JUST SAY NO TO DONALD TRUMP!

 

This is not a political blog – it is a tax blog.  My political posts have been limited to discussing the politics of tax reform and tax legislation, and to call out the idiots in Congress for continuing to prove by their actions, or inaction, that they are indeed idiots.

However a very disturbing political development almost demands that I write this post.

Since the beginning of the Presidential campaign I have said that the most disturbing political development in my lifetime (I was born in 1953) is that fact that buffoon Donald Trump is being taken seriously as a candidate for President.

The problem with Donald Trump for President is not his alleged policy proposals, or the nonsense that he spews.  The problem with Donald Trump for President is . . . he is Donald Trump!

Why do I oppose the candidacy of fool Trump, and cannot conceive that anyone with any intelligence or any concern for the future of the country, the American public, and, frankly, the world would ever even consider Trump as a candidate for any elected office?  Let me count the ways –

(1)  He is the ultimate narcissist.

A narcissist is a person with an inflated sense of their own importance, a deep need for publicity and admiration and a lack of empathy for others. Behind this mask of ultra-confidence lies a fragile self-esteem that's vulnerable to the slightest criticism. 

Lookup the word narcissist in the dictionary and you will find a picture of Trump.

The only reason Trump does anything is to feed his undeservedly enormous ego.  The only reason he is running for President is because he has become the top news story in almost every venue almost every day.

Trump considered running for President in 2012.  But that time he was not taken seriously – his possible campaign, and he himself, was treated as the joke that it, and he, was (and still is).  So he did not run because it did not feed his ego.   

Obviously a presidential candidate needs some degree of ego.  But he, or her, also must have character and substance.  Trump is all ego and, while he is a character, he has no character and certainly no substance.

(2)  He is totally incapable of dealing with criticism or challenges like a mature adult.

Trump’s response to anyone who criticizes him, disagrees with him, or challenges him is “You’re fat, you’re ugly, you’re hormonal, you’re a loser, you’re a liar, you’re a nobody, etc, etc, etc”.  Anyone who criticizes or challenges him has no value, so therefore his, or her, opinion has no value.

The classic example is Rosie O’Donnell.  When Rosie correctly criticized Trump for screwing his shareholders his response was “You’re fat”.

What will happen if “President” Trump is criticized or challenged by another world leader?  Will his response be, “You’re ugly”?

(3) He is a reality tv clown.

His claim to fame is telling other self-absorbed buffoons “You’re fired” on reality television excrement THE APPRENTICE.

Early in its run someone correctly observed “The Apprentice is to the real business world what Homer Simpson is to real fatherhood”.

Speaking of the famous cartoon patriarch, at the beginning of the campaign I wrote in a letter to the editor of my local newspaper, “I have always said I would rather vote for Homer Simpson for President than Donald Trump.”

Why do people support this dangerous buffoon?

(1) People say he is a savvy businessman whose successful business practices will be an asset in running the country.

Trump is not a savvy businessman.  He is not a self-made billionaire who created a company from scratch and grew it to financial success via astute management, like Bill Gates or Michael Bloomberg.  He inherited tens of millions of dollars from his father and invested in real estate in New York.  Duh.

What do we know of his business practices?  He consistently screws his shareholders, employees, lenders, and sub-contractors. 

ü He speaks proudly of using bankruptcy laws to walk away from bad businesses relatively unscathed, while others bear the cost of his incompetence.

ü In the early 2000’s a long-time friend and client purchased a condo in a Trump building in NYC.  The lawyer for the bank representing the seller told my client that he did not trust Trump because he had reneged and screwed the bank multiple times in the past.  He went on to explain that Trump always shorted his sub-contractors by 5 to 10% and didn't care if they sued him.  Ultimately they would settle with him, taking a 5%+ haircut, and Trump always came out ahead.

ü And in the 1990s Trump tried to use “eminent domain” in Atlantic City to evict an elderly widow from her home so he could tear it down and put up a parking lot for one of his casino properties.  Thankfully he was unsuccessful.

A true savvy businessman would want to be a “king-maker”, but never the actual “king”.

(2) People say he speaks his mind and is not worried about being “politically correct”.

