Jun

24

IRS Miles Finally Starting to Catch Up - 58.5 cents

June 24, 2008 | 1 Comment

It seems that the IRS finally recognized that gas is having a major impact on business finances.  The mileage deduction was increased to 58.5 cents per mile. 
This is also a ver interesting reminder of what costs to drive.  The mileage deduction is not a gift from Uncle Sam, it is a reality check.  Between vehicle [...]

Mar

4

I Want Expensive Gas!

March 4, 2008 | 3 Comments

(Ironic article, a bit severe…  somewhat fun, somewhat true). 
Yes, that is right, I want expensive Gasoline.  Bring it on!!  But I do not want $3 or $4.  I want $10 per gallon or some other outrageous number.  I want the government to put a greater tax on the gasoline gallon purchased by the consumer.  I want [...]

Mar

3

Real Estate Tax: Won Battle #1 : This is not finished

March 3, 2008 | 2 Comments

Last month we had to abate (appeal) the Real Estate Tax Assessment the town had placed upon one of our rental properties. We got $25,000 shaved off the assessed value. We still think the town is over-assessing the property by $25,000. At a 1.2% rate, we are talking about $300 we will [...]

Feb

13

The Sneaky Real Estate Tax

February 13, 2008 | 2 Comments

Towns need cash too. They need cash for schools, roads, public services, and social services. They are pressed by two fronts: the socialists: who demand more giveaways by the town to its residents, and inflation: which increases the cost of providing the services for everyone. All that is fine when the house [...]

Feb

7

LLC Partnership Taxes: 1065 and K-1

February 7, 2008 | 1 Comment

A Limited Liability Corporation (LLC) can be treated as an S-Corporation or as a Partnership by the Federal Government Internal Revenue Service (IRS) (you fill out form 8832 to classify it as Partnership). When I established my LLC I made it a Partnership: a very flexible arrangement that allows me to divide the earnings [...]

Dec

24

The Arbitrary $200k, and Its Problems

December 24, 2007 | 3 Comments

Many presidential candidates (or potential candidates) talk about raising taxes for those above a certain number, or lowering them for those below a certain number (or both).  They essentially draw a line and separate people in two groups: rich and not-rich.  There are many reasons why I believe this does a dis-service to this country.  [...]

Apr

9

First Work Year – Once In a Lifetime Opportunity

April 9, 2007 | 1 Comment

Many people start their careers a few months after graduation (be it from school or college). Most people complete their degrees in summer, and that makes them very prone to earning half a year worth of salary on the very first year they work. It is not that bad, as they happen to [...]

Apr

9

Got an Audit from the IRS

April 9, 2007 | 4 Comments

And I must say, it is not as painful as it sounds. They did sent a letter requesting more than $28,000 in taxes, interests, and penalties, calculated in a very liberal way. It almost killed my wife out of a heart attack. I took it calmer, even when I didn’t have the [...]

Mar

26

Alternative Minimum Tax Issue

March 26, 2007 | 1 Comment

The middle class families are now complaining about the Alternative Minimum Tax. They are complaining that soon, even families earning $75,000/year will be hit by it. I do complaint about the unfair tax, and I consider myself middle class. However, I have to say this is a case where the middle class [...]

Mar

26

Progressive Taxation is Gaining Ground

March 26, 2007 | 1 Comment

For as much as President Bush is touting his tax cuts I think they are only doing a small improvement on flattening the tax responsibilities of the nation. The Democratic party should be very proud of their success in making the upper class increase the percentage of the federal for which they are responsible [...]

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