Friday, January 18, 2013
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – FRIDAY EDITION
“A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.”–G. Gordon Liddy
* Check out my Tax Tips “Document Your Charitable Deductions, Taxpayer” and “Consider All Your Options” at MAINSTREET.COM.
* Russ Fox of TAXABLE TALK tells you “What $4.95 Buys These Days” – my ebook “My Best Tax Advice”.
Thanks, Russ, for the plug! Glad you enjoyed the book.
* “The 1040 is Ready! The 1040 is Ready!” So announces Kay Bell at DON’T MESS WITH TAXES.
The 2012 Form 1040 and 1040-A had previously been published by the IRS with certain lines marked as “Reserved” for not-yet-extended “extenders”. The forms have now been revised to identify the now-extended deductions.
The 2012 Schedule A has also been revised to identify the option to deduct state and local sales tax.
* Thanks to Alltop.com I came across TAXGIRL Kelly Phillips Erb’s annual “2012 Round-Up: The Year In Taxes” – at her old blog site and not at FORBES.COM.
Unlike my year in review post, Kelly’s provides links to the most popular TAXGIRL posts for 2012, her favorites, and the most important.
* Jamaal Solomon, E.A. continues his TAX FACTOR series with “Tax Organizer for Business Professionals”.
* Jason Dinesen reminds those who report residential rental income to properly allocate the cost of the property between land and building in “Rental Properties and Basis Allocation” at DINESEN TAX TIMES.
I often use his suggested method of allocating land via the property tax valuation. I have also used 75% building - 25% land as a general “rule of thumb” if the property tax valuation % does not seem appropriate.
* While I support the RTRP regime (except for testing), I do agree with Joe Kristan and others that it will not stop tax fraud. And I do believe that forcing us to sit through 2 hours of ethics preaching each and every year is a waste of time and money.
Case in point – “CPA Faces Five Years In Refund Fraud”, as reported by THE PROGRESSIVE ACCOUNTANT. CPAs have always been regulated, and, I believe, also must take (at least) 2 hours of ethics preaching CPE each year.
* TAX MAMA Eva Rosenberg answers a question about “Garage Sales”.
I personally think having a garage sale to get rid of “stuff” you no longer need generates more agita than they are worth. You can avoid agita altogether, and probably end up with more net “in pocket”, by donating your “stuff” to charity.
Be sure to check out my post on the rules for deducting non-cash contributions scheduled to appear here on this coming Monday morning.