Thursday, December 8, 2022

2022 FEDERAL TAX FORMS

 

The IRS has issued the final version of the series 1040 forms and schedules.  To see the final forms go here and enter “Form 1040” at FIND.

There have been several minor changes to the Form 1040.  The final 1040 is the same as the previously issued “draft” version –

* The virtual currency question has been refined for those involved with BitCoin and other “virtual” or “digital” investments.

* While the amount of content on each page has expanded the 1040 still does not completely cover a normal 8½ x 11 page (as the pages of the 1040-SR do).  God only knows why.

* Line 1 to report wages, salaries, tips, etc, from Form W-2 has expanded, for some unknown reason, to 10 “sub-lines” to separately report a multitude of obscure wage-based income items.  If separate identification was needed why is it not added to Schedule 1?  These new lines are a waste of 1040 space and only add to taxpayer confusion.

* A Line 6c under the reporting of Social Security benefits has been added as a checkbox to indicate the taxpayer is making a “lump sum election” for Social Security reporting.

* The line – 12b last year – for claiming the “non-itemizer” charitable deduction has been removed since this deduction has expired and is not available for 2022.

* The sub-lines for Line 27, where the Earned Income Credit is claimed, have been eliminated as the special considerations applicable on the 2021 return that necessitated these additional sub-lines have expired and are not available for 2022.

* Line 30 – used in 2021 for the Recovery Rebate Credit – remains on the 2022 Form 1040 identified as “Reserved for future use”.

Similar changes have been made to the 2022 Form 1040-SR.

TTFN











Tuesday, December 6, 2022

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

 
* Giving Tuesday was last week – but Kay Bell’s “6 tax donation deduction tips for Giving Tuesday” applies to any day (under current tax law).
 
* Speaking of charitable contributions, Kristin McKenna goes into detail on one tax-wise way of giving in Donating Stock To Charity” at FORBES.COM.
 
* Ho! Ho! Ho! Returning to Kay Bell, she also lists “8 tax moves to make this December”.
 
* A BOBSERVATIONS post about a Christmas classic this week.
 
* I recently found that back in September KIPLINGER.COM updated its “State-by-State Guide to Taxes on Middle-Class Families”.
 
New Jersey is the 4th least tax-friendly state, just beating out #5 New York.  I do believe that in the past NJ had been the least-friendly, so there has been progress made in my former home state.
 
* The NATP BLOG answers questions about retirement plans and retirement plan distributions in “Differentiating between retirement plans and their tax reporting components”.

TTFN












Tuesday, November 29, 2022

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

 
* Kay Bell, the yellow rose of taxes, provides some “Holiday shopping (and tax time) identity theft prevention tips” at DON’T MESS WITH TAXES.
 
 
Homeowners & Renters Now Have Until January 31, 2023 to Claim Up to $1,500 in Relief.”
 
* Over at ACCOUNTING TODAY Michael Cohn reports on more Reality TV morons convicted of tax evasion – “Reality TV stars Todd and Julie Chrisley sentenced to prison for tax evasion”.
 
Hopefully this will mean one less steaming pile of excrement on TV – unless the idiots will be filming in prison.
 
* Two new posts at BOBSERVATIONS – Superman on Broadway and classic movie detective series.  Click here and here.
 
* Returning to Kay Bell, she has begun a series on “Tax Turkeys to Avoid”.  Her first installment is “Tax Turkey to Avoid#1: Incorrect withholding and how to adjust it”.
 
 

THE LAST WORD –

After everything immoral, unethical, illegal, and just plain wrong Trump has done, something has finally happened to cause the Republican Party to consider abandoning him.

Candidates he personally endorsed and campaigned for lost!

TTFN

















Thursday, November 24, 2022

HAPPY THANKSGIVING!


 


I am truly thankful that this November intelligence and patriotism won out over ignorance, racism and treason in my home state of Pennsylvania and elsewhere in the country.

Friday, November 18, 2022

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

Celebrating my birthday with some BUZZ.  Hopefully BLOGGER will not censor it.


* Kay Bell provides advice and information for victims of recent hurricanes and other natural disasters in “Tips on rebuilding tax and other records lost in a disaster” at DON’T MESS WITH TAXES
 
* Michael Cohn reports “Daniel Werfel nominated as next IRS commissioner” at ACCOUNTING TODAY
 
* Michael also tells us “IRS still coping with millions of unprocessed tax returns” (highlights are mine) -
 
The Internal Revenue Service had 4.4 million unprocessed individual returns received this year as of Oct. 28, including tax year 2021 returns and late-filed returns from the prior year, as IRS funding has become more of an issue during election season.
 
