Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for January 1st, 2003

Posted by taxguru on January 1, 2003

White House Wimp-Out?

Is President Bush really going to scale back his tax-cut plan?

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Posted by taxguru on January 1, 2003

Salvation Army Decides Not To Accept $100,000 Donation

Interesting stand on principle by the SA against even legal gambling. I doubt if most other charities would be so picky as to the source of their donations. It reminds me of a story from about seven or eight years ago, when the Branson school district refused to accept a $50,000 donation from Wayne Newton because of his alleged connections to the Mafia.

KMK

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Posted by taxguru on January 1, 2003

State facing surplus of ideas to aid budget

Whatever they decide to do in the PRC, you can be sure it will become even more expensive to live and visit there. While most people would think that the residents of a state would be the primary targets of new taxes, most states and cities like to stick it to visitors through huge taxes on lodging, meals, rental cars, and airplane tickets. They are sitting ducks for extra taxes because they don’t vote in the state they are visiting and can’t get back at the rulers who levy those taxes on them. It’s classic taxation without representation and there’s nothing the visitors can do about it but not go to those places.

KMK

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Posted by taxguru on January 1, 2003

Fiscal Years

This isn’t what I had in mind when I advised to set up C corporations on fiscal years ending in any other month except December. All the income shifting opportunities this allows are creative and aggressive; but 100% legal.

KMK

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Posted by taxguru on January 1, 2003

Credit Help Scam

I have heard on several occasions that the supposedly non-profit credit counseling organizations that advertise heavily are nothing more than fronts for the credit card companies. Their plan is to give debtors hope and prevent them from filing bankruptcy or negotiating settlements for less than full value. I don’t watch CBS News, but found these interesting reports of their investigation into how some of these credit assistance clinics can make matters worse for people.

Part 1

Part 2

From what I have heard from clients and others with real life experience in this area, is that you are better off negotiating directly with the credit card companies to settle the accounts for anywhere from 40% to 60% of the outstanding balance in lieu of filing for bankruptcy. Some of the credit card companies are smart enough to realize that even 40% is much better than the zero percent they would get if the borrower does file for bankruptcy protection.

KMK

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Posted by taxguru on January 1, 2003

Hard To Believe

It’s a bit difficult to take seriously this poll that has been receiving a lot of coverage in the news for the past two days. Supposedly two out of three people want the Feds to hold off on any more tax cuts.

My bet is that the wording of the actual questions was done in typical liberal fashion, such as “Should Bush give more tax cuts for Bill Gates and other evil rich people or use that money to fight the war in Iraq and feed unemployed poor people?”

Anyone can do a more realistic opinion survey by just asking everyone you meet if they would like their taxes reduced. If you find one out of ten saying No, contact Ripley’s Believe It Or Not.

KMK

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