Extenders Feed

The Family Handyman Millions of Americans are at home now, sheltering in place in order to slow down spread of the coronavirus. One of the side effects of spending more than normal time in your house is that you discover issues. And one of those issues might be, depending on where you live, that your heating or air conditioning system is not in the greatest shape. Maybe you need a completely new unit. I feel your pain. We've had to replace AC systems and it sucks, from both the cost and inconvenience perspectives. Or perhaps you can get by with... Read more →


Happy Pi Day 2014. March 14 is the annual celebration of pi, usually indicated by the Greek letter π, since the 3/14 calendar format is a close representation of pi's first three digits. What exactly is pi? Naturally, I went to the internet to find out, so math experts please cut me a slice of slack here. The consensus is that pi is a number that originally was defined as the ratio of a circle's circumference to its diameter. It's a mathematical constant, meaning it isn't changed by the size of the numbers it is used to equate. It's also... Read more →


To make sure you, not the U.S. Treasury, gets more of these, don't overlook possible tax deductions and credits. At tax time, filers are always searching for ways to reduce their final tax bill. You can claim deductions, either by itemizing if that gives you more than your standard deduction amount or by claiming some income adjustments, still referred to (by me, at least!) as above-the-line deductions that reduce the amount of income that's taxed. There also are tax credits, which are even better because the directly reduce what you owe Uncle Sam dollar-for-dollar and in some cases could produce... Read more →


Newark On Reddit via Twitter The Academy Awards is tonight and although I'm a big film fan, I'll probably skip it. The early awards shows have already spoiled it for me. Sorry, ABC. If Antonio Banderas somehow takes the Oscars statuette from Joaquin Phoenix, which is what I'd love to see, then I'll catch the replay on YouTube tomorrow. Some folks in New Jersey, however, will be closely watching this year's ceremony and pulling for the "Joker" actor. The street where Phoenix's disturbed Arthur Fleck character gets jumped early in the movie is in Newark. Tax breaks, of course, played... Read more →


Even before the Tax Cuts and Jobs Act (TCJA) greatly increased the standard deduction amounts, most people opted to claim the standard deduction amount. But one thing that the latest tax reform law didn't change is the ability for many to get some added deductions without itemizing. These used to be called, at least by the tax community, above-the-line deductions because. They got that moniker because pre-TCJA they appeared in the last section of the old long Form 1040, just above the last line of that form's first page where your adjusted gross income (AGI) was entered. (A handful also... Read more →


Yes, that's a photo of my filing season mess, er, process, which explains why I never seem to be able to submit our joint Form 1040 early in the filing season. Getting your tax stuff together is just one of the reasons to not file early. The Internal Revenue Service will start accepting 2019 tax year returns next Monday, Jan. 27. A lot of folks already have filled out their 1040s and put them in the queue for IRS processing next week. Good for them. Their annual tax task is done. But there also are some reasons why you might... Read more →


The individual tax filing season doesn't officially open until Jan. 27, but you're ready to file your taxes. Or are you? Tax filing, whether you do it yourself via tax software that you buy, use online or access via Free File or hand off the annual task to a tax pro, requires its own specific preparation. You've got to have all your tax-related documentation before you can start filling out that Form 1040. Here's a checklist of forms and documents you'll need to complete your taxes, as well as a look at tax situations you need to consider before filing.... Read more →


Click image for a large, clearer view. Ready to do your 2019 taxes? The Internal Revenue Service says it will be on Jan. 7. Yep, that's tomorrow. But whoa up there, cowpokes. This starting date is just for IRS acceptance of business returns. On the Modernized e-File (MeF) Operational Status page noting the Jan. 7 starting date for business returns, the IRS also says, "Individual tax returns will begin at a date to be determined in early 2020." Still, it's a good sign that Uncle Sam's tax collector is looking at any return processing date in early January. Business returns... Read more →


Owning a home has long been a symbol of the American dream. For some, however, homeownership turns into a nightmare. Those horrid homeowner dreams became evident in the Great Recession. In the late 1990s through the mid-2000s, artificially high home prices, questionable lending practices and an explosion of subprime mortgages to buyers who under regular lending standards would not have been given a home loan, created a housing bubble. It finally burst in 2007, leaving many homeowners broke as the loans on their properties suddenly were many thousands more than their homes were worth. Many went into foreclosure or walked... Read more →


The countdown is on! In a few hours, 2019 will be outta here and we'll be celebrating a brand spanking New Year. But if you want to celebrate a less costly tax bill when you file your 2019 return in 2020, you've got to make some year-end moves now. Here's a collection of my latest posts on tax tasks with a Dec. 31 deadline. 10 year-end tax moves to make now — My first nag list of end of 2019 tax moves from Nov. 4 10 December tax presents for you instead of the IRS — Another nag reminder on... Read more →


