* Speaking of MAINSTREET.COM – want to know “Who Was the Richest President?”.
* Shop till you drop! Kay Bell tells us about “Memorial Day State Sales Tax Holidays for Shoppers in Virginia, Texas and Louisiana” at DON’T MESS WITH TAXES.
* Kay also posts about a recent Tax Foundation study that finds “Southerners Pay Fewest Taxes”.
As Kay reminds us that “according to 2008 IRS data, a record 52 million filers (or 47 percent of the 143 million who filed a tax return for that year) had no tax liability”, and goes on to say that, according to the report, “Southern states have the highest percentages of nonpayers”.
* Approximately two hundred IRS Taxpayer Assistance Centers across the country will open on Saturday, June 5th, to provide help to individual taxpayers dealing with notices and payments, return preparation and a variety of other tax issues. Each office will be open from 9:00 a.m. until 2:00 p.m. local time.
Click here to find the locations in your state – and here for the locations in NJ.
* The Tax Foundation’s TAX POLICY BLOG reports on “Pork Barrel Tax Provisions in the Extenders Bill”.
* Joe Kristan (the ROTH AND COMPANY TAX UPDATE BLOG) in “Reputation and Skill” and Monica Lawver (THE TAX CPA) in “The Fuzzy Definitions” eloquently discuss the totally ridiculous idea of applying “self-employment tax to some -- but only some -- professional S corporations” that is part of the current “extenders bill”.
With the success of the Limited Liability Company entity, which provides liability protection while permitting the more flexible method of allocating income and expenses of a partnership, is the “sub-chapter S” corporation form really relevant any more?
* And, speaking of the “extenders bill”, Joe also tells us that “Extender Bill Extended to Next Month”. Joe tells us it “won't pass the house until after Memorial Day”.
* Howard Gleckman takes a scholarly look at the home mortgage deduction in “Should We Dump the Home Mortgage Interest Deduction?” at TAXVOX, the blog of the Tax Policy Center.
Perhaps the only reason most of my Schedule A filers are able to itemize is the mortgage interest deduction – and I would not necessarily want them to lose this deduction. However I might consider replacing the deduction with a non-refundable credit.
* Before I go – a thank you to Joe of CAFETAX for including me in his “Tax Around the Web” post and including TWTP as one of his favorite blogs. Check out Joe’s blog when you get a moment.