required to file a tax return because they do not meet the filing requirement, the IRS emphasizes they must file a 2007 return in order to receive a payment. </p> <p>Recipients of Social Security, certain Railroad Retirement and certain veterans’ benefits should report their 2007 benefits on Line 14a of Form 1040A or Line 20a of Form 1040. Taxpayers who already have filed but failed to report these benefits can file an amended return by using Form 1040X. The IRS is working with the Social Security Administration and Department of Veterans Affairs to ensure that recipients are aware of this issue. </p> <p>“Some people receiving Social Security and veterans’ benefits may not realize they will need to file a tax return to get the stimulus payment,” Stiff said. “To reach these people, the IRS and Treasury will work closely with the Department of Veterans Affairs, the Social Security Administration and key beneficiary groups on outreach efforts.” </p> <p>Eligible taxpayers who qualify for a payment will receive an additional $300 for each child who qualifies for the child tax credit. </p> <p>Payments to higher income taxpayers will be reduced by 5 percent of the amount of adjusted gross income above $75,000 for individuals and $150,000 for those filing jointly. </p> <p>Taxpayers must have valid Social Security Numbers to qualify for the stimulus payment. If married filing jointly, both taxpayers must have a valid Social Security Number. And, children must have valid Social Security Numbers to be eligible as qualifying children. </p> <p>Taxpayers who file their tax returns using an Individual Taxpayer Identification Number issued by the IRS or any number issued by the IRS are ineligible. Also ineligible are individuals who can be claimed as dependents on someone else’s return, or taxpayers who file Form 1040-NR, 1040-PR or 1040-SS. </p> <p>To accommodate taxpayers who file tax returns later in the year, the IRS will continue sending payments until December 31, 2008. The IRS also cautions taxpayers that if they file their 2007 tax return and then move their residence that they should file a change of address card with the U.S. Postal Service. </p> <p>The IRS will mail two informational notices to taxpayers advising them of the stimulus payments. However, taxpayers should be alert for tax rebate scams such as telephone calls or e-mails claiming to be from the IRS and asking for sensitive financial information. The IRS will not call or e-mail taxpayers about these payments nor will it ask for financial information. Scam e-mails and information about scam calls should be forwarded to <a href="mailto:phishing@irs.gov">phishing@irs.gov</a>. </p> <p><strong>Related Items:</strong> </p> <ul><li><a href="http://www.irs.gov/newsroom/article/0,,id=179095,00.html">FS-2008-15</a>, Facts about the 2008 Stimulus Payments </li><li><a href="http://www.irs.gov/irs/article/0,,id=179096,00.html">FS-2008-16</a>, Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits </li><li><a href="http://www.irs.gov/formspubs/lists/0,,id=97817,00.html">Tax forms and instructions</a> </li></ul>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-12331736346261108212008-01-04T12:28:00.000-05:002008-01-04T12:35:52.582-05:00Got Debt? She's Got AnswersWith the first of the year here now is a great time to work on that debt. There is nothing like the feeling of being debt free and if you're like many, myself included, you've got tons of questions about how to get there. <br /><br />Well, Kristine McKinley of <a href="http://financialtipsforwahms.com">Financial Tips for Wahms</a> is conducting a free teleseminar to do answer your top get out of debt questions.<br /><br />You can find more details, submit your questions for Kristine to answer on the call and get the call in information by <a href="http://www.financialtipsforwahms.com/2007/11/new-free-get-ou.html">clicking here</a>.<br /><br />I'll absolutely be there - maybe even with bells on!Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-36472590558223048042007-12-12T07:20:00.000-05:002007-12-12T07:21:24.351-05:00Save on Payroll Taxes - Hire Your Children in Your Small BusinessHiring your children in your business can be a great tax savings strategy, as well as a way to teach your children about business and money.<br /><br />Wages paid to your children (between the ages 7 and 17) are a valid business deduction, as long as they do bona fide work, and they are compensated fairly.<br /><br />Your children can earn up to the standard deduction amount before they will owe any income tax. Because you are getting a business deduction for the wages paid to your child, this is income that you also will not pay taxes on.<br /><br />In addition, if your children are under age 18, you don't have to pay payroll taxes on them. This is a huge tax savings since you would have to pay these taxes on any other employee you hired.