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The Wandering Tax Pro Blog


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Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.
2023-02-06 08:00
 I very seriously and sincerely believe that the one and only purpose of the federal tax system is to raise the money necessary to fund the government.   As a tax profess… Read More
2023-01-19 11:27
At this past week-end’s NJ-NATP “Famous State Tax Seminar” I was reminiscing with long-time NJ-NATP members and Board members about the early days of the seminar – wh… Read More
FINDING A TAX PROFESSIONAL
2023-01-06 11:27
In a recent post at DON’T MESS WITH TAXES Kay Bell listed “4 tax moves to make this January 2023”.  Number 3 on her list is “Find and hire a tax professional&rdq&hell…Read More
2023-01-04 08:00
We recently learned, with the public release of his tax returns, that Donald T Rump paid no federal income tax in 2020.  Trump claimed a $16 million loss from his real estate businesses… Read More
2023-01-03 08:00
I have been writing THE WANDERING TAX PRO blog consistently (except for an annual tax filing season hiatus) since the summer of 2001.  I started THE WANDERING TAX PRO after learnin… Read More
2022-12-16 08:00
The 2022 New Jersey state income tax forms, schedules and instructions are now available at the NJ Division of Taxation website.  Click here. There are a few changes that are effective… Read More
2022-12-08 09:00
The IRS has issued the final version of the series 1040 forms and schedules.  To see the final forms go here and enter “Form 1040” at FIND. There have been several minor cha… Read More
2022-11-17 11:41
I was just told by Blogger (host/publisher of this blog) via an email -"Your post titled "WHAT’S THE BUZZ – TELL ME WHAT’S A HAPPENNIN’" was flagged to us for review… Read More
2022-11-10 08:21
There was good news to celebrate yesterday. Intelligence and patriotism won out over ignorance, racism and treason in my home state of Pennsylvania.  January 6thinsurrection participant… Read More
2022-11-08 09:22
PLEASE BE SURE TO VOTE TODAY AGAINST - EVERY REPUBLICAN CANDIDATE  - IN EVERYRACE - AT EVERYLEVEL.ALL DEMOCRATIC CANDIDATES IN EVERY STATE MUST WIN. THE FUTURE OF AM… Read More
2022-10-22 10:13
  The IRS has released Notice 2022-55, which identifies the inflation-adjusted contribution limits for retirement accounts for tax year 2023.  Here are the highlights -IRA = $… Read More
2022-10-21 08:42
The recent release of inflation and cost of living adjusted numbers for tax year 2023 by the Internal Revenue Service included the 2023 Individual Tax Rates and Income Brackets.Here they are… Read More
I HATE K-1s!
2022-10-07 11:27
While unlike Nick Bottom I don’t hate Shakespeare, I do hate K-1s.  Specifically, K-1s for limited partnership investments.  First, they are never sent out to taxpayers until… Read More
2022-10-05 10:38
It’s that time of year again! Once the ball drops on One Time Square on New Year’s Eve and 2023 is rung in there is very little that you can do to reduce your 2022 tax liability… Read More
2022-10-03 10:32
FYI - here is a brief history of income taxes in the United States - 1643: The colony of New Plymouth, Massachusetts levies the first recorded income tax in America. 1861: Congress… Read More
ANCHORS AWAY!
2022-09-01 08:00
New Jersey has replaced the Homestead Benefit property tax relief program with ANCHOR – Affordable New Jersey Communities for Homeowners and Renters. The 2022 program is for NJ residen… Read More
2022-08-17 08:39
This is how history will remember Donald “The Man Who Would Be King” Trump. Donald J Trump was placed in the White House as 45th President of the United States by the Electoral C… Read More
2022-08-05 11:24
The Internal Revenue Service has released, early this year, the draft versions of the 2022 Form 1040 and accompanying schedules.  Click here.  The draft 2022 Form 1040-SR has not y… Read More
2022-07-16 10:48
A recently issued petition (click here) provided a well written explanation why true “traditional” Republicans are refusing to support and vote for Trump and his Republican suppo… Read More
2022-07-04 16:49
How difficult is it to understand this? As history will acknowledge and report, no one single individual has ever done more damage to America, the American people, American freedom and… Read More
THE BEST ONLINE TAX RESOURCE
2022-06-27 08:00
Whatever you may think of the IRS – and thanks to the excessive 2020 shut-down in reaction to COVID the Service today is totally FU-ed – the website www.irs.gov remains an excell… Read More
2022-06-16 08:00
I realize this post has nothing to do with income taxes – but this must be acknowledged, understood and addressed. I have been voting for 50 years.  Over the years I have voted fo… Read More
2022 TAX RETURN RECORD KEEPING
2022-05-05 08:30
So, how hard was it to gather together all of your 2021 tax “stuff” to give to your tax preparer?  It is important that you have documentation for all of the income, deducti… Read More
VERY VERY VERY IMPORTANT!
