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March 2018

Don't hate losing an hour to Daylight Saving Time. The clock change, along with charitable donations, could save koalas and other wildlife. (Photo by Arnaud Gaillard via Wikipedia CC) How are y'all feeling after losing that hour of sleep last night, or rather early this morning? Me, not so good. I'm apparently among that group of folks who experience headaches when our circadian rhythms are affected by going in and out of Daylight Saving Time (DST). But at least it's not a heart attack, which some studies have shown increase a bit during the first three weekdays following clocks' springing... Read more →


Spring training games are wonderfully leisurely, at least for the fans. But Major League Baseball is a big business and some of its practices could be negatively affected by the new tax law. (Photo courtesy Central Florida Visitors & Convention Bureau) One of the good things about tax-filing season's timing is that it and Major League Baseball's spring training overlap a bit. That means when my head is about to explode from the hassles of taxes, I can take a break and catch some of the Boys of Summer preparations. The February and March games in Florida and Arizona are... Read more →


Photo by 401(k) 2012 via Flickr The Tax Cuts and Jobs Act (TCJA) prompted the Internal Revenue Service this week to reissue some tax-related inflation adjustments. However, one area was not affected by the TCJA's provisions. The amounts you can contribute in 2018 to your tax-favored retirement accounts did not change. There are two reasons for the retirement amounts' status quo. First, despite some Congressional discussions about changing retirement plans early in the tax bill's formulation, those proposals were dropped after much public outcry. (Sometimes our elected leaders do hear us!) Also, while the TCJA did change the tax-related inflation... Read more →


Photo by GotCredit via Flickr CC It's hard for most of us to believe, but every year some folks who are due federal tax refunds do not file returns with the Internal Revenue Service. If they ignore those filings for more than three years, then Uncle Sam gets to keep the money permanently. Right now, though, the U.S. Treasury is just holding the unclaimed tax refunds — a total of $1.1 billion. That's how much cash the estimated 1 million taxpayers who didn't file a tax year 2014 Form 1040 back in 2015 could be kissing goodbye. They have until... Read more →


Are you still waiting to file your taxes because you want additional guidance from the Internal Revenue Service about the 2018 property taxes you prepaid last year? You are not alone. A group of Democratic lawmakers, some of who met with the acting head of the IRS last month on this topic, are continuing to press the agency for a final rule about this deduction that was reduced under the newly enacted Tax Cuts and Jobs Act. The latest demand for deduction clarification came earlier this week when some Democrats on the House Ways and Means Committee sent Acting IRS... Read more →


Yes, you did read my 10-part 2018 tax year inflation adjustments series last year. Thank you. Then Congress and the prez went and changed the laws, meaning the adjustments had to be adjusted. Here are some of the key inflation changes just released by the Internal Revenue Service so that they are up-to-date with the Tax Cuts and Jobs Act's provisions. The IRS just updated its previous 2018 tax year inflation adjustments based on changes in the new tax laws that took effect on Jan. 1. Remember all that 2018 tax law related inflation data that the Internal Revenue Service... Read more →


Those fake emails looking to steal your tax and personal data top the annual IRS scam list, but 11 other crooked tricks also made it, including fake IRS agents, sham charities and frivolous tax arguments (which are the only time anyone associates taxes with frivolity!). Highlights of each of the Dirty Dozen scams will be added as the IRS releases them, one a day over 12 business days, so keep checking back. Phishing once again makes the Internal Revenue Service's annual list of Dirty Dozen Tax Scams. When it comes to tax scams, the late and loquacious MLB Hall-of-Famer Yogi... Read more →


Many of us used to spend Saturday afternoons at the movies. Streaming and on demand options have cut into those ticket sales, but Oscar nominations and wins still boost ticket sales and the taxes collected on those admission slips. (Photo from Keith Page archives via Kevin Dooley on Flickr) It's an honor to win an Oscar. Or, according to those who don't, just to be nominated. It's also usually provides films an economic boost, even before the statuettes are handed out. And that could also help out those states, like Texas, that collect sales tax on movie theater tickets. Nominations... Read more →


Hooray for Hollywood! Filmmaking's elite gather Sunday, March 4, for presentation of the 90th Oscars. The gold-plated statuettes will be given to winners in 24 categories, but many more Academy Awards attendees will take home goodies. Yes, it's swag bag time! This has been a tax issue for a dozen years. Back in 2006, the Internal Revenue Service and the entertainment industry finally got together to make sure everyone knew the tax rules and provide me with one of my best headlines ever: IRS makes call on booty. So what exactly is the deal with so-called gift bags given out... Read more →


Will you be watching the Academy Awards this Sunday, March 4? You might want to since, depending on where you live, you helped pay for some of the Oscar-nominated movies. New Yorkers have the most at stake, both financially and in connection with the gold statuettes. New York budgets $420 million for its film-tax-credit program. The Empire State's film production tax credit offers reimbursement of up to 40 percent on most production costs depending on what part of the state a movie is shot. It also reward TV programs, like the Big Apple-based "The Tonight Show" with Jimmy Fallon, that... Read more →


As soon as Congress began debating tax law changes in late 2017, there's been much controversy and confusion about just how much individual taxpayers would benefit. For months, it's basically been a guessing game. Now, however, we each can get a more precise idea of our tax liability under the Tax Cuts and Jobs Act (TCJA) that took effect on Jan. 1. The Internal Revenue Service has updated its online withholding calculator. The new calculator version, along with a revised Form W-4, should help taxpayers determine their proper 2018 payroll withholding amounts. In with the new, out with the old... Read more →