<br /><br />Hiring your children does not raise a red flag with the IRS, but you should document your children's salary and services provided to audit-proof your tax return. To do this, keep a time sheet showing the date, hours and services provided by your children, and write them a check for their wages.<br /><br />In addition, you will need to prepare and file a W-2 for your child at the end of the year. Your child may need to file a tax return as well.<br /><br />You can learn more about hiring your children in your business by reading IRS Publication 15, Chapter 3, Family Employees.<br /><br /><a href="http://wahmcart.com/x.php?adminid=1838&id=2933&pid=2008">Click here</a> to learn more about how hiring your children in your own business can help minimize your tax bill.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-79857219590234736752007-11-30T11:19:00.001-05:002007-11-30T11:19:51.937-05:00Friday Funny for You!<a href="http://infoprofitshare.com/go.php?offer=sherocks&pid=11"><img src="http://infoprofitshare.com/ecmaff/images/marketingcomics.jpg"/></a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-45891756939117230852007-11-02T16:28:00.000-04:002007-11-02T17:24:21.557-04:00Looking for Outsourcing Help?<a href="http://www.quicksales.com/app/aftrack.asp?afid=614631&u=www.outsourcingsweetie.com/followup.html"><br /><img border="0" src="http://affiliatecommandpost.com/qafollowupdigi.jpg" width="183" height="227" ALT="Free Outsourcing Q & A Follow Up"></a>I missed the chance to tell you last week about Alice Seba’s highly-informative training interview designed to help you reduce your business stress and to easily leverage the work of others in order to achieve more profit for yourself.<br /><br />After the release of the interview, Alice received a number of questions and she’s graciously taken the time to answer them. I urge you to get a copy of that Q & A report now at: <br /><br /><a href="http://www.quicksales.com/app/aftrack.asp?afid=614631&u=www.outsourcingsweetie.com/followup.html">Follow Up Outsourcing Q&A & Interview</a><br /><br />And don’t worry, if you missed last week’s interview (sorry about that), you can still get access to it at the same link. There's no charge, no sign up required, nothing to obligate yourself to at all. <br /><br />In the follow up Q&A she even addresses some questions regarding tax treatment of your assistants, so you'll definitely want to check those parts out.<br /><br />One last thing, I highly recommend you save both the interview and questions to your computer, including the transcripts to the audio from last week. I'm learning so much from these freebies that Alice has been sweetie enough to create and I know you will too!Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-30570303698830844262007-11-02T14:16:00.000-04:002007-11-02T17:23:44.524-04:00New Email Scam Alert From the IRSJust got this in my email from the IRS and thought I'd pass it on.<br /><br />BEGIN EMAIL<br />***************************************<br /><span style="font-weight:bold;">IRS Warns of E-mail Scam Soliciting Donations to California Wildfire Victims</span><br /><br />WASHINGTON — The Internal Revenue Service today warned taxpayers to be on the lookout for a new e-mail scam that appears to be a solicitation from the IRS and the U.S. government for charitable contributions to victims of the recent Southern California wildfires.<br /><br />In an effort to appear legitimate, the bogus e-mails include text from an actual speech about the wildfires by a member of the California Assembly.<br /><br />The scam e-mail urges recipients to click on a link, which then opens what appears to be the IRS Web site but which is, in fact, a fake. An item on the phony Web site urges donations and includes a link that opens a donation form which requests the recipient’s personal and financial information.<br /><br />“People should exercise caution when they receive unsolicited e-mail or e-mail from senders they don’t know,” said Richard Spires, IRS Deputy Commissioner for Operations Support. “They should avoid opening any attachments or clicking on any links until they can verify the e-mail’s legitimacy.”<br /><br />The bogus e-mails appear to be a “phishing” scheme, in which recipients are tricked into providing personal and financial information that can be used to gain access to and steal the e-mail recipient’s assets.<br /><br />The IRS also believes that clicking on the link downloads malware, or malicious software, onto the recipient’s computer. The malware will steal passwords and other account information it finds on the victim's computer system and send them to the scamster.<br /><br />Generally, scamsters use the data they fraudulently obtain to empty the recipient’s bank accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name or even file fraudulent tax returns to obtain refunds rightfully belonging to the victim.