Except for the first item, in this BUZZ I let
the posts and articles I reference speak for themselves.
* Stacy Cowley of THE NEW YORK TIMES
reports that, unfortunately, “Tax Refund Loans Are Revamped and Resurrected”
-
“Fast,
free money. That’s what H&R Block, the nation’s largest tax-preparation
chain, is advertising on giant banners outside its storefronts and in TV
commercials featuring Jon Hamm of ‘Mad Men’: ‘You could get a refund advance of
up to $1,250.’
Two
of H&R Block’s biggest rivals, Jackson Hewitt and Liberty Tax Service, are
hyping nearly identical offers — dangling up to $1,300 cash.”
The article acknowledges –
“The
loan offers are open to all customers, but they
are particularly aimed at low-income Americans who live paycheck to paycheck
and rely on their tax refund as their biggest annual cash infusion.”
None of the ads that the article talks
about say anything about the qualifications or competence of the chains’
employees or their ability to properly and correctly prepare tax returns. The quality and competence of tax preparation
is not important, nor is the high cost of preparation. The only thing that is important is that you
can walk in with an empty pocket and walk out with a check.
Refund Anticipation Loans, or whatever you
call them, are bad. While there are
apparently no interest or fees for the loan itself (the interest rates charged
by H&R and others for the original RALs were truly usurious), low income
taxpayers are forced to pay the high tax preparation fees of these commercial
chains for minimal service and value. As
I say each year at tax time – Henry and
Richard ain’t cheap!
I
believe that tax preparers should be forbidden by law from offering RALs or any
other kind of advance refund loan.
If you need to borrow money go to a bank!
* Manasa Nadig talks about “Trust Fund Recovery: Penalties & Pitfalls” at THE BUZZ ABOUT TAXES.
* Also for employers - Jean Murray tells
you “Where to Get W-2 Forms and 1099-MISC Forms: Annual Report Forms for Employees and Independent Contractors” at her U.S. BUSINESS LAW AND TAXES blog
from THE BALANCE.
* Beverly Bird lists and discusses “Tax Mistakes Everyone Makes — and How to Avoid Them” at GO BANKING RATES.
* Kelly Phillps Erb, FORBES.COM’s TaxGirl,
reviews “10 Quick Facts About The Upcoming Tax Season That You Need To Know”.
* Are credit card rewards considered
taxable income that must be reported on your 1040? As usual, the answer is “it depends”. Kay Bell explains in “Are reward points taxable or not? Yes: Different rewards mean different IRS rules” at CREDIT
CARDS.COM.
* Some good advice from MOTLEY FOOL’s “The
Alert Investor” - "Have It Your Way" Retirement Accounts: 4 Things to Know About Self-Directed IRAs".
* The NSTP BLOG gives us the word on “The Combat-Injured Veterans Tax Fairness Act of 2016”.
* Jason Dinesen answers an interesting
question that has never been asked of me -“Can I Start a Not-for-Profit to Shield Income?” Read the post to find
out the answer (hint – as usual it is “it depends”).
* Speaking of tax questions – I return to
KPE, at her old TaxGirl blog site this time, for “Have A Tax Question? What You Need To Know Before You Ask The TaxGirl”.
* Sterling Raskie provides a brief
preliminary “Tax Time To-Do List” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
The Last Word –
Friday, January 20, 2017, a day that will
live in infamy, will go down in the books as the worst day in the history of the United States. Pray that this day was not truly the
beginning of the end.
We must continue to vocally and
aggressively denounce and oppose dangerous mentally unstable narcissist Trump.
Opposition to Trump has absolutely nothing
to do with politics or political ideology.
It is NOT “sour grapes” by Democrats and Clinton supporters.
Republicans and Democrats and liberals and
conservatives alike, with a conscience and concern about the future of America
and the world, all oppose and denounce Trump.
Opposition to
dangerous mentally unstable narcissist Trump is patriotism!
TTFN
NO tax software
package, or online filing service, is a substitute for knowledge of the Tax
Code, and NO tax software package, or online filing service, is a substitute
for a competent, experienced tax professional.
Do you need to find a qualified and competent tax
professional?
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