So, the IRS is taking action to deal with its backlog. In my mind, the wrong action. And, yes, I know doing something is often better than doing nothing, but this something bothers me.
Tag Archives: 1040
Please DON’T mail it in!
It’s been a while since I wrote about taxes. But, there’s only 10 days to get your taxes in to the IRS before the due date. (Yes, this year, it’s the 18th, due to holidays.)
Six years?
I always feel nervous when I have to amend a client’s taxes. After all, that means that the ability of the IRS to audit their report continues. Normally, there is a 6 year deadline for audits. Except that time frame starts from the due date of the return or the time the taxes are filed- whichever is later. (Yes, that means just because you filed in January of this year for 2021 does not mean that the audit period lapses on 31 January 2028; nope- it’s still [for this year, which the altered due date] 18 April 2028.
Less Confusion at Tax Time
I was having a discussion with a bunch of my tax professional compatriots and we were wondering how this year would go.
Tzedaka (Charitable Donations)
How about another tax tip? Today, we center the discussion about charitable donations.
Balagan
Ah, this nifty Hebrew word came about because of all the craziness that obtains with Israeli bureaucracies. It is akin to a word that I learned back when I was about 7 years old when the New York Post used it in a headline.
So You’re A Gig Worker
I know you thought it sounded pretty good when you decided to pick up a few extra dollars by driving for Lyft and Uber. Moreover, most of you didn’t realize how little ‘profit’ (not cash) you would actually generate. To make it worse, this past year, you probably got very few gigs, since folks were (are) petrified of getting sick from traveling in your car. But, if you did make money, there are still big issues.
The Ides of March…
Do you know what today is?
What a day. Rosh Chodesh Adar. That means Purim is in two weeks. It’s also Chinese New Year. And, it’s Lincoln’s Birthday- what used to be a holiday when I was a tyke. (Now we celebrate that bland ‘President’s Day’ on a Monday, soon. Thanks to Tricky Dick and the Uniform Monday Holiday Act of 1971.)
This Workaround could kill the SALT limitation
The IRS has thrown in the towel.
But, I’m guessing that’s only because the 2020 elections have removed the hand on the scales of justice. After all, the TCJA (Tax Cut and Jobs Act [sic]) of 2017 was clearly formulated to poison the atmosphere in the Blue States. Because they provided services and better educational opportunities than do the Red States, which is why their state tax bills are higher. So, limiting state/local/property tax deductions to $ 10,000 was the GOP way of sticking it to the states where Democrats are in the majority. (Note further that these states are generally the more populous ones.)
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