* Kay Bell introduces us to a new IRS Schedule, “Schedule L, A New Form for Nonitemizers” at DON’T MESS WITH TAXES.
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This is the first new lettered “Schedule” to be added since I have been in the business – with the exception of the, was it Schedule W (?), that was created in the 1970s for a special benefit for husband and wife who both worked (if memory serves me – does anyone else remember this Schedule?).
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Click here to download the official IRS draft copy of the new Schedule L. The damned thing looks more complicated than the Schedule A!
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* Kay also tells us that the “death tax” will probably live on in “Death and Taxes Will Continue”.
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According to Kay, who quotes the Wall St Journal, “The House is expected to propose a one-year extension of the federal estate tax rather than let the scheduled 2010 full repeal take effect”.
..
This is the first new lettered “Schedule” to be added since I have been in the business – with the exception of the, was it Schedule W (?), that was created in the 1970s for a special benefit for husband and wife who both worked (if memory serves me – does anyone else remember this Schedule?).
.
Click here to download the official IRS draft copy of the new Schedule L. The damned thing looks more complicated than the Schedule A!
.
* Kay also tells us that the “death tax” will probably live on in “Death and Taxes Will Continue”.
.
According to Kay, who quotes the Wall St Journal, “The House is expected to propose a one-year extension of the federal estate tax rather than let the scheduled 2010 full repeal take effect”.
* I wonder if a certain blogger who thinks CPAs walk on water has seen this item (click here). The "crooks" in this scheme included 4 CPAs, 5 EAs and unenrolled preparers.
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* Kiplinger has come up with a list of “Top 10 Tax-Friendly Cities” – the “ten cities in the nation that have the lowest overall tax burden”. I was surprised to see Seattle at #4 and Chicago at #10. Obviously none of the cities are in New Jersey or New York.
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* Newsday reports that “NYS Rolls Out Tax Credit for First-Time Home Buyers”. According to the article - “The program, called the Mortgage Credit Certificate, would allow home buyers to take a dollar-for-dollar deduction of 20 percent of mortgage interest paid.”
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It is expected that, “The average homeowner can save about $1,520 per year for the first 10 years, officials said, and as many as 700 borrowers might be able to take the deductions this year.”
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Obviously this applies to the NY state income tax return only.
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* Roni Deutch offers “A Deeper Look at the Cash for Clunkers Program” at her TAX LADY blog.
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* Kelly Phillips Erb, the TAX GIRL, has put out a “Call for Guest Posts: What Would You Like to See Change in Congress?”
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Here’s the scoop –
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“I’ll take guest post submissions for publication the week of August 30. You can take any position that you want but the post must focus on what you’d like to see change with respect to taxes – that can include financing health care reform, estate tax repeal, etc., but anything that’s clearly meant to be an “issue piece” about something other than taxes (i.e. abortion, gun control) will be disregarded.”
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I have already send Kelly my entry.
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* And TAX GIRL Kelly continues working through the alphabet with her “State Tax Primer from A to W: Connecticut”.
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I have never done a CT state income tax return. That is because I do believe that CT is fairly new to the state income tax game.
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* Before leaving Kelly, check out the tax haikus, including mine (in comments) at “More Tax Haiku”.
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* Prof Jim Maule continues his discussion of the CBO report I mentioned in Wednesday’s BUZZ in “More of Those Possibly Looming Tax Law Changes” at MAULED AGAIN.
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Jim reiterates a suggestion that he and I share – “it also would make sense, as I have advocated in the past, to eliminate depreciation on real property”. I first wrote on this subject in “Here Is Something to Think About”.
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* The Small Business Taxes and Management site provides some good advice to “Prepare for Hurricane Season” in the August 13th “Tip of the Day”.
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* Bloomberg.com reports that “U.S. Foreclosure Filings Set Third Record-High in Five Months”. Business Week tells us that this sad state of affairs probably could have been avoided if US financial institutions had taken a few cues from Canada in “What American Bankers Can Learn from Canada”. Apparently Canadian banks managed to make it through the financial crisis.
