Tuesday, December 9, 2014
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION
We in the tax profession are all sitting around waiting to hear when the idiots in Washington finally resolve the issue of the “tax extenders”. Let us hope that this is the last year we have to wait until literally the last minute for these idiots to act – but I wouldn’t bet on it.
* Tax pros, PLEASE check out the December “issue” of THE TAX PROFESSIONAL and let me know your comments on my “Soapbox” editorial.
* My annual report on the “PNC Christmas Price Index” is now at MAINSTREET.COM.
* There is a new timely post up at BOB’S BABBLINGS – it discusses using “Debit Cards vs Credit Cards” when it comes to online holiday shopping (actually online shopping at any time of the year).
* Russ Fox of TAXABLE TALK speaks the truth in “Speaking of Efficiency” -
“I do know how we can improve the Tax Code: Force Congresscritters to do their own taxes.”
He explains –
“Imagine what would happen if every Congresscritter did their own tax returns by hand. The Tax Code would unanimously be shrunk four hours later.”
Sadly, he also speaks the truth when he says (highlight is mine) –
“Unfortunately, there’s no chance of meaningful reform with the current President. His goals appear to be to make things worse rather than better. It will be at least 2017 before meaningful tax reform will be on the table.”
BTW – Russ, enjoy your winter vacation.
* I did it! I (my post “It Ain't Necessarily So – H&R Block CEO Allegedly Cares About Efficient and Effective Tax Administration”, that is) made it into TAXPROF Paul Caron’s BUZZ-like “Weekly Tax Roundup”!
* Another Professor, Jim Maule of MAULED AGAIN, gives us a simple lesson in taxes in “Being Nice to a Sibling Can Be TaxCostly” -
“The lesson is simple. Taxpayers who are trying to avoid the rental deduction limitations must make certain that the days of personal use do not exceed the greater of 14 days or ten percent of fair rental days.”
* Mark J. Perry debunks the myth that “the rich aren’t paying their fair share of taxes” in “Top 400 Taxpayers Paid Almost as Much in Federal Income Taxes in2010 as the Entire Bottom 50%” at AEIDEAS.
* Holiday time is usually a time for spending. But don’t forget about saving. You should make a New Year’s resolution to save more in 2015.
A November 2013 post by Jim Blankenship at GETTING YOUR FINANCIAL DUCKS IN A ROW tells how “Bloggers Are Encouraging Adding 1% More to Your Savings Rate”. I am one of the bloggers.
* TAXGIRL Kelly Phillips Erb’s “12 Days Of Charitable Giving 2014 Starts Soon” –
“As I do every year, I’m asking readers to submit, via email to firstname.lastname@example.org, the name of a charity that most deserves a boost this year for the 12 Days of Charitable Giving.”
I have submitted a charity to KPE for consideration.