‘Kiddie Tax’ Loophole Is Closing! – Income shifting strategies may need to be revised if you have kids between 14 and 24.

A tax-free Fourth of July would fit with founders – Interesting concept, to be free from the slavery of taxation for even one day.  Unfortunately, it has the same chance of happening as the proverbial snowball in Hell. Our rulers could never stomach the mere thought of their subjects tasting even the slightest amount of freedom from their tax slavery. And, as Chairman Hitlary constantly reminds us, paying high taxes is the epitome of patriotism.

IRS very focused on businesses, especially sole proprietorships

New Reverse Mortgages Bring Perks, but Also Some Risk

Washington’s ‘War Against Winners’  – No surprise here. The Dims are hoping to take us in the wrong direction in regard to special capital gains tax rates.  I’ve pretty well given up hope of  Bush showing some guts and issuing the executive order that his father was too scared to do and allow the cost basis of assets sold to be adjusted for inflation; but it would be nice if he surprised us all by sticking it to the DemonRats.

Keep the Internet Tax-Free – Jack Kemp includes this quote from Ronald Reagan:

“The trouble with those on ‘the left’: if they see something move, they’ll tax it, if it keeps moving, they’ll regulate it, and if it stops moving, they’ll subsidize it.”

 

 

Tax Relief Benefits Smaller Companies – WebCPA’s summary of the recently passed tax law.
 

2008 drop in capital gains rate won’t be for everyone – But this special tax break should be part of most tax plans being undertaken for the next several months.

Handy little rate schedule:

Some interesting articles in the WSJ free real estate journal:

Mortgage Brokers: Are They Friends or Foes for Borrowers?

 

Buying a Retirement Home Decades Before You Retire – There are many different ways to do this; so consulting your personal professional tax advisor is a must.

 

How to Best Hire a Realtor When Moving Out of State

 

Tax Strategy for Real Estate Hits Some Rocky Turf – The recent bankruptcy of some large 1031 facilitators rightfully has many people concerned.

 

Florida Hones Plan to Overhaul Escalating Property Taxes

 

Owning a Vacation House Can Raise Your Tax Load – You need to be careful of properly handling tax filing obligations for any state in which you own property and/or earn any income.

Legal gaps help hide assets from creditors, IRS

Rolling a 4-0-1-K Is Not as Simple as 1-2-3

DEMS’ BIG TAX LIE – Not extending the soon to expire Bush tax cuts is exactly the same as enacting a humongous tax increase.

Capital Gains Taxes Aren’t for the ‘Kiddies’ – Interesting look at shifting tax burden to kids, who are probably in a lower tax bracket than the parents.  Also includes a reminder of the one year zero capital gains tax rate for small profits in 2008, a topic that has been coming up quite often in my discussions with clients contemplating sales of properties.