Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for December 17th, 2012

From Tax Update Webinar

Posted by taxguru on December 17, 2012

This year, I intentionally scheduled almost all of my annual 40 hours of CPE for as late in the year as possible, with the hope that some settlement of the open tax issues would be wrapped up by now.  Unfortunately, as we know all too well, nothing has been done by our incompetent rulers in DC and we still have a ton of uncertainty as to what the rules will be for 2012, 2013 and onward. 

Once again, I am using CPE Link for most of my live instruction CPE.  I just finished the first four hour section of the 2012 Tax Update by Vern Hoven and he had to hedge a lot, with warnings that several tax provisions that have technically expired as of 12/31/11 may be extended retroactively for 2012 by the bozos in DC, hopefully before the end of the upcoming Tax Season.

As we went through the manual and slides, I found a few of them that I wanted to share here with my readers.

 

IRS Audit Exposure

This first one is from the IRS’s official report of their examination coverage.  It illustrates that the higher your AGI is, not only will you be hit with higher taxes and lose several deductions and credits, but the bulls-eye on your back for IRS harassment will grow much larger.  Steps to keep your AGI down, such as working with a C corp, make all the more sense.

From Tax Info

    

New ObamaCare Taxes

We covered some of the numerous new taxes created by ObamaCare that we will soon be dealing with.  One of them is a new Hospital Insurance (HI) tax on the wages and self employment income of the evil rich and is summarized nicely in this table.

From Tax Info

 

 

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Posted by taxguru on December 17, 2012

Millions face higher taxes real soon without fix – And most likely much more if our rulers do “fix” things.

 

Fiscal cliff talks: Speaker John Boehner pitches millionaire tax hike –  Following Bush 41’s lead in trading higher tax rates for promises of future spending cuts.  Why is it so difficult for the GOP leaders to understand that DemonRats can never be trusted to keep their promises? 

 

Cavuto Cuts Off Dem Rep Who Refuses To Cite Any Cuts To Budget – The Dims have no intention of ever cutting one dime from their out of control spending spree. 

 

Matt Damon: ‘I Need To Pay More Taxes’ –  Another Hollywood Hypocrite who is too stupid to just send the IRS more of his money. 

 

 

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