Trump does not speak his mind.  He says whatever he thinks his audience wants to hear to get the publicity he craves, whether or not he actually believes what he is saying.  If he actually believes half the nonsense he spews then he is more dangerous than I first thought.

Trump is certainly politically incorrect.  He is also ethically incorrect, morally incorrect, and truthfully incorrect.  I do not believe he has made one completely truthful statement during the entire campaign.

I could go on and on listing reasons why Donald Trump must not be our next President.  But I think the reasons I have provided so far are more than enough.

The title of this post makes reference to the “Just Say No to Drugs” campaign.  Choosing to say “yes” to drugs is a dangerous choice, with potentially disastrous consequences.  Choosing to say “yes” to Donald Trump as President is also a very dangerous choice, with definite disastrous consequences for the country and the world!

I am reminded of the famous lines from Broadway’s FIDDLER ON THE ROOF –

Townsperson:  Rabbi, is there a blessing for Donald Trump?

Rabbi:  Yes, my son.  May God bless and keep Donald Trump . . . far away from the White House!

TTFN

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

Thank God it’s over!

Before I head off to the Jersey shore to recuperate here is some BUZZ from the last days of the filing season.  Hopefully another BUZZ this Friday.

* Duh!  “H&R Block Objects to Report Claiming Tax Prep Chains Target Low-Income Workers”.  So ACCOUNTING TODAY tells us.  Of course Henry and Richard are complaining.  But, in my opinion, the report is truly calling a spade a shovel.

“The report, from the Progressive Policy Institute, a liberal think tank, found that workers eligible for the EITC continue to spend fees averaging around $400 at national tax preparation chains such as Block and Liberty Tax Service.”

The item from Michael Cohn goes on to say –

“In a recent survey of storefront operations in Baltimore and Washington, D.C., the researchers found that those eligible for the EITC, who are typically low-income workers with children, would spend between 13 and 22 percent of their refund this year at local tax preparation outlets. In Baltimore, where the average EITC refund is $2,335, the cost to file ranged from $309 at H&R Block to $509 at Liberty Tax Service. In Washington, D.C., where the average EITC refund is $2,351, the cost to file ranged from $315 at H&R Block to $485 at Liberty Tax Service.”

Charging such prices for EITC returns is certainly unconscionable.  I have always told you that Henry and Richard ain’t cheap!

Of course first off - the Earned Income Credit, refundable credit and a huge federal welfare program, does not belong in the Tax Code in the first place.

And second – nobody, especially low-income taxpayers, should use Henry and Richard or any others of their ilk to have their tax returns prepared.

The IRS has erroneously turned tax preparers into Social Workers with excessive due diligence requirements for tax pros preparing returns with an EITC claim.  This is not our job!  The IRS should provide free tax clinics throughout the US where taxpayers, or usually tax non-payers, who qualify for the Earned Income Credit can go to have their returns prepared free of charge by especially trained IRS personnel.

* On April 15^th I came across recently introduced federal legislation that, for the most part, I could support.  The item that brought it to my attention was “Senator Warren Introduces Bill to Simplify Tax Filing”.

Here is the story (the highlights are mine) –

“United States Senator Elizabeth Warren (D-Mass.) today introduced the Tax Filing Simplification Act of 2016 to simplify and decrease the costs of the tax filing process for millions of American taxpayers. 

The legislation introduced today would direct the Internal Revenue Service (IRS) to develop a free, online tax preparation and filing service that taxpayers can use to prepare and file their taxes directly with the federal government, if they choose to do so, and would prohibit the IRS from entering into agreements that restrict its ability to provide free online tax preparation or filing services.”

I have been calling for the IRS to allow taxpayers to submit their federal tax returns directly to the IRS for free via the IRS website – similar to the NJWebFile system available to NJ state filers.

Since I do not, and never will, use flawed and expensive tax preparation software to prepare returns I cannot electronically file client returns.  If there were “a free, online tax preparation and filing service that {I} can use to prepare and file . . . taxes directly with the federal government” I would not need flawed and expensive software to be able to electronically file returns.

I am not against electronic filing – I sympathize with the government’s reason for wanting it – I am against being forced to waste money on commercial software to be able to do so.

