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, January 30, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
None of the ads for commercial tax
preparation chains or for Credit Karma mention anything about the competence of
tax preparation or competence, training, or knowledge of their preparers, or
the ability of their preparers to properly prepare accurate returns so you pay
the least amount of tax legally possible.They only mention “come in and get a check” or “preparation is
free”.I truly believe that no one should use Credit Karma or a commercial
preparation chain to prepare their 2016 federal or state tax returns.
That said – on with the last BUZZ before my
you need to report the income. All income is taxable unless Congress exempts
it. Yes, the company you did work for is supposed to issue you a Form
1099-MISC. But whether or not you
receive a 1099 doesn’t change whether income is taxable or not. You were
paid for services, and that’s income. Simply total what you received and
include it in your gross receipts for your business.”
simply report all of your income regardless of whether or not you receive a
1099 (or other paperwork). It’s easier to sleep at night when your tax return
* Did you see my open letter to Vice
President Pence and Congress?Click here
to read it.
FYI - FBAR stands for “Reports of Foreign Bank and Financial Accounts” and is not to be confused with FUBAR, which is the formal
description of the current US Tax Code.
* NJ taxpayers – did you know there was a
special newsletter written just for you?Learn the joy of avoiding NJ taxes! Click here for more info.
The Last Word –
No Trump comments today.See my final statement before tax-season
hiatus about the idiot in the White House in a special post tomorrow.
I do want to bring your attention to a
unique new political organization and campaign – Brand New Congress.
According to its website the plan of this
organization is – “to recruit over 400
extraordinary ordinary Americans to challenge both Democrats and Republicans in
congressional primary races across the country in order to replace almost all
of Congress in one fell swoop. These will be people who have track records of
integrity and service in their communities and who are not all career
politicians -- we're looking for nurses, teachers, engineers, scientists,
factory workers, and so on.”
For years I have been complaining about the
incompetence and inability to work together to accomplish anything of the
idiots in Congress.This sounds like an excellent
solution to this current ongoing problem.
I have read and agree on principal with much
of what has been published on the website about their platform.Of course I will reserve final judgment until
I read more details of the organization’s specific platform proposals – but so
far I am truly impressed.
Please visit the organization’s website and
give it careful consideration.
FYI - On Wednesday I will be giving you what
you have been waiting a year for!
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