The IRS reported in the latest update this week on the status of its mission-critical operations during COVID-19 that of those 4.4 million unprocessed returns, 1.9 million require error correction or other special handling, while 2.5 million are paper returns still waiting to be reviewed and processed. The work typically doesn't require the IRS to correspond with taxpayers, but does require special handling by an IRS employee so, in those cases, it's taking the IRS more than 21 days to issue any related tax refund.”
 
A taxpayer (a client before I retired) had timely filed her 2021 return, and subsequently, in early May) filed an amended 2021 return with a payment of additional tax.  She just received a refund check from the IRS for the amount she had paid with the 2021 amended return plus interest.  Obviously, she was instructed to return the check.  But this proves that the IRS is still seriously backlogged.
 
* Two new posts for you to read and share at AMERICANS FOR COMMON SENSE.  One reports on the obvious fact that “Today’s Republican Party Lies” and the other explains why “The Electoral College Must Be Destroyed”.
 
* Be sure to check out the latest post at BOBSERVATIONS.
 
* Since I began with Kay Bell let me end with her.  She explains “The tax-saving ABCs of RMDs and QCDs” at, where else, DON’T MESS WITH TAXES.


THE LAST WORD –
 
 I’ll say it again.
 
Any person who does not recognize and understand the obvious fact that Trump’s one and only agenda as President was to feed his ego and line his pockets and who actually believes Trump cares one ounce about anyone or anything but himself is a complete moron.
 
MAGA Morons – those who listen to, believe and support Trump – are the dumbest people on Earth.
 
TTFN
















Thursday, November 17, 2022

WTF?

I was just told by Blogger (host/publisher of this blog) via an email -

"Your post titled "WHAT’S THE BUZZ – TELL ME WHAT’S A HAPPENNIN’" was flagged to us for review. We have determined that it violates our guidelines and have unpublished the URL -

http://wanderingtaxpro.blogspot.com/2007/10/whats-buzz-tell-me-whats-happennin_13.html,

making it unavailable to blog readers.

Why was your blog post unpublished? Your content has violated our Spam policy. Please visit our Community Guidelines page linked in this email to learn more."

SPAM?

Or was it removed because it contained comments critical to Trump and the Republican Party?  

I have been posting comments critical to Trump and the Republican Party since 2015 - here and at other blogs - but this has never happened before.  Did Elon buy Blogger?

Censorship?

TTFN






















Friday, November 11, 2022

Thursday, November 10, 2022

A CAUSE FOR CELEBRATION

There was good news to celebrate yesterday.

Intelligence and patriotism won out over ignorance, racism and treason in my home state of Pennsylvania.  January 6th insurrection participant and QAnon-supporting Mastriano, one of the worst and most dangerous candidates in any contest this election, was defeated by Josh Shapiro, and John Fetterman defeated TV snake oil salesman Oz.  And Matt Cartwright, the House representative in my district, also won.  Thankfully, for the most part my fellow Pennsylvanians did not fall for the multitude of lies promoted by Republican candidates and in Republican TV ads.   

In more good news, several Democrats held on to or actually flipped state houses in races for Governor, insuring additional protection for freedom, democracy and true American values on state levels.  The Arizona race has not yet been decided, but the truly dangerous Trump ass-kissing candidate Kari Lake is trailing slightly.  Fingers crossed for her defeat.  Of course, if she loses, she will erroneously claim voter fraud.  Unfortunately, the despicable and deplorable Republican Governors of Texas and Florida will remain in office for another term to continue to promote their dangerous Religious Right agenda.

Another victory - ballot questions protecting women’s reproductive rights and acknowledging the legality of abortion won in several states.   

In a still undecided race brainless idiot Lauren Boebert, one of the dumbest Republican candidates in a field full of morons, appears to be losing her bid for re-election!  Unfortunately, fellow moron Marjorie Taylor Greene (it is difficult to know which of the two is the biggest moron) easily won.  As did pedophile Matt Gaetz.

The fact that the race for Senate in Georgia was so close, with the fake Christian “Evangelicals” of the racist and repressive Religious Right supporting moron Walker over an actual Christian minister, is proof of the continued danger to freedom and democracy from these hypocrites.  The closeness of most races across America indicated that there are truly too many morons, racists and individuals without a conscience in America today.

To those who voted Republican yesterday I say “shame on you”.  Your vote was a betrayal of true American values and of American freedom and democracy.  Every person who voted for an election-denying or Trump-supporting candidate is guilty of participating in seditious conspiracy and an accomplice to treason.

