Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

The Lois Lerner Show drags on…

Posted by taxguru on April 10, 2014

IRS Gave House Oversight Democrats Info on Targeted Conservative Group – Why the DemonRats are helping IRS crooks cover up their crimes and avoid any punishment. 

 

House Republicans won’t rule out arresting Lois Lerner if Justice Department doesn’t – That will be the day, when the GOP actually stands up to the BHO Regime criminals.

 

House panel votes to hold ex-IRS official Lerner in contempt of Congress

 

New evidence that Lois Lerner targeted conservative groups 

 

Contempt vote set for Lerner, new House report lays out allegations

 

 

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Game of Thrones – IRS Edition

Posted by taxguru on April 9, 2014

Funny parody of Game of Thrones, with the American IRS tossed in for good effect.

 

 

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Let’s not hold our breath waiting for this to happen…

Posted by taxguru on April 8, 2014

It’s a bit far fetched to expect the DC wimps in the GOP to actually bring criminal charges against anyone in the BHO Regime.  However, Lois Lerner is white, so she doesn’t have the same kind of immunity from criticism that BHO himself has.

House Republicans want Lois Lerner charged 

 

Boehner: Lawmakers to weigh criminal case against Lerner for ‘misleading the Congress’

 

House Committee: Possible Crimes by IRS Official 

 

Handling of former IRS employee Lois Lerner makes lawyers cringe 

 

Krauthammer on IRS scandal: ‘The administration wants to stonewall’ – It’s easy to do when the media are assisting in the coverup. 

 

Boehner on IRS Scandal: ‘I Want to Know Who Is Going to Jail –   The answer is “Nobody” if Eric Holder has anything to do with it. 

 

 

 

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Who do you trust?

Posted by taxguru on April 3, 2014

This recent poll about who people trust the most with their personal info ignores a few very key issues. 

SHOCK POLL: Americans Trust IRS, NSA More than Facebook

It’s easy to say the people polled are idiots for trusting the IRS and NSA more than FaceBook with their personal data.  That would be too much of a knee-jerk reaction; because there actually are plenty of people in the private sector who are scammers and should never be trusted.  Ponzi master Bernie Madoff and stock swindler Jordan Belfort from the recent movie The Wolf of Wall Street, come to mind.  I have never trusted MySpace or FaceBook because I have always suspected ulterior motives for their use of private user data; so I choose not to use most social media sites and services.

That is the big difference here.  With social media sites and services, users voluntarily establish a relationship and voluntarily provide their personal data. With government agencies, such as IRS and NSA, our relationships with them are anything but voluntary.  We are forced to provide more and more of our personal info to them every day.  Some of it we know they are taking, while other data is taken by surreptitious methods (aka Spying). 

The other difference is what the different entities are able to do to people. Scammers like Madoff and Belfort were able to steal money from gullible greedy investors who should have had enough common sense to stay away; but instead voluntarily gave the crooks their money.  FaceBook and other social media sites can sell users data to other companies to solicit them for voluntary purchases.  None of these “voluntary” entities has the power to seize its users’ assets or to throw them into prison. 

That’s what the governmental agencies can and will do if they want to.

So, the question shouldn’t be who is more trustworthy with our personal data, but who can do the most devastating damage to us with it?

 

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Sec. 179 is still with us…but with a much lower maximum

Posted by taxguru on April 3, 2014

Q: 

Subject: Section 179

Hi Kerry

I saw your blog online and wanted to know if you had heard whether 179 was being extended or renewed for 2014.  I am looking for information on this and thought I would contact you since I saw your email. Thanks for the great blog!

A:

Section 179 has been around for a very long time and there has never been any serious talk about eliminating it entirely or allow it to completely expire.

What does change, and what you are most likely referring to, is the maximum amount of the Section 179 deduction. As you can see on the chart on my website, this has had dramatic changes over the years.

One of the biggest changes does happen to be from 2013, with a maximum deduction of $500,000 to 2014, where it dropped to just $25,000. Unless our rulers in DC make changes to this, that $25,000 will only increase based on inflation for future years.

I hope this info helps.

Kerry Kerstetter

Follow-Up:

So companies can only take a max deduction of 25,000 on new business equip purchases? Wow that is a drop! Thank you so very much for responding. I really appreciate it.

My reply:

Not to get too political about this; but the maximum Section 179 was bumped up so high in order to encourage investments in business equipment as a means of stimulating the economy.  Now that our Supreme Leader has declared that the recession is over, he and his followers in DC see no need for the extra 179 deduction.

Of course, those of us living and working in the real world know all too well that the recession is nowhere near over, but has gotten worse since the 2008 election.  Unfortunately, tax policy is determined by the lies that are floating around DC and not by what is happening in the real world.

Kerry Kerstetter

Final Point:

Don’t worry… I live in Texas… I agree totally with your statement!!!!!! Thanks Kerry for all of your help!!!

 

TaxCoach Software: Finally! Plain-English Tax Planning That Builds Your Business!