<br /><br />The IRS does not send e-mails soliciting charitable donations. As a rule, the IRS does not send unsolicited e-mails or ask for personal and financial information via e-mail. The IRS never asks people for the PIN numbers, passwords or similar secret access information for their credit card, bank or other financial accounts.<br /><br />Recipients of the scam e-mail who clicked on any of the links should have their computers checked for malicious software and should monitor their financial accounts for suspicious activity, taking measures to prevent unauthorized access as necessary. Any unauthorized activity should be reported to law enforcement authorities and to the three major credit companies. More information on how to handle actual or potential identity theft may be found in IRS Publication 4535, Identity Theft Protection and Victim Assistance, available on the IRS Web site. Information is also available on the Federal Trade Commission’s identity theft Web site.<br /><br />Recipients of the scam e-mail can help the IRS shut down this scheme by forwarding the e-mail to an electronic mail box, phishing@irs.gov, using instructions found in “How to Protect Yourself from Suspicious E-Mails or Phishing Schemes” on this site. This mail box was established to receive copies of possibly fraudulent e-mails involving misuse of the IRS name, logo or Web site for investigation.<br /><br />The IRS and the Treasury Inspector General for Tax Administration (TIGTA) work with the U.S. Computer Emergency Readiness Team (US-CERT) and various Internet service providers and international CERT teams to have the phishing sites taken offline as soon as they are reported.<br /><br />Since the establishment of the mail box last year, the IRS has received more than 30,000 e-mails from taxpayers reporting almost 600 separate phishing incidents. To date, investigations by TIGTA have identified almost 900 host sites in at least 55 different countries, as well as in the United States.<br /><br />Recipients of questionable e-mails claiming to come from the IRS may also call TIGTA’s toll-free hotline at 1-800-366-4484.<br /><br />The IRS has come across numerous schemes in which e-mails claim to come from the IRS. More information on these schemes may be found on the genuine IRS Web site, IRS.gov, by entering the term phishing in the search box. <br /><br />*******************************<br />END EMAILMama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com1tag:blogger.com,1999:blog-12333003.post-44591320435090966312007-11-02T05:47:00.000-04:002007-11-02T06:59:05.904-04:00Making It a Bit Easier for Direct Sellers Tax IssuesI just received notice that the IRS has issued this tips sheet for direct sellers in an effort to make it easier for them to understand some of the tax rules that affect their business.<br /><br />If you're a direct seller, <a href="http://www.irs.gov/newsroom/article/0,,id=175146,00.html">check out the Fact Sheet for Direct Sellers</a> to help minimize the gap a bit. <br /><br />As always, if you have any questions you'd like me to answer further regarding your direct selling business, be sure to leave them in the comments section of this post.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-11596142585803271512007-10-29T17:33:00.000-04:002007-11-01T17:44:36.431-04:00Are They Employees or Independent Contractors?Many work at home individuals hire help in their business. I myself outsource work to people as well as have work from other work at home business owners outsourced to me.<br /><br />Because of this, the question is raised (quite often) as to whether someone who does work for someone else is considered an employee or an independent contractor (IC). The IRS has very strict guidelines as to what each category includes and doesn't include.<br /><br />If you're wondering whether you are an employee or IC for someone you work for. <br /><br />OR...<br /><br />If you outsource work to others or are thinking about starting, you'll need to know which is the correct classification for those who work for you.<br /><br />Whether you fall into one, or both, of these categories you'll want to check out <a href="http://www.taxtalktoday.tv/">Tax Talk Today's webcast</a> on November 6th from 2pm to 3pm EST. A panel of experts will be discussing the issue of proper classification of employees and independent contractors. <br /><br />The webcast is free as are all the Tax Talk episodes. To register for this and future as well as archived webcasts, <a href="http://www.taxtalktoday.tv/">click here</a>.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-16708532991450319532007-02-23T15:58:00.000-05:002007-02-23T16:06:53.211-05:00Why Do I Blog? Guess I Need To Start Hu?<a href=http://nicoleonthenet.com>Nicole Dean</a> must think I'm a bit of a slacker on my blog because she tagged me and wants to know Why I Blog? Considering I haven't blogged in awhile here you guys just might be saying "Why ask her, she doesn't!" :)<br /><br />But, here is the main reason I blog (on this one anyway).