2022-04-15 09:37
If you haven’t prepared or submitted your 2021 federal tax return yet and think, or know, you will owe your Uncle Sam IT IS VITALLY IMPORTANT THAT YOU GET A FORM 4868 EXTENSION REQUEST… Read More
2022-03-14 08:00
Here is some important advice for parents, grandparents or others who give their children, grandchildren or others gifts of stock shares – advice that will save the recipient of the gi… Read More
2022-03-07 09:00
When a spouse passes away there are many things of a financial nature that the surviving partner needs to address.  One important thing that the survivor needs to do is review and revis… Read More
2022-02-22 09:20
 Clients who have received the IRS CP80 Notice telling them they have an outstanding credit for 2020 but they have not filed their 2020 return ask me, “How can the IRS say I haven… Read More
2022-02-18 10:53
 The damage done to our country and our society by the Trump presidency is incalculable - and ongoing. I continue to say without fear of contradiction that in our history no one single… Read More
2022-02-14 09:00
Here is what you need to give to your tax preparer. * Full names, as they appear on the Social Security card, Social Security numbers and dates of birth for you, your spouse, and all depende… Read More
A QUICK WORD OF ADVICE
2022-02-10 11:48
Many tax professionals will send their clients a letter in January telling them what is new for the current year returns and specifically listing what forms, statements or information that t… Read More
2022-02-07 09:00
More proof that the IRS is totally FU-ed. Taxpayers had an overpayment of $782 on their 2020 Form 1040-SR.  They requested, on Line 36, that $375 be applied to 2021 estimated taxes as t… Read More
2022-01-28 10:12
As most of you probably know, in my 50 years as a paid tax preparer I NEVER used flawed and expensive commercial tax preparation software to prepare or submit a federal income tax return (an… Read More
2022-01-27 09:00
Generally, you do not have to file a federal 2021 Form 1040, or 1040-SR, unless your “gross income” is at least – FILING STATUS ON 12/31/19 YOU WERE  GROSS… Read More
2022-01-25 17:07
  The 2021 New York State income tax returns, forms, schedules, and instructions are finally available to download online on the website of the New York Department of Taxation and… Read More
2022-01-19 10:05
Most of the information returns you will need to properly prepare your 2021 Form 1040 (or 1040-SR) are in the mail. As you receive your 2021 information returns – W-2s, 1099s, 1098s, K… Read More
THE 2022 NJ-NATP FAMOUS STATE TAX SEMINAR
2022-01-10 09:00
This past Saturday I was where I have been the same time this year for the past 30+ years, with one or two exceptions.  I was in the audience of the annual “Famous State Tax Semin… Read More
WHAT'S NEW ON THE 2021 NJ-1040
2022-01-07 11:38
The 2021 state income tax forms, schedules and instructions are now available to view and download at the NJ Division of Taxation website.  Go here. The 2021 NJ-1040 appears to be exact… Read More
2021-12-30 09:00
The only other legislation with tax components passed in 2021 was the Infrastructure Investment and Jobs Act, signed into law on November 15th.  However, the few tax aspects of this Act… Read More
2021-12-29 09:00
It is time again for my annual review of the year in taxes. The 2021 tax filing season – for filing 2020 returns – was my 50th!  My first year preparing 1040s was 1972 &ndas&hell…Read More
2021-12-09 14:32
The excessive total shut-down of the IRS in 2020, in reaction to the COVID-19 pandemic, has resulted in substantial delays and backlogs in terms of processing 2019 and 2020 original and amen… Read More
THE 2021 PNC CHRISTMAS PRICE INDEX
2021-11-29 10:15
As it does each year at this time PNC has released its annual Christmas Price Index, which PNC describes as. – “A light-hearted take on the Bureau of Labor Statistics' (BLS) Con… Read More
SAD NEWS – A GREAT LOSS
2021-11-27 09:51
I was truly shocked and saddened when I rose this morning and received an email from a long-time friend, and fellow theatre lover, telling me Stephen Sondheim has passed away at age 91.&nbsp&hell…Read More
A GREAT CHRISTMAS GIFT IDEA
2021-11-16 09:00
Taxpayers are required to keep good contemporaneous records and documentation of all items of income reported and all deductions and credits claimed on their income tax return in the manner… Read More
2021-11-15 10:16
As I say every year at this time - Once the ball drops on One Time Square on New Year’s Eve and the new year is rung in there is very little that you can do to reduce your tax liabilit… Read More
2021-10-22 10:58
Just so you know. The withholding of federal and state income tax from any source of income is an estimation of anticipated tax liability.  It is not in any way, shape or form a payment… Read More
CORPORATE INCOME TAX RATES
2021-10-06 08:00
Just a reminder.  Regardless of the rate charged - corporations do not pay federal or state income tax. Income tax is a corporate expense – a part of overhead.  Income taxes… Read More
2021-10-04 08:00
"If you're not part of the solution, you're part of the problem."   "One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors." … Read More
2021-09-24 08:16
Kelly Phillips Erb, the internet’s TAXGIRL, recently posted “What You Need to Know About the Current Federal Tax Proposals” at her BLOOMBERG.COM blog. It is very important… Read More
TWENTY YEARS!
