Tuesday, August 20, 2013
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION
“Politicians certainly must be considered the most formidable barrier to fundamental tax reform.” – David A Hartman
* Peter J Reilly talks about the NJ Property Tax Reimbursement program (aka Senior Freeze) in “Misinformation Causes Loss Of Senior Property Tax Rebate” at FORBES.COM.
I submitted a comment about the program, in which I referred to NJ politicians as “cafones”. PJR asked me to explain what I mean by “cafone”, and I replied -
“I was told by my mentor many, many, many years ago that it meant a simpleton, and that is how he used it. But apparently it has come to mean “an uncouth person or lowlife” in American slang.
I think when it comes to NJ politicians lowlife is appropriate – ‘a person who is considered morally unacceptable by their community, especially those who exploit others for their own selfish purposes’.”
For that matter lowlife is also an appropriate description of the idiots in Congress.
* Last week MISSOURI TAXGUY Bruce McFarland’s “McTax Hangout” talked about “Obamacare”.
* At the WALL STREET JOURNAL Tom Herman explains to a reader that “Filing Time Doesn't Affect Tax Audits”.
The reader wants to know if filing an extension will increase your chances of an audit, and the answer is no. It is also an “urban tax myth” that extending your return and filing it in October will reduce your chances of an audit. A return is chosen for audit based on the information reported on the return, and not when it is received by the IRS.
* Trish McIntire tells you how to “Get Credit for Saving for Your Retirement” at ANSWERS.COM.
FYI, the income threshold for this credit is fairly low.
* Here is something interesting – “Bayonne Launching Shop Bayonne Property Tax Reward Program This Week”.
According to NJ.COM –
“Bayonne is launching the Shop Bayonne Property Tax Reward Program this week as part of an effort to encourage Bayonne residents to shop locally.
The program provides property tax credits for homeowners and rebate checks for renters every time they patronize local participating merchants.
Rebates and tax credits will be determined by each business separately and can be a percentage or a dollar amount based on the price of the product or service.”
It actually sounds like a good idea.
* The IRS has a page on “Identity Protection” where “you will find a wide range of information. Depending upon your personal circumstances, the information found here will cover a variety of scenarios involving identity theft, ranging from contacting us with a case of identity theft to providing tips to help keep your records safe.”
* Along these lines, George G. Jones and Mark A. Luscombe discuss “Tax Strategy: Best Practices for Individuals and Businesses Against Tax ID Theft” at TAXPRO TODAY.
* Beverly DeVeny and Jared Trexler of THE SLOTT REPORT review the rules for “IRA Contributions When You Contribute to an Employer Retirement Plan”.
“I am maxing out my 401(k) or I am contributing to a 401(k), can I also make an IRA contribution? We get asked that question a lot.
The answer is, YES. But, you may not be able to deduct your IRA contribution.”