Tuesday, January 29, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
Here is the last BUZZ installment before my annual tax season hiatus.
A reminder – don’t forget to return here on February 1st for the annual posting of THE TWELVE DAYS OF TAX SEASON.
* Trump’s government shutdown is over but the WASHINGTON EXAMINER reported “Government watchdog warns IRS could take a year to recover from shutdown”. -
“The National Taxpayer Advocate, a government watchdog office that monitors the IRS, told House staffers that it would be 12 to 18 months before the agency resumes normal operations, sources told the Washington Post.
The IRS will return from the shutdown behind schedule for training IRS employees and to 5 million letters from taxpayers that have so far gone unanswered, the Post reported. The tax agency also needs to hire thousands of employees for the tax filing season, House aides said.”
* Kelly Phillips Erb reports “2019 Tax Refund Chart Can Help You Guess When You'll Receive Your Money”.
As you can see from the chart in the post requesting direct deposit of your federal refund will put the money in your pocket 4 days sooner.
And be advised, according to the IRS “the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or debit cards starting February 27, 2019, if these taxpayers chose direct deposit and there are no other issues with their tax return.” So, if you mail out your Form 1040 claiming either the Earned Income Credit or an Additional Child Tax Credit (the refundable portion of the credit) today you probably won’t get your refund until the beginning of March.
* Kay Bell explains “Donor advised funds and donation bunching get renewed interest in wake of tax reform” at DON’T MESS WITH TAXES.
Using a Donor Advised Fund to “bunch” charitable deductions is a good idea – and one of the tax planning techniques to use in response to the changes made by the Tax Cuts and Jobs Act that I discuss in my book THE GOP TAX ACT AND THE NEW 1040.
* Did you buy your first home in 2018, or planning to do so in 2019. Check out another of my books - TAX GUIDE FOR NEW HOMEOWNERS.
* William Perez tells you everything you need to know about LLCs in “Small Business LLC Taxes & LLC Tax Returns [+ Free Checklist]” at FIT SMALL BUSINESS.
THE LAST WORD:
It is proven again and again every day that everyone involved in the Trump campaign, including Trump himself, has lied to everyone. Many have been indicted – and I expect more indictments are coming.
And Trump continues to lie to everyone about everything every day as President, as do his “stooges”.
The fact that the Republican Party has totally ignored these proven facts, and refuses to denounce and disavow Trump, is a clear sign that the Grand Old Party has abandoned all of its former principles and has lost all integrity, credibility and legitimacy.
Patriotic Americans must vow to never again vote for a candidate of the Republican Party.
A new, truly conservative-based party, one that will oppose and denounce Trump and all he represents, must be created to take the place of the dead Republican Party.
Let us all pray that by the end of the tax filing season, when I return to posting here at TWTP, Trump has resigned, is removed from office, or proceedings have begun to remove him from office.