HERE I GO ONE MORE TIME – This message cannot be repeated often enough
Don’t miss the Articles that TWTP is putting out over at mainstreet.com
How to Save the American Dream
IRS Increases Tax Deduction for Drivers
5 Money Moves to Make Before Year-End – I have thought about my finances and some things I need to do as the year comes to a close. There are tons of year-end money lists out there and they all talk about decreasing taxes, selling investments, and saving for retirement. There are a few other things I like to think about when the year ends.
“Be always at war with your vices, at peace with your neighbors, and let each New Year find you a better man.”
- Benjamin Franklin
Why None of Your Credit Scores are the Same – Many people are rather surprised when they look at their credit scores and see that they don’t match up. A credit score may differ across different credit bureaus, and those scores are often a little bit different than what you see when you get your score from FICO. Sometimes the difference is more than a “little.” In some cases, you might find that your credit scores vary by up to 20 points — or more. Why is this?
I try not to place things in here that promote advertising as the first thing you see when you get there but you need to see this article.
How To Instantly Increase Your Motivation For Sticking to Your Budget?
Tax Carnival #77: Stocking Stuffers 2010
2011 Mileage Rates Released – Despite the fact that many predict that the cost of gas will inch up to $4 per gallon by the holidays, the standard mileage rates for 2011 are just slightly different than those for 2010. The IRS has announced the standard mileage rates for 2011 as follows:
Free Spreadsheet to Track Business Expenses for Schedule C
I only lie to the IRS and my CPA, not to you! – Sometimes being too clever in doing taxes can come back to haunt a small business owner, as Steve Sink explains at IowaBiz.com:
How Do Banks Make Money? – Banks are in the business of money. Some companies sell goods and others sell services, but banks are in the money business. From credit cards to personal loans to mortgages, banks make money the old fashioned way. . .
Section 179: First, you have to have a business – The Section 179 deduction will be a huge part of year-end tax planning for countless business taxpayers this year. The ability to take a current deduction for the purchase of equipment that would otherwise be capitalized and depreciated opens many planning doors. But there are limits, as a Nevada tax preparer learned yesterday in Tax Court.
This weeks, must read – Struggling With an Ongoing Issue? Ask Yourself This
Are You Ready For The Big Payroll Tax Deposit Change? – The IRS is changing the rules in a BIG way, when it comes to payroll and corporation tax deposits. Are you going to be ready for this new change? If not, you don’t have long to get ready! The new change goes into effect on January 1, 2011. I got a letter from the IRS today that really surprised me. It said that starting on January 1st, I was no longer able to make manual payroll…
Opportunity is missed by most people because it is dressed in overalls and looks like work.
–Thomas A. Edison
And the big news last week: A proposal. . . .
THE FIRST STEP – It appears that BO has agreed to a final compromise with the Republicans to “get ‘er done” and temporarily extend the “Bush” tax cuts for two years.
How the Tax Deal Affects Taxpayers – President Barack Obama called the bipartisan tax agreement announced on Monday a “framework.” As yet there is no legislative language or even a comprehensive outline of the proposals, and its passage by Congress isn’t assured.
Small-Business Groups Parse Tax Deal – The trade group estimates that 75% of small-business owners pay taxes for their establishments at the individual level because those concerns are either S corporations, limited liability companies or sole proprietorships. Under the president’s proposal, such entrepreneurs would continue to be eligible for tax cuts available to couples earning more than $250,000 a year for at least the next two years.
What to Do With a Payroll Tax Cut – Working taxpayers will get a little, temporary raise, if the payroll tax reduction in the tax agreement reached by Congress goes into effect. It’s not life-changing money – the benefit tops out at $2,100 per year for anyone making $106,800 or more – but it is enough to have a ripple effect if used wisely.
Bush Tax Cuts Extended As Part of Unemployment Insurance Extension and Payroll Tax Deal
Payroll Tax Cut and Social Security Benefits – News came President Obama and Republicans agreed to a “payroll tax holiday” in 2011. For one year only, an employee’s portion of the Social Security tax will be reduced from 6.2% to 4.2%. This will replace the Making Work Pay tax credit in effect in 2009 and 2010.
Obama Woos Wary Party on Tax Deal – Democrats criticized the broad tax package for cutting taxes on high earners and setting tax rates too low on large inheritances, as well as for its effect on the country’s budget deficit. But Democrats also said they didn’t yet see a revolt spreading so far that it would derail the agreement in the Senate. Prospects for passage are more uncertain in the House, where many liberal members are balking at planned changes to the estate tax.
Defiant Obama defends tax cuts, eyes 2012 – WASHINGTON (AFP) – US President Barack Obama has come out fighting, urging Democratic allies to back a hard-won compromise deal on tax cuts and putting Republicans foes on notice ahead of the 2012 elections.
In face of criticism from many on the left of the Democratic Party, Obama passionately defended the deal that will see tax breaks extended for the wealthiest Americans saying his critics had to take a long-term view.