<br /><br />I blog to help other self employed/work at home parents with the one area of their business that seems to be the hardest and most frustrating for them. If I can make it easier for atleast one person, then my blogging is worth it.<br /><br />Now, it's my turn to tag a few people.<br /><br /><a href="http://darinaloakman.com/">Darina Loakman</a><br /><a href="http://www.milasidman.com/blog/">Mila Sidman</a><br /><a href="http://aureliawilliams.wordpress.com/">Aurelia Williams</a><br /><a href="http://beaconfinancialtips.typepad.com/financialtipsforwahms/">Kristine McKinley</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com1tag:blogger.com,1999:blog-12333003.post-1169042233400769392007-01-17T08:52:00.000-05:002007-01-24T00:15:36.926-05:00Accounting Web Article: Work/Life BalanceI received this article today that I couldn't help but read. Being a work at home mom, I understand the work/family balancing act. It's a tough one and I definitely DO NOT miss doing it when I worked outside the home. <br /><br />After reading the article, I couldn't help but say to myself (and my 16 month old sitting next to me playing)those companies should allow their workers to telecommute! ;)<br /><br />Check out the article here --><br /><a href="http://www.accountingweb.com/cgi-bin/item.cgi?id=103029">Happy With Your Work/Life Balance?</a><br /><br />How do you deal with the juggling act?Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com1tag:blogger.com,1999:blog-12333003.post-1168428311963658612007-01-10T06:21:00.000-05:002007-01-10T06:25:12.103-05:00E-file Available for PartnershipsThe IRS announced Monday that partnerships can now file their tax returns electronically! Here's the release from the IRS with a link to more information for those wishing to e-file their partnership tax returns this year.<br /><br />-----------------------------------------------------------------<br /><br />Modernized e-File Available for Partnership Returns<br /><br />IR-2007-02, Jan. 8, 2007<br /><br />WASHINGTON — Beginning today, partnership taxpayers can electronically file tax year 2006 Form 1065, U.S. Return of Partnership Income, and Form 1065-B, U.S. Return of Income for Electing Large Partnerships, using the Modernized e-File platform.<br /><br />“Electronic filing is a key component to modernizing our tax system,” IRS Commissioner Mark W. Everson said. “E-File improves the speed and accuracy of tax return filing, and we encourage partnership taxpayers to take advantage of this enhanced system.”<br /><br />Since tax year 1986, the IRS has offered electronic filing of Form 1065. The existing 1065 e-File platform uses a proprietary data transmission format. However, the Modernized e-File platform uses the Extensible Markup Language (XML) format, which is an industry-standard method of identifying, storing and transmitting data. Both e-File platforms offer improved speed and accuracy of tax return filing. But Modernized e-File offers additional benefits, including transactional processing instead of batch processing, allowance for binary file attachments, elimination of the duplicate filing of International returns and a federal/state partnership program.<br /><br />The IRS anticipates more than 400,000 partnerships will e-File in 2007. Most of those partnerships are not mandated to e-File but are encouraged to do so for the e-Filing benefits.<br /><br />For tax year 2006, partnerships have the option to e-File Form 1065 through the Modernized e-File system or the existing 1065 e-File system. However, e-File for Form 1065-B is available solely through Modernized e-File. Partnership taxpayers should talk with their software provider or transmitter to determine which e-File platform to use. Beginning in January 2008, Modernized e-File will be the only e-File platform available to e-File partnership returns. At that time, the IRS will also require e-File for all 1065-B returns.<br /><br />Partnership taxpayers can access detailed information about the Form 1065 e-File process by clicking on the "Modernized e-File for Partnerships" link below.<br /><br />For more information regarding e-filing for partnerships <a href="http://www.irs.gov/businesses/small/article/0,,id=165162,00.html">click here</a>.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1167999822647389692007-01-05T07:20:00.000-05:002007-01-09T08:52:51.400-05:00Teaching Your Children the Value of a DollarMany work at home parents have dreams of their children one day knowing the freedom of owning their own business. I myself have them. I would love to teach my boys the benefits of controlling their own financial future. <br /><br />One of the best things we can do for our children is teaching them to be financially aware and I've found an article for you that talks about just that. Teaching our children the value of a buck can only help them and I say the sooner you teach them the better.