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 40-year veteran tax professional Robert D Flach.
Paul makes reference to my special
designation for extensions.
The post has an excellent discussion of the
importance of recordkeeping (highlights are mine) -
records are for YOUR benefit. Here’s why – the courts interpret the internal
revenue code to mean that ALL your income is taxable. Any adjustments,
deductions, or tax credits you might receive are bestowed upon you through
legislative grace. It is the taxpayer’s
responsibility to prove they are entitled to any adjustment, deduction, or
people seem to believe it is the other way around – that they are entitled to
claim adjustments, deductions, and credits and the IRS must prove they are not
entitled to claim them. It absolutely does not work that way. If you are audited and you cannot
document your qualification for a deduction or credit the IRS will disallow it
and charge you additional taxes, interest, and possibly penalties. Keep
IRS announced today that California wildfire victims have until January 31,
2018 to file various tax returns (including tax returns on extension due this
coming Monday, October 16th). California’s Franchise Tax Board (the state
income tax agency) immediately followed suit.”
* It appears I missed this post first time
around, but “found” it via a reprint at TAX VOX.From Janet Novack’s “Tax Reform Week” series
at FORBES.COM a guest post from Eugene Steuerle, co-founder of the Tax Policy
Center, that discusses “How To Design Tax Reform: 8 Lessons From 1986”.
* As I
have said before, while I would NEVER recommend that ANYONE use Henry and
Richard to prepare their tax returns, I do find the information on the H+R blog
and website to be accurate and helpful.Case in point – “FAFSA Tax Return Requirements”.
* Over at GETTING YOUR FINANCIAL DUCKS IN A
ROW Sterling Raskie reminds taxpayers age 70½ to “Remember Your RMD” -
getting close to the end of the year and that means many individuals need to
take their required minimum distributions (RMDs). It also means that there will
be individuals who must begin taking their required minimum distributions as
they will have reached the magic age of 70 ½.”
* FREE! FREE! FREE! New tax e-newsletter -
TAX TOPICS.Check it out!
THE FINAL WORD
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