Tuesday, May 23, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
* While I do not agree with EA Abby Eisenkraft’s view of the 2017 tax-filing season, as expressed in “Why This Tax Season Was Especially Tough” at ACCOUNTINGWEB.COM – I found the tax filing season went very smoothly and provided less agita than past seasons - she does make an excellent statement about the tax preparation profession that bears repeating and highlighting (mine) –
“Many people think a tax professional’s job is easy. They think we work two-and-a-half months out of the year, throw some numbers in boxes, and do something that really anyone could do because their return is ‘straightforward’. We in the tax trenches know that’s nothing close to the truth. This is a physically and mentally demanding job, with punishing hours, dealing with a public that has been brainwashed by commercials to believe that a refund is something you are entitled to, and it doesn’t take any training to prepare taxes. Another tax practitioner said it best when she said that she didn’t think her electrician was a genius, but she still didn’t want to attempt to wire her own home.”
And another observation worth repeating -
“As we always do each tax season, my office fixed many DIY mistakes, as the taxpayers realized they were in over their heads and needed professional assistance. And most, if not all, of the DIY returns were done using TurboTax.”
* Some good advice from Jason Dinesen at DINESEN TAX TIMES – “If Newly Self-Employed, Beware of Self-Employment Tax”.
FYI, I discuss self-employment tax in my book AN INTRODUCTION TO SELF-EMPLOYMENT: THE BASICS OF SCHEDULE C.
* Kay Bell celebrated National Bike to Work Day (last Friday) with the post “Workplace tax-free benefits help those who bicycle to work every day, not just on National Bike to Work Day” at DON’T MESS WITH TAXES.
* And Kay also celebrated Armed Forces Day (Saturday) with “Armed Forces Day thanks to our military via celebrations, military-related tax breaks and tax-rewarded jobs”.
* Kelly Phillips Erb, FORBES.COM’s TaxGirl, suggests “7 Things To Do Right Now To Save On Taxes This Year”.
Good ideas all!
* Today’s lesson comes from Jim Blankenship - “Traditional IRA v. Roth IRA – Compare & Contrast” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
THE FINAL WORD
Please read this excellent explanation of the idiot in the White House from someone who learned the truth about delusional egomaniac Trump decades ago - Tony Schwartz, the ghostwriter of Trump’s “The Art of the Deal” – from the Washington Post –“I wrote ‘The Art of the Deal’ with Trump. His self-sabotage is rooted in his past: The president's behavior, explained”.
Some insightful excerpts from the piece (highlights are mine) –
· “To me, none of what he has said or done over the past four months as president comes as a surprise.”
· “Early on, I recognized that Trump’s sense of self-worth is forever at risk. When he feels aggrieved, he reacts impulsively and defensively, constructing a self-justifying story that doesn’t depend on facts and always directs the blame to others.”
· “Trump was equally clear with me that he didn’t value — nor even necessarily recognize — the qualities that tend to emerge as people grow more secure, such as empathy, generosity, reflectiveness, the capacity to delay gratification or, above all, a conscience, an inner sense of right and wrong. Trump simply didn’t traffic in emotions or interest in others. The life he lived was all transactional, all the time. Having never expanded his emotional, intellectual or moral universe, he has his story down, and he’s sticking to it.”
· “A key part of that story is that facts are whatever Trump deems them to be on any given day. When he is challenged, he instinctively doubles down — even when what he has just said is demonstrably false. I saw that countless times, whether it was as trivial as exaggerating the number of floors at Trump Tower or as consequential as telling me that his casinos were performing well when they were actually going bankrupt.”
· “Trump’s need for unquestioning praise and flattery also helps to explain his hostility to democracy and to a free press — both of which thrive on open dissent.”
The bottom line – idiot Trump is obviously mentally unstable and unfit to serve as President of the United States. This true “nut job” MUST be removed from office ASAP for mental incompetence via the 25th Amendment to the Constitution.
For more info on the 25th Amendment read “What is the 25th Amendment, and could it be used to remove Trump?” from YAHOO.