<br /><br />Check out the article here: <a href="http://www.internetbasedkids.com/financially-aware-kids.html">http://www.internetbasedkids.com/financially-aware-kids.html</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com1tag:blogger.com,1999:blog-12333003.post-1166441032580070932006-12-18T06:09:00.000-05:002006-12-19T15:52:23.216-05:00More Off Topic Blogging Fun<a href="http://nellnews.com">Nell</a> got me this time! ;) She has invited me to play along in the 5 things you may not know about me blog game. So, here you go:<br /><br />1. I started college with the intent of become a child psychologist, but changed my major to accounting after the 1st semester.<br /><br />2. Both of my boys middle names are named after someone. Put the two middle names together and you have my Dad's name. My youngest wasn't named after my Dad, but instead a close friend of my hubby's.<br /><br />3. I am extremely disorganized when it comes to my own things, but others things I am meticulous about.<br /><br />4. My favorite animals are white tigers and penguins.<br /><br />5. I collect Precious Moments figurines.<br /><br />Ok, I'm inviting these five people to join in the fun:<br /><br /><a href="http://www.sugarfiregroup.com/virtualofficeassistance/blog/">Jenn</a><br /><a href="http://www.watersweblog.com">Michelle</a><br /><a href="http://www.tishialee.com/podcastblog/">Tishia</a><br /><a href="http://www.angelawills.com/">Angela</a><br /><a href="http://beaconfinancialtips.typepad.com/financialtipsforwahms/">Kristine</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com1tag:blogger.com,1999:blog-12333003.post-1166399090262561662006-12-17T18:42:00.000-05:002006-12-17T18:44:50.730-05:00WAHMs Belting Carols for a CauseChristmas is the season for carols, fun and giving. How would you like to hear your fellow work at home moms sing your favorite Christmas carol? <br /><br />This is a UNIQUE Christmas Fundraiser inspired by the 12 Days of Christmas. This fundraiser will run only for 12 days beginning on December 13 and ending on December 25, 2006. All proceeds of this fundraiser will be donated to the Susan Komen Breast Cancer Foundation. <br /><br />To listen to the carols and to donate - please visit <a href="http://www.mommycommunity.com/go/CarolforaCause">Carol for a Cause 2006</a> <br /><br />Once your donation is received, you will be directed to a page where you can access the "carols". As a Thank You for your donation, you will also have access to awesome resources and e-books like: <br /><br />- Traditional Christmas Carols <br />- Holiday Stress Ebook <br />- Creating a Magical Family Christmas <br />and some business resource ebooks too like Viral Marketing Values, Computer Basics for Beginners and Word Processing Basics ... <br /><br />Carol for a Cause 2006 can be found here -><br /><a href="http://www.mommycommunity.com/go/CarolforaCause">http://www.mommycommunity.com/go/CarolforaCause</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1165507099038481212006-12-07T10:58:00.000-05:002006-12-08T09:46:10.090-05:00Best States for BusinessForbes.com conducted a poll to find out how the 50 states ranked as far as business is concerned. The <a href="http://www.forbes.com/business/2006/08/15/best-states-business_cz_kb_0815beststates.html">Best States for Business</a> 2006 lists each state based on the following categories:<br /> <br />* Business costs<br />* Economic climate<br />* Growth prospects<br />* Labor<br />* Quality of life<br />* Regulatory environment<br /><br />Here are the top 3 for 2006:<br />1. Virginia (I must agree it is a wonderful state to operate a business in)<br />2. Texas<br />3. North Carolina<br /><br />Find out where your state ranks on the <a href="http://www.forbes.com/business/2006/08/15/best-states-business_cz_kb_0815beststates.html">Best for Business list</a>.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1165092571870775052006-12-02T15:34:00.000-05:002006-12-02T15:49:32.563-05:00More Information on the Telephone Tax RefundBack in May, the IRS announced that individuals, businesses and tax-exempt organizations who paid the long-distance telephone excise tax after February 28, 2003 can receive a refund on their 2006 federal income tax returns.<br /><br />Businesses (yes, sole proprietorships are included) and Tax Exempt Organizations now have an easier way to figure their long distance tax amounts. Rather than gathering and going through over 3 years of telephone bills, the IRS has decided to allow businesses and tax exempt organizations to estimate their refund amount. <br /><br />Businesses & tax exempts can find the formula to use, as well as complete details regarding the refund here: <br /><a href="http://www.irs.gov/newsroom/article/0,,id=164310,00.html">Telephone Tax Refund: Q&A for Businesses & Tax Exempts</a> <br /><br />In case there are individuals reading who do not own a business, you can find more information here for your refund: <br /><a href="http://www.irs.gov/newsroom/article/0,,id=161506,00.html">Individual Telephone Tax Refund Information</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1164974161659042932006-12-01T06:44:00.000-05:002006-12-01T06:56:02.183-05:00Blog Party: I've been tagged<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://photos1.blogger.com/x/blogger/2799/993/1600/436437/100_1455.