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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11998
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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President Obama purportedly signed an omnibus funding bill

Customer Question

President Obama purportedly signed an omnibus funding bill on December 16, 2015 which provides for cash rebates on taxpayer purchases of goods and services in 2015. Is this true and if so where do I find the forms to include in my tax return? Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi, So sorry. You must have been reading some of the (pardon my french) "crap" that's out there from subscription news letters (trying to get you to join and pay their fee)....What they're talking about is the december bill that was signed which DID make PERMANENT (nothing new here), somethings that have been around but continually have to be extended since 2004....What the oxford club and others are talking about (lying about) is the fairly recent opportunity to choose to deduct either state and local income taxes or state and local sales taxes when you file your return with the IRS…. but by “fairly recent” I mean, “passed into law a little over ten years ago.”...Again this isn’t new....From an excellent article on this (I only cut and paste because they articulate this so well)......"Wait, but they said Obama just signed it in December!...Yes, but what was signed in December was the “permanentization” of that tax break. For the past ten years, this has been an exception that Congress has voted in each year — but it wasn’t part of the “permanent” tax code, so Congress had to renew it each year....Now, it’s a permanent part of the tax code."...Who this really helped (again starting in 2004) are the states that don't HAVE a state income tax....There are only nine states that don’t have state income taxes, but some of them are big (or politically powerful), like Texas and Florida, and all of them except New Hampshire and Alaska have state sales taxes… so for residents of those states there is now a new (since 2004, at least) tax deduction:...They can deduct their sales taxes just like most of the country deducts their state and local income taxes. It’s right there on your form 1040, Schedule A — question 5 that asks what you paid in state and local taxes, and you enter either (a) income taxes or (b) general sales and use taxes, whichever is higher....So sorry, but this is just more sensationalism (word twisting, lying, spinning) by those that sell fee-based newsletters to try to get you to buy so you'll be let in on the "big secret."...
Expert:  Lane replied 1 year ago.
I hope you’ll rate me (using those stars, or faces on your screen, by clicking submit) based on thoroughness and accuracy, rather than any good news / bad news content. That’s the only way I’ll be credited for the work here.…Thank you!Lane......I hold a JD (Juris Doctorate, the law degree), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986...
Customer: replied 1 year ago.
Great. Thanks.
Expert:  Lane replied 1 year ago.
You're very welcome ... Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …is thanks enough!…That’s how we’re credited for the work here...Thank you,Lane…