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

* Kay Bell, the yellow rose of taxes, suggests some “Tax-smart capital loss or gain moves to make now” at DON’T MESS WITH TAXES.

* And, while not tax related, Kay posts “How you can help Kentucky tornado victims”.

She does say –

“President Joe Biden immediately declared areas of the Bluegrass State as major disasters.”

And –

“The Internal Revenue Service should be issuing tax relief notices soon.”

* Kay makes a BUZZ trifecta by reminding us “Don't miss out on $300 ($600 for couples) charitable donation tax deduction, no itemizing needed”.

Kay correctly points out (highlights are mine) –

“The $300 per single filer or $600 per married filing jointly couple must be a cash donation. This doesn't mean just actual dollars, although those count. The IRS also classifies as cash donations those gifts made by the aforementioned check, credit or debit card, and text. Cash contributions also include amounts incurred by an individual for unreimbursed out-of-pocket expenses in connection with their volunteer services to a qualifying charitable organization. But as for those actual volunteer efforts, you can never deduct the value of your volunteer services or time. Also, donations of securities and household items or other property are not cash donations. Neither do contributions to a donor advised fund.”

* It’s that time of year again!  Russ Fox tells us “Nominations Due for 2021Tax Offender of the Year!” at TAXABLE TALK –

“I suspect that once again there are too many deserving nominees.  If you have a suggestion, feel free to email it to me at rcfox@claytontax.com.”   

* A timely reminder from the IRS – “Most retirees must take required minimum distributions by Dec. 31”.

RMDs were suspended for 2020 only – if required you must take an RMD for 2021 or be penalized.

THE LAST WORD

Today’s political divide has absolutely nothing to do with liberal vs conservative.  It is not about political policy or philosophy.

It is crystal clear that today’s political divide is about intelligence (Democrats) vs ignorance, stupidity and racism (Republicans).

TTFN