There have been several tax proposals put forth by the Presidential candidates, mostly from Trump, that are bad and illogical tax and economic policy (though tax law often seems to be devoid of logic) and are just gimmicks to “buy” votes made without any real thought or research.  For example – no tax on tips, no tax on overtime, no tax on Social Security, taxing unrealized capital gains. Tips and overtime pay are compensation – earned income.  There is no logic or reason to arbitrarily make some forms of compensation non-taxable.  It is like saying “no tax on the W-2 income of ..read more

  * More disaster relief – “IRS provides relief to South Dakota victims of severe storms, straight-line winds, flooding; various deadlines postponed to Feb. 3,2025”. * Years ago, clients would often ask, usually facetiously, if they could deduct their cat or dog.  But the answer is not always “no”, as Kay Bell explains in “5 ways your pet might help cut your tax bill” at DON’T MESS WITH TAXES. I discussed #4 here many years ago in "Doggie Deductions". * Russ Fox tells us about “The Case of the Missing $632,825.18” at TAXABLE TALK. The bottomline - “Frankly, the IRS today rarely reads ..read more

   Police Officer Maurice Barry - PATH Emergency Service Unit - P.O. Shield #1038 A Port Authority officer for 16 years, Maurice "Moe" Barry, 48, was assigned to the PATH commuter train system. The resident of Rutherford, NJ, upon hearing the reports of the terrorist attacks, was one of the first on scene when he rushed from Jersey City to Lower Manhattan and then into the North Tower to help in the rescue efforts. As thousands fled the searing flames and smoke of the Towers, Officer Barry was attempting to reach trapped and frightened workers on the upper floors. The last time he w ..read more

  * The IRS reminds us “Child and Dependent Care tax credit can help offset summer day camp expenses”. A reminder – day camps only, not overnight camps. * At KIPLINGER.COM Erin Bendig explains how to “Use the 529 Grandparent Loophole to Maximize College Savings” – “Using a 529 plan can be a great way to save for your grandkids’ college education, and accounts now have an added benefit, thanks to the FAFSA Simplification Act, an overhaul of the processes and systems used to award federal student aid. The simplification, which removed over two-thirds of questions previously asked, lets gran ..read more

  * “IRS relief now available to Hurricane Debby victims in all of South Carolina, most of Florida and North Carolina, part of Georgia; various deadlines postponed to Feb. 3, 2025.” * And there is more - “IRS provides relief to Minnesota victims of severe storms, flooding; various deadlines postponed to Feb. 3, 2025.” * And even more – “Hurricane Debby relief expanded to all of Vermont; various deadlines postponed to Feb. 3, 2025”.   * Prof. James Edward Maule joins the discussion on the proposal to eliminate tax on tips in “Some Tips About Tips and Taxes” at MAULED AGAIN (highlights ..read more

  * Unlike “the man who would be king” Trump, “Vice President Kamala Harris has released 20 years of personal tax returns, stretching back to the earliest days of her political career”, as Joseph Thorndike reports in “No Surprises In Kamala Harris’s 20 Years Of Tax Returns” at FORBES.COM. * ACCOUNTING TODAY identifies the “20 states with the highest tax burdens in 2024”. Of course, New Jersey is in the top 10, although not as high on the list as in the past. *  Peter J Reilly did an analysis of how the average taxpayer whose income is based on tips would fare under Trump’s ridiculous ..read more

  Moron Trump now proposes eliminating federal income tax on Social Security (and, I assume, Railroad Retirement) benefits.  FYI – the taxability of up to 50% of Social Security benefits (and Social Security equivalent Railroad Retirement benefits) was introduced under Reagan and began in 1984. The taxability was increased to up to 85% in the Omnibus Budget Reconciliation Act in 1993. Like his proposal to eliminate tax on tips, this is just another attempt to buy votes. I do believe that the current method of determining taxable Social Security is wrong.  Under the current metho ..read more

  * Kay Bell, the yellow rose of taxes, reminds us that “Summer means sales tax holidays: 6 in July, 13 in August” at DON’T MESS WITH TAXES.  {sorry to be a bit late with this - rdf} * Oi vey!  The NJ Division of Taxation reports the “Repeal of Annual Sales Tax Holiday”. * “IRS warns taxpayers about misleading claims about non-existent ‘Self Employment Tax Credit;’ promoters, social media peddling inaccurate eligibility suggestions”. * More disaster relief – “IRS provides relief to Hurricane Beryl victims in Texas; various deadlines postponed to Feb. 3, 2025”. * Michael Cohn rep ..read more

 A new special summer offer! I will send you a copy of my book THE JOY OF AVOIDING NEW JERSEY TAXES - the only book I am aware of that provides in detail tax planning and preparation advice, information, and resources for the NJ-1040 – as a pdf email attachment for ONLY $7.00! Your order must be postmarked by July 31, 2024. Send your check or money order for $7.00, payable to TAXES AND ACCOUNTING INC, and your email address, to – TAXES AND ACCOUNTING INC THE JOY OF AVOIDING TAXES SPECIAL OFFER POST OFFICE BOX A HAWLEY PA 18428 Go here to find out what is in this book - http://robertdflach ..read more

  As I join my neighbors across the nation today in celebrating America and American freedoms, democracy, and true American values I realize that these freedoms, rights, and values are in great danger. Nothing is more important for the future of American and American freedom, democracy, and true American values than defeating our greatest enemy – Donald Trump and the ignorant racists of the Religious Right that controls today’s Republican Party - in the 2024 elections. It is vital that you vote against EVERY Republican candidate in EVERY election at EVERY level in 2024. If Trump is retu ..read more