 

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Posted by taxguru on March 31, 2014

Michael Lewis: The Market is Rigged – Rush Limbaugh looks at one of the ways by which small time stock market investors are ripped off in the way the markets are set up.  Just like a lot of famous scams that exploit cost rounding, the individual amounts of a fraction of a cent seem meaningless until you multiply them by the billions of transactions involved.  Then, it becomes serious money.  

 

How the Rich (and Poor) Avoid Paying Income Taxes – Some more superficial looks at how some people don’t have to pay any income taxes, as an attempt to encourage more tax reform maneuvers in the never-ending search for the elusive “fair and simple” tax system that everyone claims to want.

 

Party of the rich: In Congress, it’s the Democrats – Standard hypocrisy from the JackAss Party. 

 

Let’s see if Darrell Issa can follow through on his so-far empty threats against the BHO regime.  To date, he’s been pretty much all talk and no action when confronting the BHO Regime crimes. 

Republicans prepare brickbats for Obama administration with new IRS corruption hearing

Issa to IRS Commissioner: Release Lerner’s Emails or Face Contempt

IRS commissioner to testify before Issa, but still no contempt charge for Lois Lerner

Issa threatens IRS chief with contempt over Lerner emails

Christie and the IRS – Interesting comparison of the MSM’s handling of the IRS and Christie scandals. 

 

What “Income Inequality” Really Means – Rush looks at the centuries’ old promise of socialism, that income and wealth equality are achievable with the right people commanding the economy.  

 

IRS: Obamacare Raised Taxes for Some Children – The ridiculous Kiddie Tax may be higher for some kids. 

 

Key Tax Changes for 2014 and Beyond – I’m still betting that many of the ObamaCare related taxes and fines will be changed before next year’s taxes.

 

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We just have to laugh at the idiots in DC…

Posted by taxguru on March 22, 2014

Here are some tax and financial related zingers from the March episodes of NewsBusted.

 

Be sure to check out the full length episodes on their YouTube channel.

 

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Liberals say the stupidest things…

Posted by taxguru on March 16, 2014

Proving that idiot libs aren’t just a scourge here in the USA, check out this “genius” in the UK. 

George Osborne: Middle classes LIKE paying 40p tax rate because they feel they are joining the aspirational classes and are a success

How long do you reckon it will be before the DemonRats on this side of the Atlantic start using this same rationale for tax hikes? It’s eerily too similar to the moronic comments by our clown VP, Joe “Bite-me” Biden, when he said that paying a lot of taxes is the most patriotic thing we can do.  Of course, the Dims in DC won’t stop at just 40%.  They’ll tout the imaginary aspirational benefits of going back to a top Federal tax rate of 90%.  As always, that will make sense in the alternative universe called Washington DC, where fundamental principles are opposite what they are for the rest of us, who happen to still reside on planet Earth.  

 

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IRS Targeting 2013 Returns Before Filed

Posted by taxguru on March 11, 2014

Almost everyone is aware of the normal time-frame for an IRS audit.  A year or so after the tax return is filed, a letter is received from IRS announcing an examination and spelling out certain items that they want to see documentation for.  How about receiving a letter from IRS now, before your 2013 tax return is even submitted, announcing that it is going to be audited?  That was the story of a lady from Bristol, Indiana, who called in to the Rush Limbaugh Show yesterday.  She believes that this threatening letter was due to her donations to the Romney 2012 campaign and IRS is trying to scare people from donating to GOP candidates for 2014.  With what we know about the BHO Regime’s use of IRS to harass political opponents, who can deny this to be entirely plausible.

Because Rush was out and Mark Steyn was filling in, there was no text transcript of the show as is the case for all of the shows Rush hosts; so I excerpted the audio segments dealing with this topic and hopefully, it will show up in a player here in this post.


I have had cases where clients had come in who had not filed several years of tax returns and IRS or FTB was on their butts to bring everything up to date.  In those cases, either implicitly or explicitly, I knew that some or all of those returns could be audited.  However, I had never heard of an announced audit of a current year tax return that hadn’t even been filed yet.

I hope Patricia and her husband file for an extension for their 2013 returns and they raise holy hell to their US Senator and CongressCritter to investigate this clear abuse of power and that anyone else in a similar situation does the same.  While it’s hard to tell, Congress does still technically have funding power over the IRS.  As Mark Steyn says, we need to push back against blatant abuses such as this.  If we just meekly bend over and allow IRS to have its way with us, this can only get worse.  If enough people stand up and tell BHO and his IRS goons that they will continue to donate to the candidates of their choice, we may be able to slow them down with their Gestapo tactics.

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Posted by taxguru on March 10, 2014

From Fred Thompson:

The IRS issued a warning that people who don’t buy Obamacare this year will face a “shared responsibility payment” next year. All of which the government will spend on the ink to write “shared responsibility payment” instead of “tax”.  

 

 In New Jersey, more than 1,000 people showed up at an Atlantic City casino, hoping to get one of 50 jobs it was offering. Unfortunately, “getting a job” is the game with the worst odds in the place.

 

Russia said that if the US tried to impose sanctions, they would take actions that would “crash” America’s financial system. OK – line forms behind Obama.

 

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