Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Archive for April 18th, 2002

Posted by taxguru on April 18, 2002

Are You Willing To Sacrifice Your Privacy?

One of the things that keeps many people out of public office is the tradition of having candidates reveal their personal finances. In some states, it’s mandatory, while in others, it’s more of a voluntary action to prove that you have nothing to hide. It looks like the GOP candidate for governor in the PRC, Bill Simon, is now coming face to face with that reality and is resisting the invasion of his privacy.

My guess is that, even though he is not legally required to make his income tax returns public, he will be forced to do so by public and media pressure. He will then be pilloried for taking advantage of the laws to minimize his taxes.

My advice for Mr. Simon? He should do what loan applicants do, when they need to show a substantial income in order to qualify. He can send IRS & FTB tax returns where he goes light on the deductions. Then, after the election, he can file an amended tax return and get his tax money back, plus six percent interest. Filing tax returns is a legally private matter; so nobody will know if an amended tax return is filed, unless the taxpayer voluntarily discloses that fact. Those of you who know Mr. Simon personally, please pass this on to him.

KMK

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