Spring is here, it is time to purge
I have tried but I have no urge
Oh, wait what has happened to my stress
My house is clean and not a mess
It all looks so fine and exceptional
Only because I hired a professional
- Michael Tannery (with a glass of wine and apologies to Dr. Seuss)
“This is the IRS and you owe taxes. Unless you pay RIGHT NOW with iTunes Gift cards we are going to come and take you to jail”
Sounds ludicrous, yet thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.
The IRS DOES NOT INITIATE CONTACT with TAXPAYERS. They do not use social media, email or text messages.
With just about six weeks left before the April filing deadline, the scammers and crooks are out in full force. The scammers are getting better by the day and have created many new angles to steal your money.
The House of Representatives and Senate have both passed the “Tax Cuts and Jobs Act.” And President Trump signed this legislation into law.
The compromise bill includes agreements on corporate and individual tax rates, the treatment of pass-through income, the estate tax, and itemized deductions such as those for mortgage interest and state and local taxes, among other areas.
That’s not fair!” – How many times have you heard that cry from a child?
I created a “dadism” about that years ago. I would reply, “I know, life’s not fair then you die.”
Every day since the announcement of the proposed tax legislation, there are many variations of this reply to the elimination of the deduction for State and Local Income Taxes, Property Tax, and Sales Tax.
Those losing the deduction are the people that have been subsidized by nearly two-thirds of Americans. The renters are the ones that should be crying out that it is not fair.
The calendar changed to November just in case you need a reminder in the middle of our 90-degree days! Buddy and I certainly liked the morning walk in the 40’s earlier this week.
With the calendar change, there are 52 shopping days till Christmas and 39 shopping days till Hanukah. The retailers are excited, the FedX and UPS delivery guys are preparing for the crush of deliveries and you might be wondering how did this happen so quickly?
There is lots of talk about “Tax Reform” in Washington DC. If you can ignore the rhetoric and wade through the proposals, then you would see that tax cuts can help boost growth. However, that boost will be temporary.
In the same process, the tax savings will increase your net after-tax income. The increase in take-home cash can either be temporary like tax cuts or become permanent.
Spending is the crucial element to balancing the budget if you’re the USA or creating net worth for individuals and families.