* Have you seen the premiere issue of my
new FREE monthly tax planning and preparation newsletter ROBERT D FLACH’S THE 1040 LETTER yet? Why not?
* Professor Jim Maule’s bottom line advice
to those going into business in the post “Choose The Entity Carefully BecausevTax Consequences Matter” is very, very important, and deserves repeating in
full time and again (highlight is mine) -
“When
starting a business, selecting the form in which the enterprise is conducted is
an essential consideration. There are advantages and disadvantages to each of
the choices. Determining which form
makes the most sense for a particular taxpayer depends on the particular
characteristics of that taxpayer’s characteristics. It requires examination of the particular business, the market in which
it operates, the long-term and short-term probability of success, the
possibility of becoming a target for acquisition by another party, the tax
situation of the taxpayer, the psychological and emotional constraints on the
taxpayer’s business presented by third parties, the prospects of the taxpayer’s
premature death, and dozens of other factors. Making the wrong decision,
which is much easier to identify through hindsight, can have significant
adverse consequences. It is worthwhile for the taxpayer to consult with a
professional
{a TAX professional first, a lawyer second – rdf}, to avoid relying on internet advice and sound bite bits of so-called
wisdom, and to remain skeptical of decisions made by robots or other forms of
artificial intelligence that disregard the factors not easily reduced to bits
and bytes.”
* Jean Murray explains “How do I Keep Personal and Business Funds Separate?” – something that you must do.
* At FORBES.COM Niall
McCarthy provides an “infographic” on "The U.S. States With The Highest Tax Burdens In 2016”.
Niall explains –
“The tax burden measures the percentage of a
person’s income which goes towards state and local tax, different to the tax
rate, which depends heavily on income and personal circumstances.”
Somehow I thought
NJ would be higher on the list – although #7 is bad enough. I expect the low gas tax, if it is a factor
in the determination, is what puts NJ lower on the list than anticipated.
* Hey – do me a
favor and download the free sample issue of my other new monthly newsletter
BOBSERVATIONS and let me know what you think.
* Kelly Phillips
Erb, FORBES.COM’s TaxGirl, reminds us that “Schemes Targeting Elderly Not Limited To Tax-Related Scams”.
* Something to look
forward to this summer – according to the CCH week-day daily email newsletter “House Lawmaker’s Tax Reform Blueprint to Be Unveiled by End of June, Staffer Confirms”.
The item quotes Ways
and Means Committee Chairman Kevin Brady listing of the principles that will
guide and shape the impending tax reform blueprint. I like the first 3 -
·
“The tax code must be simpler, fairer, and
flatter;
·
Loopholes must be
closed and special interest provisions eliminated for lower rates for everyone;
·
Businesses of all
size must have a fair and competitive tax rate”
I will report on
the “blueprint” at TWTP either in a BUZZ installment or a separate post when it
is announced.
* Let’s end with
one of the reasons I moved from metropolitan NJ to rural PA. NJ.COM answers the question “Which N.J. towns pay the highest school tax bills?”.
NJ is consistently
somewhere in the top of the list of highest real estate taxes. One reason has always been (and I doubt this
problem has been fixed) that upon retirement teachers, and other municipal
employees, are paid, at I believe the current high rate, for all unused sick days over their entire
career. And it seems that highly paid NJ
Superintendents of School are never sick – they are just “working at home”.
THE FINAL WORD
The surprising success of dangerous buffoon
Donald Trump, a reality tv cartoon clown, in the Presidential campaign is a
result of a genuine feeling of disgust with current “traditional” politicians by
the public – a completely understandable response to the inaction,
incompetence, and inability to work together for the good of the country by the
idiots in Congress that has been going on for the past few decades.
The disenchanted have mistaken Trump’s
often nonsensical spewings, which are in reality nothing more than pandering
for publicity and praise, as being legitimate.
And there has really been nobody else who has attempted to voice their
disenchantment.
But Trump doesn’t “speak his mind” – he
says what he thinks his audience wants to hear, regardless of whether what he
says is actually true or he actually believes it, to get the publicity and
praise he unnaturally craves.
Just about everything Tronald Dump says
today contradicts what he has said, and done, in past years when he wasn’t
running for office - not that what he said in past years was any more genuine
at the time.
But the result of choosing of Trump as
their “champion” will be far, far worse than the current political situation. Four more years of “the same” is far, far
better to any years with the dangerous “Dumpster” in the White House.
Here is an important article for anyone who
is thinking about supporting Trump should read – “The Seven Broken Guardrails of Democracy”.
An appropriate and spot on quote of quotes
from the article –
“President
Nixon said in his 1969 eulogy of former President Eisenhower, ‘He exemplified
what millions of parents hoped that their sons would be: strong and courageous
and honest and compassionate. And with
his own great qualities of heart, he personified the best in America.’ Donald
Trump, by contrast, former Republican presidential nominee Mitt Romney
lamented, exemplifies what millions of parents would fear in their sons: ‘the
bullying, the greed, the showing off, the misogyny, the absurd third-grade
theatrics.’”
And, of course, there is also this – “Hard Sell: The Potential Political Consequences Of The Trump University Documents” –
“Sworn
testimony from a former Trump U. manager said he believed it was a ‘fraudulent
scheme’ that ‘preyed upon the elderly and uneducated to separate them from
their money’."
The item reminds us that the dangerous
buffoon was “a 93 percent owner, and the
enterprise was designed around him, his brand and his business acumen”.
The reasons why Trump must NEVER be President
are infinite!
TTFN
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