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;" src="http://photos1.blogger.com/x/blogger/2799/993/320/53904/100_1455.jpg" border="0" alt="" /></a><a href="http://www.milasidman.com/blog/">Mila Sidman</a> has invited me to paaartay! <br /><br />There's a blog party going around and she got me and here are the rules:<br /><br />It's the Come As You Are Blog Party. You have to take a picture of yourself AS YOU ARE RIGHT NOW, at this very moment. Put that picture on your blog and explain why you look the way you do in the picture. Then, tag 4 others to come join the fun! ;) <br /><br />I was in the middle of working my tail off when I took this picture so I'm surprised I could even form a smile! You guys are lucky, Mila tagged me yesterday and I thought I looked bad then, well <a href="http://www.internetmarketingchic.com">Jen Houck</a> tagged me this morning on my <a href="http://www.Take5VA.com/blog">VA Blog</a> and I look worse this morning! LOL Atleast in this picture I got dressed and had brushed my teeth! :)<br /><br />Ok, here's the lucky 4 I'm tagging:<br /><br /><a href="http://aureliawilliams.wordpress.com/">Aurelia Williams</a><br /><a href="http://www.berrymorinbits.blogspot.com/">Rona Berry-Morin</a><br /><a href="http://www.sugarfiregroup.com/virtualofficeassistance/blog/">Jenn Anthony</a><br /><a href="http://www.sassaymoms.com/blog/">Melissa Baughman</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1164662588883957632006-11-27T16:16:00.000-05:002006-11-27T16:23:09.276-05:00Important Information for Homeschoolers Re: Educator's Expense DeductionIf you are a homeschooling parent and are considering taking the Educator's Deduction on your income taxes this year you need to read this. <br /><a href="http://www.homeschoolblogger.com/HomeschoolCPA/233315/#c444251">Do homeschool teachers get the Educators Expense deduction?</a><br /><br />Thanks to the <a href="http://www.homeschoolcpa.com">Homeschool CPA</a> for posting about this and clearing some things up.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1164075406139846272006-11-20T21:16:00.000-05:002006-11-21T18:12:16.923-05:00Filing a Tax Return for Deceased RelativeHere's what the IRS has to say about filing a final tax return for an individual who has passed on. I'm searching for some more specific information and will post it as soon as I have some.<br /><br /><br /><span style="font-style:italic;">Topic 356 - Decedents<br /><br />A personal representative (fiduciary) is responsible for filing certain tax returns for a person who has died, and for the decedent's estate. The personal representative may be required to file the final income tax return of the decedent and any returns not filed for preceding years, the income tax return for the estate, and the estate tax return.<br /><br />The filing requirements that apply to individuals will determine if a final income tax return is required for the decedent. Refer to Topic 351, Who Must File?, for additional information.<br /><br />Whether income must be included or deductions may be taken on the final return is determined by the method of accounting used by the decedent. Most individuals use the cash method. Under this method, the final return should show only the items of income the decedent actually received, that were credited to his account, or that were made available to him without restriction before death. Generally, expenses the decedent paid before death should be deducted on the final return. If the decedent used the accrual method, refer to Publication 559, Survivors, Executors, and Administrators, and Publication 538, Accounting Periods and Methods, for further information.<br /><br />The final return should have the word "Deceased," the decedent's name, and the date of death written across the top of the return. Generally, the person who is filing a return for a decedent and claiming a refund must file Form 1310 (PDF) , Statement of Person Claiming Refund Due a Deceased Taxpayer, with the return. However, if you are a surviving spouse filing a joint return, or a court appointed or certified personal representative filing an original return for the decedent, you do not have to file Form 1310. Personal representatives must attach to the return a copy of the court certificate showing the appointment.<br /><br />If a personal representative has been appointed, that person must sign the return. If it is a joint return, the surviving spouse also must sign it. If you are a surviving spouse filing a joint return and no personal representative has been appointed, you should sign the return and write in the signature area, "Filing as surviving spouse." If no personal representative has been appointed and there is no surviving spouse, the person in charge of the decedent's property must file and sign the return as "personal representative."