To listen to the podcast – click here. It’s TaxQuips time from TaxMama.com®. Today TaxMama® wants to talk to you about the nervous breakdown your tax professional is about to have. And why. Dear Family, I am extremely alarmed by what I am reading and seeing from the tax […]
As you all know, we have been waiting for two pieces of tax legislation from Congress this year:
a) An extender act to reinstate some of the tax provisions that expired at the end of 2017 (mortgage insurance deduction, tuition and fees deduction, etc.)
b) A law giving the IRS specific authority to require paid tax preparers to actually know something about the tax laws and procedures. (Did you know that 46 states and the District of Columbia have absolutely no licensing or knowledge requirements for paid tax preparers?)
Well, this Bill provides neither of those eagerly-awaited bits of legislation. So what does the Taxpayer First Act do for you?
Last week, I promised you that the Legislature would pass an extender bill by spring. Well, good news! They didn’t wait that long. They included most of the provisions of S. 2256 in today’s budget bill. Alas, Congress only extended them for the short-term. All the extenders are retroactive to January 1, 2017. But the […]
On November 2nd, the House Ways and Means Committee unveiled a sweeping tax bill, Tax Cut and Jobs Act, designed to undo many of the complexities of the Tax Reform Act of 1986. Please understand that this is not law yet. There’s still a long journey, with lots of hurdles, before some version of […]
Dear Family, HAPPY NEW YEAR! As of now, we’re getting close to new legislation to head off our plunge down that famous (and tedious) fiscal cliff. Here are some of the details of the law we expect to see:
Courtesy of the National Association of Enrolled Agents NAEA’s E@lert’s holiday present to readers and taxpayers is a one-week reprieve on Taxmageddon. The short version is that negotiations are ongoing and largely behind closed doors. Shifting gears a bit, we have news about the tax writing committees. At the start of the 113th Congress (the […]
Dear Family, Join me soon. I will be visiting Gina and Kat at the Moms Making a Million Radio Show Friday 8:00 AM PT www.blogtalkradio.com/momsmakingamillion . If you missed the show, you can listen later. This is a delightful site dedicated to helping a million moms make a million dollars. Don’t you want to be […]
Just to get the law passed last night, the House agreed to the Senate’s version of the extender bill. But they limited the benefits for two years, giving them time to improve on the balancing act and refine the benefits. Let me give you a brief summary of things that affect your life.
Dear Family, Happy Chanukah! Will you be lighting candles with family and friends today? Yesterday, the House of Representatives passed their Bush Tax Cuts Extender Bill. No point in going into details or doing cartwheels yet. It’s not a law. And it won’t be until the Senate either votes on it and agrees with it […]
Today TaxMama wants to address the year-end tax stalemate in the U.S. Legislature. Dear Family, It’s SOS Time – time to step up and Save YourSelves! It’s time to let your legislators know how you feel! You want definitive legislation before the year ends – not pushed into next year. The nation is angry. People […]