Monday, January 13, 2020
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
This past Saturday I attended the NJ chapter of NATP’s annual “Famous State Tax Seminar”. Look for my “review” here tomorrow (Tuesday).
* As most of you know I do not submit the federal returns I have prepared to the IRS electronically. This is not because I have any issues with electronic filing, but because I never have, and never will, used flawed and expensive commercial tax preparation software to prepare federal income tax returns.
In the past I have successfully used the NJWebFile system to submit NJ-1040 returns directly to Trenton free of charge online, and to request direct deposit of refunds. However, I have learned that, unfortunately, the NJWebFile system has been discontinued. So, I can no longer submit NJ-1040 returns electronically, and can no longer request direct deposit of client refunds.
While NJWebFile is no longer available to self-preparing NJ resident taxpayers, there is an NJ E-File option available.
* As he does at the beginning of every year Russ Fox reminds taxpayers who use their car for business “It’s Time to Start Your 2020 Mileage Log” at TAXABLE TALK.
Employees can no longer deduct employee business expenses, so this is most important for self-employed taxpayers. However, with Congress fond of retroactive tax law changes it couldn’t hurt for employees to keep a mileage log as well just in case.
As Russ points out “IRS regulations and Tax Court rulings require” a “contemporaneous written mileage log”.
* The FOBES.COM TaxGirl Kelly Phillips Erb provides “2020 Tax Refund Chart Can Help You Guess When You’ll Receive Your Money”.
It is important to note that, as KPE points out – “I can't stress enough that these are educated guesses. I like math and charts as much as the next tax geek, but many factors could affect your tax refund.”
Your state delivery schedule may be different. Many states are taking additional steps to verify taxpayer identity. New Jersey, for example, will not begin to send out refunds until March 2nd.
I recommend that you request direct deposit to your bank account for any refunds you will be getting.
* This AMERICANS FOR COMMON SENSE post is not about taxes but is important anyway. This is not said often enough - and is not properly understood by many. Please read and share “Politics and Religion”.
* At ACCOUNTING WEB Julian Bond reminds us “You Can’t Deduct a Hobby Loss Without a Profit Motive”.
THE LAST WORD
This must be said again and again every day.
There is no issue more important for the future, safety and security of America and the world today than removing ignorant, incompetent and totally self-absorbed demagogue Trump from the White House and removing his hypocritical Republican enablers from Congress.