* Some good news from Michael Cohn at ACCOUNTING
TODAY – “IRS to pilot free tax prep system in January” -
“The
Internal Revenue Service is reportedly planning to try out its own direct-file
tax software with a limited group of taxpayers by next tax season.”
And –
“The
IRS is expected to release a report this week on the viability of offering its
own direct-file free tax prep system in accordance with a provision of the
Inflation Reduction Act requiring such a report.”
I have
called for the direct free-filing of tax returns electronically via the IRS
website (without the involvement of commercial preparation chains) – similar to
New Jersey’s system for direct electronic filing of state income tax returns –
for years. Such a system would only hurt
the fast-food commercial tax preparation chains, like Henry and Richard, who
overcharge taxpayers for preparing simpler returns. Before I retired, I never used flawed and
expense tax preparation software to prepare federal tax returns, so I could
never electronically submit client returns.
Such a truly free federal system would have allowed me to submit client
returns electronically.
* Over
at the NATP BLOG James Alexander and Ed Meek share “The best-kept retirement secret for high-income earners”.
It was
no secret to me. I was using this for a client
back in the 1980s.
* In case you were wondering where you state stands THE TAX
FOUNDATION discusses “Ranking Individual Income Taxes on the 2023 State Business Tax Climate Index”.
FYI – NJ
is #48 and NY is #50
* THE
TAX FOUNDATION also gives us “Ranking Sales Taxes on the 2023 State BusinessTax Climate Index”. Here NJ is #42
* At the
WASHINGTON POST Michelle Singletary explains “What parents need to know about 529 college savings plans” and tells us “Here’s how I sent all three of my
children to college debt-free.”
TTFN
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