Obamacare will start collecting taxes immediately to cover the "plan" that will take effect in 2014. That's right. Pay ahead to cover everyone.
Even with that and taking double credit for savings on Medicare, this "deemed" bill will force the United States of America into too much red ink. We will lose our excellent credit rating. We will enslave our children and grandchildren to debt created by this one legislation.
I am praying hard. God is the only salvation I can see. Nancy and Obama are twisting arms and promising deals that are shameful. God help us.
Saturday, March 20, 2010
Sunday, March 14, 2010
Obama Gift
When you do your taxes, you will discover Schedule M. Making Work Pay Credit.
You will love this extravagant gift from our president. It is a tax credit, not a deduction.
I think it's tied to earnings and is worth $400 per taxpayer as a tax credit. A reduction in your tax liability and payable to you along with any tax refund you are due.
There are limits based on higher income levels. Obama does not reward those making $200,000 or better.
However, don't count on it in the future. If his health care destruction bill passes, we will start being taxed now even though not one benefit will occur for three years. A gift before the slaughter.
'til later
You will love this extravagant gift from our president. It is a tax credit, not a deduction.
I think it's tied to earnings and is worth $400 per taxpayer as a tax credit. A reduction in your tax liability and payable to you along with any tax refund you are due.
There are limits based on higher income levels. Obama does not reward those making $200,000 or better.
However, don't count on it in the future. If his health care destruction bill passes, we will start being taxed now even though not one benefit will occur for three years. A gift before the slaughter.
'til later
Friday, March 5, 2010
Sunsets at Year End
At the end of 2010 Bush's tax cuts will sunset. Capital gain rates which are now 15% on long term gains will return to 20%.
This will only affect the rich. What's the big deal? I contend that regular people hold things that gain in value over time and are subject to taxation.
Stocks, antiques, artwork, acreage, rental properties. These can all gain in value and tax is due upon realization of the gain.
I am wondering how the anticipation may affect the stock market as we approach November and December. Will there be a sell off?
The internet is full of opinions (such as mine). Many call for extension of these tax cuts. Is this the environment in which taxes should be raised on anything? It's like kicking them while they're down.
We shall see.
'til later
This will only affect the rich. What's the big deal? I contend that regular people hold things that gain in value over time and are subject to taxation.
Stocks, antiques, artwork, acreage, rental properties. These can all gain in value and tax is due upon realization of the gain.
I am wondering how the anticipation may affect the stock market as we approach November and December. Will there be a sell off?
The internet is full of opinions (such as mine). Many call for extension of these tax cuts. Is this the environment in which taxes should be raised on anything? It's like kicking them while they're down.
We shall see.
'til later
Thursday, March 4, 2010
E-file
Electronic filing of your income taxes has been around for probably 15 years. When I worked for the private practice CPA, we charged $30 to e-file over our dial up connection. I think the first year we did about 15 returns.
Next year if a tax preparer does more than 10 returns, he must e-file them all. So this year at the big CPA firm across town where I work 2 months a year, we are e-filing as many as we can.
It's a matter of educating people. The CPA completes the paper return and we mail a copy to the client along with a federal form and a state form which needs to be signed and dated and returned to us before we can transmit their data to the government.
We are having to follow-up on about 10% of those forms. Plus, if the client owes, we provide a "coupon" with an envelope so they can mail their check easily on or before April 15. One client decided we wanted that back as well. Fortunately, she included her check for the balance due.
This year we are considering e-filing using our software. I'll let you know if we decide to and how it goes.
'til later
Next year if a tax preparer does more than 10 returns, he must e-file them all. So this year at the big CPA firm across town where I work 2 months a year, we are e-filing as many as we can.
It's a matter of educating people. The CPA completes the paper return and we mail a copy to the client along with a federal form and a state form which needs to be signed and dated and returned to us before we can transmit their data to the government.
We are having to follow-up on about 10% of those forms. Plus, if the client owes, we provide a "coupon" with an envelope so they can mail their check easily on or before April 15. One client decided we wanted that back as well. Fortunately, she included her check for the balance due.
This year we are considering e-filing using our software. I'll let you know if we decide to and how it goes.
'til later
Tuesday, March 2, 2010
Banks Change
If you follow my ramblings, you will remember when our bank of 20+ years was bought by National City and the anxiety associated with the change.
National City is now part of PNC. The banks get larger and larger. Little banks are failing a dozen or better each month.
PNC will eliminate all traces of National City by mid-June. We received a letter telling us that it is quite likely our account numbers will change.
Can you guess what I ordered 3 days before the letter arrived? That's right. I ordered 2 boxes of checks, enough for 2+ years.
Then there's our business checking account with very expensive checks. I have a good 2 year supply plus a fairly new endorsement stamp reflecting National City.
Beyond those costs, I am concerned about bank fees, minimum balances, and the like. National City grandfathered our personal checking account which meant we have no monthly fees, no minimum balance, and a morsel of interest. I doubt if the giant PNC will honor our faithful past.
I will keep you posted about all the changes in our future.
'til later
National City is now part of PNC. The banks get larger and larger. Little banks are failing a dozen or better each month.
PNC will eliminate all traces of National City by mid-June. We received a letter telling us that it is quite likely our account numbers will change.
Can you guess what I ordered 3 days before the letter arrived? That's right. I ordered 2 boxes of checks, enough for 2+ years.
Then there's our business checking account with very expensive checks. I have a good 2 year supply plus a fairly new endorsement stamp reflecting National City.
Beyond those costs, I am concerned about bank fees, minimum balances, and the like. National City grandfathered our personal checking account which meant we have no monthly fees, no minimum balance, and a morsel of interest. I doubt if the giant PNC will honor our faithful past.
I will keep you posted about all the changes in our future.
'til later
Subscribe to:
Comments (Atom)
