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

* Have you checked out my RAMBLINGS yet? Please do! And let me know what you think.

* And also check out my compilation of FREE TAX STUFF!

* More proof that moving from NJ to PA was a great idea, via “15 Worst States to Live in During Retirement” from KIPLINGER (highlights are mine) -

“The combined state and local tax burden {of New Jersey – rdf} is the second-highest in the nation. And it doesn't ease up after you die—the money you leave behind is subject to both an estate tax and inheritance tax (though there are exemptions for spouses and some others). Plus, with the second-worst ranking for fiscal soundness, behind only Illinois, the tax picture is unlikely to improve soon.

More bad news: New Jersey's living costs are the fourth-highest in the country, with retiree health care costs ranking third-highest in the nation.”

* A blast from the past from FIDELITY VIEWPOINTS, brought to my attention by a recent “issue” of Accountant’s World Daily News weekday daily email newsletter, lists “Nine compelling benefits of a Roth IRA”.

The bottom line of the article –

“No matter what your age, because a Roth IRA may improve your tax picture, it makes sense to take the time to learn how a Roth works and see whether you would benefit from one.”

* CCH has created a “Tax Briefing” on the “2016 Tax Policies of the Major Presidential Candidates”.

Unfortunately it only covers the proposals of Clinton and Trump – no information on policies of Gary Johnson or Jill Stein.  Since Trump will lose the election - nobody with any intelligence should vote for the fool - there is no reason to read what he proposes.  So the only value of this briefing is to see the bad proposals of Hillary.

* PARKER TAX PUBLISHING shares how “Two Cases Illustrate Importance of Material Participation for Real Estate Professionals”.

* Kay Bell reports “Louisiana flood victims get special tax consideration” at DON’T MESS WITH TAXES.

 

MY AUGUST SPECIAL OFFER-

 

I have created a new monthly newsletter titled BOBSERVATIONS with

 my observations on "life, liberty, and the pursuit of happiness".  

 

The cost of this new monthly newsletter is normally $9.95 for 12 monthly issues delivered as a pdf email attachment.  For all orders postmarked in August 2016 you the cost is only $6.65 – 1/3 off!

 

Plus I will send you as a free gift my e-book WON'T YOU TAKE THIS ADVICE I HAND YOU LIKE A BROTHER - a compilation of my best tax advice from 45 years of preparing 1040s that currently sells for $7.95.

 

Click here to download a free copy of the premiere issue.

 

Send your check or money order for $6.65 payable to Robert D Flach – and your email address – to –

 

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* The CCH Headline News week-day daily e-letter told us “HCTC-Eligible Taxpayers Without Qualifying Coverage Get Hardship Exemption” -

“The hardship exemption extends to all eligible individuals and/or qualifying family members who were not enrolled in HCTC-qualifying health insurance coverage for one or more months between July and December 2016, but were HCTC eligible.”

* Jason Dinesen’s post “Is a Rent Reduction Tax Deductible?” concerns a concept that is confusing to many taxpayers.

The landlord in the situation Jason discusses gets a tax benefit for the rent reduction – his net taxable rental income is reduced, or his net deductible rental loss is increased, by the $1,000 rent reduction.  So he is paying tax on $1,000 less net income.  But it is because $1,000 less in income is reported, and not because the landlord is deducting the reduction as a business expense.

Jason is correct when he says –

“As you can see, the end result is essentially the same as getting a deduction, but psychologically it seems like people have a hard time with the concept.”

* And Jason also deals with the question of “The $250 Educator Expense Deduction and College Professors”.

* David Brunori of TAX ANALYSTS joins the conversation begun by Kay Bell and continued by Joe Kristan and myself (see my post “Kay Bell – You Asked for It!”) with “Regulating Preparers: A Solution in Search of a Problem”.

Mandatory regulation will not end incompetence and fraud among tax preparers.  Many already licensed and regulated tax preparers are incompetent, or less competent, and many engage in fraud.  Remember it was licensed and regulated CPAs who gave us the Enron fraud. 

The way to reduce preparer incompetence and tax fraud is to rewrite the convoluted mucking fess that the idiots in Congress have turned out Tax Code into.

* Jonathan Medows, a member of the FREELANCERS UNION, gives us a post at the union’s blog that helps freelancers to “Get the 4-1-1 On Self-Employment Tax”.

* At 21^st CENTURY TAXATION Professor Annette Nellen shares my opinion (or rather I share her opinion) on the “Olympic Medal Taxation Craziness” -

“There is no good reason for excluding this prize income.  All prizes are taxable because they are an accession to wealth which is what our income tax system is based upon. If you win a raffle or win on Jeopardy!, the prizes are taxable. Why should an Olympic medal be different?”

THE FINAL WORD

Dangerous Donald has proven that he is a horrible businessman.

What will his run for the Presidency, fueled by his mental disorder, have accomplished?

He already lost his television show.

More than half the country realizes that he is a dangerous and unstable fool, and the number of individuals in America and around the world who come to this realization grows daily.  Once the election is over the name Trump will come to mean big loser.  His “brand” will have absolutely no value.

He will have totally destroyed whatever reputation he may have had.  And will be much more of a national joke then he was before.

He will have wasted millions of his inflatedly reported fortune on a losing campaign.

He may actually have to work for a living!

And he will, regardless of what he childishly whines, have no one to blame but himself.

It couldn’t have happened to a more deserving person!

TTFN

Do you want to learn how to pay the absolute least amount of federal and state income tax possible – and experience the joy of avoiding taxes?  Click here to check out my library of tax planning and preparation books, guides, reports, and newsletters.