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.

Why is Everyone Attacking Apple For Overseas Profits Not Being Taxed

I can't figure out why the media and the masses are angry with Apple for legally not paying additional taxes.  I am not an Apple guy (for a few reasons), but I think planning for income taxes is a fantastic move on their part.  You have no patriotic duty to pay more taxes than what is legally mandated so why would Apple? One of my favorite quotes from law school on the subject is from Judge Learned Hand (yup, real name) in Helvering v. Gregory (1934), Anyone may arrange his affairs so that his taxes shall be as low as possible; he [...]

By |2013-09-26T14:51:26-04:00May 21st, 2013|Taxes|11 Comments

Mo Money Means Mo (IRS) Problems

I have always assumed that with an increase in income, especially business based income, increases your risk to an audit from the Internal Revenue Service.  My thought process is that it just makes good business sense.  Even if they found a W2 employee making $50,000 cheating on their taxes it doesn't really matter because it would cost more in man hours to collect the money he owes (even with penalties). I was excited to see a recent Wall Street Journal article titled, "Chances of an Audit Grow With Income" which actually backed up my assumptions, At first glance, the answer appears simple: [...]

By |2014-06-01T21:08:28-04:00May 13th, 2013|Taxes|1 Comment

Tax Changes for 2013–Fiscal Cliff Deal Finalized

CCH recently released a fantastic Tax Briefing on the legislation passed to avoid the tax die of the Fiscal Cliff.  There were some significant changes to the tax law, as well as avoidance of some terrible sunsets.  I think my personal opinion of the deal would be better suited for another post.  Below are some of the key highlights: 2013 Income Tax Changes via American Taxpayer Relief Act Key Income Tax Provisions Taxpayers with taxable income of $399,999 ($449,999 for married taxpayers filing jointly) will not have their income tax rate changed. So if you were in the 10%, 15%, 25%, 28% [...]

By |2013-09-26T14:53:38-04:00January 3rd, 2013|Taxes|3 Comments

Why Do People Care About the New Health Care Surtax?

You literally can’t open a financial website or check out a financial magazine without hearing about the New Health Care Surtax and I don’t know why  It isn’t that a new tax of this magnitude isn’t important it is that just the majority of the people, call it 95%ish, will never encounter the new tax yet it is everywhere. What is the New Health Care Surtax? To partially pay for ObamaCare there was a new tax introduced, put simply by BNA-Bloomberg, Beginning in 2013, individual taxpayers making over $200,000 annually ($250,000 for married individuals who are filing jointly) will be subject to [...]

By |2014-06-05T23:09:53-04:00October 3rd, 2012|Taxes|7 Comments

I Can’t Believe I have Been Blogging for 4 Years

On August 5th of 2008 I put up my first post.  I had no idea if anyone would read about my journey, nevertheless care about what was going on in my life, but I wanted to share my thoughts with whoever wanted to read them.  Since putting that first post up I have seen somewhere between 570,000 and 630,000 pageviews (analytics vs sitemeter) and while that is probably a day’s worth of views for a news site I am pretty happy with it, especially since most of the first year or so I was getting under 15 page views a day. I [...]