I’m Back! Thanks to my blog subscribers who did not drop me in the past month. Between tax deadlines and life in general, the schedule can really get crunched. Oh well, I’m back and will hopefully provide some insightful thoughts in my coming posts. So strap on your seatbelts, I’m full of […]
Congratulations to the United States government, the pork barrel spending can resume (then again, I guess it never stopped). You are the proud recipient of $300 million in which you now will not have to distribute given that approximately 10 million taxpayers have not claimed their telephone excise tax refund. Thus far, approximately 30% of all taxpayers have not claimed the credit.
Strap on your seat belts, the perfect storm is coming. Tax storm that is! With the current Congress not giving any indication of extending the tax cuts of President Bush from 2001, we are in for a day of reckoning. The U.S. budget shortfall in 2011 is estimated in the range of $127 billion.
Furthermore, perhaps your situation worsens even further when you realize that you can’t pay the amount due Uncle Sam per your 1040 tax return.
Back in my prior post, eBay Transactions – Tax Implications, I listed some of the decision points in determining the tax status of your transactions. Subsequently, the IRS now has an article, Tax Responsibilities for Online Auction Sellers, dedicated to related tax issues. If you are a frequent seller, it is worth a read to determine if your activity triggers a tax impact.
2007 Insights - Various topics
Looking back over 2006, I’ve compiled what I believe are the best of the best blog postings for Your Money Matters.
More and more, people are interested in real estate investing. Accordingly, one should seek out the tax benefits to assist in making such decisions.
Tax savings and increased cash flow – Wow! These words are music to the ears of business property owners and real estate investors. These favorable aspects result from the use of IRS sanctioned cost segregation studies (CSS) in that depreciation is accelerated on commercial and investment properties by the reallocation of costs.
Do you need to issue an APB to locate all your cash and related investments? Yes, No, Maybe? Do you have a system in place for managing investments and personal finances? Do you even know what you are invested in and the related type of investments? Consider this you don’t need to have a portfolio like Bill Gates or Warren Buffett for it to get messy or unmanageable.