I can help indeed my friend. This was something that bugged me for ages and then I just came accross the fix from messing around.
You need to add the no margins setting from the Printer Setup Utility (Applications --> Utilities --> Printer Setup Utility).
Click on the 'Add' button. In the new window that appears (Printer Browser) click on the 'More Printers..." button (bottom right).
In the new window that appears (make sure your printer is attatched and switched on) select 'EPSON USB' from the drop down menu at the top then highlight the 'Stylus Photo 1290' from table below. Next the 'Page Setup' drop down menu should become active from which you can select 'No Margins', amongst others, to add.
Now in the Printer List 'Stylus Photo 1290(No Margins)' should be listed along with your usual 'Stylus Photo 1290'
Now when you go to print the no margins option can be selected as if selecting a different printer. I have no idea why they do it this way but I guess they must have a good reason.
If the no margins option wasn't there when you followed my instructions you may need to download and install the latest driver from the Epson website. I'm pretty sure you don't need to but I had already done so when trying to solve this problem so I'm unsure if it made a difference or not.
Hope this helps