2021-08-24 07:54
Oi vey!  And OOPS!  The day has come and gone and I forgot to acknowledge it. The very first post of THE WANDERING TAX PRO was published on Sunday, July 22, 2001.  So, I have… Read More
2021-08-06 08:00
There is no doubt in my mind that the biggest threat to America, American democracy and American values today is the Republican Party. By embracing Trump and his lies the Republican Party ha… Read More
USING YOUR CAR FOR BUSINESS
2021-08-05 10:15
 Do you use your car for business?  Here are some things you should know. (1) Thanks to the GOP Tax Act, for tax years 2018 through 2025 employees can no longer deduct employe… Read More
2021-08-04 08:50
I had been holding these for a BUZZ installment – but there isn’t any other BUZZ to report. Kay Bell reports that the “IRS releases drafts of 2021 Form 1040 and schedules&r&hell…Read More
2021-07-21 08:00
In reaction/response to the COVID-19 pandemic the Internal Revenue totally closed down all operations and offices for many months in 2020.  During this period, the IRS did notprocess ta… Read More
HAPPY FOURTH OF JULY!
2021-07-04 09:00
America truly has a reason to celebrate this July 4th.  Thankfully we now have a President with intelligence, integrity and humanity - something that was truly lacking on the past… Read More
2021-06-25 08:53
For tax year 2021, families claiming the Child Tax Credit will receive up to $3,000 for each qualifying child who is between the ages of 6 and 17 at the end of 2021. They will receive $3,600… Read More
READ MY LIPS . . . . .
2021-06-15 10:42
There is absolutely NOTHING I, or any tax professional, can do to expedite the processing of your 2020 federal or state income tax return or to find out why your anticipated federal or state… Read More
DOCUMENTING YOUR INCOME AND DEDUCTIONS
2021-06-07 08:00
I expect by now you have prepared and submitted your 2020 federal and state tax returns and are waiting, patiently, for your refunds. Did you find it difficult to compile all the necess… Read More
2021-05-26 08:00
This past tax filing season I found that filing separate returns often put more money in the pockets of my married clients than in past years.While usually in most cases filing separately wo… Read More
2021-05-24 08:00
My 50thtax filing season, which, as it always does, began for me on February 1st, ended on May 17th.  It actually ended on May 16th, as I never work the last day (click here to learn wh… Read More
2021-05-22 10:34
The biggest problem facing America today is not COVID-19.  The biggest problem facing America today, and the biggest threat to the future of America, is the sad fact that about 74 Milli… Read More
2021-04-29 09:20
Suggesting an end to the step-up in basis for inherited investments, which has been suggested often over the years, is clear proof that those who write the tax laws have absolutely no clue a… Read More
2021-04-28 09:07
Some good advice from Kay Bell, the yellow rose of taxes, in “Don't fall for these 6 tax refund myths” at DON’T MESS WITH TAXES - “Myth 1: Calling my tax professional… Read More
2021-04-26 09:33
If your 2020 federal tax return included a “Recovery Rebate Credit” – claiming the portion of the first two economic stimulus payments that you were entitled to but did not… Read More
2021-04-13 07:42
The filing and paying deadline for the 2020 Form 1040 (and 1040-SR) has been extended to May 17th, but as of this writing the 1st Quarter 2021 federal estimated tax payment is still due Apri… Read More
2021-04-10 07:25
If you received an advance premium tax credit (APTC) in 2020 to help pay for your monthly health insurance premiums for coverage purchased through the Obamacare Health Insurance Marketplace… Read More

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