Stephen Colbert explains Obama's tax-the-rich plan

Innocent spouse tax options, extra time

Graphic displays of the growing tax code

Stephen Colbert explains Obama's tax-the-rich plan

Thursday, September 22, 2011

Although Obama's millionaire tax has little -- OK, no -- chance of passage, it's been great fodder for serious tax watchers and especially for the not-so-serious ones.

For now, let's count me as a serious tax observer. My takeaway from the Obama deficit reduction/tax reform proposal: "This isn't class warfare, it's math" is going to be a great 2012 re-election campaign spot.

That phrase also caught the ear of Comedy Central funnyman Stephen Colbert, who devoted a recent show segment to the Obama tax-the-wealthy proposal.

The Colbert Report
Get More: Colbert Report Full Episodes,Political Humor & Satire Blog,Video Archive

Enjoy the tax humor while you can. Plenty of serious tax work is ahead.

You also might find these items of interest:

Posted on Thursday, September 22, 2011 at 11:33 AM in Deficit, Humor, Politics, Rich Wealthy, Taxes | Permalink | Comments (0)

Tags: Buffett rule, class warfare, Comedy Central, Obama deficit plan, Stephen Colbert, tax, tax the rich, taxes, wealthy

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Weekly Tax Tip

Home office tax deduction rules — The coronavirus pandemic has meant millions of us now do our jobs from home. But that doesn't mean every new work from home (WFH) employee gets to claim the home office tax deduction. In fact, the Internal Revenue Service expressly says if you're getting a salary for your WFH efforts, you're not eligible for this tax break. Here are the other rules about who can and can't write off a home office. (Aug. 7, 2020)
Check out all the latest post-Tax Day tax advice in the 2020 edition of Weekly Tax Tips. Many of these once-a-week tips will focus on planning moves to cut your 2020 tax bill.
If, however, you got an extension and are still working on your 2019 return, you can get a refresher of the 2020 Filing Season Tax Tips at their respective monthly pages:
January, February, March, April, May, June and July.

COVID-19 & Taxes

Coronavirus has wreaked havoc
on the 2020 tax season.
This Coronavirus (COVID-19) & Taxes page has details.

All About Kay

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Kay Bell — Native Texan (the blog title totally makes sense now, right?). Professional journalist. Tax geek.

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Tax Season 2020 continues!
Are you among the millions of taxpayers who got an extension to file tax year 2019 returns? Thanks to this year's coronavirus-delayed July 15 Tax Day, your new Oct. 15 tax filing deadline will be here before you know it.

The monthly tips and reminders a little further down this column should help you focus on your taxes during this extension period.
If you've already sent in your 2019 Form 1040, look for those monthly moves that offer advice on ways to cut your now accruing 2020 tax bill.

Also keep an eye on the countdown clock below. It will help you keep track of how much time you have until that absolutely final fall filing due date arrives.
Note: I'm in the Central Time Zone, so adjust accordingly for where you live.

Time for Tax Tasks

The Dog Days of August are here!

via GIPHY
That usually means being like the pup above and taking it easy during these hot, sultry days as summer winds down. 2020, however, is not a usual year, tax or otherwise. So instead of dogging it this August, let's get to making some potentially money-saving tax moves.

Aug. 1: If when you filed your tax return back on the COVID-19 delayed July 15 Tax Day, you were surprised by either the size o f your refund or how much you owed, now's the time to make sure that doesn't happen next year. A paycheck check-up can help you determine whether you need to adjust your withholding.

Aug. 3: If, however, you are among the millions who lost your job, either as a short term layoff or permanently, due to the economic chaos caused by the coronavirus pandemic, you also have some tax considerations. The main one involves any unemployment benefits you receive. This government support is taxable income, usually due as estimated tax payments. The next one's not due until next month, but with money tight, you need to start thinking now how you'll pay it.

Aug. 7-9: The coronavirus threat has left the start of some schools in limbo. Sixteen states, however, scheduled back-to-school state sales tax holidays this summer. The bulk of them are this weekend: Florida (Aug. 7-9), Iowa (Aug. 7-8), Missouri (Aug. 7-9), New Mexico (Aug. 7-9), Ohio (Aug. 7-9), Oklahoma (Aug. 7-9), South Carolina (Aug. 7-9), Texas (Aug. 7-9) and Virginia (Aug. 7-9).

Tennessee is trying to spur food sales with its Aug.7-9 tax holiday by waiving collection of the levy on food and drink sold by restaurants. And Maryland's weeklong tax-free event starts this Sunday, Aug. 9, and runs through Saturday, Aug. 15.

Connecticut's holiday starts Aug. 16-22, with Massachusetts closing out the summer sales tax holidays the last week of the month, Aug. 29-30.

July 10: Most restaurants across the country closed earlier this year due to COVID-19. Some opened, then reclosed as the virus resurged. And many eateries simply stuck with take-out meals and deliveries. Whether you're able to dine in or still getting food brought to your house, remember to tip your server or delivery person.

If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you.

As for servers who now are back on the job, remember that your tips are taxable income. If you worked at least some of June at a job where you got gratuities, you need to account for them today if they came to at least $20 last month. Use Form 4070 to report your tips today to your employer.

Aug. 18: We're entering the heart of the Atlantic hurricane season. If you haven't already done your storm prep, do it. Now.

Uncle Sam's official forecasters at the National Oceanic and Atmospheric Administration (NOAA) expect 2020 to bring as many as 19 named storms, with six to eight possibly becoming hurricanes. Three to six could reach major status, which is category 3, 4 or 5 with winds of 111 mph or higher. Regardless of the count, it only takes one to wreak havoc. The countdown clock below can help you keep track of how many more days you have to worry about tracking any size or type of tropical storms.

You also might want to check out the ol' blog's special Storm Warnings.
These multi-page collections of posts offer tax advice on preparing for, recovering from and helping those who sustain damages from the many ways that that weather goes wild.

Aug. 26: It's been six weeks since Tax Day. If you opted to file Form 4868 to get an extension, there's no need to wait until that Oct. 15 due date to complete your 1040. The Internal Revenue Service will gladly take your tax return before then. And if you qualify, Free File, the IRS/tax software industry partnership that offers eligible taxpayers access to online tax preparation programs and federal return e-filing at no cost, is still available.

This year 10 software companies are participating at IRS.gov's Free File webpage. It's available for taxpayers with adjusted gross income of $69,000 or less regardless of filing status. If you make too much to use the online software, look into using Free File's fillable forms.

Aug. 31: Wow, this month went by quickly! Before it wraps up, take another look at your finances. If you've got a few bucks to spare, consider giving to those who aren't in such good shape. It'll make you feel good and this year there's an expanded tax break for cash donations even if you claim the standard deduction. The write off is a new above-the-line deduction for cash donations of up to $300.

Small Business Tax Calendar: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax dates in IRS Pub. 509.

State Tax Help

Don't forget your state taxes!
Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes.

State Tax Departments provides links to your state's Web page. The companion page, Tax Tidbits, is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.

Tax Forms

Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special Tax Form Tuesday page.

Mapping Your Tax Route

Do you get lost doing your taxes? Check out the Taxpayer Advocate Service's Taxpayer Roadmap.

This publication, designed along the lines of a subway map, shows the many routes and detours of a taxpayer's journey through our elaborate Internal Revenue Code and the Internal Revenue Service's enforcement of our tax collection system.

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