Reads From Last Week

Posted by Bruce Mc on Jul 4, 2010 in Opinions, Week in review | 0 comments

Last week I wrote two post that weren’t exactly about taxes. In them I mention taxes, but Each one isn’t “about”  taxes. In my post The Company Balance Sheet I talk about what is in a balance sheet. Thursday I posted Mistakes made in QuickBooks. In this I talk about things I get tired of seeing when I go out and help clients with their QuickBooks bookkeeping. Simple mistakes, that can ultimately, can and will affect the survival of a small business. If you’re a business owner all prejudice aside I say you should read them both.

Today’s taxes aren’t too bad –Kay Bell writes, “when compared to where tax rates have been over the years, we’re in pretty good shape” I agree. She also continues her mid year tax tips with

• Midyear tax tip #1: Welcome summer with energy-related tax breaks
• Midyear tax tip #2: Plan health care account moves
• Midyear tax tip #3: Adjust withholding – This is my entry
• Midyear tax tip #4: Evaluate your estimated tax situation
• Midyear tax tip #5: Pay attention to your portfolio
• Midyear tax tip #6: Credit for day camp costs – Thanks for the calendar by the way.
• Midyear tax tip #7: Contribute to your retirement accounts
• Midyear tax tip #8: Get charitable 
• Midyear tax tip #9: Bunch your deductions
• Midyear tax tip #10: Get organized

And everyone seems to be writing about it but, here it is in easy to understand words Homebuyer tax credit extended; closing date deadline is now Sept. 30. Also from Kay:

• New tax laws now in effect 

A little humor about the oil spill/leak – BP Spills Coffee

My friend The Wondering Tax Pro re-reveals his thought on the new rules pertaining to the mandate for all prepares to e-file. In his post WORDS FROM THE WISE, he shares comments from friends and colleagues’ and his points as well. I can assure all, his efforts on how he proceeds will be of great interest to myself.

In His Saturday BUZZ Robert writes:

* The IRS wants to hear from you, or so they say in “IRS Requests Public Input on Expanded Information Reporting Requirement”.

The Service is soliciting “public comment on how to most effectively carry out a law change that, starting in 2012, will require businesses to report a wider range of payments to contractors, vendors and others, usually on Form 1099. These comments will help the IRS issue guidance that implements this provision in a manner that minimizes burden and avoids duplicate reporting.”

If you plan to give the IRS a piece of your mind please be gentle. Remember, the IRS does not make up this nonsense – the cafones in Congress do!

Musings on artisan bakers and tax preparers is more on this from fellow blogger Mary O’Keeffe over at Bed buffaloes in your tax code . She is great. Unfortunately however the Free Fillable Forms option isn’t as good as it sounds as she continues with I withdraw my suggestion of Free Fillable Forms! If you have ever wondered about free filing your forms read this first.

Friday Mary Wrote Do US Presidents efile their tax returns? Not only is the information thought provoking, but it has a link that will take you to site where you can see the returns of past presidents. It also mentions another return that H & R fail at. A great article in all. So you know this follows the ever growing movement concerning mandatory e-filing for tax preparers.  

My friend also writes about home ownership in THE AMERICAN DREAM? Damn,  he has a good idea.

I sincerely believe that all high school students (or perhaps starting earlier) should be required to take a full-year course of study in financial stewardship (which would include a chapter or two on income tax).

If you only read one link from this list, make it THE AMERICAN DREAM?.

Waiting on a refund from your state? Roni Deutch tells on “7 States that Still Owe their Citizens Refunds”  Sadly I have been dealing with this as I have clients in two if the seven.

Jim Maule write the Blog MauledAgain. He has these post that I think are great reads so go read these.

• What Do After-Tax Income Studies Teach?
• The Post-Tax Revenue Era  

If you receive a notice from the IRS. The IRS Hitman has some great advise in his post Watch our for IRS Notices. One of the best things to do when you receive an IRS Notice in the mail is to contact a Tax Professional immediately. Here’s what you need to know before your submit an Offer in Compromise to the IRS. More Harsh Truths on Settling Tax Debt

 I really liked the  math in Joes post 600 million becomes 100 million; 75 jobs becomes 25

The other post from JK that I really liked was If you remodel by starting over, you need to move back in. To get the whole just of this make sure you read the whole thing.

Kelly Phillips Writes Are Middle class increases on the way over at WalletPop

Tans are taxable today – Alrighty then. A 10% tax on indoor tanning services.

The providers will have to pay the tax via quarterly filings on Form 720. The IRS has posted “Nine Tips on the 10 Percent Tax on Tanning Services” This Started July 1^rst, 2010. Oh man, can you believe it? – Nine Tips on the 10 Percent Tax on Tanning Services

New CBO Report Shows Rich Paying More than Fair Share – interesting article from the Tax Policy blog, kind of goes on with premise that today’s taxes aren’t so bad.

Presidents, the Tax Burden and Corruption – Explaining Economic Growth I originally found this over at the Tax Prof blog titled Raising Taxes Leads to More Economic Growth and Private Investment. Wow what a theory.  

Last week I didn’t get any PF blogs in as I wrote that post in a hurry. One that still holds in my mind though is from Kevin over at No Debt Plan.  His post Is a Housing Shortage Headed Our Way? Is an interesting read.

My friend Penelope over at Pecuniarities, re posted her article Put Your Brain Where Your Money Is: Think to Save. This is a well to know lesson and one that I feel is in need more than ever. People need to think. (And not just about money.) Week before last she also posted The Frugal Literate’s Guide to Affordable Reading. I love to read. Thanks Penelope, I learned a few things I think I’ll teach my children.

Handling Debt Collection Calls and Stopping Creditor Harassment by Knowing Your Rights, is a great article, filled with exact advise. A guest post over at Saving to Invest.

Essential Personal Finance Tips For Women in 2010 has some scary statistics, but also holds a valuable read.

Personal Finance Advanced Tips For Young Adults Parents, a must read then have you children read it. Other great reads from A Personal Finance Guide: 

• Open a Bank Account Online the Easy Way
• How to Really Save Money For These Modern Times 
• The New Limits to Bill Collection 

Classic Debate: Should You Pay Off Your Mortgage or Invest That Extra Money? If you thought or think about this read this post.

Cash Money Life has a few great post that are good reads:

• Factors That Affect Mortgage Interest Rates
• How Easy is it to Get Scammed by Online Loan Companies?
• Mortgage Prequalification vs. Preapproval
• How New Overdraft Rules will Affect You

 Realizing the Cost is a thought provoking post if you are considering a new pet or children. And if you like that then be sure to read Involuntary Simplicity.

De-cluttering and Your Money

For those of you who are persistent and plan to buy that house, How Much Can I Afford For A House? A Checklist Is a good read.

Importance Of Knowing About Tax Tips And Benefits

According to the Washington Post “Money Can Buy One Form of Happiness, Massive Global Study Concludes”.

P.S. There seems to have been an addition over at Alltop in the tax section, but it isn’t us, not yet. If you’d like to have The Missouri taxguy added to their “magizne rack” please let them know.

Also I have added The Missouri taxguy over to (over at) Alexa a Web Information site. If you’d like please add a review of The Missouri taxguy.

Thank you and have a great Fourth.