As was observed by many TV journalists – the election has shown us America is still divided.  But the divide has nothing to do with political philosophy.  It is not liberal vs conservative – it is intelligence and patriotism vs ignorance and racism.  Thankfully, there continues to be more intelligent and patriotic Americans than morons and racists.

Clearly there is still work to be done.  We must remain vigilant and continue to fight against today’s Republican Party – still the most dangerous threat to America, the American people, American values, and American freedom and democracy.

TTFN












Tuesday, November 8, 2022

VERY VERY IMPORTANT!

 

PLEASE BE SURE TO VOTE TODAY AGAINST
 
- EVERY REPUBLICAN CANDIDATE
 
- IN EVERY RACE
 
- AT EVERY LEVEL.

ALL DEMOCRATIC CANDIDATES IN EVERY STATE MUST WIN.
 
THE FUTURE OF AMERICA AND AMERICAN DEMOCRACY DEPENDS ON YOUR VOTE.

IF THE REPUBLICAN PARTY GAINS CONTROL OF CONGRESS AND STATE LEGISLATURES IT WILL BE THE BEGINNING OF THE END OF AMERICA AS WE KNOW IT!









Monday, November 7, 2022

VOTE!

 


Tomorrow is Election Day.  This election is perhaps the most important election in at least my lifetime (I will turn 69 later this month).  You MUST vote like your life depends upon it – because it does!

It is vitally important for the future of America, true American values, and American freedom and democracy that EVERY intelligent and patriotic American regardless of political orientation – every libertarian, conservative, moderate, progress, and liberal - vote against EVERY Republican candidate in EVERY election at EVERY level.

Today’s Republican Party has totally abandoned all integrity and credibility and has totally abandoned all true Conservative and traditional Republican values, philosophy and policies.  Today’s Republican Party is controlled by the racist and repressive Religious Right, bought and paid for by the NRA, and completely embraces ignorant, incompetent, corrupt, crooked, and treasonous demagogue Trump and his lies. 

I am not saying this because I am a Democrat or a “liberal”.  I am not, and have never been, a “card-carrying” member of the Democratic Party or the Republican Party or any other Party.  In the past I have voted for Democratic, Republican and third-Party candidates, liberal, moderate and conservative, in various federal, state and local elections, based on the issues and the individual candidates.  I am saying this because I have a brain and a conscience and a true concern for the safety and security of America and American democracy.

I very seriously and sincerely believe that the greatest threat to America today is the Republican Party.  And I very seriously and sincerely believe that if Republicans gain control of Congress and state legislatures tomorrow it will be the beginning of the end of America as we know it!

The bottom line –

VOTE TOMORROW AGAINST EVERY REPUBLICAN CANDIDATE FOR EVERY ELECTION AT EVERY LEVEL!







Friday, November 4, 2022

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

 
Just made it.  I didn’t want to end the week without at least some BUZZ.
 
* Michael Cohn reports “IRS hires 4,000 employees to help with next tax season” at ACCOUNTING TODAY.
 
The 4,000 new employees are “new customer service reps would help answer the phones and provide other services” and not auditors.
 
* Michael also reported, again at ACCOUNTING TODAY, “Douglas O'Donnell named acting IRS commissioner” -
 
O'Donnell has been deputy commissioner for services and enforcement at the agency since April 2021 and is succeeding IRS Commissioner Charles Rettig, whose term ends on Nov. 12.
 
O'Donnell has spent more than 36 years at the IRS in a variety of roles. Before becoming deputy commissioner for services and enforcement last year, he served as commissioner of the Large Business and International Division for nearly six years.”
 
* By the way – have you visited my TAX PLANNING RESOURCE CENTER yet?  Why not?  
 
* No BUZZ installment would be complete without an item from Kay Bell, the yellow rose of taxes.  She identifies “7 workplace benefits issues, tax & otherwise, to consider this enrollment season” at DON’T MESS WITH TAXES.
 
* There’s an important new post at AMERICANS FOR COMMON SENSE you need to read – explaining that the Republican Party is NOT conservative.
 
* And, oh yes, also a new BOBSERVATIONS post.   
 
THE LAST WORD –
 
Republicans are lying in tv ads – at least in Pennsylvania.  No surprise here, since their leader Trump, as candidate and President, consistently lied and lies to everyone about everything.
 
Republican candidates claim they will protect Social Security and reduce inflation.  Part of the already announced Republican Party agenda is reducing Social Security and Medicare benefits.  And the Party has announced no plan to reduce inflation, which is a worldwide issue and not a US issue.
 
And Republican ads claim the Democrats “doubled the IRS” and is hiring 87,000 new agents to audit the middle class.  This is truly a bold-faced lie.  Click here for the truth.  
 
