Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for July, 2004

Posted by taxguru on July 27, 2004

Arkansas Tax Amnesty Program – I just received a press release from the DFA reminding us that the amnesty program for people to come clean on pre-2003 taxes will be expiring on September 30, 2004.  This is actually better than most other tax amnesty programs I have seen because, besides waiving all penalties, they are also forgiving interest charges.  Since DFA charges ten percent (10%) interest on back taxes (much higher than the IRS’s 4%), that could save quite a bit of money. 

Having participated in the California amnesty program back in the mid-1980s, a word of warning is appropriate.  Anyone considering catching up with previously unfiled State income tax returns should also be ready to do the same with IRS, which does not have an active amnesty program.  Information sharing  between State and Federal tax agencies is a two way exchange.  DFA will be notifying IRS of back returns they receive and IRS will be expecting the same years to be cleaned up with them.  Back in the 1980s, I knew of many people who refused to take part in the Calif. amnesty  because they didn’t want to tip off IRS.

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Posted by taxguru on July 26, 2004

IRS Officials Criticize Arbitration Ruling – I can’t help feeling a bit sorry for top IRS management after their employees’ union stopped them from trying to improve their accounting skill level. 

  

 

When tax cuts lose to spending 

Incentives Matter: A Lesson – The lower tax rates on corporate dividends haven’t completely eliminated the double taxation of corporate income; but they have motivated Microsoft to pay out over $60 billion from previously taxed income.   It does keep the balance of intellectual power tilted towards our side.

Hispanic business owners strongly support permanent repeal of the estate tax, and the issue could determine how they vote in November – As should anyone who supports capitalism and opposes communistic wealth redistribution.

 

Low-Income Seniors Won’t Lose Subsidy 

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Equally Reliable Professions

Posted by taxguru on July 25, 2004

 


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Posted by taxguru on July 24, 2004

As Cash Fades, America Becomes A Plastic Nation – Interesting look at the way our financial activities have been evolving away from the use of actual currency.  This must be good news for IRS because tracking taxable  cash transactions has always been the largest component of their “tax gap.” 

  

  

 

US Treasury Begins Sponsorship on New Twenty Dollar Bills Obviously, this wouldn’t be a good time to do this.

 

 
Blood-red money leads to a suspect An extreme example of money laundering at an actual laundromat.

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Posted by taxguru on July 23, 2004

The only consistent money makers in the stock market are the brokers, especially those who constantly churn their clients’ accounts.

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Posted by taxguru on July 23, 2004

The 2003 Tax Cuts and the Economy: A One-Year Assessment 

  

 

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Posted by taxguru on July 22, 2004

Arguments Against Car Leasing – For decades, I’ve been warning people that leasing vehicles is a huge rip-off from a financial perspective.

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Home For Sale

Posted by taxguru on July 22, 2004

My dad and his wife have purchased a new place in Bella Vista, Arkansas and are ready to sell the place they have been in for the past few years in Rogers, Arkansas. They did a ton of work on the place; but have decided to make a move and are trying to sell the place on their own.

Although it’s much closer to civilization than our ranch in the boonies is, one thing making it very tempting to me is high speed cable Internet service. This is even more appealing this week, as I’ve been pulling my hair out trying to get my new upgraded DirecWay satellite service to work properly with the small computer network in our main house.

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Posted by taxguru on July 22, 2004

Republicans Delay Action on Extending Tax Cuts

 

 

Greenspan says Bush’s tax cuts buoyed economy   – Exactly why the DemonRats fought so hard to oppose them.  Their marching orders are to fight anything that makes Bush look good, regardless of how beneficial they are for the country. 

   



Loose change  – The Feds have latched onto “Finders keepers, losers weepers” as a new revenue source.  Over a quarter million dollars in found change at airports since last October. 

  

 Class warfare and political profiteers  – Standard political weapons for the DemonRats, along with a big helping of hypocrisy. 

    

Congress, White House Deadlock on Tax Cut

 

 Bush Quashes GOP Deal on Tax Cuts’ Life   – Remember what big tax increases are just around the corner if our rulers don’t stop their bickering and extend (or better still, make permanent) so many tax breaks that are scheduled to expire soon

    

 

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Posted by taxguru on July 21, 2004

Why those of who believe in smaller Constitutionally legitimate government functions support the Libertarian Party

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