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THJ TAX Tips - 2010 Income Taxes

WINTER 2011 Volume XXX, No. 1

Welcome to a New Year, A continued RECESSION, and the question, “When will things get better?” Probably not for at least 3 years. Our economy has suffered from the Housing crisis, decreased production (We make nothing), Banking issues. Now, a big crisis is looming in the Education Loans. Deflation, Stagflation. We all might want to look at Japan’s Economy for the last 10 years, and how it has changed living within those borders. Many regulations were not enforced. What is new will be the increased enforcement of Tax laws, expect your preparer to not only ask questions, but for you to prove those deductions to him/her.

Taxes are due no later than, April 18th, 2011 (Monday), extended due to DC holiday and the weekend follows that holiday. Don’t be surprised if an even longer tax filing season is granted. CALIFORNIA’S tax situation continues to get worst & collection efforts are at an all time high, our New Gov. is telling the Truth, “EXPECT A LOT OF PAIN”. Maybe Expect a delay in your refund should you have one coming, consider changing your DE-4. Amended returns could take up to 12 months. Redevelopment agencies (land grants and decrease taxes) takes from our schools, maybe it is time to shut those agencies down (AKA, Corporate Welfare).

Whats new for 2011. The Bush Tax Cuts are over. However, the Majority in Congress delayed closing some of the Bush Tax cuts and on Dec 17th, an agreement was met, hence TRJCA (Tax Relief, UI Reauthorization and Job Creation Act of 2010). But all software and printed material had been released on Dec 1st, and now have to be redone resulting in a delay for many filers. IRS hopes to correct the changes no later than Mid February 2011 (cost $$$$)x! I will be following this issue Enforcement, the IRS can’t seem to stop Prisoners from filing false tax refunds!

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