Wednesday, June 29, 2011


* Only last week I consulted with Bruce, the MISSOURI TAX GUY, on issues involving an LLC electing to be taxed as a corporation and further electing sub-Chapter S status – and what do I find in my online “wanderings” but a post by Bruce answering the question “Can an LLC Be Taxed as an S Corp?”!

* Kay Bell suggests “Want to Erase the Deficit? Enact a Stupidity Tax” at DON’T MESS WITH TAXES.

Scott Adams, the man who's made a fortune by making fun of the stupidity that abounds in much of corporate life, wants to use that concept in our real world.

Specifically, he's suggesting a stupidity tax

This is a great idea! I would certainly support taxing idiots like Donald Trump and those who appear on reality tv (if Snookie, the slut from THE JERSEY SHORE, was upset about the tanning tax, she will be livid about this).

However I expect it would never be passed by Congress. We all know that the members of Congress are, for the most part, idiots and probably would pass a tax on themselves.

FYI, Scott Adams writes the comic strip DILBERT.

* Trish McIntire has transferred her blog series on starting and operating a small business from OUR TAXING TIMES to her new MOM AND POP’S blog, introducing the move with “Biz Background Series”.

* Another list. My home state of New Jersey is number 9 on a list of “10 Tax-Unfriendly States for Retirees 2011” from via my Yahoo homepage.

Its nickname may be the Garden State, but New Jersey is no Eden for retirees. The Tax Foundation says New Jersey's combined state and local tax burden is the highest in the nation, thanks in part to sky-high property taxes.”

I did not see Pennsylvania, where I plan to retire to, on the list. PA does not tax pensions.

* Even I learned something from the latest in TAX GIRL Kelly Phillips Erb’s “Deduct This” series at her blog – “Deduct This: History of the IRA Deduction”.

* Roberton Williams gives an excellent example of “Why Nobody Understands the Income Tax: The Case of the Homebuyer Credit” at TAX VOX, the blog of the Tax Policy Center.

As RW closes –

The credit was a terrible idea for many reasons, not least because it added massive complexity to a process that already frustrated most people. Is it any wonder why people are so unhappy with their government?

Credits like this, and especially this credit, do not belong in the Tax Code!

Have you been reading my continuing blog series on how I would re-write the Tax Code? I haven’t received any comments on any of my ideas lately.

* Kristine McKinley discusses the Social Security Administration website and provides “Tips for Completing Your Social Security Application Online” in an article at EZINEARTICLES.COM.

I echo Kristine’s ending –

Social Security retirement benefits are an important part of most people's retirement income. There are many rules regarding when you can collect benefits which will affect your retirement income. Whether you are a career person or a homemaker, it's important that you understand the Social Security eligibility rules so you can maximize your Social Security income.”

* While anything preceded by FOX is not the best source for “fair and balanced” information on any topic, George Saenz answers an oft-asked “Dear Tax Talk” question on “Deducting Taxes on Unimproved Land” correctly at FOX BUSINESS.COM.


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