Wednesday, July 28, 2010



* Kay Bell also attended the NATP conference in Austin, which is where she lives, although we did not manage to connect (my fault, I fear). Unlike me, she wrote new posts at DON’T MESS WITH TAXES during the week.

I plan to check out the Tax Foundation calculator she discusses in the post “Your 2011 Tax Burden”.

* Kay refers to NATP members in her post “Atypical Tips and Taxes”.

Over the years I have received “gifts” from clients that could probably be considered tips – as did my mentor Jim Gill. Jim received a convertible couch from one client, and a refrigerator from another – two items that came in handy in our office. My gifts have not been as substantial, although I have received original artwork from clients who are artists and the occasional restaurant and gift card.

* And Kay provides some guidance in answering the question “Are You Ready for a ROTH?” taken from one of the educational sessions offered at the NATP conference. I attended the same class that Kay mentions in her post – although not the same session as Kay (classes are offered at least twice at different times during the conference).

I am sincerely sorry Kay and I did not meet at the NATP conference (again – my fault, I fear). Maybe at a future conference.

* I don’t want to make this BUZZ all about Kay, but she had a lot of great posts over the past 10 days. She gave us the word on back-to-school sales tax holidays in “Sales tax holidays 2010”.

* The last of Kay - If you want to learn more about the Yellow Rose of Taxes check out the post “TAP Member Spotlight: Kay Bell–Journalist, Author, and Self-Proclaimed Tax Geek!!!” at JUST IN TIME WITH JUSTIN.

* Diane Kennedy and Megan Hughes have a series of posts on the LLC form of business organization over at DIANE KENNEDY’S US TAXAID blog. Last Friday’s entry was “5 Reasons Why Series LLCs Rock

* While I was away Kelly Phillips Erb celebrated the 5th Anniversary of her excellent TAXGIRL blog. Kelly discusses the milestone in “Me, Me, Me. It’s All About Me”.

Congratulations to KPE! TG is a great, and truly helpful and informative, blog. Keep up the good work!

* Kelly spreads the word that “Smaller Charities Get Important Extension”, with important information for small non-profit organizations. The IRS has a list of "Organizations At Risk of Automatic Revocation of Tax-Exempt Status".

* Bruce, the MISSOURI TAX GUY, who I had initially hoped to finally meet in Austin, filled the BUZZ void with his weekly Sunday “Reads from Last Week”. Lots of good posts mentioned here.

* Bruce also has a great post with “10 Things” that a new small business owner should do and 10 that he/she should not do.

He makes a very important point twice, once in each list –

Keep business and financial records separate, and don’t intermingle the two” and “Never put your personal and business assets together”.

And another very important Should Not –

Don’t touch money that’s been withheld for tax purposes like payroll or sales tax and use it for anything else — even if you’ve got an ‘emergency’.”

* Trish McIntire of OUR TAXING TIMES discusses this issue in more detail in her post “The Most Dangerous Money”.

* Jean Murray discusses the Small Business Jobs Tax Relief Act, which I mentioned in an earlier post at TWTP, in "Small Business May Finally Get a Tax Break”. She tells us “it passed the House and is currently in the Senate”.

As I had previously mentioned, the one provision of this bill that I really like is – “The bill allows business owners to deduct the cost of health insurance for themselves and their families from their self-employment tax”.

* TAX MAMA Eva Rosenberg hits the nail on the head with her response to a question from a reader in “Tax Advice from Friends”. She echoes my thoughts when she says -

But that’s one of my pet peeves, listening to well-meaning, but ignorant friends, instead of consulting a tax professional for tax advice.

Friends are terrific – to have fun with, and socialize with. But…it’s like asking some well-meaning buddy to fix a cavity in your tooth, rather than a dentist. Yeah, he heard some tips about how to do that. Don’t bother going to a dentist who spent years studying – or a tax professional who is constantly studying the new tax laws

* FORBES.COM has a good article on “Five Rules For Inherited IRAs” by Deborah L. Jacobs.

* Elsewhere at FORBES.COM Eric Fox provides a good overview of the “Bush” tax cuts that will expire on December 31, 2010 if Congress doesn’t get off its arse and do something in “How Will The Expiring Bush Tax Cuts Affect You?”.

* Joe Kristan has returned from his well-deserved vacation – and asks the question “Is Extreme Remodeling a Charitable Contribution?” at the ROTH AND COMPANY TAX UPDATE BLOG.

* Ron Tueber’s “Friday's Tax Quote - July 23, 2010” was a great one –

Blessed are the young, for they shall inherit the national debt." - Herbert Hoover

* Before I go some non-tax BUZZ - Kudos to NJ Gov Chris Christie for speaking out against the steaming piece of excrement known as MTV’s “The Jersey Shore”. On a Sunday ABC news program the Republican governor said the so-called “reality” series is a "negative" for New Jersey because, as is basically the case with just about every so-called “reality” show, it doesn’t in any way, shape or form reflect reality!

Christie said it "takes a bunch of New Yorkers, drops them at the Jersey Shore and tries to make America feel like this is New Jersey."

I was shocked to learn while in Austin that the self-absorbed brain-dead arseholes (that describes anyone who appears on a reality tv show – doesn’t it) on The Jersey Shore make $30,000 per episode!

There was more good news this morning on the “reality tv” front. One of the idiots on the Desperate Housewives of New Jersey, another slice of dog waste, is bankrupt ($11 Million in debt) and according to a headline, “NJ 'Housewife' Teresa Auctions Off Contents of Foreclosed Mansion”.

Who watches this shit?



Denise said...

Great buz!

Kelly said...

Thanks for the shout out about my blogging anniversary. I am so blessed to be able to count folks like you among my colleagues and inspiration! ;)