<br /><br />Please refer to the Form 1041 Instructions to determine if a Form 1041 (PDF), U.S. Income Tax Return for Estates and Trusts, is required to be filed.<br /><br />You may have to file Form 706 (PDF), United States Estate (and Generation Skipping Transfer) Tax Return. Please refer to the Form 706 Instructions to determine if a Form 706 is required to be filed.</span>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com2tag:blogger.com,1999:blog-12333003.post-1161341451714951402006-10-20T06:38:00.000-04:002006-10-20T06:50:56.870-04:00Know What Your Tax Preparer is Really Doing?When you hire someone to prepare your taxes, how much do you know about what they are doing with it? Do you review your return with them before they file it? Do you receive some sort of confirmation that your return was actually submitted to the IRS by them?<br /><br />All too often people despise doing their taxes so much, they just hand over everything to a tax preparer and leave it at that. I don't recommend you do it that way. Yes, once you find a honest and credible preparer that has been doing your returns correctly for a few years, it may be possible to let the reins go a bit, but never to the point that they do it all. It's just smart business to know what's going on with your income tax returns, not to mention, it could keep you out of some very HOT water. <br /><br />I always suggest that you prepare your taxes atleast once. One of the reasons, is because you are ultimately responsible for them. If you have no idea how or what is supposed to be done, how are you going to know if your tax preparer is doing it right, or at all for that matter?<br /><br />I received this article from accountingweb.com this morning in my inbox. 3 tax preparers have been sentenced to jail time for evading not only their own taxes, but a client's as well.<br /><br /><a href="http://www.accountingweb.com/cgi-bin/item.cgi?id=102697">Dishonest Tax Preparers Get Jail Time</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1161204902578986362006-10-18T16:52:00.000-04:002006-10-19T11:43:30.546-04:00Taxes Affected by Another Natural Disaster.I just received this bulletin in my email and wanted to pass it on for those of you who were affected by the recent hurricane in Hawaii!<br /><br />Here's the link: <a href="http://www.irs.gov/newsroom/article/0,,id=163636,00.html">Limited Tax Relief for Victims of Hawaii Hurricane</a>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1161117357031770802006-10-17T16:35:00.000-04:002006-10-17T16:35:57.146-04:00Where you affected by the snow storms in New York?If you were affected by the sudden (and quite early) snowstorms in New York last week, you may want to read this.<br /><br />Do you live in Erie, Genesee, Niagara or Orleans county, New York? If so and you were supposed to file your individual tax return extension, excise or employment taxes last week but couldn't due to the snowstorm, this affects you.<br />--------------------------------------------------------------------------------<br /><span style="font-style:italic;">Issue Number: IR-2006-160<br /><br /><span style="font-weight:bold;">IRS Grants Limited Tax Relief for Victims of Snowstorm in New York</span><br /><br />WASHINGTON — The Internal Revenue Service today announced limited tax relief for taxpayers in four New York counties that were struck by snowstorms beginning Oct. 12, 2006.<br /><br />Because of the suddenness of the storm, the resulting power outages and the fact that the storm is impacting these counties at a crucial filing deadline when individual income tax returns on extension are due, the IRS is granted certain limited tax relief.<br /><br />The four New York counties are: Erie, Genesee, Niagara and Orleans.<br /><br />Deadlines for affected taxpayers to file returns, pay taxes and perform other time-sensitive acts falling on or after Oct. 12, 2006, and on or before Oct. 23, 2006, have been postponed to Oct. 23, 2006.<br /><br />In addition, the IRS will waive the failure to deposit penalty for employment and excise deposits due on or after Oct. 12, 2006, and on or before Oct. 23, 2006, as long as the deposits were made by Oct. 23, 2006. If any affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply during the period from Oct. 12, 2006 to Oct. 23, 2006. No penalty or interest will be abated for taxpayers that do not have a filing, payment or deposit due date (including an extended filing or payment due date) during this period.<br /><br />Affected taxpayers will need to identify themselves to the IRS as victims by writing (“Snow Storms -- NY”) in red ink at the top of their tax forms or any other documents filed with the IRS. Taxpayers who file electronic returns may use this disaster designation if the tax preparation software contains a “disaster feature”.