The first BUZZ of 2022! Sorry to be a day late.
* Russ Fox announces “The 2021 Tax Offenderof the Year” a TAXABLE TALK.
I think the IRS should be #1 on the list instead of #2.
And Congress deserves at least an honorable mention each year – for 2021 they passed tax legislation in mid-March that included some items that were retroactive to 2020 and affected the filing of 2020 Form 1040s (and 1040-S’s), and put off to 2022 legislation that included (at least in the version that was passed in the House) an increase in the SALT deduction limit.
* And here is Russ Fox’s annual beginning of year reminder – “It’s Time to Start Your 2022 Mileage Log”.
Russ explains –
“Why, you ask? Because if you want to deduct all of your business mileage, you must do this! IRS regulations and Tax Court rulings require this. Written is defined as ink, so that means you need a paper log or must be able to prove your smart phone log is contemporaneous.”
As we all know by now, employees can no longer deduct business mileage on Schedule A, so this reminder is only for the self-employed.
* Kay Bell, the yellow rose of taxes, starts the year off with “4 tax moves to make in January 2022” at DON’T MESS WITH TAXES.
Regarding #3 - find professional tax help – you can start here at my FIND A TAX PROFESSIONAL website.
* And Kay reports “Colorado wildfire victims join growing May 16 delayed tax deadline list”.
* If you are interested check out what “I Believe” at my BOBSERVATIONS blog. I hope to be posting there more frequently in 2022.