April, 2011

Estimated Payments Due 4/15

If you owe estimates for 2011, they’re due. The IRS and states want you to “pay as you go” and this is the first date of the first payment for 2011.

You may also be aware tax returns are due on this day as well. What you may not be aware of is Friday is Emancipation Day in Washington DC, so it is a holiday, so returns are not due until the next business day, not Saturday, not Sunday, but Monday, April 18th. However, it is not a holiday in California, so CA returns are still due on Friday (but CA has suggested they’ll forgive a few days).

Vacation April 3­8, Extensions

Don’t panic. There’s still time to go on extension if you don’t reach me the first week. In order to provide better service to my clients, I’ll be spending a week away from deadline pressure in early April with my family. I may answer a few emails and schedule an appointment or two for after April 19th (I’m teaching all day after the April 18th deadline, see above). Let me know you need an extension, and be sure to receive confirmation back from me via email that I have filed the extension.

If you want to file your own personal extension, fill out Form 4868 available to download at www.irs.gov or try the link http://www.irs.gov/pub/irs-pdf/f4868.pdf?portlet=3Remember that some states require a separate extension.

Also, it’s an extension to FILE, not an extension to PAY, so if you believe you’ll owe taxes, send a check in with the extension. You’ll owe penalties on the underpaid amount.

After you file an extension, get your tax materials together, don’t wait until October. If you miss the extended filing deadline, they “void” your extension, and penalize back to April as if you never filed the extension at all.

Tax Return Preparation for 2010

The “early bird” program has been quite popular this year and I have more than the usual number of emails arriving each day,. If I don’t respond immediately, it may be because I haven’t started on your return yet. I’m still working on other returns. I’ll try to acknowledge your email within a day or so to let you know I got your tax materials. If you don’t hear from me, please let me know via email as I don’t want to miss anything.

Thanks for your patience in this busy time.

Tax Buddha Messenger Bags

Want to be the first person on your block to sport the fabulous Tax Buddha Messenger Bag? I’ve now got a “shop” on Café Press at www.cafepress.com/TaxBuddha in case you’d like to order your own Tax Buddha logo items. The messenger bag came out particularly well, not quite “saffron,” but easy to find in an airport.

The Eightfold Path to Pay Less Tax and Avoid an Audit

Eight basic things business owners want to know printed in booklet form in “Executive Summary” 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 sections on how returns are selected for audit, when to seek professional help, and how long to keep your tax records.

EBAEA—Speaker Development Group

I’m tired of going to see boring speakers for my continuing education requirements, so at the East Bay Association of Enrolled Agents we’ve started a group to help develop speaking skills. Our next meeting is scheduled for after the April tax deadline. Go to the “permalink” for the current bulletin for more information http://www.ebaea.org/Bulletin/current.pdf.

EBAEA—Audit and Representation Group

Our meeting is scheduled for Wednesday May 4. We’ll try to take a case and review it, and discuss other audit and representation issues. We’ll meet in Lafayette at Millie’s Café at 9 am, 1018 Oak Hill Road, A, just off highway 24. Go to the ‘“permalink’” for the current bulletin for more information http://www.ebaea.org/Bulletin/current.pdf

Classes—S Corporation Webinar, Basic Payroll, Schedule C and Household Employees

Here’s a link to the seminars page on my website: www.taxbuddha.com/seminars.html

I’m starting to work on an on-line S Corporation seminar for release this summer. Details to follow.

Intermediate S Corporation Class
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. A very practical class where you have the opportunity to ask questions, this class is for tax preparers.

Monday, May 16th in Alameda, CA, from 10 am to 3 pm with a one hour lunch break on your own.
Fee to attend is $225, but $175 until April 19. 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 for reservation of your spot and directions. Class size is extremely limited. Flyer is on the website at www.TaxBuddha.com/1120_S_Flyer.pdf and will be updated soon.

Basic Payroll
In conjunction with the IRS and EDD, I’ll 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 seminars will be:

San Francisco at the SBA office 455 Golden Gate Ave
9 am ­ 3 pm, April 19

San Rafael at 120 North Redwood Drive, 2nd Floor
9 am ­ 3 pm, May 3

Oakland at Elihu M. Harris State Building,1515 Clay Street, Room 20, Second Floor,
9 am ­ 3 pm, May 19

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 for business owners and bookkeepers, plus they’re free.

How to Prepare your Own Schedule C
Prepare your business taxes for ’10 and get ready for ’11. 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.

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

Household Employees
This is an update class for both employers and the tax practitioners who help them. This is currently not scheduled yet. Cost to attend this class is $75. Feel free to make a date suggestion if you’d like to attend!

If you’re in the market for QuickBooks training in a classroom setting, I recommend Mani Business Services. This is a two day QuickBooks seminar offered in various places around the country. The website is http://www.manibusinessservices.com/

Phone and Fax Numbers

Our northern California physical office is shared commercial space in Alameda and we’ve been meeting people at Starbucks on Mt. Diablo Blvd in Lafayette near the mailing address.
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