Streisand sings.  DeNiro acts.  Republicans lie.  It is what they do.
 
TTFN










Monday, October 31, 2022

HAPPY HALLOWEEN!

 


REPUBLICAN CONGRESSMEN, THAT IS.













Wednesday, October 26, 2022

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

 
The BUZZ is back after a week off for lack of items to report – a day (and a few hours) late but not a dollar short.
 
* FYI, Kay Bell reports “Student debt relief online application site now open; prepare for beta test glitches and possible state taxes” at DON’T MESS WITH TAXES (highlight is mine) -
 
Nearly 8 million borrowers will automatically have their debt forgiven without applying because the government already has their income data. But if the Education Department doesn't have all your student debt details, then this application process is for you.”
 
* The IRS recently announced “Deadline to file 2019 and 2020 tax returns to get COVID penalty relief postponed in declared disaster areas”.
 
* You have two new posts at BOBSERVATIONS – one explains why Reality (TV) Sucks (click here) and the other explains why Trump controls the Republican Party (click here).
 
* And there is a new post at AMERICANS FOR COMMON SENSE you need to read.
 
* The TAX FOUNDATION has released its “2023 State Business Tax Climate Index
 
The 10 best states in this year’s Index are:
 
1.   Wyoming
2.   South Dakota
3.   Alaska
4.   Florida
5.   Montana
6.   New Hampshire
7.   Nevada
8.   Utah
9.   Indiana
10. North Carolina
 
Once again, like Oliver Twist, New Jersey is last on the list.  The 10 lowest-ranked, or worst, states in this year’s Index are:
 
41. Alabama
42. Rhode Island
43. Hawaii
44. Vermont
45. Minnesota
46. Maryland
47. Connecticut
48. California
49. New York
50. New Jersey
 
My home state of Pennsylvania is #33.
 
THE LAST WORD –
 
Any candidate for political office who defends and supports Trump and his lies and who accepts the endorsement of Trump is guilty of participating in seditious conspiracy and an accomplice to treason.
 
Every current Republican member of Congress who defends and supports Trump and his lies is guilty of participating in seditious conspiracy and an accomplice to treason.
 
Every American who defends and supports Trump and his lies is guilty of participating in seditious conspiracy and an accomplice to treason.
 
Every single Trump supporter is a traitor!
 
TTFN










Monday, October 24, 2022

WHO YA GONNA CALL? TAXBUSTERS. WE AIN’T ‘FRAID OF NO IRS!

I have compiled a 20-page booklet of "taxbusters" - income tax saving strategies, techniques and deductions - taken from my 50 years of experience preparing 1040s.

I will send you a print copy of this booklet for only $3.00 plus 84 cents postage – a total of $3.84.

If you have found my THE WANDERING TAX PRO posts helpful over the years buying this booklet is a great way to show your support and appreciation and to help it continue to provide tax-saving advice, information and resources for at least a few more years. 

Send your check or money order for $3,84 payable to TAXES AND ACCOUNTING, INC and your postal address to –

TAXES AND ACCOUNTING, INC

TAXBUSTERS
POST OFFICE BOX A
HAWLEY PA 18428

TTFN











 

Saturday, October 22, 2022

2023 PENSION CONTRIBUTION NUMBERS

  

The IRS has released Notice 2022-55, which identifies the inflation-adjusted contribution limits for retirement accounts for tax year 2023.  Here are the highlights -

IRA = $6,500
IRA Catch-Up Contributions at age 50 and older = $1,000
SIMPLE Plan = $15,500
SIMPLE Catch-Up Contributions at age 50 and older = $3,500
401(k), 403(b), 457, and Thrift Savings Plan = $22,500
401(k), 403(b), 457, and Thrift Savings Plan Catch-Up Contributions at age 50 and older = $7,500
SEP or Solo401(k) plan = $66,000.   
 
AGI phase-out range for contributions to a traditional IRA by active participants in an employer retirement plan:
 
$73,000 - $83,000 = Single and Head of Household
$116,000 - $136,000 = Married Filing Joint and Surviving Spouse
$0 - $10,000 = Married Filing Separate
 
The deduction on a joint return for a spouse that is not an active participant in an employer plan, but who is married to one who is, phases out at AGI of $218,000 to $228,000.    
 
AGI phase-out range for contributions to a Roth IRA:
 
$138,000 - $153,000 = Single and Head of Household
$218,000 - $228,000 = Married Filing Joint and Surviving Spouse
$0 - $10,000 = Married Filing Separate
 
TTFN