Tuesday, September 29, 2015
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION
House Speaker John Boehner is resigning his Ohio House seat, and thus the U.S. House leadership post, at the end of October. No great loss. It is, however, very, very important that whoever replaces him as Speaker is NOT a member or supporter of or panderer to the Tea Party!
* Interesting. Paul Blair of AMERICANS FOR TAX REFORM tells us “Taxpayers Fleeing Democrat-Run States for Republican Ones” -
“In 2013, more than 200,000 people on net fled states with Democrat governors for ones run by Republicans, according to an analysis of newly released IRS data by Americans for Tax Reform.
'People move away from high tax states to low tax states. Every tax refugee is sending a powerful message to politicians," said ATR President Grover Norquist. "They are voting with their feet. Leaders in Texas and Florida are listening. New York and California are not.’"
* Years ago, when I was working in affluent suburban Summit NJ, I saw a pillow in a home that was embroidered with the statement “You Can Never Be Too Rich or Too Thin”.
A client recently asked Sterling Raskie of GETTING YOUR FINANCIAL DUCKS IN A ROW “Am I Saving Too Much?” Perhaps the pillow should have included “And You Can Never Save Too Much”.
* MOTLEY FOOL brings up a good point in “How Much Tax Do I Have to Pay on Stocks If I Sell?” –
“Make sure you know what you'll pay before you sell your shares”.
I often put clients in shock when I tell them what they owe – mostly because of large capital gains. And they are sometimes subject to penalties because of underpayment of estimated tax or, because the final corrected brokerage statement frequently arrives late in the season, late payment of tax due to GD extensions.
Review your gains quarterly and make estimated taxes if necessary.
* Barbara Weltman lists CNN’s “Best Cities in the U.S. for Small Businesses” at BARBARA’S BLOG.
They are –
1. Manchester, NH
2. Dallas, TX
3. Richmond, VA
4. Austin, TX
5. Knoxville, TN
6. Nashville, TN
7. Houston, TX
8. Ft. Collins, CO
9. Boulder, CO
10. San Antonio, TX
The only city on the list I would even consider living in is San Antonio – and while I might consider it I would not move there.
* Jason Dinesen follows up on last week’s post on RMDs by explaining “How to Calculate an RMD” at DINESEN TAX TIMES.
As Jason points out –
“In almost all situations, your IRA provider (or employer/third-party administrator if it’s a 401(k) plan) will calculate the RMD for you.”
However, when you have multiple IRA accounts but want the RMD for all to come from one you must calculate the RMD yourself and advise the IRA trustees.
It is very important that if you are required to take an RMD that you do – the penalty for not taking an RMD is very high.
THE LAST WORD –
Hey, Tronald Dump. Just so you know.
Being “politically incorrect” is calling a native American an Indian, calling an African-American a black, or calling a disabled individual crippled.
Calling someone fat or ugly, or telling a women you want to see her on her knees, is NOT politically incorrect. It is rude, obnoxious, and offensive.
And calling you a buffoon is simply telling the truth!