This week is officially the beginning of summer! Don’t you love this time of year?
Our legislators leave the Capitol and run home to their constituents to see what we want them to do. They pass fewer tax laws to distract and confuse us. Considering there were over 500 changes to the U.S. Tax Code last year…we certainly could use a break.
Teaching about casualty losses last night, I flat out couldn’t remember if folks in disaster areas still had to reduce their personal losses by 10% or not. Even though the most current publication I looked at included the 10% reduction, I wasn’t sure if the publication was correct. Some years, that was waived (Katrina); now, I guess that 10% reduction is back.
Oh, didn’t you know that many of the 2010 IRS publications you’re using are all wrong? Yup. They were published before Congress passed the last-minute extender bills. Yes indeedy. That means I usually have to check two or three sources to be certain I am teaching the most current information.
Please, someone, please, simplify, simplify, simplify!
In today’s Money Funnies & Inspiration, we learn how the Internet and this whole brave new world got started.
A Week of TaxMama’s TaxQuips
We start the week with Tiffany who owns a home with her boyfriend. And H&R Block won’t let them split the depreciation any way they choose? Is H&R Block correct? Scott wants to know how bonus depreciation works. TaxMama starts out just fine – but rethinks herself – then posts mistaken information. Mike Reed and DA catch the error! Nancy is getting married, but wants to file separately from her new husband. What should she be considering when thinking of MFS? We end the week with Barb who has a client wanting to sell his farm to his son for $1. Just how exactly do you report a sale like that?