Some of the Christmas cookies the hubby and I make and decorate. Yes, we over-bake. And yes, we slather on the sugary icing and decorations because the mainly sugar and butter cookies themselves are not fattening enough. Gotta keep Santa (and friends, family and ourselves) happy! Was Santa apparently full by the time he got to your house, leaving you with some extra Christmas cookies? No worries, even if you're low on milk … or are lactose intolerant. All the adults in your household can loosen their belts and finish off those goodies with a brew or two. Sugar and... Read more →


Congress played Santa this week, averting a government shutdown and approving a wide variety of anticipated tax breaks. Merry Christmas U.S. taxpayers. H.R. 1865, the Further Consolidated Appropriations Act, 2020, is now law. In a surprise move earlier this month, House and Senate negotiators cobbled together a massive bill that not only, as the name indicates, assures that the federal government stays open, but which also included some long-awaited (at least by those who will benefit) expired tax provisions. In addition, lawmakers corrected — and by corrected, I mean repealed — some obvious — and by obvious, I mean universally... Read more →


Congress just came up with more tax breaks to wind down 2019 than the number of ornaments we have on our upstairs' mini Christmas tree! (Photo by Kay Bell) Congress finally decorated its Christmas tree early this morning. The ornaments were myriad tax breaks. Or, in some cases, elimination of taxes. With Dec. 25 bearing down and special interest groups sending more requests to Capitol Hill than kiddos' letters to Santa, the House and Senate negotiators finally agreed on, among other things, what to do about those expired tax provisions popularly known as extenders. They OK'ed a handful of them... Read more →


These carolers, dressed in Dickensian attire, are no doubt singing traditional Christmas tunes, not my reworked and tax-themed "O Tannenbaum." (Photo by Chris Waits via Flickr CC) O Tax Year-End (O Tax Year Moves) O Tax Year-End, O Tax Year-End, How are thy days so nearing! O Tax Year Moves, O Tax Year Moves, How are thy days so wearing! Not only in the wintertime, But even in young spring is thy prime. O Tax Year-End, O Tax Year Moves, How are thy days so nearing! Yes, that's my attempt at tax lyrics to the tune "O Tannenbaum," known here... Read more →


Today I'd rather be in the Midwest, say northern Ohio or Michigan, at least as far as the weather. Yeah, it's chillier than I like, but at least it's not so dang windy. As the screen shot above of the live wind map wind shows, the rest of the country is dealing with some strong gusts. Locally, we're at around 13 mile per hour sustained wind, with gusts up to 30 mph. Where wind pays: You'd think I'd be used to the wind. I did, after all, grow up in West Texas, where the wide-open spaces are perfect to spin... Read more →


Whether I'm at home or traveling, I enjoy craft beers, like this one from a Maryland micro brewer. (Photo by Kay Bell) It's been one of those days. One of those weeks. One of those months. You get the idea. So I treated myself to a beer at lunch. And I'm having another one this afternoon. As the saying and song go, it's 5 o'clock somewhere. I really don't partake of adult beverages that much, despite the many booze-related items I've posted over the years. And although the posts are, obviously, about taxes, I don't tend to think about the... Read more →


Welcome to Part 2 of the ol' blog's 2020 series on tax inflation adjustments. We started on Nov. 6 with a look at next year's income tax brackets and rates. Today we look at standard and itemized deductions, certain limitations on some Schedule A claims and the sort-of still around personal exemption amount. Note: The 2020 figures in this post apply to 2020 returns to be filed in 2021. For comparison purposes, you'll also find 2019 amounts to be used in filing 2019 returns due April 15, 2020. Historically, around 70 percent of filers have claimed the standard deduction on... Read more →


No, that's not me. I would be the person face down on my exercise mat next to this woman. (Photo by Stefano Montagner via Flickr) My exercise class instructors are trying to kill me. OK, not exactly and not me specifically, but for all practical purposes I'm on their hit list. My fitness club's new teachers are real feel-the-burn, you-can-do-it types. Plus, due to some recent pressing personal matters, I haven't made it to my regular classes for a while. Now that I'm attending again, my out-of-practice aging body is having a harder time keeping up with the reps. I'm... Read more →


Congress is back. But will Representatives and Senators get any more done these last few months of 2019 than they did earlier? Probably not. While this 116th Congress hasn't been a total bust — 56 bills have passed this year — it's not been a particularly productive one. None of these bills was major legislation. In fact, the enacted laws are 16 fewer than the lowest number passed in a single calendar year over the last 30 years. Plus, most of them have been commemorative measures or extensions of prior laws, not bills that change Americans' lives in any substantive... Read more →


In remarks on the Senate Floor, Senate Finance Committee Chairman Chuck Grassley used visual aides to illustrate all the sectors of the U.S. economy he says benefit from the expired tax breaks known as extenders. Click image to watch Grassley's full comments via YouTube. Many Congressional actions often are viewed as cartoonish, but the Senate's leading tax writer actually invoked a classic Sunday funnies image to describe the current status of more than two dozen tax breaks. "I remain committed to acting as soon as possible so taxpayers who have relied on these provisions in 2018 don’t end up feeling... Read more →