Reads from Last Week. . . .

Posted by Bruce Mc on Nov 29, 2009 in Information, Opinions, Week in review | 1 comment

         Hey, another Sunday and a lot of Post to read. I am throwing in a lot of articles about Finance and such because it is that time of year, and I love Christmas. Yea, December and the holiday cheer. Anyway without further chattedly  conversing, “. . .and here we go.” 

          Compensating audited taxpayers: an idea whose time has come? Now I have always wondered if anyone has thought of this but never really realized so many have. I like the idea and have noticed that many in my field also think highly of this idea, “that the government pay taxpayers whose returns are selected for audit, especially taxpayers subjected to random exhaustive audits the IRS may conduct purely for research purposes.” Yet, there is one who thanks to Mary I know wonder about, as he is opposed the idea, to the point of accusing two highly recognized Economist of smoking, well something of unknown origins. I have enjoyed reading Mary’s post on several topics and suggest this one is a great one for all to read then consider talking to your congress people about it.

          I also enjoyed this Public finance puzzle also from Mary over at Bed buffaloes in your tax code. 

          Kay Bell writes “The investment tax is back! A few months ago, the possibility of a tax on investment transactions was floated. It didn’t go too far then. Treasury Secretary Timothy Geithner even noted that he “hadn’t seen a version of the tax that’d make much sense.” Now, however, with ballooning deficits, war costs to pay and health care financing about to dominate the waning days of this Congressional session, the transaction tax idea has resurfaced.

         From The IRS Hitman IRS Tax Debt: Income Dropped? Two ways to Get out From Under Tax Debt and Tax Debt Myths: Real Ways to Stop an IRS Tax Levy, and Myths to Avoid. 

            War tax? Why stop there? A great one from Joe over at the Tax Update Blog. 

        If you use Paypal or another service to process credit card payments Stacie posted on the proposed regulations, something you need to know, please read her post Have You Heard About Form 1099K? Also from Stacie on her tax tips blog make sure to catch Some More Info on The Homebuyer Credit. 

            I haven’t, in the past, mentioned much from the Taxgirl, always just thought everyone read her stuff every day.  I have since learned better of that. She always writes such wonderful pieces and easy for all to get. I still need to make better mention of this great tax blogger. Getting to the point if you are about to undergo an audit or even about to here are 7 Audit Lessons (or How I Learned to Stop Worrying and Love the IRS) Okay “Love the IRS might be a bit out there but still a worthy and informative post.

             Monica hits the nail on the head in her post Just to make a point. Come on guys lets do something a bit more productive. Please? 

            My blogging friend and I’d dare to say mentor into the same world, Robert Writes in his Saturday buzz “Back at the ROTH AND COMPANY TAX UPDATE BLOG, Joe Kristan’s post “New Business? How Do You Go About It?” led me to “Get It Right the First Time” by Chris Branstad at IOWABIZ.COM.

          It is great to have one’s professional advice supported by peers. Both Chris and Joe echo my advice on incorporating.” I couldn’t agree more. One other “Must Read” from TWTP is TAX PLANNING AND THE AMERICAN OPPORTUNITY CREDIT. 

         If you are not a regular reader of TickMarks please make yourself familiar with the writings there. Every year host and is Coming Soon! The Fifth Year of “Twelve Blogs of Christmas”  Last week there was Twelve Blog Update: New Blogs Added. Where it was mentioned of the new site address here. Thanks Dan. 

         Ever wonder, 3 Reasons Why Inflation Will Not Be Stopped? Another post I found very interesting as I dive deeper into the PF world of things, Your Electric Bill – Your Price to Compare Can Mean Savings! Also posted over at A Personal Finance Guide, a great blog put together by Susan K.. 

          You Need a Budget Pro Giveaway over at Cash Money Life. I recommend YNAB regularly so get entered to win asap. Great giveaway Patrick. I also liked his post Shopping Responsibly on Black Friday. 

        I wrote a post about Black Friday last year called The Idea behind the term “Black Friday” 

        If Black Friday wasn’t your thing I’d like to point you to Black Friday and Cyber Monday 2009 – If You Must Go Shopping, Plan Ahead. Great post Kevin. 

          Homemade gifts – yea or nay? A good look at this. I plan to do a few gifts that are “homemade”, anyone else out there planning this? Especially this year? 

