WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

* Andy Ives lists a dozen facts for the purpose of “Clarifying Some ROTH Conversion Misconceptions” at THE SLOTT REPORT. 

* Gordon McNamee, CPA explains “Employee Savings Through 401Ks Get Triple Savings on Taxes” at the interestingly named TAX BUZZ blog.

* Jamaal “Stikks” Solomon provides some “Tips to Maximize the Value of a Car Donation” in his latest edition of JS TAX CORPORATION WEEKLY TAX TIPS –

“At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you think.

The rule-

When you donate a vehicle, the value of your donation is either the fair market value of your vehicle when you donate it OR the value received by the charitable organization for your donation. Unfortunately, you do not choose the value of the donated vehicle.”

It is important to remember that you will only receive a tax benefit from donating a car to charity if you are able to itemize, and only to the extent that the total allowable itemized deductions, including the value of the car donated, exceeds the Standard Deduction.  The non-itemizer charitable deduction is for donations of cash only.

* Kay Bell discusses “Determining child-related tax breaks when you're divorced” at DON’T MESS WITH TAXES.

* Michael Cohn tells us “IRS warns oftax-related identity theft during holiday season” at ACCOUNTING TODAY - 

“The IRS and its Security Summit partners have dubbed this week National Tax Security Week. They want taxpayers and tax professionals to beware of tax scams revolving around the confluence of the holiday shopping season, the upcoming tax season and the ongoing COVID-19 pandemic. They believe that combination of events creates extra opportunities for criminals to steal sensitive personal or finance information. That means taxpayers should take extra care while shopping online or viewing emails and text messages.”

THE LAST WORD

Absolutely nothing the deplorable and despicable Republican Party has done this year indicates that it, or its leaders, elected officials and members, has/have any integrity, credibility, honor, intelligence, or humanity.

No intelligent person with a conscience could possibly support today's Republican Party.

The Republican Party is clearly the Party of morons, racists and those without a conscience.

TTFN