SALT Deduction – has rusted out your 2019 Itemized Deductions

Your itemized deductions have eroded since the Tax Cuts Act and Jobs Act of 2017 – Please visit us at https://etenbroeck.net

If you itemize your deductions, the aggregate amount of State and Local Taxes shall not Exceed $10,000.

SALT TAXES ARE: State and Local Taxes are Real Estate Taxes, State and Local Income Taxes, State and Local Personal Property taxes.

Based on our experience from the 2019 tax season (2018 Form 1040), the $10,000 SALT limitation forced many taxpayers to use the Standard Deduction.

For your 2019 Form 1040 The Standard Deductions per the IRC are:

Married Individuals Filing Joint Returns $ 24,000
Heads of Households $ 18,350
Unmarried Individuals $ 12,200
Married Individuals Filing Separate Returns $ 12,200

E Ten Broeck predictions:

Due to the fact that taxpayers who used to itemize are now forced into the Standard Deduction, I have the following predictions:

  • Charitable deduction: There will be a decline in charitable giving.
  • Mortgage Interest Deduction: There will be a decline in Home Ownership, more taxpayers will consider renting verses owning a home. Same applies to Real Estate Taxes.
  • SALT Taxes: Taxpayers will consider moving to states that offer lower lower real estate and income taxes.
  • Employee Business Expense Deduction: Employees with high out-of-pocket expenses will form LLC’s.
  • Investment Interest Deduction: Investors will seek lower fees, and/or use discount brokers.

Resume writing

Please visit us at https://etenbroeck.net

E. Ten Commandments

10 tips on resume writing

1) Your resume may only get 10 Seconds of viewing time.  This is the TEN Second rule.

2 )  Drop the “objective.” The purpose of submitting a resume is to gain employment, this is understood by the reader.

3)  Use a larger then normal font. 

4) Keep your content to ONE (1) page only.

5)  Your contact info MUST be current. You MUST respond to potential employers. 

6) Your resume must be factually true, and free of omissions.

7) You must have the content of your resume committed to memory.  You don’t want to draw blank in the middle of an interview about a detail in YOUR resume. 

8)  Have someone proficient in grammar  and spelling proof read your document, or use https://www.grammarly.com/

9) Upload, email or otherwise send a high quality pdf document NOT a MS word document.

10)  Make certain your social media profile(s) matches the image you are conveying in your resume. 

INTERVIEW WITH BONNIE GORTLER – AUTHOR OF JOURNEY TO WEALTH

bonnie

Bonnie Gortler the Inspired Wealth & Well-Being Coach is a successful stock market expert who has managed multi-million dollar client portfolios during her over 30 year corporate career.  As the author of “Journey to Wealth”, Bonnie has made it her mission to share the importance of risk management by applying the technical and mental sides of investing. Bonnie is a huge sports fan, a weight loss champion losing over 70 pounds, and a passionate networker. Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights surrounding weight loss, investing and inspiration through her writings on Wealth and Well-Being.

Edited and Produced by Alex Miller

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Interview with Aginah Marie Shaw – Author of the ink from my mother’s pen

The Ink from My Mother’s Pen was written by Aginah Marie Shaw.  She is a wife, mother of three and  graduate of Temple University. Her passions include creative writing, improving the lives of senior citizens, and nurturing her family. Stay tuned for her upcoming book this Spring which intends to motivate mothers to pursue their passions.

Edited and Produced by Alex Miller

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Interview with Hev Saing – Author of Your Differences ARE THE KEY TO YOUR SUCCESS

Your Differences ARE THE KEY TO YOUR SUCCESS: How To Turn Your Differences Into Your Most Valuable Assets.

Hev Saing is a young professional turned author and public speaker.  He began his early life in Cambodia, and later immigrated to the United States.  When you read his book, you will learn that Hev had experienced tragedy and hardship at very young age.   Despite what life threw at this young man he earned a degree architecture in Cambodia, and a graduate to degree at Boston University.  Hev’s book  teaches on how find an follow our passion.  Today Hev is an author and speaker making a huge contribution and inspiring many!!

Edited and Produced by Alex Miller

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Interview With Sean Michael Hayes – Author of Five Weeks In The Amazon (A backpacker’s journey: life in the rainforest, Ayahuasca, and a Peruvian shaman’s ancient diet)

Five Weeks in the Amazon - Paperback

Sean Michael Hayes was born and raised in Vancouver, Canada. In his younger years he was a professional skateboarder.  Sean as achieved wild success on the skate board, one only needs  to Youtube Sean to know that he is the real deal.   Today while he continues his career as a professional skateboard coach, Sean has now begun to share his gifts as a writer.

Our 31 year friend from The Great White North is a philosopher, writer and adventure seeker.  Sean has the uncanny ability to take you on location, and fully shares his experiences with YOU the reader.

You can buy Sean’s book on Amazon.com http://tinyurl.com/qyw8gd6,  Please also support Sean on Kickstarter.

Edited and Produced by Alex Miller

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Interview with John A. Brown – Author of Dinning Roulette The Truth About Restaurants From The Inside Out.

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John A. Brown has over 30 years experience as a restaurant owner.  He worked in, owned and/or managed everything from astand-alone enterprises to establishments that are part of multi-billion dollar companies.  You will quickly learn that John A. Brown cares about YOU. He cares about your safety as a patron, he cares about those employed in the industry, and he cares about those who are thinking about, or have become restaurant owners.  He now runs. Brown & Associates Restaurant Consulting, and be reached by emailbestmanager@usa.com

Edited and Produced by Alex Miller

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Interview with Alex Miller of Indie Band – Secondary

august cover art

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I had a chance to catch up with Alex Miller, lead singer of Secondary to talk about their newest release and the process that goes into being a band today. Secondary is a four piece rock band comprised of Alex Miller (Vocals/Guitar), Quin Savant (Vocals/Bass), John Nalie (Guitar), and Kevin Shishko (Drums). The Kennett Square based group is influenced by bands such as New Found Glory and Nirvana and has a unique sound which blends different elements from both the pop, rock, and grunge spectrums. Their first release, Things That Don’t Exist veiled the band in a young and cliche sound which was then catalyzed by a a year of life experience and matured the group’s sound into their latest release August. Secondary’s music can be found at secondarypa.bandcamp.com

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Identity Theft and the IRS

Dear Readers,

As many of you are aware, identity theft thieves have had extraordinary success in using innocent taxpayer’s personal information to get themselves a big fat cash refund from the IRS.

What typically happens – Your identity (name, address and social security number) is stolen.  The criminals file an electronic tax return EARLY on in the filing season. The financial information that is used is most likely fictitious, but will show that withholdings exceed the tax liability, and thus generate a refund.  The refund is deposited to an account like a cash card.

You find out by one of two ways.  You attempt to file your return electronically only to learn that it has already been filed, and /or the IRS issues you a very disturbing tax notice.

When a criminal steals your identity and uses it to file a fraudulent tax return, it hurts you, it hurts the U.S. Taxpayers, and erodes the confidence of the taxpaying public.

The U.S. government is aware of what is happening.  To the credit of the Government Accounting Office and the Treasury Inspector General for Tax Administration; audits have been conducted and the reports have been issued fully and timely disclosing the problems to the American public.

Why has the criminal element been successful?  Very simply, the IRS moves without the ball.  The IRS does not have the information uploaded and accessible to them to make a determination in real time regarding if the return is being filed by a criminal or the actual taxpayer.

It is very disturbing to realize that in the 2011 tax year, the inspector general reported that 5.2 billion dollars was paid to criminals seeking refunds from the IRS, and for the 2012 Fiscal year, the IRS’ operating budget was 12.5 million. Simple division tells us that the IRS issued monies to criminals of almost 42 percent of their operating budget.

The recommendations made by the GAO and the Inspector General, are straight forward and obvious.  To summarize the recommendations, the IRS simply needs more of the legitimate taxpayer’s information at the very beginning of the filing season.  The Washington Post did a great article on this subject see a great article written by Josh Hicks, September 23, 2014 entitled Identity theft cost the IRS $5 billion last year. Here’s what Congress can do. http://tinyurl.com/pql3pk2

That being said, the problems associated with the way the IRS issues refunds will not be fixed for the 2014 tax year.  So we can expect that more fraud will occur starting in January 2015.

If we concede the following points –

#1) Criminals are ready, willing, and able to used stolen identities for their gain in 2015.

#2) The IRS is not going to be able to stop 100 percent of identity theft tax returns from being processed and will continue to issue erroneous refunds .

#3) Law abiding citizens will have their lives turned upside down.

The best defense is a good offense. This is what you must do!

File as early as possible. You literally have to beat the criminal to the task.  You may be able to efile as early as January 23, 2015.  Push to get your information together as soon as possible, and be the first in line at your tax preparer’s office.

But, it does not stop with you.  It is my recommendation to efile for your children even though they may not have a tax obligation; same applies to your aging relatives.

Why am I recommending this?  Children under the ages of 18 are the most victimized members of our society in terms of identity theft.

What you should do if it happens to you?

If you go to efile your return and you are blocked due to the fact that a return has been filed under your social security number, you are most likely a victim of Identity theft.

My best advice is

# 1 Have your income tax preparer print out a paper version of your return and take this directly to the IRS field office nearest you, and file it in person.

#2 Have your tax preparer help you prepare IRS Form 14039 Identity Theft Affidavit. Insist on sitting with an IRS field agent and explain your situation, and have the agent note your file.

#3 Be certain to obtain a date stamped copy of your return.  Also bring your driver’s license with you.  Write down the Agent’s badge number.  Revisit the IRS periodically and find out the status of your matter.

Now for the Legal Part

  • IRS Circular 230 Disclosure: Pursuant to Treasury Regulations, any tax advice contained in this communication (including any attachments) are not intended or written to be used, and cannot be used or relied upon by you or any other person, for the purpose of (i) avoiding penalties under Internal Revenue Code or (ii) promoting, marketing or recommending to any other part tax advice addressed herein.