Taxes

/Taxes

Taxes and death are inevitability, but that doesn’t mean you can’t prepare for both! Taxes effect you almost every day in the form of sales tax, every year in the form of income tax and even at death with the estate tax.

Received My New York State Family Tax Relief Credit Check

Nothing makes my heart drop like a piece of mail from either the IRS or New York State Department of Taxation and Finance.  While my income is not large by most people's standards I do own a couple of businesses so any type of notice from a taxing authority makes my head hurt even before I open it.  So while I was cursing under my breath I opened up the envelope to find not a bill but rather a check for $350!  Along the top of the notice it indicated that this check was for the "Family Tax Relief Credit." What is [...]

By |2014-09-26T09:51:24-04:00September 26th, 2014|Taxes|5 Comments

I am Not Sure How I Feel About the Recent Tax Inversion Activity

If you follow business news at all you'd see an increase in tax inversion stories.  To put it simply tax inversion is when a United States company buys a foreign company and adopts the purchased company's address to reduce taxes owed to Washington.  A screenshot from google's search insights shows the increase interest in the topic: What is Tax Inversion? Unsurprisingly, Forbes provides a more thorough definition tax inversion, The basic idea of a tax inversion is really rather simple. If the US corporate taxation system is becoming a burden on a company then obviously, the thing to do is to move [...]

By |2016-03-07T23:27:03-04:00June 26th, 2014|Taxes|6 Comments

Even Potheads Care About Taxes

With more States legalizing recreational and medicinal marijuana I find it interesting to see the unforeseen consequences and results occurring therefrom.  As a libertarian I believe that most people should be able to make up their mind on most decisions.  Like most things, I am not an extremist in my view and think all laws should be abolished, but there are certain instances where I just don't get why people care. For example, I can't for the life of me figure out why people are against prostitution.  Two consenting adults entering into a contract for services.  If they aren't adult or its [...]

By |2016-10-10T23:16:06-04:00May 14th, 2014|Taxes|8 Comments

Preparing for my Annual CPA Tax Meeting

Every year I take the opportunity of owning a personal finance blog to organize my thoughts and paperwork for my upcoming CPA meeting.  Could I do this in a word document? Sure, but why own a personal finance blog if I can't ask others if they thought I missed anything. While my family's income isn't much higher than the average family's income our situation is absolutely more complicated.  My CPA often jokes that I am one of his best prepared clients.  I have thought about sending him this post but it isn't worth explaining what a personal finance blog is! I know [...]

By |2014-05-24T19:55:25-04:00February 24th, 2014|Taxes|1 Comment

It Makes Perfect Sense that the Rich Benefit More from Deductions!

The Los Angels Times recently reported that the richest households are getting the majority of "tax breaks" and deductions built into our tax code.  Their article is based on a CBO Report titled, The Distribution of Major Tax Expenditures in the Individual Income System. First thing is first, I think it reprehensible that a non-partisan group (can't really blame a newspaper) counts a lower tax bracket as a "tax expenditure."  Taxing someone at a lower dividend or capital gains rate is not a tax expenditure.  I even have a problem with calling a tax deduction an expenditure because it isn't! It is [...]

By |2013-09-26T14:51:26-04:00May 30th, 2013|Taxes|5 Comments