Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for January 27th, 2014

Pawn Shop or IRS?

Posted by taxguru on January 27, 2014

Every day, I receive emails from public relations people trying to interest me in doing articles on their clients’ books, products or services.  This recent one really missed the boat when she wrote to me twice to push the concept of pawning personal items to pay IRS.

 

Email 1:

Subject: Re: Alternative ways to pay taxes

Hi Kerry,

With tax season around the corner, many people may find themselves in a
position where they owe back more than they can afford. What they may
not realize, is that getting fast cash for the watches or jewelry you
have lying around is easier than you think.

Personal asset lender, borro, offers cash in less than 24 hours with no
credit checks. Might you be interested in speaking with Paul Aitken, CEO
of borro, about why individuals turn to them as an alternative during
tax season?

Best
Brittany
Brittany Kelly

 

Email 2:

Subject: Re: Alternative ways to pay taxes

Hi Kerry,

Just wanted to check and see if you’d be interested in speaking with
Paul Aitken, CEO of personal asset lender borro, about how individuals
are using their platform to pay their taxes.

Best!
Brittany
Brittany Kelly

 

My reply:

Brittany:

I’ll pass.  In fact, your angle of using pawn shop loans to pay off IRS debts is misguided.  It make no logical sense.

I checked out the website for borro.com and it appears to just be a web-based pawn shop, charging interest of three to four percent per month, plus additional setup fees of from three to five percent of the asset’s value.

When the IRS is only charging three percent interest per year on back taxes, why would anyone want to pay the 36% to 48% rate that your client charges?  In addition, IRS allows installment payment plans of up to six years, while borro’s loans are six months in duration.

Good luck.

Kerry Kerstetter

 

Need Business Checks Cheap?

 

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Posted by taxguru on January 27, 2014

Some excellent commentaries from Rush Limbaugh:

In Defense of the Working Rich

The Private Sector Makes What the Government Takes 

 

The IRS attacks are just one aspect of the use of government powers to stifle opposition to the BHO Regime.

Obama Eliminating Opposing Voices by Using Dictatorial Practices 

Leaning Right in Hollywood, Under a Lens

Obama Uses Government To Harass, Intimidate Foes 

 

Silicon Valley billionaire compares treatment of America’s rich to Nazi persecution of Jews – It’s actually not a bad comparison to the current drumbeat from the Left regarding income and wealth “inequality” as a means of justifying the confiscation of assets from those the BHO Regime considers to be evil rich.

 

Congressional inquiry on Christine O’Donnell tax records heats up, but truth may stay hidden – A reminder that anyone running against the Dims may have their confidential tax records exposed to the public.  IRS is a tool of the Big Government Left to protect against any reduction in their power.

 

How to Minimize Taxes When You Inherit an IRA – Some good ideas. As a minimum, consult with your own professional tax advisor ASAP.

 

New York Finds High Taxes Send State’s Wealthy Fleeing – An obvious consequence of raising tax rates.  Why the population of Florida continues to increase.

 

In Their Own Words: Lenin, Stalin, Obama, and Hillary – It’s hard to tell them apart.

Hillary or Karl –  Snopes.com verifies that Hitlary made those Marxist statements. 

 

Maryland Lawmakers Finally Consider Repealing So-Called ‘Rain Tax’ – Another illustration of how devious our rulers are in devising new ways to steal money from their subjects. There is nothing that they won’t try to tax.

 

Republican Party to vote for repeal of U.S. anti-tax dodging law – Regarding offshore accounts. Not a big issue for most people; but a good sign that some in the GOP are willing to oppose the DemonRats on anything.

 

Study: Most sponsors of minimum wage hike bill don’t pay interns – Just another example of the disconnect between those of us in the real world and our imperial rulers on the Planet Washington DC.

 

 

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