What the Tax Deal Means for You – The entire package would cost about $900 billion over the next two years, and would be paid for entirely by adding to the national debt. Here’s what it means for your pocketbook (this information was culled from our main story; we’ll update with more details later):
And you must read this from Kelly!
The Morning After: The Tax Deal Hangover – I’ll admit that I didn’t see yesterday’s tax deal coming. I was fairly certain that the drama would play out through this week. We still have drama but now it’s more of the “let me explain” variety.
Let me see if I can sort out for you what happened and why.
Why the Tax Compromise is a Mistake – Compromises often are defended as beneficial because both sides to a disagreement surrender something or some things, and both sides get something or some things. But there are times when compromise is a mistake.
Tax Package Makes IRA Conversions Easier
Bush Tax Cuts Likely Will be Temporarily Extended
Compromise Reached on Taxes; Will It Pass Congress?
And by all means please remember this is a tentative deal with Congressional Republicans to extend the Bush-era tax cuts at all income levels for two years as part of a package that would also keep benefits flowing to the long-term unemployed, cut payroll taxes for all workers for a year and take other steps to bolster the economy.
Please. . . use your head. Think responsibly.
“Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?”
~Peg Bracken
Get Ready for Tax Filing Season – Part 1: Reporting Employee & Contractor Wages
Get Ready for Tax Filing Season, Part 2 – New Laws & Credits that Impact 2010 Returns
What Does 13 Months of Extended Unemployment Mean? (Not What You Think.)
Increasing Your Business Confidence – We need outside proof to build confidence. When someone says that we are smart, talented, or amazing we can look back on those things as examples of our awesomeness. It can take someone else to give us proof of our own talents and amazing abilities.
Mortgage tax break in the crosshairs – Charged with finding ways to reduce the nation’s exploding federal debt, the bipartisan debt panel recommended Wednesday a wide range of controversial spending cuts and tax changes that would slash $4 trillion in deficits over the next 10 years.
Among the proposals was a major change to the mortgage interest deduction, which costs the Treasury Department an estimated $131 billion a year.
I have a few interviews working right now and they are scheduled to post. I am interviewing PF and tax bloggers alike. They won’t start posting until 2011. My first interview will post on Jan 3rd. In the meantime please check out TWTP weekly event, Tax Blogosphere Buddies, a weekly series of brief introductory interviews with some of RDFs favorite fellow tax bloggers, which will appear every Friday. I was lucky enough to be first.
Check it out.
TAX BLOGOSPHERE BUDDIES – BRUCE MCFARLAND
Asset Allocation for a 529 Plan
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – The tax blogosphere has been a-BUZZ the past few days with postings on the idiots in Congress still arguing over BO’s compromise tax package. The problem appears to be with House Democrats who feel that the new Estate Tax exemption and rate is too generous. Quick answer and easy fix – return the federal estate tax to what it was for 2009 for the same two years as the rest of the “Bush” tax cut extension.
If you are interested you can check out the blogs of Kay, Kelly, Joe K and A, Russ, and others for the specific details of the fight.
21 Million Effected – 21 million are the number of taxpayers who didn’t pay AMT in 2009 but will in 2010 unless Congress does something constructive.
Pros and Cons of Giving Gift Cards This Holiday Season
SSA Revises Withdrawal Policy – On December 8, 2010, the Social Security Administration published a revision to their “withdrawal policy”, which we talked about in detail in the article “The Ultimate Do Over”. It’s important for you to know what has changed about this rule, especially if you have been counting on this in your planning for Social Security benefits.
10 Expiring Tax Cuts to Watch For – The expiring Bush tax cuts – and what will happen to them – are all over the place these days. Folks seem to have very definite opinions about what should (and shouldn’t) happen. But it also seems like, for all of the publicity over the cuts, taxpayers really don’t understand what it all means.
Banks or credit unions: Which will give you the best bang for your buck?
Contract Accounting Becoming Hot Option – Contract accounting, hiring a CFO or controller on a part time basis to do what your full time book keeper does? Hiring someone who is a specialist in contract accounting could save you big bucks and lots of headache. Jason Hermanson tells us why.
Year-end tax moves, December 2010 part 1
Year-end investing moves, Dec. 2010 part 2
Year-end retirement moves, Dec. 2010 part 3
Year-end giving moves, December 2010 part 4
Okay I really don’t like using this as a plug or even a pimp my practice for clients place however I have a new ad running with one of the local stations here. It is part of their web site dedicated to different areas around Kansas City. Feel free to check it out. I’d really enjoy your feedback on it. What you liked or don’t.
And for my clients in other states, the coupon will applies to you as well. So long as it accompanies your information
Just a reminder, you can go to my company web site Tax Center page where you’ll find this year I have a Free Tax Organizer. You’ll need a .pdf reader to open this 14 page organizer. You can also find my Online Tax Organizer, used mostly by clients and/or those who will be clients.
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© 2010, Bruce Mc. All rights reserved.
