Here are some online sites on what's happening in today's economy and what's shaping tomorrow's:
Website AEI - America Enterprise Institute - offers the Viewer a number of categories to explore. They are:
Click on Internal Link:
The following article was added December 2011.
Lessons Not Learned A Decade After the Enron Debacle by AP Columnist B.Condon is an analysis of a pursuit by Americans of
'Those-To-Good-To-Be-True Deals' of that Decade. The Enron Debacle began in December 2001. There would be many others - Bernie Ebbers/WorldCom, John Rigas/Adelphia Comm,
Dennis Kozlowski/Tyco. And then there were the Bankcruptcies of two Wall Street Financial Firms Bear Stearns & Lehman Bros. due to the collaspe of the
sub-prime housing market during Yr 2007.
Click on the following Link.
It suggested that once the WebSite opens, the Viewer Click on Display On One Page due to its length.
The following two (2) Websites were added September 2013.
The following two (2) Websites were added October 2013.
The following Article was added January 2014.
Bergen Record Columnist K.Demarrais has written an article for the 12/22/13 Issue of NJ.Com on:
This information was added February 2019
Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.
This means that many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Taxpayers may only do one or the other. They either take the standard deduction or claim itemized deductions.
The tax reform law made the following changes to itemized deductions that can be claimed on Schedule A for 2018.
Limit on overall itemized deductions suspended.
The income-based phase-out of certain itemized deductions does not apply in 2018. This means that some taxpayers may be able to deduct more of their total itemized deductions if their deductions were limited in the past because their income was above certain levels.
Deduction for state and local income, sales and property taxes modified.
A taxpayer’s deduction for state and local income, sales and property taxes is limited to a combined, total deduction. The limit is $10,000 - $5,000 if married filing separately. Anything above this amount is not deductible.
New dollar limit on total qualified residence loan balance.
The date a taxpayer took out their mortgage or home equity loan may also impact the amount of interest they can deduct. If a taxpayer’s loan was originated or was treated as originating on or before Dec. 15, 2017, they may deduct interest on up to $1 million in qualifying debt, or $500,000 for taxpayers who are married filing separately, If the loan originated after that date, the taxpayer may only deduct interest on up to $750,000 in qualifying debt, or $375,000 for taxpayers who are married filing separately. The limits apply to the combined amount of loans used to buy, build or substantially improve the taxpayer’s main home and second home.
Deduction for home equity interest modified.
Interest paid on most home equity loans is not deductible unless the interest is paid on loan proceeds used to buy, build or substantially improve a main home or second home.
For example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.
As under prior law, the loan must be secured by the taxpayer’s main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
Limit for charitable contributions modified.
The limit on the deduction for charitable contributions of cash has increased from 50 percent to 60 percent of a taxpayer’s adjusted gross income. This means that some taxpayers who make large donations to charity may be able to deduct more of what they give this year.
Deduction for casualty and theft losses modified.
A taxpayer’s net personal casualty and theft losses must now be attributable to a federally declared disaster to be deductible.
Miscellaneous itemized deductions suspended.
Previously, when a taxpayer itemized, they could deduct the amount of their miscellaneous itemized deductions that exceeded 2 percent of their adjusted gross income. These expenses are no longer deductible.
This includes unreimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel. It also includes deductions for tax preparation fees and investment expenses, such as investment management fees, safe deposit box fees and investment expenses from pass-through entities.
This information was added December 2018
It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely. This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return.
Here are ten tips for taxpayers to remember when selecting a preparer:
This information was added January 2018
The following Newsletter was added May 2015.
Some of these financial publications have websites with subscription requirements.
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