         In the same light of things here are 28 Thoughtful Homemade Gift Ideas. 

         Here are 5 Ways to Save this Holiday Season. 

         Also from Living Almost Large be sure to check out Budget billing worth it? If you are considering such a thing make sure not to miss this. In case anyone is interested, I have all my utilities set up this way, at least the ones that offer it. 

         Two great articles from my friend over at Saving to Inve$t 401k Cash-Out For Loans vs. Hardship Withdrawals – Penalties and Taxes and Taxes and Gains I Can Exclude When Selling My Home. I love it when Andy writes about tax stuff, He does a great job and keeps me from having to add anything to what he writes. I hope Andy sticks around for a long time. 

         In closing I’d like to mention a fond welcome to Kim (aka Kimmer). She made her debut here in the Personal Finance arena of blogging. I am glad she has joined me here at The Missouri taxguy. Her first post Personal Finance 101: Budgeting – it doesn’t have to hurt was looked at long enough to register 786 times as of the time of my finishing this Post. Good job Kim, keep the information coming.

If you are wondering, the picture is my home/office.

Back for more. . . . , somewhat. . . .?

Posted by Bruce Mc on Oct 15, 2009 in Information, News Flash | 3 comments

            Okay it has been a month since I last put something up here, and has been almost two months since I actually wrote something. I really have missed being here, so I have decided that giving this up is not something I am ready to do.

            Some of this decision was based on a friend of mine has a daughter who is an English teacher. I mention this as through communications from them both I have learned that my spell is “atrocious”. 

            So why bring all that up? Well I have learned that as I wrote more post my spelling improved somewhat as I was going. So that is one reason that I am returning to my blogging. 

            Over all I miss posting information out there. Although it can be time consuming at times and I need the time for other venues I find in my heart I also need this. 

            Over the past two months, a lot has happened. I have several new clients, I have reopened publicly that I am offering payroll and general bookkeeping services. To do this I have bought some very updated and techy software to achieve my ends for the clients. By end of year 2010 I anticipate being on line for client information. Meaning I have it going in a direction that my clients will be able to do much needed tax stuff via a secured web portal from my site.

            The software is massive and a big learning issue for me but is going along nicely. New tax clients will be going directly into the new system, my way of testing it. 

            My son (all of age 11 ½) is making a presence on the web learning that it is more than just a game source. Moreover, I am totally able to spend more time with both of my children. 

            My post will at best, be sporadic, but I can assure that there will be at least one a week. I hope I can get back to the readers who I left. Tax season is approaching and there is a lot to know as a taxpayer. 

            See you soon.

Passing the week

Posted by Bruce Mc on Jul 12, 2009 in Opinions, Week in review | 1 comment

          Well, a week of blogging for me and as it goes a week of reading and searching for information you should have, or some just plain good reads. Passing the week is my regular postings of blogs I read and felt a need to pass on to you.

           Before I get into all that, I want to mention that last week I said on twitter that I’d be creating a site where tax pros such as myself and other professional tax geeks can gather and all give our two cents about a tax issue. Although as life would have it, life is what happens to you while you’re busy making other plans.

          This wasn’t done last week due to a few family situations. One being my son having surgery on an ear. (He is all right.) The plan is still for me to gather up things and get this site up and running, only the time frame has been changed. I am hopeful that time will allow me to get this done this week, preferably in time to be added to “The Buzz”. At some point when it is up and running, I will make a formal announcement here with the necessary link to get there.

           And speaking of links I want to introduce everyone to Monica Lawver, she writes The Tax CPA, and Confessions of a CPA. Both are excellently presented and written blogs so please give her a read. She also has an extensive list of tax blogs that if you have time, you should venture though as she has some great bloggers listed both concerning tax and CPA stuff.

           With that, there have been a lot of post this past week about Audits, and the first one I’d like to bring up is Monica’s Avoiding the IRS audit. Here she answers a question put to her by TWTP. These questions were sparked by the post “5 Slam Dunk IRS Audit Red Flags” over at the Tax Lawyers Blog. Peters post along with all the comments between us all sparked my post No sure way to avoid an audit.

           Also in the IRS Audit department of post, please see:

Assumptions  and The Audit Letter – First Action from Trish at Our Taxing Times.

