Tuesday, November 19, 2019
As you read this, I am in Atlantic City at the annual year-end tax update seminars of the National Association of Tax Professionals. I will report on what we learned after I return.
* A belated happy 14th Anniversary to Kay Bell’s DON’T MESS WITH TAXES blog! Here is her first post – “The Most Wonderful Time of the Year”.
Congratulations to the yellow rose of taxes!
* Just when we tax pros thought we didn’t need to deal with client health insurance coverage anymore Russ Fox tells us “Out With the Fed Mandate; In With State Mandates” at TAXABLE TALK.
“Massachusetts, New Jersey, and the District of Columbia have their own mandates for the 2019 tax year (tax returns filed in 2020); Massachusetts’ mandate began in 2007. California, Rhode Island, and Vermont have implemented mandates for the 2020 tax year (tax returns filed in 2021).”
Unfortunately, as 90% of my clients are NJ residents I will have to continue to deal with this PITA. I personally have never believed a taxpayer should be penalized for not having “adequate” health insurance coverage for all household members for the entire year.
* A topical post, considering Trump’s crime (only one of many). Robert W Wood explains “Quid Pro Quo? Actually, IRS Cares Too” at FORBES.COM.
RWW deals with the QPQ in terms of charitable contributions, stating “The tax law is clear that you cannot write off a charitable contribution if it wasn’t really a charitable contribution.”
* Speaking of charitable contributions, TaxGirl Kelly Phillips Erb describes “The Gifts That Keep On Giving: 5 Strategies To Tax-Optimize Charitable Giving”, also at FOBES.COM.
* KIPLINGER.COM has put its 2 cents into the discussion of state taxes and identified its choices for “Best States for Low Taxes: 50 States Ranked for Taxes, 2019”.
No surprise that New Jersey is on the list of top-10 least friendly tax states. Kiplinger confirms “New Jersey’s property taxes are the highest in the U.S.”.
Unfortunately, I found no list of the 50-state rankings. There is a state tax map (here) where you can click on a state to go a detailed analysis.
THE LAST WORD
Donald T Rump was unfit to be President in 2016 and is unfit to be President today and in 2020 because he is Donald T Rump – a corrupt and unethical businessman with more failures than successes and an ignorant, racist, delusional malignant narcissist and sociopath totally devoid of humanity, integrity and credibility.
Tuesday, November 12, 2019
* The big tax news last week was the issuance by the IRS of the 2020 COLA and inflation-adjusted information. I have prepared a compilation of the new 2020 numbers. See here.
* FYI – my BOBSERVATIONS blog is now AMERICANS FORCOMMON SENSE. Check it out!
* Jason Dinesen asks, and answers, the question “Do I Lose the Tax Deduction if I Don’t Issue a 1099?” at DINESEN TAX TIMES.
* KIPLINGER.COM lists the “10 Least Tax-Friendly States for Retirees, 2019”.
My former home state of New Jersey is #8 –
“Once again, it's the property taxes that crush retirees in the Garden State. New Jersey has the highest average property tax rate in the country.”
* And here are the “10 Most Tax-Friendly States for Retirees, 2019”.
Wyoming is the most tax-friendly –
“Thanks to abundant revenues that the state collects from oil and mineral rights, Wyoming retirees shoulder the lowest overall state and local tax burden in the U.S., according to our calculations. There are no income, estate or inheritance taxes…and sales taxes are low, too (the average combined state and local sales tax rate is only 5.32%).”
* Oi vey! Russ Fox tells us it's “Deja Vu All Over Again, Again” at TAXABLE TALK.
* Not really surprising. Michael Cohn reports “Tax reform influenced charitable giving for half of taxpayers” at ACCOUNTING TODAY.
Thursday, November 7, 2019
The IRS has just released the COLA and inflation adjusted numbers for the Form 1040 for tax year 2020 – tax rates, Standard Deduction amounts, pension contribution limits, etc, etc, etc. These are the numbers that will be used on the 2020 Form 1040 that you will file in 2021.
As I do each year, I have created a special report of WHAT’S NEW FOR 2020 with these numbers - for use in your year-end 2019 and year-round 2020 tax planning. The only numbers not included in this report are the 2020 standard mileage allowance amounts, as they have not yet been announced.
My compilation is available, send as a pdf email attachment, for only $1.00. A revised report will be sent in the same manner when the standard mileage allowance rates are announced.
The first 50 to order the 2020 compilation will also be send my WHAT’S NEW FOR 2019 report.
Send your check or money order payable to TAXES AND ACCOUNTING, INC to –
TAXES AND ACCOUNTING, INC
WHAT’S NEW FOR 2020
POST OFFICE BOX A
HAWLEY PA 18428
Wednesday, November 6, 2019
So, Washington wins the pennant (and the World Series). Just curious - does any member of the team have a personal manager named Applegate?
As for the BUZZ – a day late, but, while a bit brief (hey, some BUZZ is better than no BUZZ), hopefully not a dollar short.
* TaxGirl Kelly Phillips Erb tells us “IRS Advises Taxpayers To Be On The Lookout For New SSN Scam” at FORBES.COM.
* From THE TAX ADVISOR – a primer on “The taxation of collectibles”.
I don’ believe I have ever had to deal with this issue in my 48 tax seasons.
* Kay Bell is correct when she says “Standard tax amounts are easier for taxpayers” at DON’T MESS WITH TAXES.
The increased Standard Deduction and the standard mileage allowance rates also make tax preparers’ lives – certainly mine - easier.
Monday, November 4, 2019
Donald T Rump is an ignorant and incompetent, delusional and dangerous, totally self-absorbed and mentally unstable worthless piece of garbage, devoid of humanity, who does not possess a single positive human value or quality.
He does not care about anything or anyone but himself. Everything he does is motivated solely by feeding his ego, lining his pockets, protecting himself, and pandering to his core cult of ignorant racists so they will continue to cheer his every lie at rallies.
Nothing he ever does, or has ever done, is based on intelligent thought, on doing what is right, or on a concern for what is good for America, the American people or the world.
He has never performed a single totally unselfish positive act in his adult life. And he has not made a single completely truthful statement about anything since announcing his candidacy for President in 2015. He lies to everyone about everything every day.
It is very literally impossible to find anything good to say about Trump.
In a presidential election it is usual to ask voters, “are you better off today than you were 4 years ago?” No person in the world, except for maybe authoritarian leaders and dictators like Putin and Un, is better off today than they were 4 years ago – the mere fact that Trump is President makes everyone’s life worse.
There is no issue more important in the 2020 election than removing Trump from the White House. Regardless of one's political philosophy or affiliation – Democrat. Republican, of Libertarian, liberal, moderate, or conservative – no patriotic American with a brain and a conscience could ever want Trump in any position of political power.
TRUMP MUST GO!