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 →
Family
Happy Thanksgiving. This annual gathering of family and friends is supposed to be a happy time of reconnecting. Nowadays, though, that takes some work. So to help you enjoy this Turkey Day instead of dread it or worse, here are some tips. Some are even tax-related. Acknowledge your differences: Clashes between family members have been going on since humans appeared on this planet. Unfortunately, over-sized expectations during holidays tend to make them worse. Old arguments — be they political, emotional or otherwise — often resurface. Recognize this and be ready. You aren't going to change your relatives or the issues... Read more →
Welcome to Part 6 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 how the annual changes help investors their families and eventual heirs. 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. OK, maybe the rich don't literally burn money. But as the saying goes, the very wealthy really are different from... Read more →
Welcome to Part 5 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 changes to some popular tax-related medical matters. 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. Yeah, you've seen this photo before. It's from about this time last year, the last time I had a medical maneuver that required I... Read more →
Welcome to Part 4 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 changes to tax credit, deduction and income exclusion amounts. 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. The hubby has a chant he breaks into every year when I start working on our annual tax return: "Deduct! Deduct! Deduct!"... 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 →
November is the place for perfectly roasted Thanksgiving bird, not the many tax turkeys that can gobble up your money. These monthly tax moves are a great garnish as you finalize your 2019 tax year menu. Turkey attack from South Park via GIPHY It's November. You know what that means. Year-end tax move time. Oh yeah, and holiday plans. I hear ya. It's that crazy hectic part of the year, whether you're the host/hostess with the most/mostest or planning to travel to your Thanksgiving festivities. But you also need to add taxes to the mix. Now. Before you get all... Read more →
Relationships, even in the best of circumstances, are hard. When one partner is abusive, then things get untenable. October is Domestic Violence Awareness Month. During this month, the National Coalition Against Domestic Violence (NCADV) and similar groups are highlighting the victims and survivors, their children and families, their friends and family and their communities that are impacted by domestic violence. More importantly, these organizations are providing assistance and counseling to those in abusive relationships and looking for ways to leave them. Financial as well as physical abuse: While most of us immediately think of physical harm when we hear of... Read more →
The wealth-tax proposal advocated by Sen. Elizabeth Warren includes a hefty marriage penalty, according to one leading economist's analysis. (Photo courtesy Warren's Facebook page) It's another weekend, so that means it's time for another look at wealth tax proposals. Yeah, I know it seems like I'm in a bit of a rut, having posted about proposals from Democratic presidential hopefuls in recent weekends (on Aug. 18, Sept. 14 and a Monday, Sept. 16). But the suggested ways to get more money from the rich are still getting attention. Wealth tax roadblocks: Personally, I don't think any of these sweeping measures... Read more →
It's Friday the 13th and a full moon will rise late tonight. Werewolves and Friday the 13th. Scared yet? Take a breath. Depending on where you live, and how superstitious you are, tonight might not be so bad. The Farmers' Almanac says folks in the Pacific, Central and Mountain time zones will get to gaze on the full moon before midnight this Friday, Sept. 13. However, if you live in the Eastern time zone, the moon won't be full until 12:33 a.m. on the less spooky Saturday, Sept. 14. Micro Harvest moon: Plus, it won't be a very big full... Read more →
You've secured your house. You've got your go-bag ready if you have to evacuate. You've taken all the other steps to get ready for an impending natural disaster. Or have you? Don't forget about your pets. During recent floods in the Midwest, Reuters reported that hundreds of pets were lost or imperiled by floodwaters. After Hurricane Katrina in 2005, an estimated 15,000 animals had to be rescued, according to CNN. "It's a tragedy we've seen too many times: pets stuck in shelters, or worse, because their owners had no place to take them, or homeowners who feel trapped in a... Read more →