I do, however, have some issues with the legislation provision that will allow “eligible taxpayers with simple tax situations to choose a new return-free option, which provides a pre-pared tax return with income tax liability or refund amount already calculated”.  I will explain why if anyone asks.

* Jason Dinesen continued to post valuable information during the tax filing season.  In “Taxation of Incentives Received from a Bank” he deals with a topic that I became familiar with very early in my career while still an “apprentice” tax preparer.

* Jason also began a new blog series on “Basics of Taxes” with “Part 1: Who Has to File”.

* We finish the Dinesen trifecta with the answer to the question “Does My Partnership Need a New EIN if it Becomes an LLC?”.

* I agree with Christopher Koopman, who says at THE HILL “Licensing Tax Preparers Won't Help Consumers”.

I do, however, believe that a voluntary independent, industry-based credential for tax preparers, like a “Certified Tax Return Preparer”, would help consumers, as I first suggested back in 2013 (click here for my editorial).

In the piece Christopher identifies the real problem with tax compliance –

“The issue is larger, and more systemic, than simply trying to ensure that only the most honest dealers prepare tax returns. It's important to start by asking why so many individuals turn to others to fill out their forms in the first place. That answer is simple: The tax code as it stands today is a mammoth, complex mess. Littered with loopholes, exemptions, credits and other various programs, the increasing complexity in the code only creates confusion over how to comply.”

The best way to reduce tax fraud is to rewrite the Tax Code.

* Prof Paul Caron reported “NYU Hosts 7th Annual Tax Movie Night” at TAX PROF.  I would have liked to have been able to attend. 

In my experience I have rarely seen the IRS or an income tax issue portrayed correctly in television episodes, movies, or plays.

Many, many years ago my mentor and I had said our tax season experiences would make a good workplace sitcom – but felt most people would find the episodes based on our reality unbelievable.   

* Do you frequently complain about the poor job being done by the IRS?  Here is your chance to do something about it.  In “Think You Can Improve IRS Service? Here's Your Chance” at FORBES.COM Kelly Phillips Erb tells us –

“The TAP is federal advisory committee that listens to taxpayers, identifies major taxpayer concerns, and makes recommendations for improving IRS services. TAP reports annually to the Secretary of the Treasury, the IRS Commissioner, and the National Taxpayer Advocate.

TAP is looking for volunteers to serve a three-year term starting in December 2016. There are 55 vacancies in total. TAP is specifically looking for volunteers to serve in the following states: Alaska, Arkansas, California, Colorado, Connecticut, Florida, Hawaii, Iowa, Idaho, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New York, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, Puerto Rico, South Dakota, Tennessee, Utah, Wisconsin, West Virginia and Wyoming.”

* Were you following Russ Fox’s series on “Bozo Tax Tips” at TAXABLE TALK?  Click here for a recap.

* In case you are interested “Sanders Paid $27,653 in 2014 Taxes on Income of $205,271”, and “Obamas Paid 18.7% in Taxes on $436,065 Gross Income in 2015", both from ACCOUNTING TODAY.

THE FINAL WORD-

I was apparently very efficient this tax filing season – ending with less than half the number of GD extensions than I had last year!  More on “the tax season that was” in my annual review to be posted next week.

TTFN

THANK GOD IT'S OVER!

TAX SEASON'S OVER!

MY FACE IT HAS A BIG SMILE.

AND SO IT'S OFF TO THE SHORE,

1040s NO MORE.

AT LEAST FOR A WHILE.

Today I honor the memory of Maurice "Moe" Barry -

http://www.forbes.com/sites/peterjreilly/2011/09/10/the-wandering-tax-pros-911-tribute/#1c628ad91a14

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – ANOTHER SPECIAL TAX SEASON EDITION

Another BUZZ with information that cannot wait until after the tax season -

* Jason Dinesen tells you “6 Things You Might Not Know About Enrolled Agents” at ACCOUNTING WEB.

I was not fully aware of Item #6 – “Until recently, there was no protection for EAs to hold themselves out as EAs”.

I also wish to modify Jason’s #5 - “In the tax world, we are 100 percent equal to CPAs and attorneys”.  It is true that “there are three groups of licensed professionals who have unlimited practice rights when handling tax matters for taxpayers: CPAs, attorneys, and … enrolled agents”.  However Enrolled Agents are certainly superior to CPAs and attorneys (to be fair in most cases) when it comes to knowledge of the Tax Code.  EAs have proven knowledge of the Tax Code by testing and, unlike CPAs or attorneys, are required to take annual CPE in federal tax topics. 

