Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for October, 2009

The Triple Whammy…

Posted by taxguru on October 29, 2009

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No increase in SS tax base for 2010

Posted by taxguru on October 28, 2009

There has already been a lot of press coverage of the fact that there will be no increase in the monthly benefits paid to Social Security recipients in 2010 because of the low inflation rate for the past year. 

For the first time I can recall, we also have a freeze in the other side of that equation, the maximum earned income that is subject to the Social Security (aka FICA) tax.  The maximum for 2010 will be the same $106,800 as it has been for 2009 according to IRS and the SSA.

I still stand by my prediction that it is only a matter of time before that ceiling is completely removed, as it was a while ago for the MediCare tax.  The politics of class envy and soak the rich rhetoric are as hot and heavy as they’ve ever been; so forcing those “evil rich” people to pay more SS tax will be a very popular move.   

Likewise, there will be also a stronger push to “means test” eligibility for future Social Security benefits, with those having an AGI and/or a net worth over a certain limit established by our all-wise rulers in DC phased out of receiving anything back from the SSA. 

So, people earning over $100,000 will be forced to pay in more to the SS system with the probability of receiving even less of it back than ever before.  If this doesn’t encourage more people to take legal steps to reduce what they pay in to the SS system now, such as by the effective use of corporations, it’s hopeless for those folks.

 

TaxCoach Software: Are you giving your clients what they really want?

 

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Choosing a profession…

Posted by taxguru on October 28, 2009

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Posted by taxguru on October 27, 2009

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Posted by taxguru on October 27, 2009

Tax refugees staging escape from New York – As always, any State rulers who didn’t see this as the inevitable result of increasing taxes are complete idiots.

 

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Posted by taxguru on October 25, 2009

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Posted by taxguru on October 23, 2009

Costly fraud and error reported in home buyers’ tax program

Wow!  Who would have suspected that a refundable $8,000 tax credit would be an invitation for un-deserving people to cheat?  Of course, the answer is that our imbecile rulers in DC obviously weren’t able to anticipate what anybody with half a brain could see would be an inevitable result of such a program. Common Sense has to be the scarcest commodity in all of DC.

And the response from our rulers to this?  The sub-head of this article sums it up:

Lawmakers consider extension.

Typical problem solving by our moronic leaders.  When a government program is filled with fraud and corruption, just make the program even bigger and more costly and available for more people to scam. 

Is anyone else in favor of a constitutional amendment to change the eligibility requirements for our elected officials to include an IQ above 50?  That would wipe out most of the current ruling class right off the bat.

 

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Posted by taxguru on October 20, 2009

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Posted by taxguru on October 19, 2009

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Posted by taxguru on October 16, 2009

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