Wednesday, November 6, 2013
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - WEDNESDAY EDITION
Another special Wednesday BUZZ.
* Only 58%? Aaron Blake of the WASHINGTON POST “Post Politics” blog tells us that “58 Percent Want to Unseat Their Own Member of Congress” –
“The George Washington University Battleground Poll shows just 26 percent of people say their own member of Congress deserves reelection, while 58 percent say it's time to give someone new a chance.”
None of the damned fool idiots deserve anything but our contempt – they certainly do not deserve re-election!
* For decades I have been telling readers that you should contact your tax professional before doing almost anything. This includes before you marry and before you have kids.
My usual standard advice is to get married early in the year and have children late in the year. Your marital status is determined on the last day of the year, so if you are going to have to pay the “marriage tax penalty” for the entire year you might as well enjoy the benefits of marriage for as long as possible during the year. And as long as a child is alive for one day of the year he/she can be claimed as a dependent – so I child born on New Year’s eve will provide you with full tax benefits for only one day of costs.
Kelly Phillips Erb, FORBES.COM’s TaxGirl, gets more artful in her “family” tax planning, at least when it comes to deciding when to marry, in “Saying 'I Do' To Tax Planning”.
* A blast from the past post by Jim Blankenship at GETTING YOUR FINANCIAL DUCKS IN A ROW discusses in detail the methods of “Calculating RMDs for Various IRA Beneficiaries”.
* It just keeps on coming. Russ Fox reports on more IRS FUs in “IRS Scandal Update”.
* Peter J Reilly reminds us of an important consideration when doing year-end tax planning – “When Planning Never Forget The Alternative Minimum Tax”.
He correctly warns –
“Probably the biggest thing that will cause simplistic tax planning to crash and burn is the alternative minimum tax (AMT).”
* Kay Bell gives us “Tax Carnival #122: Return to Standard Tax Time” at DON’T MESS WITH TAXES.
Some good entries regarding Obamacare and saving for retirement.
* A reminder to check out “A Good Guy’s Tax Journey Series Part 1 – Tax Tips on How to Deal With the IRS and Live to Fight Another Day” by fellow tax blogger (THE TAX FACTOR) Jamaal Solomon EA. Click here for my review.