THE WANDERING TAX PRO
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 45+-year veteran tax professional Robert D Flach.
TTF also calculates TFD for each
state.For my home state of PA it is the
same day – April 23rd.For my
former home state of NJ it is May 13- #49 on the list.CT is #50 at May 21st.So once again it has been proven that moving
from NJ to PA was indeed a good move.
* During the last days of the filing season
Russ Fox provided his annual listing of the top ten “Bozo Tax Tips” – “strategies
that you really, really, really shouldn’t try” - at TAXABLE TALK.
The most important tip for everyone to read
is #3 – “Let Your IRS Notice Age Like Fine Wine!”.I say this time and time again, as Russ
suggests in the post, “it’s something that bears repeating”.If you receive a letter or notice from the
IRS or a state tax agency GIVE IT TO YOUR TAX PREPARER IMMEDIATELY!
Perhaps the biggest bozo in the group is
featured in #6 – “Publicize Your Tax Crimes on Social Media!”.A typical example of how stupid young people
are today, and how the irresponsible use of “social media” encourages and
publicizes their stupidity.
A good reminder from Commissioner Koskinen
- "I think it’s important to remind
people that the IRS does tax administration, not tax policy. Policy decisions
are the domain of the Administration and Congress."If you think taxes are complicated and unfair
the IRS is not to blame – the idiots in Congress are.
And I add my voice to that of IRS employees
– “Everyone at the IRS would be delighted
if you could make the tax code simpler.”I do not believe a simpler tax system would hurt the tax preparation
business – at least not my business.
* Kelly Phillips Erb published an
impressive blog post series on "Taxes from A to Z".At the end of the Z post you can find links
to all the entries in this series.
I have a better question – why is the
self-employment health insurance deduction an “adjustment to income” on the
1040 and not a business deduction on the Schedule C?Deducting it on Schedule C would be make the
deduction more equal to how it is treated if the business owner organized as a
one-person corporation and would ultimately reduce the amount of self-employment
tax, as the deduction as an employee benefit on a corporate return ultimately
reduces the amount of FICA tax.
FYI – it was allowed as a Schedule C
deduction for one tax year in recent history.
You couldn’t prove this by me – I had no
more GDEs this year than last year.
Some good news – the average refund is up
* I realize you have already filed your
2016 tax returns (unless you requested a GD extension).But if you discover anything in the above
blog posts and online articles that you could have claimed on your return to
reduce your tax liability all is not lost.I explain in my vintage post “Amending Your Return”.This post is a decade old – so add ten years
to the years referenced in the discussion.
THE LAST WORD
My opinion of the idiot in the White House
(I realize there are currently several idiots in the White House – but then I
use this description I mean the head idiot – Tronald Dump) has not changed.I
continue to oppose and denounce Trump as a dangerous mentally unstable
narcissist.For the sake of the
country and the world he must be removed from office ASAP.
Check out this editorial from the Los
Angeles Times on “Our Dishonest President” – the first in a series of
editorials on “The Trouble With Trump”.