Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for July 21st, 2003

Posted by taxguru on July 21, 2003

Arkansas Rulers Can’t Escape The Sales Tax – This quote says it all: “A constitutional quirk, as Sen. Jim Argue, D-Little Rock, called it, makes it relatively easy to raise the sales tax and nearly impossible to raise other taxes.”

Those tax cuts beginning to work (Stephen Moore)

UC eyes surcharge for rich students – I can already see where this is heading; more impoverishment planning for parents to make them appear on paper to be below the “evil rich” threshold. It’s one more reason to use a C corp instead of an S.

Ugly Money – An interesting look at what some people like to do with their cash.

The best Congress money can buy

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Posted by taxguru on July 21, 2003

Out of Balance. Bush’s next challenge is to get spending under control.

Campaign Donations Sway Lawmakers’ Vote – As I’ve long said, the highest potential earning investment with the lowest risk is campaign contributions (aka bribes) to our rulers. While the first gut reaction is to consider the donors to be the bad guys here, that’s not how I see it. The problem is that our government has grown so large and so involved in too many aspects of our lives that our rulers have influence over areas that our founding fathers never envisioned. If our government were scaled back to only what it is constitutionally allowed to do, there would be no need to give money to our rulers to buy favors.

Bush sees tax cuts spurring job creation – We’ll have to see if this happens. However, the quadrupled Section 179 deduction (to $100,000 per year) is a very big incentive to buy new business equipment. I know that a lot of people are checking the weights of new vehicles more closely than ever to make sure they are over the 6,000 pound threshold that makes them eligible for the full Section 179 expense.

Teen says he learned how to print fake money in magazine – It may seem to be nit-picking, but there really is a difference between “making” money and earning money.

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Harrison Abstract Update

Posted by taxguru on July 21, 2003

They are trying to freeze many of Dian Brown’s assets and are having a hearing today (7/21) to discuss it. She and her attorney are still trying to claim that her personal assets should be exempt from any action since the problems were with her corporation. This is a ridiculous argument that will hopefully be tossed out by the judge. It’s been reported that Brown admitted transferring $400,000 of client money from the corporate accounts to her personal accounts. That makes an easy connection to why her personal assets should be frozen ASAP and used to pay off her victims.

The news accounts of this case have given the impression that all funds held by Harrison Abstract have been frozen since the end of June. I just learned from some clients whose funds were part of this mess that their money was released after pressure was exerted by a Harrison bank and it was explained that there may be additional damages due to the failure to complete a 1031 exchange. Hopefully, other people who had their money in Harrison Abstract’s account when everything was frozen will also be able to close their deals without having to wait months or years.

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