           Speaking of the five-slam dunk post, this post is the start of some debating from professionals that well you’d have to have been there. Monica gives a brief run down in here post When tax preparers attack, as it went on this whole thing is about the upcoming and recent conclusions that tax preparers should be regulated. Her post will point you in the right direction of where the debate starts. At some point, I entered into it all. Frustrated by some comments made, I even take in hand that someone was a Pompous Arrogant Ass. On that subject, my mind is still set to that conclusion. Please see my post, Righteousness in Designation?

           The person I referred to and I have agreed to continue or “conversation” on it all but we have yet talked about where that might be. In my post Righteousness in Designation? I ask him several questions that haven’t been answered, hopefully when he and I continue we will get those answers.

           My friend, The Wondering Tax Pro, hasn’t written much this past week, I am sure he is busy getting Extensions done. Once he is done and or able, I am sure he’ll be back to great posting as usual. With any luck, we’ll be doing likeminded post again as well.

           Now is a Good Time to Check Your Withholding to Avoid a Tax Surprise, a post written by Stacie Clifford Kitts, CPA. She has written an e-book book about tax stuff and coauthored another book, and is the author of the blog More Tax Tips. Look through her past post, some good reads.

          On Monday Tax Carnival #55: Tax Fireworks was released. A great Carnival of blogs, and of course when you are at a fireworks display, you always enjoy the big explosion that is saved for the end.  That would be my post Righteousness in Designation? But since everyone has already read that one, please go to the Tax Carnival #55: Tax Fireworks and read all the other great post.

           From the IRS – Hitman two great reads this week IRS Penalties: How do you remove them? and IRS Offer in Compromise, The Facts against the Fiction. The titles speak about the content. If these apply to you please read them, then contact a tax professional in your area.

          From Joe K. over at Roth & Company, P.C. Tax Update Blog On vacation some automated post are being generated. All are great reads, yet I’d like to guide everyone to Keeping books and records. As this is what people need a CPA for, keeping exact records is key to an exact tax return. The post is concentrated on business, yet has information for everyone.

          Joe also in another post provides a link to a book, “How Business Gets Done: Words of Wisdom by Central Iowa Experts.” If I am not mistaken he had a part in writing.

           Although written awhile back, Jim Maule at Mauled Again wrote about the prerequisite qualities of a good tax professional at Why Tax Practitioners Must Be Good With Words, Not Just With Numbers: is a good read considering other things that have been going on.     (For those of you not paying attention, Jim or James, not Jack.)

 From my reads at PF blogs:

           3 Money Reasons to Buy a New Car – Tax Deductions, Used CAR Trade-In Vouchers and Electric-Hybrid Credits From Andy over at $aving to Invest.

           How to Manage Your Finances – 8 Tips to Take Control of Your Finances From Susan at

A Personal Finance Guide.

           7 Things To Consider When Moving Offices, Debit Card Versus Credit Card – Which Is Better? From  Patrick at Cash Money Life.

           Worried about inflation? Over at Living Almost Large

           10 Seriously Painful Budget Cuts was written and posted last year over at MoneySavingGuide.com but I enjoy going back and re-reading it. Also from them if you link up you’ll receive a free gift. I am very excited.

           Taxes Must Go Up Eventually From Kevin at No Debt Plan is a good read for everyone. I may even expand on this topic with a post of my own or even the site not yet created. Great post Kevin!

           In the Personal Finance Blogging area, I started with Ashley over at Wide Open Wallet. When I Left my regular writings at “taxguy”, I also stopped reading as many blogs as I used to. (those listed above are only a fraction of all of them I do read). Sadly, on my return to normal activity (reading and writing being a part of this so called ‘normalcy’), I find that Ashely is no longer writing. I am very happy that life is doing her well and she has found her path. However, I am personally sad that her blog isn’t a part of her path. I will miss your writings Ashely. You and one other are the push and guide behind my start out here and I will be forever grateful. Thank you for your blog, I will miss you. As I am sure, we all will.

 Back to tax stuff:

          Lastly, Peter P. of The Tax Lawyer’s Blog on Friday announced his 5 Best Tax Nerd Blogs: The Second Annual Rick Moranis Awards. I am not on the list, and rightfully so. His list is indeed compiled of some great blogs/bloggers. Well done.