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In episode 23, I discuss:

For the Federal Tax News:

The Federal Government Automatic Spending Cuts:

IRS appeals the tax preparer registration

Federal Returns are still being processed.

For the State Tax News:

Washington State Introduces a $25 Bicycle Tax to pay for transportation projects

Massachusetts introduces click through sales tax

South Dakota passes bill to repeal their membership in the Multi-State Tax Commission

New Jersey proposes a budget without any tax ncrease

Virginia proposes the largest tax increase to pay for transportation projects.

Forbes …Has a tribute to Dr. Seus called The Tax Forms that you know…http://www.forbes.com/sites/kellyphillipserb/2013/03/02/oh-the-tax-forms-youll-know-in-the-style-of-dr-seuss/

For the International Tax News

France has decided that having a top 75% tax rate isn’t cool to keeping their tax revenues coming now the Country is discussing lowering the rate to  66%.

For the Local Tax News:

Chicago wants to raise cigarette taxes to where the price of cigarettes is $11 a pack.

On other news:

Income drops the lowest to the lowest level in 20 years according to CNN.

Detroit is on the verge of bankruptcy – State of Michigan is talking takeover according to CBS News is Detroit.

For the indeth tax discussion, I discuss Net Operating Losses for Individuals.

The link to the IRS Publication 536 on Net Operating Losses is: http://www.irs.gov/pub/irs-pdf/p536.pdf

Is Summer Camp expenses deductible is an article on “She Knows Parenting”  Here’s the link to find out more information.

http://www.sheknows.com/parenting/articles/983069/is-summer-camp-tax-deductible

Have a tax question or feedback about this week’s podcast, send me an email to feedback@yourtaxteacher.com.

 

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