Tuesday, December 15, 2015
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION
Not much BUZZ today. Hey – some BUZZ is better than no BUZZ.
* New at BOBSERVATIONS – “Good Morning Baltimore”. And I continue to pose my trivia challenge.
* Jason Dinesen’s course on “Choosing a Business Entity” at DINESEN TAX TIMES continues with “Determining S-Corporation Reasonable Salary”, an important topic.
* The TURBO TAX BLOG explains “Holiday Bonus Season: How Your Holiday Bonus is Taxed”.
* Joe Kristan beings us up-to-date on the status of the “tax extenders” in yesterday’s “Tax Roundup, 12/14/15: Ames! And,fine happy! Government is just how we take money from one another”.
“As of this morning, it seems to be up in the air. The Hill reports that the leader of House Democrats says she isn’t happy with the permanent extender bill being negotiated. At least one Ways and Means Democrat wants to go with a one-year extension of the Lazarus provisions, including the Research Credit, Bonus Depreciation, and the $500,000 Section 179 limit. The Republican Ways and Means Chairman has proposed a two-year bill if Congress can’t pass a permanent extender bill. A one-year extension would mean another extender fight in 2016.
In any case, it will all be passed at the last minute, and we can count on bad tax policy as a result.”
The idiots in Congress continue to prove to the world that they are truly idiots.
* Jim Blankenship tells you “How to Take a Loan from Your 401k” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
My take on the topic is DON’T.
Jim does say – “Borrowing from your 401k should be considered a “last resort” option, when you’ve exhausted all other options.”
My new standard final word of advice – before acting on anything you have read here, or in a post or article referenced in this installment, or in any other article or blog post, or you have heard on tv or radio, contact your tax professional.
THE FINAL WORD
My prayer for Donald Trump –
Please help candidate Donald Trump to see the error in his ways, so he can drop out of the Presidential race, offer an apology to the Republican Party and the American public, and join a monastery where he can seek forgiveness and atone for his sins, the biggest one being the sin of pride.
Strike him mute – make him permanently unable to speak.