It’s Fix the Tax Code Friday! I was chatting with a client today who mentioned that her tax picture should be better this year because she had a baby. Poof! An extra exemption. Should we allow parents to receive an exemption simply for having children? And if the child doesn’t live with the parent, should…
It’s Fix the Tax Code Friday! It’s also Black Friday – for those of you who are outside of the US, it’s the traditional first day of shopping for the Christmas holidays, the day after Thanksgiving. It’s called Black Friday because it’s the day that retailers count on to turn the year in red (deficit)…
It’s Fix the Tax Code Friday! Casinos are headed to Pennsylvania and many other states this year as revenue raisers for state governments. Winnings are taxable. If you lose, you can only deduct to the extent of your winnings and only if you itemize. This week’s question: Should gambling losses be deductible? Should there be…
It’s Fix The Tax Code Friday! This week’s question: Earlier in the week, following the elections, Nancy Pelosi indicated that she would make it a priority to scale back tax cuts for higher income taxpayers and distribute those to middle class taxpayers. If you were making the cuts, would you opt for cuts across the…
It’s Fix the Tax Code Friday! Traditionally, charitable deductions have been limited to itemizers (meaning those who opt to take the itemized deduction rather than rely on the standard deduction). From time to time, Congress has considered extending the deduction to non-itemizers as a credit. This week’s question: If Congress did extend the deduction to…
Everybody in the US (and beyond) seems to agree that the Tax Code is broken. What we can’t seem to agree on is how to fix it. Here’s your chance to offer your two cents… This week’s question: Following up on recent posts about tax breaks for college sports, considering the amount of money available…
As part of a regular series, I’m instituting “Fix the Tax Code Friday!” Everybody in the US (and beyond) seems to agree that the Tax Code is broken. What we can’t seem to agree on is how to fix it. Here’s your chance to offer your two cents… This week’s question: What expense, currently not…