Well, this is going to make "Turbo Tax" an absolute must this year.
Taxes on the Rise?
If they don't get the money through taxes it will happen through inflation. I don't agree with raising taxes to cover crazy spending. It should be time for uncle sam to sell his McMansion and downsize to a smaller home, but I don't think that has ever really happened in American history since I have been alive.
Lets just hope we don't see both. How much should we spend trying to make battery operated unmaned armoured vehicles?
I like Jacobs idea but with a twist. I would love to walk into the center and pay only for the services I expect to receive:)
Lets just hope we don't see both. How much should we spend trying to make battery operated unmaned armoured vehicles?
I like Jacobs idea but with a twist. I would love to walk into the center and pay only for the services I expect to receive:)
@HSpencer,
Maybe the Kiplinger guy right. He probably knows more about this than me...
A few weeks back I spent a lot of time digging around for the specifics on the tax increases. It seems like there is still a lot to be determined.
This recent article came up with numbers that were relatively close to some of my own calculations:
http://money.cnn.com/2010/08/18/pf/taxe ... /index.htm
Maybe the Kiplinger guy right. He probably knows more about this than me...
A few weeks back I spent a lot of time digging around for the specifics on the tax increases. It seems like there is still a lot to be determined.
This recent article came up with numbers that were relatively close to some of my own calculations:
http://money.cnn.com/2010/08/18/pf/taxe ... /index.htm
Guys (and girls), as a CPA you have no idea how frustrating this is. How do we help clients plan for the future, when the future is so uncertain?
@Mo - the reason there is a lot to be determined is that a) the cuts haven't expired yet and b) a lot will probably (sadly) depend on what happens in the mid-term elections in Nov.
@Mo - the reason there is a lot to be determined is that a) the cuts haven't expired yet and b) a lot will probably (sadly) depend on what happens in the mid-term elections in Nov.
I have to laugh when I think back when we were getting close to our retirements in the US Army. Guys were looking for some way to get out on a "medical" instead of the normal retirement. Lots of guys were spending time in the clinics with their "service connected back injuries"---I guess they got them falling out of their office chairs. The disability retirements were of course not taxed.
@HSpencer, you have just explained one of my life's great mysteries to me.
I have seen countless people claiming disability. I suspect 95% are bogus (well bogus by my standards at least). I never understood why some people would go through all of the trouble just a few months prior to retirement. I previously had a tendency to believe folks who are very close to retirement, but now I have to rethink all of that.
A few observations: My patients who I think might truly be unable to work, usually find a way to work (like the fella with 1 arm and 1 leg I saw today-- gainfully employed). The ones I can't seem to find anything wrong with show up with disability forms.
At least it's not as bad here as it is in some European countries-- in those places, if you pass a bar at 10AM on Monday and notice several people inside drinking, they may be disabled. The disability? Alcoholism. Keep 'em coming-- the checks and the drinks...
I have seen countless people claiming disability. I suspect 95% are bogus (well bogus by my standards at least). I never understood why some people would go through all of the trouble just a few months prior to retirement. I previously had a tendency to believe folks who are very close to retirement, but now I have to rethink all of that.
A few observations: My patients who I think might truly be unable to work, usually find a way to work (like the fella with 1 arm and 1 leg I saw today-- gainfully employed). The ones I can't seem to find anything wrong with show up with disability forms.
At least it's not as bad here as it is in some European countries-- in those places, if you pass a bar at 10AM on Monday and notice several people inside drinking, they may be disabled. The disability? Alcoholism. Keep 'em coming-- the checks and the drinks...
@Kevin M,
I try to keep up with the tax changes, and I often see articles that come up with numbers that don't line up with my understanding of taxes.
I posted a link to a CNN article above, in which they calculate the increased tax liability for a single-filer earning $500k to be something close to $9500. No, I do not earn anything near that, for me I just like figuring things out...
Anyway, do you think the $9500 increase they've mentioned is accurate considering the phase out of the personal exemption?
I try to keep up with the tax changes, and I often see articles that come up with numbers that don't line up with my understanding of taxes.
I posted a link to a CNN article above, in which they calculate the increased tax liability for a single-filer earning $500k to be something close to $9500. No, I do not earn anything near that, for me I just like figuring things out...
Anyway, do you think the $9500 increase they've mentioned is accurate considering the phase out of the personal exemption?
@Mo - at that level of taxable income, your top marginal rate would go up from 35 to 39.6% after about $375k. So (500k-375k)*4.6% = $5,750; that's just for the top bracket. It seems reasonable the increases in the other brackets + phaseout of exemption and possibly itemized deductions would equal another $3,750, or a total of about $9,500.
My brother sent me this:
http://www.atr.org/six-months-untilbr-l ... ikes-a5171#
How do you see this affecting your investment strategy?
http://www.atr.org/six-months-untilbr-l ... ikes-a5171#
How do you see this affecting your investment strategy?
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jacob
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I'm withholding judgment until 1/1/2011 or at least until congress gets this settled.
http://www.forbes.com/2010/08/30/tax-cu ... stein.html
Given my faith in politics, that seems like a perfectly "reasonable" way to go about it.
http://www.forbes.com/2010/08/30/tax-cu ... stein.html
Given my faith in politics, that seems like a perfectly "reasonable" way to go about it.