Anyway there was last week a lot of blogging going on about the candidates and their issues as they pertain to taxes and such. Russ over at Taxable Talk gives us the breakdown of the democratic candidate in his post Taxes Under a President Obama.
Then we have a good look at just plain mudslinging and the truth behind it all in a post from Gerald Prante at the Tax Policy Blog in his post I’m [John McCain / Barack Obama] And I Approve This False Message. If you didn’t realize, you’ll now be informed.
And then as if the political “race wasn’t a big enough issue for you, then how about the bailout? Monday showed how that helped out. From around the world markets fell horribly, not to mention oil went under $90.00 a barrel (oh if you missed it, search the net for what gas was at the pumps the last time crude was down here- it’ll make you mad, or should.)
There is a great post from Andy at $aving to Invest. Covering the above debacle. And you thought last Monday was bad – Economic Indicators signal major collapse ahead Andy looks at the news on Monday that has him concerned. Me too.
Not to be forgotten is the stimulus that a lot of us received. Kelly, author/owner of the TAXGIRL blog writes a great article covering the thought of a second stimulus check in her post Second Checks from IRS NOT Part of Additional Stimulus Package. And lets us all know, “there is no second check coming before election”.
My blogging friend The Wondering Tax Pro has been on a hiatus, getting all his extensions completed. In his stead he had guest post from other tax bloggers. Our assignment was our best tax advice. If you missed it then you need to follow the links as the advice was truly the Best of the Best. On Monday, I was lucky enough to be first up with Best of the Best – Bruce McFarland, on Tuesday Best of the Best – Trish McIntire, and on Wednesday Best of the Best - Michael Rozbruch.
For some great tax facts and other great links of the same, be sure to check out Peters post 10 Interesting Tax Facts: Three Cheers to Tax Complexification. And if you like this read back on his articles, he is very good. Oh? You know? Then click the RSS button on his site so you don’t miss anything. I did.
Paying Off Debt vs. Investing in this Economic Environment is a great post from Kevin over at No Debt Plan. It covers just what the title suggest and is a must read if you have this question.
On Thursday Kay Bell informs us that the IRS has been “given more leeway to get tough again”. In her post The ‘softer’ side of IRS collections she intros and explains a pilot program the IRS is using to help close the tax gap. The on Wednesday in her post Tax Gap closure suggestions Kay lets us in on what is being looked at (a new committee) as possible means to close the tax gap. Both are must reads from Don’t Mess With Taxes.
We have all heard that the IRS has softened. We all know that the IRS has been real asses when it comes to collecting what is due. With the IRS now given the okay to get tougher we are sure to hear some stories. Not the funny kind either. From Peter Pappas The Tax Lawyers Blog, Horrifying Tax Tales is a great intro for what is to come in my opinion. Agreeably the horror stories are usually from a tax protester, a non-filer, or from someone who doesn’t give the IRS 100% cooperation, but sometimes the horror stories are really already happing. And is going to get worse!
Not much here is there? Hummm
There has been a lot of turmoil in the world and our economic way of life here lately. A failing market, Presidential debates, unemployment on the rise, people losing their homes, 401s destroying losses. . . I just push on with my series, and such seemingly ignoring what is going on. Well I am not. If you are following my blog roll (as you should be), then you already have that information. Most every tax blogger is talking about the above mentioned situations and putting out great advice. So great that I have nothing to add, save the few (sometimes unrelated or silly) comments that I have left on their post.
I am not posting on these events. Why? Well I believe we need to stay focused on all these issues I don’t think getting lost in them is the ideal action either. I am happy to continue to give you the advice on your taxes, and leave the “News” to those who have more time to research those events than I do.
My series continues next week with me on Monday, A guest post from Russell Fox on Wednesday, and Friday a great post from someone who wishes to remain anonymous.
For those of you keeping up, I plan on this going through the month of October. I have only two spots left to fill (providing my two promised come through – and I am sure they will) I still am encouraging anyone who wants to get their two cents in to let me know. Should I end up with more than I will make post on days I don’t usually. To date we have had some great advice, tell us what we are missing.
© 2008, Bruce. All rights reserved. Republishing of this post must provide link to original post.
Tags: Opinions, Review, tax advice, Taxes, Week in review
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The portion with statements by Kay Bell are very misleading, not on your part but on hers. I attend the Nationwide Tax Forums, I listen to many phone forums on a monthly basis, and I attend forums put on in the fall by the IRS in our state. I have asked one very simple question many times and they ALWAYS refuse to answer.
“Is it true that it is unlawful to take a deduction on a tax return for an illegal payment? That is always a resounding YES. Therefore it is unlawful to take a deduction on a tax return for making any/all payments relative to expenses incurred concerning illegal immigrants. By definition it is illegal to pay an illegal immigrant is it not? Therefore if the US Congress wanted to “close the tax gap”, they would force the IRS to enforce the laws of our Country and disallow any company, any farm to include as expenses payments to illegal immigrants. Therefore since it does not, the IRS wants to close the tax gap where it wants to close the tax gap and it wants to ignore the tax gap where it wants to ignore the tax gap.
Jeff D. EA
Evansville, IN
I have to say, that I could not agree with you in 100%, but it’s just my opinion, which could be wrong.