<br /><br />Additional Details<br /><br />The New York counties listed above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.<br /><br />Affected Taxpayers<br /><br />Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes, and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose books, records, or tax professionals’ offices are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area are eligible for relief.<br /><br />Grant of Relief<br /><br />Under sections 6081, 6161, and 7508A, the IRS gives affected taxpayers until Oct. 23, 2006, to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date falling on or after Oct. 12, 2006, and on or before Oct. 23, 2006.<br /><br />The IRS also gives affected taxpayers until Oct. 23, 2006, to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2005-27, 2005-20 I.R.B. 1050, that are due to be performed on or after Oct. 12, 2006, and on or before Oct. 23, 2006. This relief includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2005-27. The relief described in section 17 of Rev. Proc. 2005-27, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.<br /><br />The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 or 5498 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise deposits, due on or after Oct. 12, 2006, and on or before Oct. 23, 2006, provided the taxpayer made these deposits by Oct. 23, 2006.<br /><br />To qualify for this relief, affected taxpayers should put the assigned Disaster Designation in red ink at the top of the return, except for Form 5500, where filers should check Box D in Part 1 and attach a statement, following the form’s instructions. Individuals or businesses located in the disaster area — or taxpayers outside the area that were directly affected by this disaster — should contact the IRS if they receive penalties for filing returns or paying taxes late.<br /><br />Casualty Losses<br /><br />Affected taxpayers in a Presidential Disaster Area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.<br /><br />Individuals may deduct personal property losses that are not covered by insurance or other reimbursements, but they must first subtract $100 for each casualty event and then subtract ten percent of their adjusted gross income from their total casualty losses for the year. For details on figuring a casualty loss deduction, see IRS Publication 547, Casualties, Disasters and Thefts.<br /><br />Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation in red ink at the top of the form so that the IRS can expedite the processing of the refund.<br /><br />Other Relief<br /><br />The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers who need them to apply for benefits or to file amended returns claiming casualty losses. Such taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.<br /><br />Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.<br /><br />Taxpayers may download forms and publications from this Web site or may order them by calling 1-800-TAX-FORM (1-800-829-3676). The IRS toll-free number for general tax questions is 1-800-829-1040.<br /><br />Related Item:<br /><br /><a href="http://www.irs.gov/newsroom/article/0,,id=108362,00.html">Tax Relief in Disaster Situations</a><br /><br /><br /><br /><br /></span>Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1158676720034057212006-09-19T10:28:00.000-04:002006-09-19T10:38:40.670-04:00Bookkeeping Software ReviewI've had many people ask me to recommend a good, low cost alternative to the 'big dog' bookkeeping software. I've found the one I think is perfect for work at home moms and dads and did a review of it.<br /><br />It's the most user friendly bookkeeping software I've seen in a while and even better, it's FREE!<br /><br />Have a look at the review <a href="http://www.telecommutingreviews.com/bookkeeper.html">HERE</a> for more information and then check it out. <br /><br />If you try it out, let me know what you think. I would love to hear some feedback from other work at home parents who don't work with numbers as a career!Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com0tag:blogger.com,1999:blog-12333003.post-1157538429407247962006-09-06T06:21:00.000-04:002006-09-07T15:10:25.810-04:00Long Distance Tax Refund May Be YoursIf you paid the long distance telephone tax on your home, cell, or VoIP telephone between February 28, 2003 and August 1, 2006 you may be eligible for a refund on your income taxes this year.<br /><br />The refund is based on the number of exemptions and actual phone usage and ranges from $30-$60. The best part, it's only one extra line to fill out on your tax return and you don't have to dig through your 3+ years of phone bills to figure the amount!<br /><br /><a href="http://www.accountingweb.com/cgi-bin/item.cgi?id=102534">Click here</a> for an article with more information. You can also visit the <a href="http://www.irs.gov">IRS website</a> for more details.Mama Arikahttp://www.blogger.com/profile/17644548923239129620noreply@blogger.com1