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

"Throughout his career, Trump has left behind a well-documented record of bankruptcies, thousands of lawsuits, angry shareholders and contractors who feel cheated, and disillusioned customers who feel ripped off.  Trump says he wants to run the nation like he's run his business. God help us."

Michael Bloomberg

* The August issue of ROBERT D FLACH’S THE 1040 LETTER is here!  Hey – it’s free!  Click here to download.

 

* Have you taken the “No Trump Pledge” yet?  Tweet if you do.

 

* A good “Summertime Tax Tip” from the IRS – “Check Your Tax Withholding this Summer to Prevent a Tax-Time Surprise “.

 

I discussed this topic in my earlier TWTP post “Evaluating Your Withholding”.

 

* I have added a TAX REFORM BUZZ page to the website of TAX PROFESSIONALS FOR TAX REFORM.

 

* Ashlea Ebeling (“I write about how to build, manage and enjoy your family's wealth”) of FORBES.COM reports “Tennessee To Become Income-Tax-Free State No. 8” – not yet, but down the road.

 

“The state’s estate tax was repealed effective Jan. 1, 2016. And now the Hall Tax is repealed—as of Jan. 1, 2022. In the meantime, the tax rate was cut from 6% to 5% retroactive to Jan. 1, 2016, and the legislature is meant to decrease the rate one percentage point a year, assuming the state meets certain revenue targets.”

 

The TN Department of Revenue tells us –

 

“The Hall income tax is imposed only on individuals and other entities receiving interest from bonds and notes and dividends from stock.  It was enacted in 1929 and was originally called the Hall income tax for the senator who sponsored the legislation.”   

 

* Please check out the free copy of the premiere issue of my new subscription newsletter ROBERT D FLACH’S THE SCHEDULE C LETTER.  Click here to download.

 

* Sheldon Cooper gave you “Fun With Flags”.  Now you can have fun with maps, thanks to the TAX FOUNDATION – “Announcing the Tax Foundation Monthly Map Club!”.

 

* Daniel Hood lists some “Tax Tips for Newlyweds” at ACCOUNTING TODAY.

 

The first tip is very important –

 

“New names? Whether one of the spouses takes the other’s name or not, the names and Social Securities on their tax return must match their Social Security Administration records – so if any names are changed, they’ll need to report it to the SSA with Form SS-5, Application for a Social Security Card. The form is available on www.ssa.gov, or by calling (800) 772-1213.”

 

* A good post from Jim Blankenship of GETTING YOUR FINANCIAL DUCKS IN A ROW from earlier this year – “5 Secrets About Your 401k Plan”.

 

* We all know that dangerous narcissist Tronald Dump is morally bankrupt.  Kay Bell of DON’T MESS WITH TAXES joins Seth Myers to suggest that “Donald Trump is broke, says late-night TV show host”.

 

It is obvious that the Dumpster has not released his tax returns because doing so would reveal the lies he has told about his wealth.  And also probably show that he is not very charitable.   

 

THE FINAL WORD

 

Top Ten Reasons Why Donald Trump Must NEVER Become President-

 

1. He suffers from acute “narcissistic personality disorder”, which makes him incapable of acting intelligently, maturely, or rationally.

 

2. He is incapable of dealing with criticism and challenges like a mature adult.

 

3. He shows no respect for any individual, organization, or group.

 

4. As a businessmen he consistently and unapologetically screwed his investors, lenders, contractors, vendors, employees, and customers while lining his pockets.  He is not a “savvy” businessman – he has had more business failures than business successes.

 

5. He has no experience in government or any kind of public service.

 

6. His main “claim to fame” is being a reality tv cartoon clown.

 

7. He has no political convictions.  He says whatever he thinks people want to hear to get attention and admiration.

 

8. He has no detailed plans for action – just “Trust me” and “I alone can fix this”.

 

9. He is uninformed on foreign and domestic policy issues.

 

10. He lies constantly - more than the most "traditional" of politicians.

 

Do you need any more?

 

TTFN

 

Do you want to learn how to pay the absolute least amount of federal and state income tax possible – and experience the joy of avoiding taxes?  Click here to check out my library of tax planning and preparation books, guides, reports, and newsletters.