Those who wonder why I frequently refer to the state where I spent the first 38 years of my life as the People’s Republic of California (PRC) should check out what they are planning out there on the looney Left Coast, as the attacks on successful people just get worse.  According to this announcement from Spidell, there are some ballot initiatives in the works to confiscate huge amounts of wealth, such as 45% or 46%,  from those deemed to be evil rich. Soaking the rich would be an understatement.  It’s more like drowning them.

If this doesn’t encourage more people to migrate to more capitalist parts of the country, as we did almost 13 years ago, I would be very surprised.  It would be nice to think that such ridiculous kinds of sanctioned theft couldn’t happen in a modern society; but the results from the recent election out there indicate quite the opposite.  It’s just one more indication of the incompetent education system that the message of killing the golden goose escapes so many people.  

Tax Burden Is Rising, Survey Finds – And with the gut-less RINOs in charge, it’s only going to get much worse.

Thanksgiving Advice on Helping the Needy – Gail Buckner covers the more generous deductions available for charitable donations.

Courtesy of Jay Dyson

Besides the per gallon fuel taxes, most states also collect sales taxes on purchases of fuels. The higher the prices, the more sales taxes they collect.

From a client:

Subject: LLC Partnership question

 

Hi Kerry,

 

I’ve been a partner of a start-up business which now is going to be formally incorporated as LLC taxed as a partnership. My question is whether I should become partner of this company myself or rather make my existing C corporation a partner? How can you compare advantages/disadvantages of the two approaches?

 

thanks

My Reply:

Having your corp as the LLC member has all of the advantages as running your other income through the corp.

You can manipulate tax year timing with the corp’s fiscal year.  LLCs and individuals must use tax year ending 12/31/0X.

You can avoid 15.3% SE tax.

You also have more liability protection with the extra layer between the LLC and you.

Kerry