April, 2012

Estimated Payments for Many are Due April 16th

You may have a requirement to make estimated payments for your 2012 taxes, and then again, you may not. The IRS has a ďpay as you goĒ system where they ask us to make payments during the tax year. Corporations and Individuals have different due dates, and CA is not divided into four equal payments, but most calendar year people and entities have the first payment due April 15th, extended because itís Sunday.

How do you know what to send in? The default amount is to pay ľ of what you owed for the prior year. This may be problematic if we havenít finished your return for the prior year! For corporations, the payment due for the minimum CA tax is $240, but may be more if you owed more money in the prior year.

What was your income in the first Quarter? If itís less than last year, you may not need to send in as much as the prior year.

Oh, and individual returns or extensions are also due April 16.

Some of you know, Monday April 16 is Emancipation Day in Washington DC, and therefore a holiday, extending the deadline by ONE MORE DAY, but I donít want to encourage waiting until the last minute, so Iím not going to mention that.

More to Say

You’d think I’d have more to say, but it’s been a busy time. I’ve engaged help from Ann Opara, CPA, this season, but “my portion” of the work has still increased over last year. There also seem to be more complex tax situations this year that have run the gamut of large amounts due to large refunds. A number of clients are on extension, either because they haven’t collected their materials, or because I haven’t had the time to properly prepare their returns with accuracy.

Little Box of Inc: Incorporations Made Easy published on Kindle

The book with tips about how the S Corporation works is now published to Amazon’s Kindle, updated with additional information about S Corporations, and can be found by searching for Andrew S Rogers as author, and click on “Kindle.” Here’s the blurb:

Considering incorporating as an S Corporation? This booklet will help you understand how the S Corporation works, what you need to do to become incorporated and what you need to do once you have a corporation to stay out of trouble. The structure and the requirements are reviewed, as well as helpful tips to use your corporation to reduce your tax liability and retain your status as an S Corporation. I’ve worked with S Corporations for many years, and as a tax preparer, I can choose the kind of entity I have for my business: I choose the S Corporation myself, and I’ve convinced many of my fellow tax preparers to incorporate as well. I’ve divided the information into clear, easy-to-understand topics, and cross-referenced sections when it might be helpful.

After you’ve read this material, you can view on-line videos via YouTube.com for free to access more advanced information about S Corporations. You may also be interested in my “Choice of Entity” class – see below.


Household Workers Payroll Tax 2012 published on Kindle

If you have someone providing child or elder care in your home in California and you’re paying them more than $750/quarter or $1,800/year, you need this book! Clear instructions with examples to help you calculate wages properly and stay out of trouble (even if you are not running for senate!). Don’t expose your parents or yourself to the risk of a worker injury or filing an unemployment claim. Pay them right! Updated for 2012 and includes both Federal and California rules.

Tax Buddha Messenger Bags

Want to be the first person in your tax bracket 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 a booklet 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.†Hereís 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—Audit and Representation Group

Our Audit and Rep meeting is scheduled for the second Wednesday each month, but is on hiatus in March and April, so expect the next meeting May 9th. Unless I receive a case, we won’t have CPE available. I’ll still go to breakfast, but we won’t have an official meeting (I have breakfast nearly every day!). At Audit and Rep, we’ll try to take a case and review it, and discuss other audit and representation issues. We meet in Lafayette at Millie’s Café at 9:30 am for two hours at 1018 Oak Hill Road, A, just off highway 24. Go to the link for the current bulletin for more information http://www.ebaea.org/Bulletin/current.pdf. If we have a case and I can get the IRS authorization before the day, be sure to bring $5 and your PTIN number, and we’ll mail you a certificate for CPE.

The Speakers Development Group is on hiatus until after the tax season.

Classes—Official IRS Education Provider, New On Line Catalog, Basic Payroll, Tax Update and Household Employees, Schedule C and Entity Choice Workshop

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

Here’s a new link to my On Line catalog of classes, not quite finished: https://student.gototraining.com/67ts9/catalog/777367154206641920

I’m an official education provider. You can find my name (Tax Buddha) listed at the IRS website: https://ssl.kinsail.com/partners/irs/publicListing.asp where you’ll see I’m qualified to provide federal tax update and federal tax classes for EA’s and RTRP’s. (I just knew I should have used the name AAAAA Tax Buddha!)

Basic Payroll
In conjunction with the IRS and EDD, I’m 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 Market Street, 6th floor (I take BART to Embarcadero or Montgomery Street)
9 am ≠ 3 pm, May 1.

Oakland at 1515 Clay Street, 2nd Floor, Room 11, in the Eliju Harris Building
9 am ­ 3 pm, July 25.

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.

Tax Update
I have an IRS CPE approved class available on the web for Enrolled Agents and RTRPs who need an hour of credit. This was first presented for the East Bay Association of Enrolled Agents as a January 2012 dinner meeting topic. See my online catalog at
https://student.gototraining.com/67ts9/catalog/777367154206641920 or email me at Andy@TaxBuddha.com.

Household Employees
This is an update class for both employers and the tax practitioners who help them. This is now online. For more info, please email me at Andy@TaxBuddha.com or see the Kindle book at Amazon.com.

How to Prepare your Own Schedule C
Get ready for next year and filing your own Schedule C for last year. Review what the IRS wants to know from you and how to report it 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 SBA office in San Francisco at 455 Market Street, 6th Floor.
Tuesday, August 14, 6:00 pm – 8:30 pm.

Phone and Fax Numbers

Our northern California physical office is shared commercial space in Alameda, but we’ve been meeting people at Starbucks on Mt. Diablo Blvd in Lafayette near the mailing address.
Phone numbers are:
Phone (510) 332-0401
Fax (925) 478-2726
Our mailing address:
3527 Mt. Diablo Blvd #366
Lafayette CA 94549

“You too can be enlightened about tax” — Tax Buddha