Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.
Monday, September 12, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
“Ninety-eight percent of the adults in this country are decent, hardworking, honest Americans.It’s the other lousy two percent that get all the publicity.But then, we elected them!”-
* Just a reminder – the 3rd Quarter 2016 estimated tax payments are due September 15th.
* Kay Bell talks not about income tax but property tax in a recent post at DON’T MESS WITH TAXES titled “Making sure your property tax bill is correct”, suggesting that you review your property tax assessment carefully and challenge it if you think it is wrong.
“Given that one-third of U.S. households own at least one type of individual retirement arrangement (IRA), odds are high that you might inherit one someday. And when that happens, you’ll need a plan of action, one that avoids common and what can be costly mistakes.”
“After all, three-quarters of those who pay one or both taxes shell out more for payroll taxes than for income tax.
The Tax Policy Center estimates that 44 percent of households will pay no federal income tax this year (down from the 47 percent famously cited by Mitt Romney in 2012). But 60 percent of those households have members who work and will thus pay Social Security and Medicare payroll taxes.”
I don't think of the “FICA” (Medicare and Social Security) payroll taxes as "tax". Medicare is a health insurance premium, albeit for future coverage, and Social Security is a pension contribution.
* There is still time – but Sterling Raskie reminds us to “Remember Your 2016 RMD” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
* “Robots Doing Tax Returns?” Professor Jim Maule takes a look at a technological development in Austrailia at MAULED AGAIN -
“The folks who think that artificial intelligence, which is nothing more than complex software, can replace tax return preparers face a stark reality. For some taxes, surely artificial intelligence has advantages. But for any tax preparation that requires judgment, wisdom, experience, and intuition, artificial intelligence fails.”
Hey, don’t we already have robots doing tax returns?A person without any knowledge with or experience in 1040 preparation who prepares a tax return, for him or herself or for others for compensation, by simply entering data into a computer seems to me to be a robot.
THE FINAL WORD
Colin Kaepernick, and other professional athletes who have joined with him, is not to be criticized or chastised for refusing to stand, or for sitting, during the playing of the National Anthem.They are exercising their basic right as Americans to peaceful protest.
And there is no question that there is still prejudice in America.
But what Kaepernick did wrong, and what he should be severely and publicly criticized and chastised for, is wearing the “pig socks” during practice, knowing full well that this would be publicized.
By doing this he is guilty of the very thing he is protesting against.
New Jersey residents – do you want to learn how to pay the absolute least amount of NJ Gross Income Tax possible –
and experience the joy of avoiding NJ state taxes?
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the only publication I am aware of that deals exclusively with tax planning and preparation advice, information, and resources for the NJ-1040.