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The Business Week article offers 4 lessons that the US banking system can learn from Canada. I especially like the first lesson - “Homeownership Is Not a Constitutional Right”.
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* Pigs are flying! It is a miracle – the NJ Division of Taxation has actually sent a taxpayer an apology for a FU! Check out “Are Those Winged Pigs I See” at my NJ TAX PRACTICE BLOG.
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*You mean things could have been worse! Nothing to do with taxes – but “Report: Cheney Felt Bush Stopped Taking His Advice”.
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TTFN
* Kiplinger has come up with a list of “Top 10 Tax-Friendly Cities” – the “ten cities in the nation that have the lowest overall tax burden”. I was surprised to see Seattle at #4 and Chicago at #10. Obviously none of the cities are in New Jersey or New York.
.
* Newsday reports that “NYS Rolls Out Tax Credit for First-Time Home Buyers”. According to the article - “The program, called the Mortgage Credit Certificate, would allow home buyers to take a dollar-for-dollar deduction of 20 percent of mortgage interest paid.”
.
It is expected that, “The average homeowner can save about $1,520 per year for the first 10 years, officials said, and as many as 700 borrowers might be able to take the deductions this year.”
.
Obviously this applies to the NY state income tax return only.
.
* Roni Deutch offers “A Deeper Look at the Cash for Clunkers Program” at her TAX LADY blog.
.
* Kelly Phillips Erb, the TAX GIRL, has put out a “Call for Guest Posts: What Would You Like to See Change in Congress?”
.
Here’s the scoop –
.
“I’ll take guest post submissions for publication the week of August 30. You can take any position that you want but the post must focus on what you’d like to see change with respect to taxes – that can include financing health care reform, estate tax repeal, etc., but anything that’s clearly meant to be an “issue piece” about something other than taxes (i.e. abortion, gun control) will be disregarded.”
.
I have already send Kelly my entry.
.
* And TAX GIRL Kelly continues working through the alphabet with her “State Tax Primer from A to W: Connecticut”.
.
I have never done a CT state income tax return. That is because I do believe that CT is fairly new to the state income tax game.
.
* Before leaving Kelly, check out the tax haikus, including mine (in comments) at “More Tax Haiku”.
.
* Prof Jim Maule continues his discussion of the CBO report I mentioned in Wednesday’s BUZZ in “More of Those Possibly Looming Tax Law Changes” at MAULED AGAIN.
.
Jim reiterates a suggestion that he and I share – “it also would make sense, as I have advocated in the past, to eliminate depreciation on real property”. I first wrote on this subject in “Here Is Something to Think About”.
.
* The Small Business Taxes and Management site provides some good advice to “Prepare for Hurricane Season” in the August 13th “Tip of the Day”.
.
* Bloomberg.com reports that “U.S. Foreclosure Filings Set Third Record-High in Five Months”. Business Week tells us that this sad state of affairs probably could have been avoided if US financial institutions had taken a few cues from Canada in “What American Bankers Can Learn from Canada”. Apparently Canadian banks managed to make it through the financial crisis.
.
The Business Week article offers 4 lessons that the US banking system can learn from Canada. I especially like the first lesson - “Homeownership Is Not a Constitutional Right”.
.
* Pigs are flying! It is a miracle – the NJ Division of Taxation has actually sent a taxpayer an apology for a FU! Check out “Are Those Winged Pigs I See” at my NJ TAX PRACTICE BLOG.
.
*You mean things could have been worse! Nothing to do with taxes – but “Report: Cheney Felt Bush Stopped Taking His Advice”.
.
TTFN
1 comment:
Hello and thanks for your post. As I am a Canadian your article was very interesting for me. I agree that the Canadian banks can handle the crisis better than the American ones. However, the problem is that the people in the US haven't learnt not to live on loans. If they do not stop taking purchase loans and/ or mortgages, the situation will hardly recover.
All the best,
Jay
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