* Clients often ask me “When to Take Social Security”. I am not a Social Security
expert, and have no experience, training, or knowledge that would allow me to
answer this question for them.
To the rescue comes the Wall Street
Journal’s WEEKEND INVESTOR, with a post on the subject that discusses several
websites that have calculators and other resources to help you answer this
question.
* My current commute in NJ is 2½ rooms – as
I work out of a (tax-deductible) home office.
When I move to PA my commute will be 1 room!
Kay Bell reminds us of a tax-free fringe
benefit for those who use a vehicle to commute, specifically a bicycle, in her
post “Bicycling Commuters, You Might Qualify for a Tax-Free Workplace Benefit”
at DON’T MESS WITH TAXES.
* The TAX POLICY BLOG of the Tax Foundation
gives us a map of the “Percentage of Filers Making Over $200,000” for tax year
2010.
New Jersey is #2 (I have heard that before
– in a different context), with 5.26% of its resident filers earning over
$200,000. Connecticut is #1at
5.46%. New York and California are #6
and #7 at about 3.92% each. Mississippi
is at the bottom of the list, with only 1.42%
This is a follow up to last week’s map of
the “Percentage of Federal Income Tax Revenue from Filers Making Over $200,000”. Connecticut was #1 again, but NJ was #3
(beaten by NY).
* The Tax Foundation trifecta ends with a
slide show for "Putting a Face on America's Tax Returns", with “All the data you need to understand taxes on
the poor, rich, middle class, and the Top 1%”.
* Trish McIntire of OUR TAXING TIMES “Learned a Couple of Things” from a recent CCH article.
*
Joe Kristan of THE ROTH AND COMPANY TAX UPDATE BLOG returns from a week-off
“gone fishing” with a beefy “Tax Round-Up”.
*
A current tweet led me to an older post that I had missed during my tax season hiatus. Peter Reilly speaks the truth when he says it is “Unfair To Knock Romney For Getting An Extension” at his FORBES.COM blog.
As
Pete points out, it would have been impossible for Mitt to file a proper return
2011 by the April deadline –
“The reason it is not possible is because Mr.
Romney is a partner in several partnerships. Likely
those partnerships are partners in other partnerships, some of which are also
partners in partnerships. Big fleas have
little fleas.”
The
deadline for filing a partnership return is the same as the deadline for filing
a 1040. I know from personal experience
that many, if not most, partnership K-1s are not sent out until after the
initial April filing deadline. This is
the source of several of my GD extensions.
And
while, as a preparer, I personally hate GD extensions, I recognize that they
are often necessary, and agree with Pete when he says –
“So if your tax preparer is telling you that
it might be a good idea to extend, don’t hold it against him too much. Also don’t think that filing an extension is some
sort of moral failure or not doing it should allow you to feel superior.”
* Tax pros – don’t forget my Special Summer Savings.
TTFN
1 comment:
You forgot to include my comment that if you are taking your dog for a ride you should follow our president's example and let him ride in the car.
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