Tuesday, November 12, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* 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.