October, 2009


Individual Returns Due 10/15

October 15th is just a week away. If your 2008 return is not finished, you need to take an active role to avoid late filing penalties. (These are in addition to late PAYING penalties). Send me an e-mail NOW if you want to be on my schedule. I do have space available, but you should get me what you can now and be sure you hear from me. You can e-mail, fax or drop things off at the PO Boxes in Berkeley and Lafayette.

The Corporate Information Scams - Minutes, Statements, and Posters

This turned out to be way more popular a topic in September than I expected, many people reported receiving scam letters that appeared to be “official” from the Secretary of State. Take a look in the archives to see what I said last month, coming soon!

Also the IRS doesn’t tell you about amounts due or “refunds” via e-mail, a phishing scam.

The Eightfold Path to Pay Less Tax and Avoid an Audit

Eight basic things all business owners need to be masters of is printed in booklet form. Think of this as ten years of working with the IRS Tax Code distilled down so it Eight basic things business owners want to know printed in booklet form. This is ten years of working with the IRS Tax Code distilled down so it doesn’t take YOU ten years.

Just another way we’re trying to simplify your life. And the purchase is tax deductible!

You can order from Amazon.com. Here’s the link to Amazon:
http://www.amazon.com/Eightfold-Path-Less-Avoid-Audit/dp/0615233422/ref=sr_1_22?ie=UTF8&s=books&qid=1226611038&sr=1-22

The booklet also contains a sections on how returns are selected for audit, when to seek professional help, and how long to keep your tax records.

Classes – Intermediate S Corporation, Basic Payroll, Train the Trainer and Schedule C. Household Employees

Intermediate S Corporation Class will be presented in Alameda to up to five participants. This is an intermediate class, so we won’t be discussing how to fill out the form. Rather, we’ll be looking at how to quickly solve the most common problems encountered with preparing an 1120S, and what to do now to reduce the likelihood of future problems.Class is limited to 5 participants, so you’ll be able to ask all your questions. I moved the time up by an hour because it was difficult to get to Alameda in morning traffic.

“This is the best class on S Corps I’ve ever been to, and I’ve been to a lot.”

There are three new dates:

Five of the spots are already taken by people who were too late to get into the October class because it was full.

This class will be held in the Law Office Conference Room, 1516 Oak Street, Suite 109 in Alameda CA. Fee to attend is $225, but reduced to $175 for NAEA/CSEA members. CPE credit of 4 hours available for Enrolled Agents who attend, no credit currently available for CTEC, but it’s a good class.

Send me an e-mail if you want to attend. Flyer is on the website at www.TaxBuddha.com/1120_S_Flyer_2010.pdf

In conjunction with the IRS and EDD, Andy's going to be doing some Basic Payroll seminars coming up in the near future.

Basic Payroll
Seminar runs 9 am – 3 pm with an hour for lunch

The next seminar will be
Basic Payroll in San Francisco at the SBA office 455 Market Street, 6th floor (I take BART to Montgomery Street) 9 am – 3 pm.
October 28th, November 18th, and December 16th.

Basic Payroll in Oakland at Elihu M. Harris State Building,1515 Clay Street, Room 2, Second Floor, 9 am – 3 pm.
November 4th and December 2nd.

Register by going to http://www.edd.ca.gov/Payroll_Tax_Seminars/ and find your favorite location.

These seminars have proven to be very popular, plus they’re free.

How to Prepare your Own Schedule C
Prepare your business taxes for ’09 and get ready for ‘10. Review what the IRS wants to know from you and how to report it on the Schedule C for your business. This is a class for business owners who need a basic understanding of their 1040 Schedule C tax forms. We’ll also talk about what to do with the numbers once you have them. We can’t guarantee you won’t get audited, but this class will make it less likely.

Andy will be at the US Small Business Administration offices in San Francisco at 455 Market Street, 6th Floor Thursday November 19th, 6-8:30 pm. This class will be free. To register, check out the SBA website www.SBA.gov, or just show up.

Household Employees class will be December 14th, 100 Lafayette Circle, in Lafayette, for a half day. If you or your clients want to be confirmed for senate, you may want to attend. The IRS rules for Household Employees are very different from commercial employers. We’ll review what needs to happen to properly close out ’09 and changes for 2010. This will be through the East Bay Association of Enrolled Agents, who will handle registration.

I went to a class on QuickBooks given by Kim Woodrum. If you’re in the market for QuickBooks training in a classroom setting, I recommend her. She teaches a two day QuickBooks seminar and travels a great deal. Her website is http://www.manibusinessservices.com/

For Relaxation and Clear Thinking: On The Spot

To carry you through the stressful tax season, we recommend meditation and that you check out On The Spot Massage at http://www.onthespotmassage.com/corporate.html to help you relax. A relaxed mind is a clear thinking mind. We have some discount cards for $5 off at the Alameda Natural Grocery location on Park Street, open daily 11 am – 7 pm. Ask us for one! One of my compadres has them in for her whole staff during tax season.

Classes Iíve been Taking

In September I went to another ethics class taught by Tom Johnston, E.A. which was quite good. Enrolled Agent’s are required to take two hours of ethics courses each year in addition to the rest of the training we’re required for maintenance of our license.

Although I’d intended to go to Sacramento for more training and a CSEA conference in late September, we moved house instead, and although I am currently working from a home space mostly devoted to work (with a view) I still don’t qualify for a home office deduction.

I also took a class about preparing tax returns for day care providers, the home office rules are quite different for day care than for “normal” businesses—you can have up to 100% of the home used for business, reduced by the hours of the daycare business is open. The recordkeeping requirements for daycare are quite intense, so you’ll get no sympathy from me if you can’t keep a mileage log!

I also read The 50th Law by Robert Greene and 50 Cent, about fearlessness and its utilization in business environs. It seems a little choppy, as the same narrative is used in several chapters to illustrate different principles. Perhaps it started out as a series of articles?

Phone and Fax Numbers

Our northern California physical office is shared commercial space in Alameda. Phone numbers are:
Phone (510) 522-2300
Fax (510) 522-2307
Our mailing address:
3527 Mt. Diablo Blvd #366, Lafayette CA 94549

“The hardest thing in the world to understand is the income tax.” — Albert Einstein, physicist