States around the country are offering sales tax holidays this time of year. Click on the graphic (at left) to find the details.
Along with the sudden news about the taxability of the awards is instant bi-partisan agreement to exempt the Olympics income from taxation. While taxpayers are sitting around being unemployed and facing the loss of their homes – Congress can’t come to any rational agreements to help them. But, wow, bring sports into the picture – and both houses and the President can immediately come to terms to bring a bill to exempt these athletes’ winnings from taxation.
What gets me wondering, when I hear the names of the winners in the various competitions, is what happened to the mandatory amateur standing of Olympics athletes? Most of the names I hear are professional athletes. Back in the day, when this was supposed to be all about amateurs, ordinary citizens demonstrating their healthiness, and prowess, I could have agreed with exempting the Olympics winnings. But now, with the pros, who do this for a living, getting awards? It makes no sense to me. It appears that the Christian Science Monitor feels the same way – or at least, guest blogger, Howard Gleckman.
Look, I don’t mind if the House, the Senate and President grant this exemption. That’s fine. But could they also do something useful?
Like start providing funding to re-training programs and unemployment support to give the unemployed time to learn currently marketable skills, while staying in their homes and feeding their families.
Like start finding ways to release development funds to small businesses so they can hire people, turn a profit and build our economy, right here in the country – instead of helping the multi-billion dollar conglomerates pay bonuses and send their jobs and funds offshore.
Just a few random thoughts – ideas that might help…Want to add a few ideas of your own?
This week’s Money Funnies has a poignant touch. We meet a busy, crusty waitress and a little boy, counting his pennies. What do we learn from this?
Today, in IRS News we learn ways to safeguard our records in the event of a disaster – and what kind of tax breaks we can get – or can’t – when we’re moving.
Speaking of moving, should you let IRS know? Or hope they lose track of you? We answer that in this week’s It’s A WAHM thing column. A Moving Story – or Three Good Reasons to Tell IRS You Moved.
In fact, last week’s Equifax Blog expands on the theme – Tell IRS and Your State When you Move. Doing this can help you avoid tax problems, believe me. The last thing you want is for the IRS (or your old state) to NOT know where to find you. Missing notices can be costly.
Incidentally, if you’re looking for a job, an intern, or a new employee, please visit the new TaxMama Career center, partnered with JobTarget.com. For 15% off on any postings or orders, use the code: taxcareers .
We have more classes coming up soon . We will be finishing up our Tax Practice Series at CPE Link in August. And we’ll have your small business checklist for you, too, among other interesting sessions.
At TaxMama’s EA Exam Review Course we’ll be starting the Part 2 business and entity courses on August 7th. You still have time to Join the fun!
Beware of Paying Increased Property Taxes – NEW!
A Moving Story – or Three Good Reasons to Tell IRS You Moved – NEW!
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