Posted by taxguru on May 4, 2008
Calif. Man Accused of Targeting Christians in $25M Nationwide Ponzi Scheme – The classic Ponzi style of scam never goes out of style. And of course, there never seems to be a shortage of fools who fall for what should be obvious con games to anyone looking at them objectively.
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Posted by taxguru on May 4, 2008
Wesley Snipes in Jail – Freaking News currently has a PhotoShop contest starring the current top billed celebrity tax cheating moron. Be sure to check back over the next few days, as new entries are posted for us to laugh at this idiot.
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Posted by taxguru on May 4, 2008
Our rulers prove once again why the most common oxymoron is “Government Efficiency.”
(Click on image for full size)
Posted by taxguru on May 3, 2008
Miracle Cars Fraud – Snopes.com looks at an interesting scam that had over 7,000 people paying $1,000 each for non-existent vehicles. In hindsight, most scams look so obvious; but the fact that these people were suckered in by their own religious leaders who were too naive to recognize con artists, gives this a different twist.
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Posted by taxguru on May 2, 2008
Q:
Subject: gov tax award
Hi Kerry”
Hey just a line, I was wondering if our extension suffices for filing and do we qualify for a stimilus tax award. Thanks
A:
The amounts of the stimulus checks depend on the info on the 2007 1040; so IRS can’t start that process until they have actually received the 1040 for 2007. The extensions don’t have any of that pertinent info; so IRS can’t determine the amount amounts of the checks from those.
As I said in an earlier post on my blog about this very issue, these rebate checks are not free money. Whether you file your 2007 1040 in time (by 10/15/08) to receive a check or not, it will all equal out.
The people who receive these special stimulus checks will end up with smaller refunds when they file their 2008 1040s, or possibly even owe money that they wouldn’t have if IRS hadn’t sent out these advance checks.
In another typical example of keen government intelligence, many people who receive these stimulus checks in the next several months will just end up having to repay that same money to IRS when they file their 2008 tax returns.
This whole thing is a Mickey Mouse tactic to try to get people to spend their way out of the recession, when the actual result will be that this money won’t even cover the increased cost of fuel for their vehicles, which is the real cause of the recession.
I hope this answers your question.
Kerry
A good illustration of why fuel prices are so high, courtesy of Lucianne.com:
Posted in comix, Rebates | Comments Off on Actual 1040 required for rebate check…
Posted by taxguru on April 26, 2008
Q:
Subject: hillary clinton tax return blog post
One of my co-workers ran across your blog post about a possible error on Hillary’s return.
Note the last 2 pages of the 2004 pdf on the Clinton website, where it has an amended return.
A:
I did see that 1040X. However, the changes it had were not in any way related to the issues raised by my readers and posted on my blog. Those questions have yet to be answered.
Thanks for writing.
Kerry Kerstetter
(Click on image for full size)
(Click on image for full size)
Posted in Clinton | Comments Off on Amended Clinton Tax Return?
Posted by taxguru on April 26, 2008
Snopes.com has an interesting look at the Federal income taxes at various income levels under the tax rate structure from the Clintons’ 1999 and Bush’s 2008. No surprise which is lower for every income level.
If the Bush tax cuts are allowed to expire, eveyone at all income levels will see their taxes jump by quite a bit.
Posted in TaxBurden | Comments Off on Taxes in 2008 vs. 1999
Tax Guru - Ker$tetter Letter 