If you have a choice of three preparers, and all you know about them is that one is a CPA, one is an attorney, and one is an EA, the obvious choice is always the EA.

 

* And Jason also explains “What is a 501(c)(3) and What’s the Big Deal?".

 

* Completing the blog trifecta – Jason provides a timely warning to “Beware of the Deadlines on Amended Tax Returns” (highlights are JASON’S) –

“In most cases, you have 3 years to file an amended tax return. For most people who file their 1040 without extension, that means April 15th, 3 years later. For example, a 2012 amended tax return (where the original 2012 return was due April 15th, 2013) must be filed by April 15, 2016.

Normally the term “filed” means “postmarked.” But this is not the case with amendments.

The term ‘filed’ for amendments means when the IRS receives the amended return.”

* Kay Bell reports that dangerous buffoon “Trump is Last Holdout as Kasich Releases Tax Returns”.

I wouldn’t hold my breath waiting for the idiot to finally release his returns.

One thing remains perfectly clear – Tronald Dump must not be elected our next President!

* Kay also discusses “Problems with Prepaid Card Tax Refunds” -

“Reloadable prepaid cards are available from many tax preparation software programs. Or from tax preparation firms. Or from major retailers such as grocery, drug and big box stores. Just Google the term for myriad options.

But there's one big problem with these cards. Tax crooks absolutely love them.”

* Michael Cohn of TAXPRO TODAY gives us the word that “AICPA and H&R Block Feud Over Ad Campaign”.

 

If it were not tax season and time is precious I would have some appropriate comments on this "feud".

THE FINAL WORD-

Be careful what you wish for!

For years I have said I would like to see a true successful businessman, who is not a “professional politician”, run for office – Congress, Governor, President.

I had hopes for Jon Corzine.  But he was not really a true successful businessman – he was basically a salesman who rose to his level of incompetence in business.  He was a true disappointment.

And now we have dangerous buffoon Donald Trump.

Donald Trump is not a true successful businessman.  He did not create a product or a company and build it from nothing to success.  He inherited millions from his father and invested in real estate in New York.  Duh.  He has lots of nonsense with his name on it – Trump steaks, Trump water, etc – but he just sold his name to be put on someone else’s product.  And he has consistently screwed his investors and lenders, and is proud of this.  Besides, he is a narcissistic buffoon.  Everything he says and everything he does is completely motivated by the desire to feed his undeservedly enormous ego.

The best example of what I wished for is Michael Bloomberg.  He is a true successful businessman – he started with nothing and built a successful international enterprise.  And he was a success as mayor of New York City.

It still remains totally inconceivable to me that anyone with any intelligence, awareness, and responsibility could even consider voting for Donald Trump for anything.

God help the US and the world if Tronald Dump becomes President!

TTFN

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - ANOTHER SPECIAL TAX SEASON EDITION

What’s this – another tax season BUZZ!  Wow!  Some more items that could not wait until after April 18 to share.

* Jason Dinesen discusses one of the many problems with using a “box” to prepare your tax returns in “How to Fix a Schedule C Filed In the Wrong Spouse’s Name” at DINESEN TAX TIMES.

“The following scenario comes up now and then, especially among self-employed taxpayers who file their own tax returns using tax-preparation software.”

If the taxpayer had gone to Jason in the first place, and did not erroneously rely on a “box” to prepare a correct return, all his agita could have been avoided.

* I sympathize with Jason when he says “Sometimes I Wish I Could Just Prepare 1040-EZs”.  Although I would substitute 1040-EZs with 1040As – I do not prepare 1040-EZs.

I have always said I sincerely believe that if I did nothing but 1040As all day during the tax season, I would make more money, experience less agita, and substantially reduce the number of extensions.

Like Jason, I, too, like more complicated returns.  But not so much in the rush of the hectic tax filing season. 

As Jason suggests, the agita that arises from tax preparation comes from clients – obviously only a few and not all. 

