Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 690 other subscribers
  • Blog Stats

    • 330,042 hits
  • Posts By Day

    January 2013
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
  • Subscribe

  • Special Pages

Archive for January, 2013

Posted by taxguru on January 13, 2013

Posted in comix | Comments Off on

Bungee Tax Law

Posted by taxguru on January 12, 2013

During today’s weekly TaxCoach meeting, some folks referred to the hastily drafted and passed new tax law as a bungee to catch those falling over the dreaded Fiscal Cliff that our idiot rulers had created.  That description works for me. 

Over the next several days, there will be a lot of interpretations of the new law published.  I plan to post links to as many of the useful ones as I can; so check back to see what has been added to this post. 

TheTaxBook released this three page PDF summary, which was followed up by this longer (36 pages pdf) version.  Interestingly, this summary doesn’t mention the retroactive increase in the maximum Section 179 to $500,000 for 2012 and 2013; but the longer version does cover it.. 

Spidell has a short summary that does mention the higher Sec. 179 limit.

QuickFinder has this 8 page pdf summary of the changes.

CCH has this 12 page pdf briefing.

Journal of Accountancy’s summary: Congress passes fiscal cliff act

TaxProf Paul Caron has extensive coverage, including a link to download the actual 157 page PDF of the legislation, H.R. 8.

The Waller law firm has this 18 page PDF summary organized by code section number.  The Sec 179 increase is listed under Code Section 315.

From the US Senate Committee on Finance:

The American Taxpayer Relief Act – H.R. 8 (157 Pages PDF)
 
Revenue Estimates of The American Taxpayer Relief Act (3 Pages PDF)

Summary of American Taxpayer Relief Act Provisions (19 Pages PDF)

6 Things You Won’t Believe That Are In The Fiscal Cliff Bill That The Senate Passed At 2 AM While Most Americans Were Drunk –  Our corrupt rulers can never resist the temptation to toss in several unrelated measures to any bit of legislation they work on.

 

 

Posted in NewTaxLaws | Comments Off on Bungee Tax Law

More NewsBusted Tax Jokes

Posted by taxguru on January 12, 2013

Some good ones from this past week’s episodes.

 

 

The full episodes that these excerpts are from:

January 8, 2013

January 11, 2013

 

 

Posted in humor, NewsBusted, video | Comments Off on More NewsBusted Tax Jokes

Posted by taxguru on January 11, 2013

Louisiana Governor Jindal proposes ending state income tax –  Some serious competition to Nevada for PRC tax refugees.

 

Millions noticing paychecks lighter today, due to payroll tax hike 

 

Tax Code May Be the Most Progressive Since 1979 –  And that’s not a good thing.  Progressive means it punishes the evil rich with much higher percentage tax rates than those in the lower income levels.

 

McConnell: Tax issue ‘finished,’ focus should turn to spending cuts –  Don’t hold your breath waiting for Dims to discuss spending reductions.

 

Annual Inflation Adjustments for 2013 –  IRS released tax bracket adjustments for 2013.

 

US tax code longer than Bible, without good news – A different type of comparison.

 

Four Tips for the Executor Of an Estate –  A lot of responsibility that can cause a ton of problems, as well as animosity among heirs.

 

Obama supporters shocked, angry at new tax increases –  They were banking on the Dims only attacking the “other guys.”


Middle-Class Backers Shocked Obama Raised Their Taxes –  Anyone stupid enough to vote for 0baMao is obviously incapable of understanding the long term consequences of that act.

 

Democrats look for up to $1 trillion in new tax revenues this year –  As long as it’s taken from “somebody else.”

 

 

Posted in TaxNews | Comments Off on

Least surprising headline of the century…

Posted by taxguru on January 10, 2013

 

As new fiscal crises near, Democrats seek more tax increases

 

Right up there with “Sun to rise from the East” for news value. 

They can’t help it.  It’s in the DemonRat DNA to always raise taxes and spend more of other people’s money.   

 

Posted in TaxHikes | Comments Off on Least surprising headline of the century…

New Wacko Taxes in Oregon

Posted by taxguru on January 9, 2013

Libs never seem to think things all the way through in regard to the longer term effects of their policies. In Oregon, the lower gas usage created by more hybrid and electric vehicles has reduced the government’s Gas Tax revenues.  Since government can never be expected to make do with less money, they are considering new ways to tax people for driving high efficiency vehicles.  Rush has called these Wacko Taxes.

Video:

 

Transcript of Rush’s comments.

Oregon news report: Bill may recoup lost gas tax revenue  

 

 

 

Posted in GasTax, Rush, video | Comments Off on New Wacko Taxes in Oregon

Posted by taxguru on January 9, 2013

From Argus Hamilton:

House Minority Leader Nancy Pelosi disclosed Sunday that more tax hikes are being considered to increase federal tax revenue. Many Democrats want a surtax on Wall Street bonuses. This is the kind of punitive tax that could drive our best people out of fraud.

 

NFL teams fired seven head coaches on the first day after the regular season, known as Black Monday. A lot of men have lost their million-dollar salaries. The owners broke the news to the coaches by saying you’re not losing a job, you’re gaining a tax break.

 

Congress ignored spending cuts Tuesday and agreed to raise taxes on the rich and to raise payroll taxes on workers. Who says the system doesn’t work? See what happens when the two parties can set aside their principles and do what’s best for them personally.

 

John Boehner said he is finished dealing with Obama after his re-election as Speaker Thursday. It wasn’t easy. The House he runs has the power to appropriate money and declare war, but a president has TV coverage, and that has sunk the checks and balances system.

 

Forbes quoted a survey Thursday saying that whenever young kids lose a baby tooth they are now receiving an average of forty cents less from the tooth fairy. You can’t make it up. The economy is so terrible that even make-believe-people are feeling the pinch.

 

Vanity Fair’s poll said the number-one reason couples fight is over what to watch on TV. A second TV costs two hundred dollars and a divorce attorney costs two hundred an hour. No wonder the trial lawyers oppose the teaching of math in our schools.

 

President Obama signed his tax increase into law by auto-pen from Hawaii Thursday, the same day the Justice Department dropped its suit against Google. Of course they did. Why would Democrats sue a high-tech company that allows them to raise taxes from Oahu?

 

 

Posted in humor | Comments Off on

Late start for this Tax Season

Posted by taxguru on January 8, 2013

IRS Plans Jan. 30 Tax Season Opening For 1040 Filers

This won’t affect our clients because we normally only prepare a few returns by April 15; but it will sure mess up the big assembly-line chain operations.  Their bread & butter are early filers, desperate for quick refunds.

 

Posted in IRS, TaxSeason | Comments Off on Late start for this Tax Season

Debt Limit

Posted by taxguru on January 8, 2013

What if we normal people could have our debt limit raised as our rulers in DC magically do?  Funny video.

 

 

 

Posted in debt | Comments Off on Debt Limit

Posted by taxguru on January 6, 2013

Pelosi suggests top earners pay even more in taxes –  There is no such thing as “Too High” of a tax rate for DemonRats.

 

McConnell: Tax issue ‘finished,’ focus should turn to spending cuts –  Has the GOP grown a spine?

 

Posted in TaxNews | Comments Off on