Risky business: States tax the rich at their peril – Too many of our rulers have short term mentalities and have no concern for the long range consequences of their decisions to steal as much money as they can from the “evil rich.”
I am very happy to see that rather than just bend over and accept these kinds of financial rapes, more people are voting with their moving vans.
IRS scam now world’s biggest e-mail virus problem – These phony IRS emails that I mentioned a few weeks ago are still floating around the net. I have been receiving at least one copy each day since then. As this article explains, they contain a nasty computer Trojan virus; so be extra careful when encountering these scam emails.
How many people would willingly invest everything they own with someone who has a lengthy track record of being 100% wrong on every single prediction? Any sane investor would stay miles away from anyone with such a history. However, that’s the case with anyone who believes a single financial fact touted by our rulers in DC.
Job losses, early retirements hurt Social Security – This is just one more reminder that, whenever our rulers in DC predict the costs and finances of a government program, they are off by huge magnitudes. The naive way to look at this fact would be to assume that they just made honest miscalculations. The more realistic assessment is that they lied through their teeth in order to sell the programs, knowing full well that nothing could be done to them when the truth became clear.
That is exactly what we are facing today. Every single one of the cost figures being used in the current fight to socialize health care is being intentionally understated so as to con gullible people into accepting it. By the time the truth emerges that the actual costs are hundreds of times more than promised, just as with Social Security and Medicare, the politicians responsible for selling the programs will be long gone and the people too dependent on it to ever go back.
Posted in comix, scams | Comments Off on You can’t trust government financial predictions…
Hello, just found you on the web and had a question regarding this tax law. If our business takes a loss the first year (this year) can we still use this for the over 6,000 lb. commercial truck we purchased this year also?
Please let me know and thanks.
A:
Section 179 is very explicit on the fact that it cannot be used to cause or increase a net loss for the year.
The first year bonus depreciation doesn’t have that restriction, so it can be used to generate a net loss for the year.
Your own personal professional tax advisor should be able to properly handle the appropriate depreciation deductions for all of the capital assets for your business. Do not attempt to do this on your own.
Good luck.
Kerry Kerstetter
Posted in Uncategorized | Comments Off on Section 179 & Losses
I am looking at forming a C Corp, based on your advice online. One thing I do not understand is how one bleeds off income at the end of the personal tax year (12/31) back to the corporation, to limit personal exposure to income tax. Can you explain that a little bit for me? Also, if (as I anticipate to do) I form the C corp, are you available as a CPA for my company? And if so, at what cost?
Thanks for the information.
A:
The easiest way to bleed off income from your 1040 is to pay your corp for “Business Services” or “Management Services” and deduct it on the same schedule(s) where you are reporting your income (C, E, or F).
If all of your income is from a W-2, you will need to deduct the Services on Sch. A.
As you can see below, I am still not accepting new clients.
Good luck. I hope this helps.
Kerry Kerstetter
Posted in Uncategorized | Comments Off on Bleeding Off Income
IRS severs ties with ACORN over scandal – No longer part of the IRS VITA program. Who will take up the slack now in preparing tax returns for ACORN’s unique clientele?
One of the accepted benefits of being in charge of the Ways & Means Committee is not having to worry about complying with any of the tax and financial disclosure laws that other less worthy people have to bother themselves with.
However, as we all know, this special perk of the job is null and void if it is ever held by a member of the GOP.
Posted in comix, Rangel | Comments Off on Rank has its privileges…