A new tax credit for dependents offers a break for extended family members and even non-relatives. My mom is a fiercely independent octogenarian, but she still depends on me. Like today, when I'm taking her to have some dental surgery. She is not, however, a tax dependent. That means the hubby and I can't claim her on our tax returns in order to get the $500 Credit for Other Dependents. This tax break, newly-created by the Tax Cuts and Jobs Act (TJCA), also has been dubbed the Family Tax Credit or Non-Child Tax Credit. It's an add-on to the Child... Read more →
August is here, but few of us have put out the welcome mat. The eighth month of the year tends to be one of the hottest of the year. Most of the summer's fun events have come and gone. And school is about to start. OK, that last point is a positive for many parents who are running out of patience with the kids being underfoot all the time. Those moms, dads and all other shoppers in 13 states at least will get some state sales tax holidays to make this muggy month a bit more tolerable. Those tax-free events... Read more →
North Carolina offers many gorgeous vistas, but the tax view for some trusts wasn't nearly so nice until a recent Supreme Court ruling. Now they can claim refunds of overpayments. (Blue Ridge Mountains viewed from Blue Ridge Parkway's Deep Gap overlook in western North Carolina; photo by Ken Thomas via Wikipedia Commons) You've got to appreciate the audacity of Tar Heel State tax officials. North Carolina decided it was due tax on a trust because a beneficiary was a state resident. That recipient of trust proceeds, Kimberley Rice Kaestner, was North Carolina's only connection to the trust. The person who... Read more →
The Earned Income Tax Credit (EITC) was created more than 40 years ago as a way to give lower-earning workers a tax break. But from the get-go, the EITC has been problematic. Now, just weeks before the National Taxpayer Advocate retires, her office has offered Congress some suggestions on how to improve the tax credit, as well as how it can be more effectively administered. Some tax credit history: The way we got to today's EITC is almost as complicated and intricate as the tax break itself. When created in 1975, the EITC was supposed to be a temporary tax... Read more →
Hello, July! The heat is definitely on, but there are plenty of ways to chill out, both personally and to put your 2019 tax bill on ice. Yes, I know you want to head to the pool or beach or catch up on neglected novels or just be generally lazy. I'm right there with you. But you'll enjoy those recreational pursuits a lot more once you've taken some steps, like the seven listed below, to lower your 2019 tax bill. Let's get to 'em! 1. Get weather ready. A low pressure trough moved overnight from Georgia to the Florida panhandle... Read more →
This cool balloon was part of my neighbors' celebration back in 2017 of their son's graduation. Some Texas gusts, however, helped it take a post-graduation trip to our driveway. After snapping this photo (and Instagram video), I helped the light-headed graduate home. Attention class, here's you latest assignment. Wait. Didn't the school year just finish? Yes, for younger students. But those looking for financial help as they head off to college need to do some homework now. Students, or their parents, who are seeking financial assistance to meet higher education costs need to file a Free Application for Federal Student... Read more →
When it comes to expired tax laws, Congress is in much the same situation as the builders of this unfinished bridge. The basics are there, but there's still work to be done. (Photo by Paul Mannix via Flickr CC) UPDATE, June 21, 2019: After almost more than 11 hours of discussion, the House Ways and Means Committee on Thursday, June 20, passed along a 25-to-17 party-line vote a measure to extend through 2020 a variety of tax breaks that expired in 2017 and 2018 or will expire at the end of this year, some of which are highlighted in this... Read more →
Helping with homework is just one of Dad's many jobs. Fathers' roles have changed a lot over the years. When I was a kid — yes, to many that was back in the olden days — my dad's main job was to have a job. All the day-to-day parenting duties fell to mom. Nowadays, though, fathers who live with their children are taking a more active role in caring for them and helping out around the house, according to Pew Research Center. Home-based fathers: Among the 8 facts about American dads discussed in Pew's Fact Tank feature is that more... Read more →
June is one of the most popular months to get married. Why? Some point to the weather. Peak spring thunderstorm season has passed. Temperature wise, it's warm, but not hot (unless you're in Texas, but that's another post). Ditto with humidity, meaning that June is one of the better months for an outdoor wedding. Then there's matrimonial history. The early Romans gave us Juno, the goddess protector of women in all aspects of life, but especially in marriage and childbearing. So a wedding in the month named for Juno was, and still is for many, considered most auspicious, notes the... Read more →