Tax Guru-Ker$tetter Letter

Friday, June 27, 2003

Record cuts, higher taxes as states struggle to survive tough times - Incompetent management and planning are much more realistic reasons for the deficits than simply blaming everything on tough times.

IRS: Over 2000 Big Earners Paid No Tax in 2000 - Let the class warfare and hatred of the rich commence. This is intentionally inflammatory and no more relevant than saying "Over 2000 blue-eyed fishermen paid no income tax." There are literally hundreds of very legitimate reasons why someone with a lot of gross income would have no Federal income tax. A business that has more expenses than income is the most common.

A Governor CBS Can Admire: Alabama's Tax-Raising Bob Riley

How the West Is Taxed

People should stop whining about taxes - Many of us wish it were possible to do what this ignoramus jokes about; voluntarily opt out of incompetent government programs, such as Social Security and MediCare.

A 'Financial Planning 101' Minus the Jargon

Corporate Choice - I'm still as big a supporter of using C corporations as before the new tax law, especially with the quadrupled Section 179 expense deduction. An owner of a C corp can claim up to $200,000 per year, while an S corp owner is limited to only $100,000. Many people, including Forbes, aren't looking at the big picture and are falling for the lure of the more taxing S corps and LLCs, which are basically identical to S corps.

Labels: 179

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 6/27/2003 11:14:00 AM Send this post: