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Tax Twitter Tuesday 12.22.2009

December 22, 2009

Sorry for missing Tax Twitter Tuesday last week. I was up in D.C. slapping lawmakers around … if only! I was finishing up my term as a member of the Taxpayer Advocacy Panel.

But since were close to Capitol Hill, some of my fellow TAPpers headed over to the Senate one evening to watch part of the health care debate. Are we a lively group, or what!?

Twitterbird for T3 So T3 is a week late, but not short of interesting tax tidbits from the Twitterverse. Since we've already been waiting almost seven full days, let's get to it!

@SusanEJacobsen Drink, Drive, Crash, Write Off Damages; Yep, US Tax Court allows write offs after… http://bit.ly/4NwLAU

@DianeKennedyCPA Is the IRS Getting Too Aggressive? http://bit.ly/75m2Ys 

@Stacies_TaxTips Are you yelling TAX THE OTHER GUY. No need, that's what this legislation does. http://bit.ly/5s1kIy 

@rdftaxpro Some important 2009 tax rulings – http://wanderingtaxpro.blogspot.com/2009/12/some-2009-tax-rulings.html

@JoeTaxpayerBlog My "two good Roth moves" is up on TIPd http://is.gd/5udl1 If you're not yet buried in snow.

@TAXJUSTICE Georgia: Senate leader Rogers says "repeal, not reform" property tax. Wrong answer– prop tax is worth keeping/&fixing. http://bit.ly/5J4p4a

@hleahy A brief history of tax prep business via #OurTaxingTimes "Paying the Piper" http://bit.ly/7mjw9n

@taxnutz Ok 2 in the AM and I am answering client emails. This feels like tax season but that can't be right! Could this be a view into my spring?
 
@taxgirl Sadly @jerseyshorejen a lot of corporate clients assume the more they pay, the better the advice. Not true.

@thedigeratilife Make A Car Donation and Get Tax Relief!: Are you taking any income tax deductions? We love our cars, don’t we? B… http://bit.ly/6aOr7W

@joebwan 'Bought' isn't the same as 'placed in service': Deductions for fixed assets — depreciation and Section 179 ded.. http://bit.ly/8iYUAW

@TheTaxAdviser Tax Court to start accepting electronic document filing in 2010. http://twurl.nl/veaoh0 (JofA)

@CPA_Trendlines CPA's doing good works: RT @Sarah_Foster09 SEK&Co supports local Salvation Army with donations: http://bit.ly/8DiyQB

@FICPA Handy Guide for CPAs: Florida Dept. of Revenue 2010 Unemployment Compensation Tax Rates Fact Sheet http://bit.ly/8OSpME

@moolanomy How To Resolve IRS Tax Debt http://bit.ly/4WDW8b 

@DanielStoicaTax About the time a man is cured of swearing, another income tax is due.

@TaxNewz Taxes and Education [Our Taxing Times] http://bit.ly/5IWgOT

@OmahaCPA Watch out when putting real estate into S Corporations. http://ow.ly/DPJH 

@hank_MiB Enforcing Tax Laws Works. Go Figure. [Consumerism Commentary] http://bit.ly/7sv8pb

And since we started out talking about Washington, D.C., we'll end there.

@michaelgraycpa Congress must extend the federal estate tax for 2010,or most estate planning trusts won't work for those who die in 2010 http://bit.ly/kyzXM

Too bad, Michael, that they didn't listen to you!

At symbol Hope you enjoyed this pre-Christmas edition of Tax Twitter Tuesday. Have a wonderful and safe holiday season.

We'll be back here on Jan. 19 with a whole lot more Twitter tax tidbits. See you then — and in between, too, I hope! — here at the ol' blog and on Twitter (I'm @taxtweet).

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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