While I do enjoy visiting with and talking with many of my long-time clients - I would truly be in heaven if I worked alone at a desk all day and someone would just give me returns, with all the information necessary included, and I would just prepare the returns without having to deal with the actual taxpayers.

* The yellow rose of taxes, Kay Bell, points out another of dangerous buffoon Donald Trump’s lies in “IRS Audit Doesn't Prevent Trump From Releasing Taxes” at DON’T MESS WITH TAXES -

“But being under audit does not in any way prevent The Donald, or anyone, from releasing personal tax returns.

The IRS, of course, can't reveal a taxpayer's filings or items therein. There are strict privacy rules that prevent that.

Each taxpayer, however, is the owner of that info and he or she can make public as much as he or she wants about his or her tax filings any time she wants.”

* Speaking of Republican candidates’ tax returns, ACCOUNTING TODAY discusses “Rubio's Tax Returns: Few Details, $2.3Million in 5 Years” and “Cruz's Tax Returns: Few Details, $5 Million for 2011-14”. 

THE FINAL WORD-

A FYI – as Tronald Dump was winning on Super Tuesday, Google searches for “How Can I Move to Canada” increased astronomically.

TTFN

WHERE THE FAKAWI - #2

The, or I guess my, 2016 tax filing season (February 1 – April 17) is 1/3 over!

I have completed and mailed out 74 sets of returns.  I am a bit ahead of last year’s first-third statistics.   

I have either done, received in the mail, or made arrangements with 51% of the names on my mailing list – again slightly ahead of last year.

The “to be done” box is not “chock-a-block” yet – but it is getting there.  And there are only 2 “red files” (need more information), and they are completed as soon as the missing information arrives.

As reported in my first Where the Fakawi, there have been no issues – processing, computer, or weather – so far.

 

I think I will lock myself behind closed doors March 1, 2, and 3 so I can do as many of the returns received in February without interruption.  I have vowed not to start on returns received in March until all returns received in February are done - or red-filed.

I will report back on my progress at the half-way mark.

TTFN

WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – SPECIAL TAX SEASON EDITION

An unprecedented tax season BUZZ!  Some good stuff that needs to be spread around now – and could not wait until April.

* TAX NEWS gives us the word that “Bill To Terminate US Tax Code Gets 100th Cosponsor”.

The bill is the Tax Code Termination Act, “which would repeal the current tax code by December 31, 2019. It would require a two-thirds majority vote in Congress to change the termination date, and force Congress to approve a new federal tax system by July 4, 2019.”

The bill declares that the new US federal tax system should be "a simple and fair system that applies a low rate to all Americans; provides tax relief for working Americans; protects the rights of taxpayers and reduces tax collection abuses; eliminates the bias against savings and investment; promotes economic growth and job creation; and does not penalize marriage or families."

House Judiciary Committee Chairman Robert Goodlatte tells it like it is when talking about this bill –

“. . . it's clear that there is mounting support to scrap the tax code and start work on a new tax system.  It has become all too clear that the current code is broken beyond repair and cannot be fixed – we must start over.  "While I have yet to hear an argument for maintaining our current tax code, I hear argument after argument for why we need a new one.”

To be honest, I don’t think we should wait until 2019 to rewrite the Tax Code.

I invite fellow tax pros to join me in TAX PROFESSIONALS FOR TAX REFORM.

* Russ Fox posted “The Liberty to Commit Tax Fraud” about fraud committed by Liberty Tax Service franchises near Detroit.

This post points up several items –

First of all – avoid fast food tax preparation chains.  Use an independent tax professional.

And - 

“This story does show two things. First, requiring every tax professional to obtain a license won’t stop tax fraud. The alleged fraud here was started by an individual with a PTIN, someone who assuredly could obtain the former RTRP designation or the current AFSP ‘seal of approval’. Second, the Department of Justice news release notes, “In the past decade, the Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers.” This is absolutely true, and the DOJ should be commended for their work. It also shows that licensing every tax professional isn’t needed to get rid of unscrupulous ones.”

* And further proof that fast food tax preparation chains are not your best option comes from the Comptroller of Maryland via its release from early February “Franchot Suspends Processing Returns from 16 More Liberty Tax Franchises, Four Other Tax Prep Sites”.

