Reads from Last week

Posted by Bruce Mc on Aug 15, 2010 in Information, Opinions, Week in review | 1 comment

Your Take: Bush Era Income Tax Cuts – December 31st, 2010 is not too far away and the debate is growing louder by the day as the November mid-term elections draw closer. Some Democrats and President Obama would like to continue the tax cuts for the lowest four brackets while letting the top two return to 2001 levels. Republicans would like to keep the cuts as they are.

Democrats, Deficits, the “Middle Class” and the Bush Tax Cuts

Are Tax Cut-Defending Republicans Inconsistent in Concern over Budget Deficits?

CBPP: Wealthy Would Benefit from Extension of ‘Middle-Class’ Bush Tax Cuts

How Expiring Bush Tax Cuts Affect Taxpayers

What the Experts Are Doing With Their Own Roth IRAs – This is the first year all taxpayers have been eligible to switch into Roth IRAs, which promise tax-free withdrawals in the future. Is it finally time to convert a traditional individual retirement account to a Roth? And if so, how should you do it?

Happy 75th Birthday Social Security – On Aug. 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law.The Social Security Act (SSA) created a social insurance program for a variety of individuals.  It started out providing a monthly benefit to those age 65 and older who no longer worked, the amount based on the retiree’s payroll tax contributions. The SSA also provided unemployment insurance, aid to dependent children and grants to states for medical care.

“The end is near”

Understanding Annuities: Why They Should Be Part of Your Financial Plan For Retirement

3 Tips to Maintain Focus on Your Financial Goals – Have you settled into financial apathy? Has the economy got you down? Are you not seeing any true progress toward your financial goals?

Maintaining consistent focus over a long period of time on any activity is difficult.

Tax Help and Tips from Tax Blogger Includes Refreshing and Candid Look at Issues Facing Today’s Taxpayers –  Stacie’s More Tax Tips blog features tax help and tips, Michael Rozbruch is particularly drawn to her candid refreshing take on the triumphs and woes of today’s taxpayer. This is great.

Start-Up Village Emerges in SoMA’s 410 Townsend – Interesting.

10 Ways to Know You Were Born to Be an Accountant

Maybe I’m only a half-accountant?

What it Really Takes to Start a Small Business

60-Day Rollover Confusion

Tax-free housing benefits?

Safely Using Real Estate Professional Status To Pay Less Tax – The real estate professional status can be a godsend if you are holding real estate that is losing money. Here’s the deal on deducting real estate losses: You can deduct up to $25,000 of real estate losses in which you actively participate provided you make less than $100K per year.

Tax Implications of Dumping Bad Real Estate

White House tax reform panel report to be issued on Aug. 27

Net worth of all U.S. presidents – This was really interesting. Be mindful, to get the numbers you’ll need to click through the link to the post.

The IRS Dips Into Your Tips: The IRS Hits Hard on Tip Income – The IRS is cracking down on tip income Nationwide. It’s not enough that service industry employees work long hours for little pay; the Tax Man wants his cut. Here’s the rub on new IRS compliance initiatives to increase IRS Form 8027 filings in the restaurant industry.

BP’s Wants YOU to Pay for Their Outrageous $10 Billion Tax Credit!

Life Insurance: Why It’s Important and How to Choose the Right Policy – Few people enjoy the idea of discussing how much life insurance they need and what the ideal policy is for them. However, the truth is that having a good life insurance policy in place is very important. In fact, it can make the difference between your loved ones being able to move on, or simply …

Should You Have A Running Away Fund?

Taxpayer Education VIII – Most taxpayers know that they are entitled to a copy of their tax return for their records. It doesn’t matter if the return is mailed or e-filed or if their copy is paper or electronic, they should be getting a file copy. So, knowing this, why do so many people fail to get copies of other work their preparer does for them?

Make mine a double, the rich guy is buying – “The Tax Policy Center has a bunch of new tables on how the expiration of the Bush-era tax cuts will affect different levels. It’s useful information, but the obsession with how taxes affect “the rich” is unhealthy. Listening to some politicians, it would be fine to burn taxpayers at the stake and sell their wives and children into slavery as long as it only affected the top 2% of the income distribution.”

2011 COLA Increase for Social Security Benefits in Doubt

I hate to say ‘I told you so’… It needs to be.

While Bank Reform Bill Offers Some Relief for Taxpayers, the IRS Remains Poised to Enforce Collections to Pay for Bailout

IRS Asked to Rule on Same Sex Partnerships – I wish people would just pull their Righteous heads out, well. You know if two people love each other, what the #@%* (add your own euphemism). They get married, tax ‘em. Anyway read this post on what’s going on.

Caution is the better part of valor… sometimes

Do You Have a Plan for Unemployment?

You know if you don’t get enough tax news each Sunday here, Most Wednesday and Saturdays My friend writes WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION & WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ Always great commentary and links to other sources of tax guidance. His work is great and he defiantly gets around the web. I missed meeting Robert this past month down in Austin. I am surely looking forward to seeing him in Saint Louis next year. Robert, I am going to be in St. Louis, you are going, right?

Interpreting Reviews and Knowing What to Buy

Taking Notes Best advice.

ING Direct

How Credit Unions Differ from Banks and What It Means to You – If you’re looking for a checking account, an auto loan or another banking service, don’t forget to include credit unions in your search. Credit unions are similar to banks, and they offer many of the same financial services. You will often find that credit unions have better rates and customer service. However, credit unions have a few features that may seem a bit odd to those who have only used banks.

Ethics catch up – “FB talks about sleeping better at night because she’s ethical, but it does cost her bottom line.  Here’s my take on it.  I sleep better because I know sooner or later it catches up to you anyway so just get it done.”

My Two post this past week:

Form to Claim Payroll Tax Exemption for Hiring New Workers

Use QuickBooks’s Protection Tools

I am looking for a new title to my weekly recap of tax articles. If you have ideas please share them with me.

Also This past week I read a book that is a great tool for anyone starting a new business. Tax Savvy for Small Business by Frederick Daily. He writes in a great understandable normal human talk. Meaning he writes (all his books) in a way that you talk to your neighbor. Simple to understand everyday language. I have read two of his books and recommend them all. (He has three.)  {I haven’t read Surviving an IRS Tax Audit, yet}

For more books that I recommend please go to my Recommended Books page. If you find one that interest you there are links for you to buy them.