Originally posted on The Joy of Tax Law:

Happy Tax Day!  Tax Day is known to make people depressed, angry and resentful, so we thought we’d share some light-hearted facts to help spread “ The Joy of Tax Law .”

The Facts

  1. Tax Day, unfortunately, is not a federal holiday; however, it may be moved from April 15 to accomodate other holidays or important dates.

  2. The portion of the tax code relevant to filing Form 1040(US Individual Tax Return) is about 740 pages.  The entire Internal Revenue Code is about 70,000 pages, or 4 million words.  That’s one reason we recommend consulting a tax professional for all your tax-related affairs.  

  3. There are 1,132 downloadable tax forms from the IRS.  Woah.

  4. Not all state income taxes are due on the federal deadline.  Deleware, Hawaii, Iowa, Louisiana, Maine, Massachusetts and Virginia all have later due dates.  Click here for a full list of state tax deadlines.

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“It’s business. [The production company] is trying to get the most they can get for their company and to make it productive for them to be here and advantageous so I can’t say I blame them,” said state Senator Nancy Jacobs, R-Cecil/Hartford.

The Netflix thriller, House of Cards, has yet to start its third season. However, Frank Underwood, played by actor Kevin Spacey, looks to pull some of his usual tactics to shmooze the Maryland State Legislature. He wants the state of Maryland to extend tax credits, from $11 million to $18.5 million, for production companies that film in the state. Because of the tax credits, the House of Cards producers have filmed the show primarily in Baltimore and in Annapolis: surprisingly, not in Washington, DC, where the show takes place on-screen. Continue Reading…

#HipsterTax

March 18, 2014 — Leave a comment

“Let’s be honest, taxes are not one of the most stimulating subjects around,” says Laughlin.  “So if you want to engage with young people you’ve got to give them something fun to engage in the conversation with. “

Up 6 percent from last year, nearly 27 million Americans have filed their 2013 taxes on their home computers. H&R Block has something to say about this new trend, and it has unveiled a new marketing campaign to get younger Americans to its offices and website for tax preparation help. Continue Reading…

Yesterday, President Obama did an interview with comedian Zach Galifianakis, on his show “Between Two Ferns,” where he tried to rally some much-needed support for Healthcare.gov. Surprisingly, the awkward interview video has become the number one site driving traffic to Healthcare.gov.

President Obama seems to be doing whatever he can these days to help muster support for his party ahead of the midterm elections. Unfortunately, Republican David Jolly won a closely watched U.S. House special election in Florida last night. Though Jolly was short on money, groups pooled money into one of the most expensive House races ever to hammer the ineffectiveness of the Affordable Care Act (ObamaCare) into voters’ minds for the win. Continue Reading…

“They [asteroids] are the low-hanging fruit of the solar system,” said Eric Anderson, an American aerospace engineer and co-founder of Planetary Resources, which lists Google’s Larry Page and Virgin billionaire Richard Branson among its backers.

Without any major technological advances, scientists claim that many minerals like zinc and gold could run out in a 100 years, so companies, such as Planetary Resources and Deep Space Industries, are working toward an alternative solution to this pending problem: asteroid mining. Continue Reading…

Interestingly, the United States government’s federal taxing and spending, as percentage of the country’s GDP, has been nearly similar in the last four decades, as seen in the two graphs below. Continue Reading…

JDKatz:

Elder care often comes at the expense of the children. This article helps explain the issue of claiming parents as dependents. Financial planning for elders on behalf of their children goes well beyond your tax return though – contact our attorneys to see how we can help.

Originally posted on Tax Break: The TurboTax Blog:

It is increasingly common for adult children to take care of their elderly parents.  When such support begins to become both financial and significant, many wonder whether a tax break might be available to help offset some of the expenses.

As is the answer to too many other tax questions, the answer to this one is also, “It depends.”  Here are some of the key considerations to determine if you can claim your parent as a dependent.  (For easy understanding, we’ll assume the parent in question is your mother.)

How Much Support Do You Give Your Mother?

To take the dependent exemption for Mom, you must provide significant support to her. Giving Mom a shoulder to lean on or other emotional support is irrelevant.  We’re talking about significant financial support.

In fact, your support must be at least half of the cost of what it takes to keep her…

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“Taken together – the tax on Olympic athletes and the tax on income earned abroad – it can be said the U.S. has officially ‘earned the Gold’ for having one of the most backwards and illogical tax codes in the world,” Americans for Tax Reform said in a statement.

“Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness,” stated Senator Marco Rubio when he introduced the Olympic Tax Elimination Act in 2012.

Uncle Sam must have been happy to see the United States win 1st, 2nd, and 3rd in the Ski Slopestlye event in Sochi this past week.

Continue Reading…

If you live in the DMV area and are trying to avoid creating a major headache for your family/friends after your death, pay attention to the case I am about to outline. It bluntly shows the importance of attending an estate planning session at JDKatz as soon as possible.

In a potentially damaging move during a likely Oscar-winning year for Julia Roberts, her half-sister, Nancy Motes, committed suicide this past week.

Roberts is up for Best Supporting Actress for “August: Osage County.” On the other hand, Nancy, who complained that she could not compete with her skinny and more talented sister, was an aspiring actress who had most recently worked as a production assistant on Glee.

Julia Roberts (left) and half-sister, Nancy Motes (right)

This Polaroid shot is a close-up of the picture Motes is holding in the picture above this picture. Motes (left) is standing with Roberts (right) when she was around 22 years old.

This Polaroid shot is a close-up of the picture Motes is holding in the picture above. Motes (left) is standing with Roberts (right) when she was around 22 years old.

Continue Reading…

Gaming-Expo-MA

Hollywood is the movie production capital of the United States. Bollywood is Hollywood’s Indian counterpart.

So what exactly is Vollywood? It could refer to whichever region becomes the video game production capital of our country. New tax policy, not any video game cheats, is what could help Austin, Texas gain this title of Vollywood. Continue Reading…