Concierge CPA November 2018

It Came From Under the Ground!

We just celebrated Halloween, but did you know that earlier this summer, archaeologists digging in Egypt unearthed a 2,000-year- old black granite sarcophagus 16 feet below the surface? Pretty cool, right? But then they announced they were going to open it. What a terrible idea! Have they never seen “The Mummy”? When the lid came off, they found three skeletons rotting in some dirty water that had probably leaked in from a nearby sewage trench. But that doesn’t necessarily mean an ancient undead presence didn’t manage to escape, too. It’s not like they could actually see it!

replace the current 1040- EZ (14 lines), 1040A (51 lines), and 1040 (79 lines). The new form is two half-sized pages, so it could theoretically fit on a postcard. But calling it a “return”may be fake news. If you have more than two kids, you’ll

Egyptologists aren’t the only ones facing an ancient spirit that refuses to die. The tax world has one, too, though not as evil. We’re talking about the eternal promise of the tax you can file on a postcard.

need to add another page to list them. If you report income from a business or real estate, you’ll need to attach Schedule 1. If you itemize, you’ll need to attach Schedule A. If you owe “other taxes,” like AMT, you’ll need to attach Schedule 4. Pretty soon that so- called postcard starts to look a bit like a phone book! The push for postcard taxes, along with the push for a so-called “flat tax,” are steps toward a bigger goal to eliminate the IRS entirely. But here’s a more uncomfortable reality — even if we did have a postcard-sized flat-tax form, we’d still need someone in Washington to administer it. We’d still need collections officers to chase down the people who don’t pay it. And we’d still need tax cops to catch the people who cheat on it. Much as we love to hate the IRS, it’s not going anywhere soon. Here’s something even scarier than unleashing an ancient mummy’s curse: wasting money on taxes you don’t have to pay! Fortunately, you don’t need to dig 16 feet down to discover the solution. All you need is a plan. So call us when you’re ready to stop running from the undead beast, and see howmuch you can save!

Back in 1972, the IRS released a Form 1040A

that would fit on both sides of a postcard. There were 27 lines, but unfortunately, you couldn’t use it if you ran your own business, made more than $200 in interest or dividends, or itemized deductions. Politicians since then have paid lip service to the idea of a postcard- sized form, even as they’ve made the actual preparation harder. Last year’s Tax Cuts and Jobs Act added several new twists for business owners. But these days, everything has to be sold as “simplification.” So, IRS officials gamely pledged to play along. And last month, they trotted out a draft of a single form designed to

A Simple Brine for Succulent Turkey

INGREDIENTS •

• •

2 bay leaves

3/4 cup plus 2 tablespoons kosher salt

1 tablespoon black peppercorns

• • •

3/4 cup sugar

No matter how you cook your bird for Thanksgiving, it will taste better if you brine it beforehand. Break out your biggest cooler and some ice to ensure that your guests rave about your turkey.

1/4 teaspoon crushed red pepper flakes 1/4 teaspoon fennel seeds (optional)

1 carrot, peeled and diced

1 large onion, peeled and diced 1/4 cup celery, diced 2 large sprigs thyme

• •

DIRECTIONS 1. In a large stock pot, bring salt, sugar, and 4 cups water to a boil. Stir until all ingredients are dissolved. 2. Turn off heat and add remaining ingredients. Place brine in the fridge, uncovered, until cold. 3. Add 6 quarts cold water to brine. Add turkey and submerge completely. Brine chilled for up to 72 hours.

Inspired by Bon Appétit magazine

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