Monday, September 5, 2016

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


 
VERY, VERY IMPORTANT! 
 
PLEASE READ “MY FELLOW AMERICANS” (click on title) IF YOU ARE THINKING ABOUT VOTING FOR DONALD TRUMP FOR PRESIDENT! AND PLEASE SHARE IT WITH ANYONE YOU KNOW WHO IS CONSIDERING A VOTE FOR TRUMP.
 
IF TRUMP WINS – AMERICA AND THE WORLD TRULY LOSES!
 

 
The tax system should be designed to impose and to collect taxes, not to administer social programs.”
Donald Alexander (former Commissioner of Internal Revenue)

Right on and Amen, Brother Donald!

HAPPY LABOR DAY! I hope you are not laboring too much today.

* Click here to download the September 2016 issue of ROBERT D FLACH’S THE 1040 LETTER.  It’s free!

* And here for my latest RAMBLINGS.

* Before I leave myself here is one more thing – how would you like to know MY BEST TAX ADVICE?  Click here – it’s also free!

* Professor Annette Nellen has a great idea – “why not eliminate double taxation of corporate income and find a way to tax all business entities similarly” – which she discusses in her post “How many times to tax business income?” at 21st CENTURY TAXATION.

The Professor suggests that there are many options for eliminating the double taxation. 

My recommendation for years now has been to create a “dividends paid” deduction for corporations.  I look forward to hearing other ideas in a subsequent post from Annette.   

* Kay Bell reports “Oregon collects almost $26 million in marijuana taxes” at DON’T MESS WITH TAXES.

Hey – if NJ legalized and taxed pot and had a similar result it could make up the $25 Million in back taxes that Trump’s casino was “forgiven” thanks to his buddy Chris (see “Trump Casinos’ Tax Debt Was $30 Million. Then Christie Took Office”).

* And, while it has nothing to do with taxes, Kay has also reported “Naked Donald Trump statue to be auctioned”.

As I said in my comment to the post –

Who in their right mind would want such a statue?  But then those who support Dangerous Donald re not in their right mind!

* Forget Eve.  Jason Dinesen is talking “All About 1099s” with the 2nd installment in his post series “The Why’s of Filing, Part 2” at DINESEN TAX TIMES.

* Another Part 2 from Jason – “Basics of Moving Expenses, Part 2”.  And the beat goes on with “Part 3”.


 
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* FORBES.COM’s TaxGirl Kelly Phillips Erb begins a series of posts on “Back To School” with “Deducting Student Loan Interest (Even When You Don't Pay It)”.

Some takeaways from the post -

Now read this part carefully: the loan does not have to come solely from PHEAA or another institutional student loan provider. You can include other debt, such as credit cards and line of credit IF you use it only to pay student debt (don’t commingle). Bank and other loans also qualify, but the borrowed funds cannot be from a related person or made under a qualified employer plan.”

And the “Even When You Don’t Pay It” part -

And one more thing (this is the best part!): if someone else makes a payment on your behalf, you are treated for federal income tax reasons as though you made the payment.”

Read the post for more details.

* Also in Kelly’s post series is “What You Need To Know About FAFSA, Dependency & Your Tax Return”.  Thankfully I have never had to deal with FAFSA.

* YAHOO.COM reminds us that my former home state of New Jersey is #5 on the list of “The Least Tax-Friendly States in the U.S.”.  Nothing new here.

* An FYI for parents of college students, thanks to NATP -

In IR 2016-115 the IRS has eased the rules for 401(k) and similar employer-sponsored retirement plans to make loans and hardship distributions to Louisiana storm victims and members of their families”.

The Free Application for Federal Student Aid (known as the FAFSA) is a form that current and prospective college students (undergraduate and graduate) use to determine their eligibility for student financial aid.

Many taxpayers turn to their tax professional for help filling out this form. There are two major changes to this program:

1. The 2017–18 FAFSA will be available earlier. The 2017–18 FAFSA can be filed as early as October 1, 2016, rather than beginning on January 1, 2017. The earlier submission date will be a permanent change.

2. FAFSA will accept earlier income and tax information. Beginning with the 2017–18 FAFSA, the program will request the 2015 income and tax information, rather than the 2016 information.

More information and FAQ can be found on the U.S. Department of Education blog.”

* Beverly DeVeny tells retirees “What You Need to Know About Your Required Beginning Date” for RMDs from retirement accounts at THE SLOTT REPORT.

* Tony Nitti explains how the “IRS Redefines ‘Spouse’, ‘Husband and Wife’ To Include Same-Sex Couples” at FORBES.COM.

THE FINAL WORD

Will Donald Trump ever release his tax returns?  I doubt it very much.  The dangerous narcissist does whatever he wants to do, regardless of what is normal, appropriate, or expected of a legitimate Presidential candidate.

But at this point who gives a damn.  Based on everything that he has said and done leading up to today, in the campaign and in his business and personal life, there is absolutely nothing that Dangerous Donald can do from now until Election Day that would ever make voting for him a rational or intelligent option.

America should just ignore the fool as we count the days until we can make him, already proven to be the biggest liar of any Presidential candidate, the biggest Presidential election loser in history on Tuesday, November 8th.  (Hey, once he loses the election he can return to reality tv as the host of “The Biggest Loser” – so appropriate.)

If only the media would do this.  But actually it cannot – it must continue to report on his daily FUs and nonsensical spewings to convince those who, for whatever strange reason, are still “on the fence”.

TTFN

 

 



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