Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

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Archive for March, 2008

Solving Social Security’s solvency problem?

Posted by taxguru on March 28, 2008

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Posted by taxguru on March 27, 2008

Obama’s 1040 — 2 EZ 4 Me. The easy way to overpay. – Interesting look at a plan by one of Obama’s advisors to have the IRS compute the taxes for 1040EZ filers.  Taxpayers would still have the option to file their own tax returns to challenge the IRS’s calculations. 

That’s similar to what we have now with non-filers being at the mercy of IRS’s super high tax calculations with no deductions or dependents. 

If this plan were to become reality, it would decimate the assembly line tax prep outfits.

 

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Explaining the Stock Market?

Posted by taxguru on March 27, 2008

One of my many long held pet peeves about the main-stream drive-by media has been how they report changes in the stock market. They look around for some other usually completely unrelated news event and claim that was the cause for the market’s rise or decline.

Just like OwlGore and his idiotic global warming movie, the media can’t tell the difference between coincidence and causation.

Posted in comix, media, stocks | Comments Off on Explaining the Stock Market?

Posted by taxguru on March 26, 2008

Self-directed IRAs offer alternatives to the stock market – A good way to accumulate more reliable and less volatile wealth, such as with real estate.

 

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Posted by taxguru on March 26, 2008

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Posted by taxguru on March 25, 2008

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Obama Tax Returns

Posted by taxguru on March 25, 2008

For those who like to take a peek at what are normally private documents concerning celebrities, the Obama campaign has released this PDF file with copies of the Obamas’ 2000 through 2006 income tax returns.  The file is over 67 mb in size and contains 103 pages.  I just skimmed through some of them and will leave it to others with more time on their hands to provide more detailed analyses.  What may be interesting to those who are already sick and tired of Michelle Obama’s attempts to portray herself as being poor and financially struggling are the AGI figures on these tax returns: 

2000:  $240,505
2001:  $272,759
2002:  $259,394
2003:  $238,327
2004:  $207,647
2005:  $1,655,106
2006:  $983,826

Thanks to Byron York at NRO for the link to this. 

Of course, nobody is holding their breath waiting for a similar disclosure from the Clintons.  The latest I recall on this topic was a promise to release copies of their past tax returns after they have moved back into the White House, when it’s obviously too late to have any effect on the election.  Knowing how the Clinton Family works, I’m actually expecting an earlier release, but with most of the details left out such as back up schedules identifying sources of income.  It would also be in their character to have a set of innocent looking dummy tax returns prepared for public consumption.  It would be illegal for anyone in the IRS or their tax preparer’s office to publicly dispute the authenticity of the released documents.  

In all fairness, while these appear to be legitimate, there’s no real way of telling if these copies of the Obamas’ tax returns are exact replicas of what they actually sent to IRS.  They are still relatively new on the national political scene and the levels of their dishonesty are just beginning to be revealed to those of us outside of Chicagoland.

 

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‘Tis The Season

Posted by taxguru on March 23, 2008

Those of us in this business, along with our families, have always understood that the year has five seasons; the normal ones plus Tax Season.

Posted in comix, taxes | Comments Off on ‘Tis The Season

Posted by taxguru on March 23, 2008

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Rebate advice…

Posted by taxguru on March 22, 2008

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