* Kay Bell of DON’T MESS WITH TAXES reminds us that “Even if you're not feeling under the weather, now might be a good time to stock up on cold treatments and other over-the-counter (OTC) medications, especially if you have a flexible spending account (FSA).” in her post “Flexing Your Medical Account Muscle”
* The Tax Foundation has compiled “Our Wish List for Tax Policy in 2008” (“our” meaning “their”) over at the TAX POLICY BLOG. I agree with the list, especially #’s 1, 3 and 10, and would add THE WANDERING TAX PRO to #9. Unfortunately I also tend to agree with Joe Kristan of the ROTH AND COMPANY TAX UPDATE BLOG who predicts “Sadly, I think they'll go 0-10”.
* Check out the Tax Policy Center’s “First Annual Lump of Coal Awards” over at TAXVOX. The post presents the five biggest fiscal losers of 2007. Of course #1 is the AMT Patch.
* TAX GIRL Kelly Phillips Erb lists her “Top Taxgirl Headlines of 2007”. She mentions a few items I forgot to mention in my “2007 – THE TAX YEAR IN REVIEW” posting – especially the fact that Richard Hatch, the fat naked idiot who won the first “Survivor” tv contest, was convicted of tax evasion despite an appeal and sent to prison.
* Did you know that the Internal Revenue Code still limits the tax deduction for gifts from businesses to clients, customers and patrons to $25.00 per person, per year, plus incidental costs like engraving, packaging, insurance and mailing? It has been $25.00 for as long as I have been preparing tax returns, and I started in February of 1972! Of course you can give a gift that costs $100.00, but you can only deduct $25.00! It is one of many items that have never been indexed for inflation.
* Nice try, but can’t beat the “wash sale” rules by selling 100 shares of a stock at a loss and then purchasing 100 shares of the same stock in your IRA account within a 30-day period. According to IRS Revenue Ruling 2008-05 -