From Paul Caron, here is yet another study that shows that the rich pay a highly disproportionate share of federal taxes.
Of course, we shouldn’t expect this study to change the minds of the soak-the-rich crowd when the 50 studies preceding it that said the same thing were insufficient to do the trick.
Instead, the pro-tax crowd will attempt to diminish the sincerity and the intellect [...]
Tags: Individual Taxation · Politics of Taxes
Linda Beale reports that the Swiss Parliament has ratified the U.S.-Swiss agreement providing for the release of U.S. account-holder information on about 4,500 accounts:
It is likely that the names will start flowing very soon, which moves the ball back to the U.S. The voluntary disclosure program that provided some assurance of limited penalties has ended. But voluntary [...]
Tags: Individual Taxation · International Taxation · Tax Crimes
Kay Bell reports that Fox News’ John Stossel is ticked off that he has to pay his tax accountant thousands of dollars every year:
This year’s anti-tax rant winner is Fox News’ John Stossel. But it’s not just taxing jurisdictions that make Stossel’s list. He also has no love for his accountant.
The complexities of the tax system, [...]
Tags: Individual Taxation · Regulation of Tax Preparers
Did you know that Professor Paul Caron is a Bolshevik for suggesting that the tax code requires that medal-winning Olympic athletes include the value of their gold, silver or bronze medals in their taxable incomes?
Joe Kristan writes in Explaining Something Doesn’t Mean You Agree With It that the good Professor received the following letter calling him a dastardly Muscovite for [...]
Tags: Gross Income · Individual Taxation · Opinion
There have been many changes in the tax laws over the last year, but most of the tax code is the same.
Here are 7 tax advice articles I wrote last year that apply equally to this year:
7 All Time Tax Concepts
S Corporations Wages and Distributions: Basic Tax Planning
Taxes 101: What Filing Status Should You Use?
5 Rules for Keeping Your Tax [...]
Tags: Individual Taxation · Tax Tips · Taxes 101
Because of the prolonged recession we expect to see many businesses report losses from their 2009 operations. Losses from S Corporations are deductible on a taxpayer’s Form 1040 only to the extent of the shareholder’s stock plus debt basis.
Tax preparers should maintain the following two worksheets (courtesy Small Business Taxes and Management) for each of their S [...]
Tags: Individual Taxation · S Corporations · Tax Tips
“A person’s worth in this world is estimated according to the value he puts on himself.”
- Jean De La Bruyere -
Well-run tax peparation firms have minimum fees because they have calculated their break-even price points, the point below which they lose money by gaining clients.
Poorly run firms, on the other hand, pay no attention whatsoever to the costs associated with [...]
Tags: Individual Taxation · Regulation of Tax Preparers
“Every absurdity has a champion to defend it.”
- Oliver Goldsmith -
When the only competitive advantage a tax preparer thinks he has over his competition is that he is cheaper, he’s in deep guano right from the starting block.
Yet, amazingly, some tax preparers believe price is the most important factor taxpayers should consider before hiring a tax preparer.
Unfortunately, tax preparers who think this, by virtue [...]
Tags: Individual Taxation · Regulation of Tax Preparers
WebCPA reports:
The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.
In principle, I don’t [...]
Tags: Deductible Expenses · Individual Taxation · Legislative Watch
Currently unenrolled, soon to be licensed (I ass-u-me), tax preparer Robert Flach in a blog post advising taxpayers on how to choose a tax preparer trots out this old saw:
When you assume you make an ass out of u and me.
He offers two pieces of blanket advice:
Don’t assume that because a person has the initials “CPA” after his [...]
Tags: Individual Taxation · Regulation of Tax Preparers · Tax Tips
Wall Street Journal – Taxes Blog
