No one likes taxes, but it's something we all have to deal with this time of year. So this week's Friday Buzz includes both practical and interesting tax articles, as well as some funny tax quotes and comics – because sometimes you just have to laugh… 😊
Enjoy this week's The Friday Buzz, and get those tax returns in!
- Tax Day this year is this Monday, April 15th: If you haven't filed your Federal taxes you have until Monday to do so. Both Massachusetts and Maine residents have until April 17th to file income tax returns due to state holidays. Check this article out for last minute filing tips. If you are filing paper returns and running out of time, be sure to know what Post Offices are open late.
- "Because of a holiday, the deadline for taxes is April 18, so you have three extra days to dig through restaurant dumpsters for receipts." - Jimmy Kimmel (Urgent Note: This quote was for another year's tax filing deadline – see article above)
- To Invert or Not to Invert – That is the Bond Market Question: In the last Friday Buzz, I wrote about the yield curve inverting, and the significance of that occurrence. Last week the yield curve backtracked and normalized and then as of this writing was close to inverting again. There is no shortage of opinions regarding reading the bond market tea leaves, but we will continue to monitor the yield curve and how it is affecting the markets and economy.
- Reduce Tax Withholding Surprises: Many tax filers were surprised this year to find they owed taxes. With lower tax rates, the expectation for many was to receive a bigger refund but that didn't happen because it was not widely known that tax withholding amounts had changed with the new tax law. To reduce further surprises, use the IRS calculator to figure out how much you should be withholding.
- "The U.S. Senate is considering a bill that would tax Botox. When Botox users heard this, they were horrified. Well, I think they were horrified. It's difficult to tell." - Craig Ferguson
- Brexit Extension: British Prime Minister Theresa May, once again, asked E.U. leaders for an extension for Brexit of another month or six weeks. But they were so fed up with the chaos and urgent meetings for continued negotiations that they pushed the extended deadline out six months until October 31st. That is enough time for just about anything to happen including gaining consensus in Britain's parliament or even new elections for new leadership. I can't wait to see the comic strips referencing the Halloween deadline which some are already seeing as a fitting coincidence.
- The Story of "Taxman" by the Beatles: Invariably I think of the song the "Taxman" by the Beatles on tax filing day. Here is the story of how the song by one of my all-time favorite bands (I know this does not make me unique!) came about.
- "Tax Day is the day that ordinary Americans send their money to Washington, D.C., and wealthy Americans send their money to the Cayman Islands." - Jimmy Kimmel
- U.S. jobs report solid for March: After February's low jobs number all eyes were on March's report which last Friday showed solid job growth. This certainly makes February's number look like an anomaly and a big reason economists usually use three-month rolling averages.
- Maine and New Hampshire Odd Tax Facts: Did you know Maine has a blueberry tax and NH has a timber tax imposed on all of a landowner's timber when it is cut down? I didn't, but I am glad my cords of wood and ornamental trees are exempt!
- "On my income tax 1040 it says 'Check this box if you are blind.' I wanted to put a check mark about three inches away." - Tom Lehrer
- And the NCAA Bracket Winner is…. We had about 20 friends of the firm participate in the first RSWA NCAA Bracket Challenge. Leaders seesawed back and forth throughout the month but standing in first place at the end was Andrew Rand. Congrats Drew! Enjoy your Amazon gift card, trophy, and bragging rights till next year's tournament!
- Last Tax Quote: "It's income tax time again, Americans: Time to gather up those receipts, get out those tax forms, sharpen up that pencil, and stab yourself in the aorta." - Dave Barry (BTW, I love Dave Barry's old Super Dave skits!)
Have a great weekend!