No Increased Tax Withholdings – What a Bad Idea

BACKGROUND A piece in the LA Times reports that taking the country over the “fiscal cliff” would cost American households $3,500, on average in higher taxes next year. It goes on to say that almost 90% of Americans would see a rise in their tax liability. First, a quick review. “Fiscal cliff” is a term being …

New Tax on Home Sales? – Read Carefully

Have you ever noticed how a title can often mislead you? There is not so much about the moon in the movie “Twilight: Eclipse” nor was “Silence of the Lambs” about happy sheep offspring. And while the Health Care Act is in fact much about health care, it  contains some provisions that might aptly belong under another title. For example, …

Health-Care Reform: Tax Issues For Individuals

The health-care reform legislation that was recently signed into law contains a number of tax changes. Some of these changes take effect immediately; others won’t have an impact for a few years. Here’s a year-by-year breakdown of some of the changes worth taking note of. Changes taking place in 2010 Bad news if you frequent …

New 2011 Mileage Rates

Many of the uncertainties affecting most everyone are finally being cleared up. While 2010 is nearly over, there is still time for last minute planning. The best news of all is that we finally have solid information from which to build our tax plans. While there is much more to come, let’s start with something …

Health-Care Reform – Fact vs. Fiction

The health-care reform legislation that passed earlier this year was incredibly broad in scope, so it’s probably not surprising that there’s a good deal of confusion, and a number of false or misleading claims being circulated. Here’s the truth behind two of the claims that have gained the most traction lately. The claim: Beginning in …

Will You See Higher Tax Rates in 2011?

The following information is reprinted with permission from Forefield, Inc. The year was 2001. The top marginal federal income tax bracket was 39.6%, and the tax rate that applied to most long-term capital gains was 20%. Then came the Economic Growth and Tax Relief Reconciliation Act of 2001, followed two years later by the Jobs …

Disappearing Tax Preparers, The Phantom Is Back

During preseason practices at a small college some years ago, I observed an unnerving phenomenon. Each morning at breakfast everyone would look around, taking a head count or otherwise attempt to figure out who was missing. Everyone knew that during the dead of night that something happened, people were somehow taken away – without a …

Standing Out In The Crowd: IRS Statistics

Many people like to stand out in a crowd, to have something a little different that’s out of the ordinary. Whether it’s the car they drive, a certain attire, or even a favorite hobby – most people like to feel special – to have or do something unique that is just a little different from everyone else. Yet …

Clunkers For Charity

So what’s to be done with the old family Clunker? It’s now ten years old and it has been around the world twice. From July through October of 2009 you could have turned that old heap into a $3,500 – $4,500 voucher towards the purchase of a new car. (Of course it had to be …