Monday, June 1, 2020
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* While written specifically for one profession, “Snap A Pic of These Tax Deductions Photographers Can Take” from the TURBO TAX BLOG gives all self-employed taxpayers an idea of what is deductible.
* More evidence that bloggers love lists – “44 Sources Of Money & Benefits That You Don't Have To Pay Taxes On” from TaxGirl Kelly Phillips Erb at FORBES.COM.
A reminder – be aware that the answer to just about every tax question, including “is it taxable?”, is “it depends”.
* And, oi vey, a warning from KPE – “Don’t Mistake Your Stimulus Debit Card For Junk Mail”.
In a time of stupid ideas – the ultimate one being that a totally self-absorbed reality tv cartoon clown would be an acceptable choice for President – using debit cards for this purpose is certainly another one.
* For those of you who are interested, ACCOUNTING WEB explains “How to Keep on Top of Taxes for Household Workers During COVID-19”.
* According to IR-2020-107 –
“The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products.”
Unfortunately, electronic submission of 1040-X returns will require flawed and expensive tax preparation software.
* The NATP BLOG updates us on “IRS’s Economic Impact Payment data as of May 2020” -
“Approximately 130 million Americans received payments worth more than $200 billion in the Economic Impact Payment program’s first four weeks, according to the IRS.”
THE LAST WORD
“If you are not a liberal at 25, you have no heart. If you are not a conservative at 35 you have no brain.” Winston Churchill (?)
“If you support and vote for Trump, and those who support him, you have no heart AND no brain.” Robert D Flach