I talked about Liberty in my January post “Come in to the Office and Walk Out with Cash!”.  And about Henry and Richard in “A New Gimmick”.

* Now, on to more reasons you should not use a “box” (tax preparation software) to prepare your return from Kay Bell, the yellow rose of taxes, at DON’T MESS WITH TAXES, also in early February – “Tax Slayer data breach is the 3rd tax software-related security issue so far this filing season”.

Kay told us

“Tax filing season is tax crime season, with yet another tax software company reporting that some of its customers' data apparently has been compromised.”

* Jason Dinesen proudly proclaimed “Why Yes, I Am ‘Just’ An Enrolled Agent” at DINESEN TAX TIMES.

Jason tells of an email he received from a CPA who had subscribed to his blog post feed, but unsubscribed upon learning that he was “just an Enrolled Agent” and not a CPA.

The AICPA believes that CPAs own the 1040 preparation “brand”, which is nonsense, and aggressively fights against any currently or potentially legitimate program that truly identified competent and current 1040 preparers.

The initials CPA have absolutely nothing whatsoever to do with knowledge, experience, competence, or currency in 1040 preparation.  The initials EA most definitely do.

* And Jason answers the question “If a cash-basis business uses a credit card for business expenses, are those purchases deductible right away, or later on when the credit card debt is paid?” in “When Are Purchases Made With a Credit Card Deductible?”.

* Electronic filing is apparently not without its issues.  PC World reported “Identity thieves obtain 100,000 electronic filing PINs from IRS system”. 

Since I prepare all my federal returns manually, and my clients mail the paper returns to the IRS via the Post Office, this does not problem does not affect any of my clients.

* From Alistair M. Nevius, J.D at the JOURNAL OF ACCOUNTANCY - “President’s Budget Proposes Many Tax Changes”.

Understand that the items discussed in this piece are not pending tax legislation, but just BO’s final “wish list”, none of which will be enacted by Congress anytime soon.

There are some items worth discussing on the wish list –

·      Increasing the Child and Dependent Care Credit.  This is perhaps the only credit I believe actually belongs on the tax return.

·      Extending the American Opportunity Credit to 5 years.  While I believe this does not belong in the Tax Code, as long as it is there it really should cover 5 calendar years.

·      Increasing the “portability” of employee pension plans.

Of course there are also many tax components that are bad ideas and should not be acted upon.

OK, back to the 1040s!

TTFN

WHERE THE FAKAWI - #1

2 down – 9 to go.

Weeks of my tax filing season, that is (Feb 1 – April 17).

 

I have done and mailed out 28 sets of returns already.  And I have either done, received, or made arrangements with 26% of my client mailing list so far (probably actually a slightly higher percentage – I have not been to the Post Office to pick up Saturday’s arrivals as I was “out of state” this week-end).

I expect I am a little ahead of last season – certainly not behind.  I did have some surprise “early birds” so far this year.

There have been no issues – processing, computer, or weather – so far.  Let us hope that continues

Prior to this week-end I was getting returns done and mailed out (or red-filed – need more info) as they arrived.  Now the backlog begins.

I picked up 12 sets of returns this week-end.  Before leaving on Friday I had 9 returns in the “to be done” box and 2 “red files”.  I can only guess how many returns are waiting for me at the Post Office as we “speak”.

So the season is off to a good start. 

OK – back to the 1040s!

TTFN

TAX GUIDE FOR NEW HOMEOWNERS

I have written a guide especially for new homeowners - a detailed review of all of the special tax benefits available to homeowners.

The guide discusses –

ü    itemized deductions for real estate taxes, mortgage interest, points, and mortgage insurance premiums,

ü    the home office deduction,

ü    rental income and deductions for a 2-family home,

ü    the home sale exclusion, and

ü    the dreaded Alternative Minimum Tax.

It also includes a special section on Choosing a Tax Professional, and special forms, schedules, and worksheets to use during the year and at tax time.

The cost of this special tax guide, sent to you as a pdf email attachment, is only $7.95.  A print version is also available for $9.95.

Attention tax and real estate professionals – reprint rights of this report is available for free distribution to current and potential clients.  Email rdftaxpro@yahoo.com, with HOMEOWNERS TAX GUIDE REPRINT RIGHTS in the subject line, for information.

