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

I trust everyone had a “successful” Thanksgiving. 

Just wanted to say that I am thankful for my fellow tax bloggers – Joe, Jason, Kelly, Kay, Russ, Bill, Jean, Jim, Peter, Trish, etc - who help to keep me up-to-date on new tax developments.  Wandering the tax blogosphere is often better than CPE classes.

Despite the holiday today’s BUZZ is “so meaty”.

* In “End of Year Legislative Agenda” at JD Supra Business Advisor we are told (highlights are mine) –

“With the House and Senate in recess this week for the Thanksgiving holiday, there are now only a very limited number of scheduled legislative days left for the year – 12 in the House and 15 in the Senate – and there is increasing talk that both chambers will leave for the holidays by Friday, December 11th, which would mean even fewer days.”

That does not leave much time for the incompetents in Congress to pass legislation to extend the “tax extenders”.  To repeat what I said in the last BUZZ installment –

Hey, you incompetent idiots, shit or get off the pot!  Each and every one of you should be thrown out of office for not doing your job properly!

* Only a few days left to take advantage of my “Special November Offer”.  Get your check in the mail today!

* Jim Blankenship discusses some “Inter-Family Loan Topics" at GETTING YOUR FINANCIAL DUCKS IN A ROW.

Some good advice (highlights are mine) –

“If you decide to go through with the loan, make sure expectations on both sides are clear. Discuss all terms and conditions and consider putting them in writing. You may even want to {I say should – rdf} draft a formal loan agreement. At the very least, settle on the amount of each loan payment and the date by which the loan must be paid in full. Open-ended obligations inevitably lead to misunderstandings.

On the other hand, don’t feel guilty if you decide to turn down your family member’s loan request. It’s hard to say no, but it’s still easier than repairing a damaged relationship if things don’t work out.”

When it comes to loans to family or friends I agree with the Bard – “Neither a borrower nor a lender be.”

* Have you seen “The Gentleman Is A Dope (‘Gentleman’ Is Perhaps Too Kind)” at BOBSERVATIONS yet?  Can you guess who the “dope” is?

* A guest post at FORBES.COM from Scott T. Hanson, CFP explains “Social Security At Age 62? Why Delaying Your Benefits May Not Pay Off”.

Contrary to what most financial writers say, Scott suggests –

“While it may be beneficial for many folks to wait until age 66 or even age 70, for those who have done a great job saving for retirement, it might be best to start Social Security as soon as possible–maybe even as young as age 62.”

* Attention tax pros - a free offer for the premiere issue of my new quarterly e-magazine THE TAX PROFESSIONAL (coming in January 2016) – see my website THE TAX PROFESSIONAL.

* Kelly Phillips Erb, FORBES.COM’s TaxGirl, reminds us that her annual “12 Days Of Charitable Giving 2015 Starts Soon” –

“As I do every year, I’m asking readers to submit, via email (charity@taxgirl.com) the name of a charity which deserves a mention this year for the 12 Days Of Charitable Giving. Ideally, it would be one that you have supported financially over the past year or that you plan to support before the year end. In addition to the name, I’ll need the city where the charity is located, what it does and why you support the charity (a personal story would be great). Please also link to the website if the organization has one (Facebook FB -0.94% is okay, too): the more information that you can provide, the better.”

* And Kelly warns us “Don't Try This At Home: Avoid These 10 Money Missteps That Landed Reality TV Stars In Trouble”.

I am against calling featured participants in reality tv excrement “stars” (just as the title “Dancing With the Stars” should really be “Dancing With Celebrities”).  The term “star” seems to indicate some kind of quality or talent - and reality tv "featured participants" have neither.  {FYI - when I refer to reality tv excrement I do not include the various talent competitions}.

As for making money mistakes, by very definition narcissistic willing “featured participants” in reality tv excrement have minimal, if any, intelligence, and have made bad life decisions merely by choosing to appear in reality garbage.

And as for Kelly’s title, no one should ever attempt to emulate anything about reality tv idiots!

* Before I leave the topic of charities, and narcissists – we haven’t heard much from or about Al Sharpton lately (thankfully), but Robert Wood, also from FORBES.COM, tells us “Al Sharpton's Charity Hikes His Pay 71%, But Tax Liens, Clinton Imprint Remain” (highlights are mine) -

“Al Sharpton was in the news again, this time over giving himself a 71% raise. Rev. Sharpton is the president of National Action Network–NAN for short. It is a civil rights organization with chapters and affiliates across America. NAN collected a tidy $6.9 million in 2014, up $2 million from the prior year.”

And –

“Still, the nice uptick in donations evidently left a cushion to increase Rev. Sharpton’s pay from $241,545 to $412,644, including a bonus of $64,400.”

RW goes on to remind us of Sharpton’s, and his charity’s, continuing tax issues.

* Russ Fox of TAXABLE TALK reports “IRS Increases De Minimis Expense Threshold to $2,500 from $500 for 2016 Onward” –

“The IRS today announced that the de minimis expense threshhold for small taxpayers (which is the vast majority of all taxpayers) to $2,500 from $500 for tax years 2016 onward. Note that this does not apply for 2015 returns filed in 2016. This move will allow taxpayers to expense many items that currently must be depreciated.”

* Jason Dinesen provides advice and information “From the Archives” with “Home Offices, Principal Place of Business, and Mileage Deductions” at DINESEN TAX TIMES.

* Let me end with some timely advice from Barry Fowler at TAX CONNECTIONS – “Don’t Be Scammed By Fake Charities”.

THE FINAL WORD –

+ Here is a belated quick, but very important, reminder for journalists, columnists, and personal finance bloggers who will be talking about year-end tax-planning during the next several weeks.

Whenever writing about year-end tax strategies or techniques DO NOT give the advice “consult your CPA”.  THIS IS WRONG ADVICE!

The CORRECT ADVICE is “consult your tax professional”.

While an individual CPA may be a tax professional, CPA does NOT = tax professional.

+ And I cannot leave without at least one Donald Trump item – in this case a excellent editorial from by Christopher M. Halleron, Editor/Publisher of Hudson County NJ based hMAG titled “‘Thousands of People Were Cheering’ — Donald Trump and the Absence of Decency”, which correctly observes –

“Recent statements by Donald Trump show the frightening application of willful ignorance.”

 

And –

“So far Trump’s own aesthetic buffoonery has made him an easy target for cheap laughs. But as comics take clichéd cracks at his signature clown coiffure, one can’t help but wonder if Weimar-era pundits were too focused on facial hair to comprehend the face of evil wearing it.”

Christopher is spot on when he says of the Donald –

“And make no mistake, he has no sense of decency.”

It still amazes me that anyone in their right mind would ever seriously consider voting for Tronald Dump for President, let alone dog catcher.

TTFN