Friday, October 11, 2013

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’


* It looks like you can still “vote for me and I’ll set you free”!  You can click here to vote for me for the “People’s Choice” Plutus blog award.

* Jason Dinesen continues his “Glossary of Tax Terms” series with “Medical Dependent” at DINESEN TAX TIMES - 

I like to say that there are two types of dependents in the tax world: a ‘dependent dependent’ and a ‘medical dependent’.”

Jason goes on to explain the difference.

This issue is especially important for NJ resident taxpayers, as many can deduct medical expenses on the NJ return even though they cannot on the federal 1040.

* Kay Bell, the yellow rose of taxes, has posted “Tax Carnival #121: TaxtoberFest 2013” -

TaxtoberFest is a one day event celebrating tax news and blog posts. It has been celebrated here on the ol' blog on the first Monday of October since 2006. 

We don't have a special TaxtoberFest beer. Nor do we serve any special dishes.

But we have lots of tax treats.”

I always find something of interest, or worth repeating, in a Tax Carnival.  I agree with all of FRUGAL RULES’ “4 Simple Ways to Make Filing Taxes Easier Every Year” – although Frugal is guilty, like so many other bloggers, of using the term “CPA” to mean “tax professional”.  I have chastised him accordingly.

And “That Part Time Job You Got Could Make Your Social Security Taxable” from MAKING SENSE OF SOCIAL SECURITY discusses an issue that I have been posting about for years.

As I have said often in the past – for every additional $1.00 of income Social Security and Railroad Retirement recipients can be taxed on $1.50 or $1.85.

* TAXGIRL Kelly Phillips Erb has a new podcast – “Podcast 1.05: This Week In Tax News & The Affordable Care Act” –

This week, we talk government shutdowns, I make waves by talking about renting, footballer Messi goes to court, U2 defends their tax moves, Lauryn Hill gets a ‘get out of jail early’ card and I highlight sections of the Affordable Care Act. It’s a lot to cover so grab a chair and get comfortable!  

* From a podcast to a videocast.  MISSOURI TAXGUY Bruce McFarland’s weekly McTax Hangout talked about “Preparing Form 8829 - Expenses for Business Use of Your Home”.

* The government shutdown also means a shutdown of tax reform.  So explains Clint Stretch in “Tax Reform Is on Furlough” at THE TAX ANALYSTS BLOG –

As long as Congress is fighting over a continuing resolution and the debt limit, there is no oxygen in the room for other initiatives. Members will be stuck on their talking points, and constituents won’t be thinking about tax reform.”

I do believe this means that there will be no tax reform legislation, or any other kind of tax legislation, passed, or even introduced, in 2013.  Any dreams, however unrealistic, I may have had are kaput.

Fortunately, there is nothing that I am aware of that needs to be extended for 2013, so all is ok with 2013 returns.  But 2014 is truly “up in the air” tax-wise.  

* Russ Fox reviews the Tax Foundation’s 2014 State Business Tax Climate Index in “The 2014 State Business Tax Climate Index: Bring Me the Usual Suspects” at TAXABLE TALK.

The top 3 best states for business – Wyoming, South Dakota, and Nevada.  The only state on the east coast in the top 10 is New Hampshire at #8.

The bottom 3 states – worst for business – no surprise here.  California, New Jersey, and New York.  The reason for being on the bottom of the list - “high taxes, complex taxes, and non-neutral taxes”.

My new home state of PA is in the middle at #24.

TTFN

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