For information on other tax guides visit my DOLLAR STORE.   

Send your check of money order for $7.95 or $9.95, payable to TAXES AND ACCOUNTING, INC, and your email or postal address, to –

TAX GUIDE FOR NEW HOMEOWNERS

TAXES AND ACCOUNTING, INC

POST OFFICE BOX A

HAWLEY PA 18428

 

TTFAW

AVOID TAXES LEGALLY

One more post before I leave for my tax season hiatus.

You are paying too much federal and state income tax – and it’s nobody’s fault but your own!

You don’t have to wait for the idiots in Congress to pass tax reform legislation – you can reduce your tax liability through careful year-round tax planning.

As I have been attempting to do via THE WANDERING TAX PRO, I want to continue help you to pay the absolute least amount of federal and state income tax possible with my new quarterly newsletter THE 1040 LETTER.

This newsletter will supplement and go beyond my TWTP postings by offering more detailed advice, information, and resources on tax planning and preparation strategies, techniques, deductions, and “tricks” – based on my 44 years of preparing 1040s for individuals in all walks of life.

Unlike many tax newsletters, THE 1040 LETTER is not concerned with loopholes for the “wealthy” – but, like THE WANDERING TAX PRO, is written for the average middle-class and upper-middle-class taxpayer.

And, also unlike most tax newsletters, the cost if truly reasonable – only $14.95 per year (delivered as a “pdf” email attachment).

But, more better, the cost of a one-year subscription for the first 100 premiere subscribers will be only $9.95 – a 1/3 discount!

Subscribers will also receive special 1040 ALERT emails during the year to report breaking federal tax news.  

In addition, all subscribers will receive as a free gift a copy of all of the tax guides in my DOLLAR STORE (also delivered as an email attachment), my analysis of “What’s New for 2016”, and a 25% discount on all of the rest of my current and future reports, guides, and forms compilations (click here to see what I have to offer), good for as long as you remain a subscriber!

The first issue of THE 1040 LETTER will be published on April 1^st, with subsequent issues in July, October, and January.  As of this writing the April issue will include detailed discussions of –

·      IRA FEES

·      EVALUATING YOUR WITHHOLDING

·      OTHER LESSONS TO LEARN FROM YOUR 2015 FORM 1040

·      HEY, DUDE, WHERE’S MY CHECK?

·      GETTING READY FOR SUMMER – FILLING OUT FORM W-4 FOR YOUR CHILD’S SUMMER JOB

And lots of other good “stuff”.

To subscribe send your check or money order for $9.95, and your email address, to –

THE 1040 LETTER

TAXES AND ACCOUNTING, INC

POST OFFICE BOX A

HAWLEY PA 18428

I promise you will not be disappointed.

TTFAW

 

 

 

THE TWELVE DAYS OF TAX SEASON

And now what you have been waiting for –

THE TWELVE DAYS OF TAX SEASON

On the first day of tax season my client gave to me a Closing Statement for the purchase of a home.

On the second day of tax season my client gave to me 2 W-2 forms.

On the third day of tax season my client gave to me 3 mortgage statements.

On the fourth day of tax season my client gave to me 4 Salvation Army receipts.

On the fifth day of tax season my client gave to me 5 Form K-1s.

On the sixth day of tax season my client gave to me 6 1099s for dividends.

On the seventh day of tax season my client gave to me 7 cancelled checks.

On the eighth day of tax season my client gave to me 8 useless items.

On the ninth day of tax season my client gave to me 9 medical bills.

On the tenth day of tax season my client gave to me 10 stock sale confirms.

On the eleventh day of tax season my client gave to me 11 employee business expenses.

On the twelfth day of tax season my client got from me a finished tax return, 11 employee business expenses, 10 stock sale confirms, 9 medical bills, 8 useless items, 7 cancelled checks, 6 1099s for dividends, 5 Form K-1s, 4 Salvation Army receipts, 3 mortgage statements, 2 W-2 forms, and a Closing Statement for the purchase of a home.

And, of course, on the thirteenth day of tax season the client gave to me a corrected Consolidated 1099 from Wells Fargo Advisors!

And so the 2016 Tax Filing Season officially begins.  Open the floodgates and bring on the 1040s!

TTFN