I am off for some much needed R+R in the summer playground of my youth – Wayne and Pike Counties in PA. Five “Totally 1040 Free” and "Totally Blog Free" days! I will be back late Sunday. There will be no Saturday BUZZ this week – you will have to wait a whole week for more BUZZ.
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I will miss blogging, and my wanderings on the blogosphere, but it will be good to get away from the blatherings of "He who thinks CPAs walk on water".
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* They said wha??? Apparently not what everyone is saying they said, according to the Yellow Rose of Taxes, Kay Bell, in her post “Tempest in a Tax Teacup” at DON’T MESS WITH TAXES.
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Kay points out - “What Geithner actually said, though, is that we, including the Administration, can't rule out anything. That's just called hedging your bets, a wise move anywhere, but particularity in Washington, D.C.”.
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And –
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“So both Geithner and Summers say that when the economy is better our country's huge deficit must be addressed and that they, or whoever is in charge at that time, will address it then and evaluate what steps need to be taken.
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Duh! Knock me down with a feather. Two high-ranking Washington-based guys actually spoke the truth.
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But what they didn't say was that your, my and John Q. Public's taxes are going up.”
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* My post “You Are Responsible” appeared in three (3) Blog Carnivals recently –
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• The “56th Carnival of Taxes: Dog Days of Summer” at DON’T MESS WITH TAXES.
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• “The Carnival of Money Stories” at FUNNY ABOUT MONEY (Simple Living = Frugality = Peace of Mind: Personal Finance and Stress Control) under “The Best of Everything Else”.
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• “Money Hacks Carnival #75 – Get a Job Edition!” at MY LIFE ROI (“Rebalance before its too late”) under “Lifestyle”.
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* Fellow twit E-Zee Tax asks the question “Should You Convert To ROTH IRA in 2010?” at his TAX AND ACCOUNTING BLOG.
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As E-Zee points out, “beginning in 2010, everyone, no matter what their income level or filing status, will be able to have a Roth IRA. The question that remains to determine is when you should convert, if at all.”
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* TAX PROF Paul Caron quotes from “Seven Myths About Taxing the Rich” by Curtis S. Dubay of the Heritage Foundation.
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Myth #4 sums up my opinion – “Myth: It is all right to raise tax rates on the rich -- they can afford it; Truth: Just because someone can afford to pay higher taxes does not mean he should be forced to do so.”
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* Paul also tells us “Tax Revenues Fall 18%, Biggest Drop Since Depression”.
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* Kelly Phillips Erb is asked and answers an interesting question in her post “Ask the taxgirl: Same Sex Couples and the Homebuyer’s Credit” at TAX GIRL.
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It appears that the “asker” is interested in putting one over on the IRS to get the $8,000 First-Time Home-Buyer’s credit. While the actual scenario may not be illegal, the intention of the parties is clearly, to me at least, to screw the government out of $8,000.
.
As Kelly points out, the various “closing costs” and various other related expenses of the sale discussed may wipe out most of the $8,000.
.
TTFN
* They said wha??? Apparently not what everyone is saying they said, according to the Yellow Rose of Taxes, Kay Bell, in her post “Tempest in a Tax Teacup” at DON’T MESS WITH TAXES.
.
Kay points out - “What Geithner actually said, though, is that we, including the Administration, can't rule out anything. That's just called hedging your bets, a wise move anywhere, but particularity in Washington, D.C.”.
.
And –
.
“So both Geithner and Summers say that when the economy is better our country's huge deficit must be addressed and that they, or whoever is in charge at that time, will address it then and evaluate what steps need to be taken.
.
Duh! Knock me down with a feather. Two high-ranking Washington-based guys actually spoke the truth.
.
But what they didn't say was that your, my and John Q. Public's taxes are going up.”
.
* My post “You Are Responsible” appeared in three (3) Blog Carnivals recently –
.
• The “56th Carnival of Taxes: Dog Days of Summer” at DON’T MESS WITH TAXES.
.
• “The Carnival of Money Stories” at FUNNY ABOUT MONEY (Simple Living = Frugality = Peace of Mind: Personal Finance and Stress Control) under “The Best of Everything Else”.
.
• “Money Hacks Carnival #75 – Get a Job Edition!” at MY LIFE ROI (“Rebalance before its too late”) under “Lifestyle”.
.
* Fellow twit E-Zee Tax asks the question “Should You Convert To ROTH IRA in 2010?” at his TAX AND ACCOUNTING BLOG.
.
As E-Zee points out, “beginning in 2010, everyone, no matter what their income level or filing status, will be able to have a Roth IRA. The question that remains to determine is when you should convert, if at all.”
.
* TAX PROF Paul Caron quotes from “Seven Myths About Taxing the Rich” by Curtis S. Dubay of the Heritage Foundation.
.
Myth #4 sums up my opinion – “Myth: It is all right to raise tax rates on the rich -- they can afford it; Truth: Just because someone can afford to pay higher taxes does not mean he should be forced to do so.”
.
* Paul also tells us “Tax Revenues Fall 18%, Biggest Drop Since Depression”.
.
* Kelly Phillips Erb is asked and answers an interesting question in her post “Ask the taxgirl: Same Sex Couples and the Homebuyer’s Credit” at TAX GIRL.
.
It appears that the “asker” is interested in putting one over on the IRS to get the $8,000 First-Time Home-Buyer’s credit. While the actual scenario may not be illegal, the intention of the parties is clearly, to me at least, to screw the government out of $8,000.
.
As Kelly points out, the various “closing costs” and various other related expenses of the sale discussed may wipe out most of the $8,000.
.
TTFN
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