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

 

A meaty BUZZ this week!
 
* A reminder that the IRS recently increased the Standard Mileage Allowance for business, medical and moving travel for July – December 2022.  Click here.
 
* Also from the IRS - good news for teachers.  The IRS reminds us “For the first time,maximum educator expense deduction rises to $300 in 2022; limit $250 for those filing 2021 tax returns”.
 
“This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax-years 2002 through 2021, the limit was $250 per year. This means for people currently filing their 2021 tax returns due in April, the deduction is limited to $250. The limit will rise in $50 increments in future years based on inflation adjustments.
 
For 2022, an eligible educator can deduct up to $300 of qualifying expenses. If they are married and file a joint return with another eligible educator, the limit rises to $600. But in this situation, not more than $300 for each spouse.”
 
Does a gun purchased to protect students from a mass shooter qualify as a “classroom expense” for teachers?
 
When will we say enough is enough and do something?  Pardon my French, but fuck the NRA and fuck today’s deplorable and despicable Republican Party.  Check out “The Truth About the Second Amendment” in the June “issue” of BOBSERVATIONS (the next to last item).
 
* The Associated Press has reported that Reality TV self-absorbed morons the Chrisleys have joined other Reality TV self-absorbed morons convicted of tax fraud in “Todd and Julie Chrisley found guilty on federal charges”.
 
“ . . . a jury on Tuesday found them guilty of conspiring to defraud community banks out of more than $30 million in fraudulent loans, according to the office of U.S. Attorney Ryan Buchanan in Atlanta. They were also found guilty of conspiring to defraud the IRS and tax evasion, and Julie Chrisley was convicted of wire fraud and obstruction of justice.”
 

TaxGirl Kelly Phillips Erb had recently discussed “Lessons You Can Learn as IRS Asserts Chrisley Doesn’t Know Best” at her BLOOMBERG.COM blog.
 
For the past few years, I have been asking who these Chrisley idiots were and why anyone would care a rat’s hind quarters about them or what they knew.  Just another family of talentless and worthless narcissists who are “famous for being famous”.
 
* Will your son or daughter have a summer job this year?  Kay Bell lists “5 tax considerations for young workers and their parents” at DON’T MESS WITH TAXES.
 
#5 repeats a recommendation from another post in a recent BUZZ and something I have been recommending for years –
 
“Take advantage of earnings to open an IRA.”
 
* Some good advice from the title of a blog post I saw referenced on Twitter – Don’t Assume Your Financial Advisor Does Tax Planning (I am not linking to the item).
 
It is a good idea to run any recommendations your financial advisor makes by your tax professional before taking any action.  As the post title suggests, don’t assume he or she knows anything about taxes.  This is especially important if the advisor does not charge an hourly fee for advice and is affiliated with a brokerage house and earning his money via commissions on investments you purchase.
 
* The NATP BLOG tells us “What taxpros REALLY thought about the 2022 tax season”
 
No surprise here –
 
“ . . . the biggest struggle (even more than anticipated) was receiving incomplete documents from their clients.”
 
* Kay Bell warns us “Don't fall for any of 2022's Dirty Dozen tax scams” at DON’T MESS WITH TAXES.
 
As Kay points out -
 
“Benjamin Franklin wasn't quite correct. There are three constants in life: death, taxes, and tax scams.”
 
THE LAST WORD

The future of our democracy demands that Trump be indicted, prosecuted, convicted, and incarcerated for instigating the January 6^th assault on the Capital and fr his many other crimes.

TTFN

{I apologize for the format FU (all caps). The Blogger.com system appears to be fucked.  RDF}