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Archive for the ‘TaxHikes’ Category

Comparing Tax Plans

Posted by taxguru on December 22, 2012

CCH has released its 2013 Fiscal Cliff Estimator, where you can see what the Federal income taxes will be under three of the options being discussed.  I can’t vouch for the precise accuracy of all the calculations.  However, based on all of the footnotes, it does appear that they have put some time and effort into these calculators.

I’m not sure that I would use this for actual tax planing purposes, but it does help give a flavor for how much money is at stake as our rulers in DC enjoy their taxpayer funded vacations.

For example, I entered MFJ with $150,000 of Taxable Income, $10,000 of LTCG and $500 of Dividends and it gave the following results for total Federal income tax.

Current 2012 Tax Rates:  $31,354.00   

Full Extension of Bush-Era Tax Cuts (Republican Plan): $31,040.50

Presidential and Senate Democratic Proposal:  $29,465.50

Expiration of the Bush-Era Tax Cuts (If Congress Does Not Act): $36,391.50

 

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

 

Posted in TaxHikes, TaxRates | Comments Off on Comparing Tax Plans

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

 

 

Posted in NewTaxLaws, ObamaCare, TaxHikes | Comments Off on From Tax Update Webinar

The Left can’t deny reality forever…

Posted by taxguru on December 8, 2012

Despite Tax Increase, California State Revenues in Freefall –  It’s actually because of the tax rate  increase.  This is only a surprise to the morons in charge in Sacramento.  Anyone with any common sense and knowledge of recent history knows that lower tax rates encourage more taxable activities and thus more tax revenues.  Higher tax rates have the exact opposite effect, plus they force people to leave the state altogether.  This gives Governor MoonBeam 13% of nothing instead of 9% of billions.

 

New York Times Admits Reaganomics Worked –  The truth does occasionally slip out from the DemonRat media.

 

Posted in TaxHikes, TaxRates | Comments Off on The Left can’t deny reality forever…

Posted by taxguru on December 6, 2012

Howard Dean: “The Truth Is Everybody Needs To Pay More Taxes, Not Just The Rich” –  Because the very idea of even the tiniest reduction in government spending is impossible to fathom for libs.

 

IRS finalizes new tax for medical devices in healthcare law

 

High-income Californians may pay nation’s highest tax rate  –  Almost 52%.  Let the exodus begin.

 

 

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Lesson for redistributionists…

Posted by taxguru on December 5, 2012

Rush reminds leftists what happens when taxes are hiked on the evil rich.


Transcript.

 

Posted in Commies, Rush, TaxHikes, video | Comments Off on Lesson for redistributionists…

We all need to plan for the upcoming tax increases…

Posted by taxguru on November 24, 2012


Financial Steps to Take Now to Prep for Looming Tax Increases –  As with most tax increases, the key to avoiding the new surtaxes is to keep your AGI down.  One excellent way to do this is to shift income to a C corp. 

 

Tax increases could factor in MLB negotiations – Trying to front-load income into the years before the tax increases kick in. 

 

South Carolina tax chief resigns after report reveals 4 million taxpayers hacked –  This only happened to e-filers’ accounts.  

 

And the GOP wimp-out continues

Top Republican Senator ditches Norquist anti-tax pledge

Graham: I would violate Norquist’s pledge –  No surprise from this RINO.

Levin rips Kristol over tax hikes: ‘Stop talking like the lib you used to be’ 

 

Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate – 

 

How Would the Fiscal Cliff Affect Typical Families in Each State?  We’re the ninth highest increase here in Arkansas.

 

 

Posted in TaxHikes | Comments Off on We all need to plan for the upcoming tax increases…

Posted by taxguru on November 16, 2012

Ranchers, farmers brace for ‘death tax’ impact –  The IRS grave robbers can’t wait until they can plunder more and more privately held wealth.

 

Half Your Paycheck To The Government In 2013 –  And even more in high tax states.  It’s the “fair” thing to do, according to our rulers, who know what’s best for us mere mortals. 

 

Fiscal Cliff Could Force Hard Decisions –  If the Mayan calendar scenario doesn’t pan out, we will have a different type of Armageddon to deal with.

 

Some Republican governors soften on taxes –  This is why the GOP is known as having linguini spined leaders.

 

Man used bogus $100 bills with Lincoln’s image instead of Franklin’s –  More examples of the public education system.  Who was more of a moron; the idiot who made the phony hundreds or the store clerks who accepted them?

 

Florida restaurateur to impose surcharge for ObamaCare –  Excellent idea.  Too many taxes are hidden from the view of the public.  Of course, the people who were stupid enough to vote for 0Bamao won’t be able to understand this issue.

 

Eco-Taxes? Study Financed by U.S. Treasury Will Link Tax Code to Carbon Emissions

Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says –  Part of his Marxist agenda to destroy the US economy.

 

Minority Leader McConnell: Obama’s Tax Proposal ‘A Joke’

Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Newsfront/obama-mcconnell-tax-plan/2012/11/15/id/464311#ixzz2CRY7NGYO

Minority Leader McConnell: Obama’s Tax Proposal ‘A Joke’  –  But nobody’s laughing at this because for Marxists like 0Bamao, there is no such thing as too high a tax rate. 

 

The Alternative Minimum Tax Is The Most Heinous Aspect Of The Fiscal Cliff

Fiscal-Cliff Fallout: How the AMT Would Hit Taxpayers. Without Congressional action, tens of millions would see dramatic tax increase – This already insane tax will most likely get worse.

 

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Posted by taxguru on November 9, 2012

Obama holds firm to tax hikes as he invites Hill leaders to talks on ‘fiscal cliff’ –  One promise a Marxist never has a problem keeping.

 

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Retroactive Tax Hike Approved in PRC

Posted by taxguru on November 7, 2012

California Passes Prop 30, Raises Taxes

Retroactive tax increase passes –  from Spidell

From Tax Info


Rush Limbaugh makes fun of the notion that this new tax on the evil rich will solve all of the budget problems for California.

 

Transcript of the above video.

California, Here We Come –  From today’s Rush show.

Message to Sacramento: Tax, but don’t overspend –  We all know how it ends up when DemonRats promise to cut spending in exchange for tax hikes.  They always end up breaking that promise.  It’s what did in Bush 41’s presidency, when he fell for the DemonRat lies and broke his “No New Taxes” pledge.  DemonRats have something in their DNA that compels them to raise taxes and spend like there is no tomorrow.  Expecting anything different from them is the definition of insanity.

 

Posted in Calif, TaxHikes | Comments Off on Retroactive Tax Hike Approved in PRC

Posted by taxguru on November 1, 2012

Looming Tax Hike Motivates Owners to Sell – As expected, this year-end, with so many uncertainties about 2013 tax policies, is going to be the messiest one I can ever recall.

 

George Lucas’s Jedi estate planning – And there are still idiots in power who claim that tax laws don’t influence behavior.

 

 

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