SANDYhas created a mucking fess in New Jersey to rival the Tax Code. Many of my friends and clients all over theGarden State, including my sister in Hudson County, were, or as of this writingstill are, without power. In my newhometown in Northeast PA only 16 PPL customers were without power, and I wasnot one of them.
However,SANDY has not affected the tax BUZZ. Lots to talk about – and I can again provide a special Fridayinstallment.
*TAXGIRL Kelly Phillips Erb gives us some advice on “Helping Out After Hurricane Sandy”.
Especiallygood advice for those who want to help by donating money -
“Be wary of personal solicitations on yourdoorstep or over the phone. Make sure that your gifts made by checks or creditcard gifts are secure.”
And-
“Check out the credentials of a potentialdonee/charitable organization before you make a donation.”
And-
“The rules for charitable giving still applyeven in situations that feel chaotic. That means that only contributions toqualified tax-exempt charitable organizations are deductible – donations toindividuals don’t count. Be sure to document your gifts and get receipts.”
*Jason Dinesen continues the saga with “Tax Identity Theft – Part 8” at DINESENTAX TIMES.
Iecho what fellow tax blogger Joe Kristan has “tweeted” to Jason –
“You've done a great job putting a face onthe identity theft epidemic.”
*Click here to download the Tax Foundation’s 198-page report “Location Matters:A Comparative Analysis of State Tax Costs on Business”.
*Say what you will about the IRS, the Service’s website certainly provides greatresources for tax information – including over 150 videos. Click here for the IRS video page.
*Eva Rosenberg, the internet’s TAX MAMA (is there a Tax Papa?) talks about “Reverse Mortgages”, which have become more popular lately via celebrity-fronted tv ads.
“Mama”explains that there is no current mortgage interest deduction for a reversemortgage –
“In a reverse mortgage, the homeowner isn’tpaying any interest. They are receivingloan draws on a monthly basis. All the interest is deducted at the end, whenthe mortgage is paid off.
Remember, a cash-basistaxpayer only gets deductions when s/he PAYS a bill.”
Andwarns –
“These loans are not a benign and helpful asthey seem to be. They can cost the senior borrower their home, if they are notcareful – even though the big print says they can stay in the home until theydie. It’s not exactly true.”
*Joshua Wilson reminds us why it is important that you should “Reconcile Your Bank Accounts: Business & Personal”.
*The Tax Foundation has a “MyTaxBurden” Tax Policy Calculator.
“This calculator gives you an estimate ofyour federal tax burden under a variety of scenarios. The three defaultscenarios are: full expiration of all Bush-era and Obama tax cuts, theRepublican plan to extend the Bush-era tax cuts (H.R. 8, the Job Protection andRecession Prevention Act of 2012), and President Obama's plan to partiallyextend these cuts for families making under $250,000 per year ($200,000 forsingle filers) as well as extending tax cuts in the 2009 stimulus bill.”
*Kristine McKinley has an online article that details “Social Security's Gift to Married Couples: The Spousal Benefit”.
*On Halloween Kay Bell of DON’T MESS WITH TAXES listed “6 Tax Terrors and How to Overcome Them” at her BANKRATE.COM blog.
Itis very simple to avoid these “tax terrors”. Hire a competent tax professional, either an Enrolled Agent (EA) or aRegistered Tax Return Preparer (RTRP), give that person all the informationhe/she asks for, and be honest.
Oneword of warning. Kay suggests – “If your tax situation is not overlycomplicated, computer software might be enough to help you file with a bit moreconfidence”. Sorry, Kay, but this issimply not true. No tax preparationsoftware package is a substitute for knowledge of the Tax Code, and no taxpreparation software is a substitute for a competent tax professional.
*The Mercatus Center of George Mason University in Arlington VA has publishednew study “A Trillion Little Subsidies: The Economic Impact of Tax Expenditures in the Federal Income Tax Code”.
“(The)study looks at the ten largest taxexpenditures for individuals and corporations and weighs the economic impact ofeach. The study also reviews the intended-vs-actual beneficiaries and outcomesof particular tax expenditures and considers the economic and politicalimplications of eliminating all expenditures in a single swipe.”
THEFINAL WORD
Aslong as you are going to send out Christmas cards this holiday season why notpurchase them from a charity.
Ihave been sending out Christmas cards from the American Humane Association foryears now.
Clickhere to visit the Association’s Holiday Card Center.
TTFN
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