Archive for September, 2007
Basic Tax Planning Ideas
Question: How many here actually understand the basics of tax law?
I know that tax law is not taught in high school and very few take courses that deal with tax law in college. I also understand that only about 40% of tax payers actually try to do taxes themselves.
So when you are arguing here on YA! about how McCain’s tax ideas are worse or that Obama will tax us … do you really know what you are talking about? or are you just going by what you hear in the grapevine? or what?
If you can, tell me how you will be hurt or will benefit from each candidate’s tax plans.
The fact is they are non-issues for most tax payers. both plans.
Answer: > The next time you hear a politician use the
> word 'billion' in a casual manner, think about
> whether you want the 'politicians' spending
> YOUR tax money.
> A billion is a difficult number to comprehend,
> but one advertising agency did a good job of
> putting that figure into some perspective in
> one of it's releases.
> A billion seconds ago it was 1959.
> A billion minutes ago Jesus was alive.
> A billion hours ago our ancestors were
> living in the Stone Age.
> A billion days ago no-one walked on the earth on two feet.
> A billion dollars ago was only
> 8 hours and 20 minutes,
> at the rate our government
> is spending it.
> While this thought is still fresh in our brain...
> let's take a look at New Orleans ..
> It's amazing what you can learn with some simple
> Louisiana Senator,
> Mary Landrieu (D)
> is presently asking Congress for
> 250 BILLION DOLLARS
> to rebuild New Orleans . Interesting number...
> what does it mean?
> Well ... if you are one of the 484,674 residents of New
> (every man, woman, and child)
> you each get $516,528.
> Or... if you have one of the 188,251 homes in
> New Orleans , your home gets $1,329,787.
> Or... if you are a family of four...
> your family gets $2,066,012.
> Washington , D. C
> HEL LO!
> Are all your calculators broken??
> Building Permit Tax
> CDL License Tax
> Cigarette Tax
> Corporate Income Tax
> Dog License Tax
> Federal Income Tax (Fed)
> Federal Unemployment Tax (FU TA)
> Fishing License Tax
> Food License Tax
> Fuel Permit Tax
> Gasoline Tax
> Hunting License Tax
> Inheritance Tax
> Inventory Tax
> IRS Interest Charges (tax on top of tax)
> IRS Penalties (tax on top of tax)
> Liquor Tax
> Luxury Tax
> Marriage License Tax
> Medicare Tax
> Property Tax
> Real Es tate Tax
> Service charge taxes
> Social Security Tax
> Road Usage Tax (Truckers)
> Sales Taxes
> Recreational Vehicle Tax
> School Tax
> State Income Tax
> State Unemployment Tax (SUTA)
> Telephone Federal Excise Tax
> Telephone Federal Universal Service Fee Tax
> Telephone Federal, State and Local Surcharge Tax
> Telephone Minimum Usage Surcharge Tax
> Telephone Recurring and Non-recurring Charges Tax
> Telephone State and Local Tax
> Telephone Usage Charge Tax
> Utility Tax
> Vehicle License Registration T ax
> Vehicle Sales Tax
> Watercraft Registration Tax
> Well Permit Tax
> Workers Compensation Tax
> (And to think, we left British Rule to avoid so many taxes)
> STILL THINK THIS IS FUNNY?
> Not one of these taxes existed 100 years ago...
> and our nation was the most prosperous in the world.
> We had absolutely no national debt...
> We had the largest middle class in the world...
> and Mom stayed home to raise the kids.
> What happened?
> Can you spell 'politicians!'
> And I still have to
> press '1'
> for English.
> I hope this goes around the
> U S A
> at least 100 times
> What the heck happened?????
Personal Financial Planning Tips : How to Create an Investment Portfolio
Charitable Trust In Chennai
Question: How to form a muslim religious charitable trust in Chennai India?
Answer: get some loud speakers , and shout islamb songs.
Practical difficulties that charitable trusts face
Tax Planning Small Business
Question: Under Obamas’ plan for small business, what is the incentive for growth?
If he taxes small business for making $250,000 or more, were is the incentive for growth if you are just under $250,000, or near it for that matter? It seems like there would be no motivation to expand, hire new employees, etc.. because they would be hit with new taxes. Why make people providing jobs pay more in taxes? Also he said he would cut capital gains taxes on small business, but I was under the impression that small business did not pay capital gains taxes but income taxes, which he stated he would raise.
You should really use quotations and state your source Maverick no more, otherwise it is plagiarism. I read the same paragraph and gave a link to it. I know it is off topic, but it is just the right thing to do.
Answer: First of all he will end up having to tax everyone more because those who make over 250 will either stop or go away or hide it. Only those with on the book saleries that high would get taxed and they would simply change the way they are paid so he wouldn't.
So no one who understand politics, business, or makes that much or even half that much believes he could keep the cap there. Anyone who believes that number is out of touch with politics.
The biggest reason Obama should not be president is because he is for larger government and socialist systems of over taxation and handouts which are against the American dream. That system is opposite the ideology of "The Land of Opportunity"
In a socialist system over taxation leads to less productivity and actually less money collected in taxation from the populus.
Instead the government has "programs" to spend money giving it to people so they can live and get by.
With lower taxes government actually collects more tax money because way more business is done, With lower taxes the consumer has more money and the consumer does more business. Also businesses do not leave and go to Mexico or Asia instead they stay here.
Every time money changes hands taxes are made, if you take the money away in taxes less money is made because less money changes hands. So in the capitalist system people are able to obtain the American dream, and in a socialist system they have to rely on govermnet which is going broke because there is less business (and in turn less taxes collected) to hand those who are unemployed (or not making enough to live) for day to day life. Hence that system is what you see in less wealthy countries and more people live in lower economic housing etc.
America has been one of the wealthiest places, and has just about the best if not the best, living conditions for its people of all the countries in the world. America is the land of opportunity. We do not say that about socialist counties because socialist countries not only do not have opportunity, they are poor countries. The fact is people from socialist countries try to immigrate to America all the time, not the other way around.
Government has to have a balance if they over tax than what? They spend more by bailing everyone out because they didn't have enough money to keep business afloat, and without business people have no jobs either? You see if business is gone because of high taxes who has a job? Oops than there would be even less to tax, and a broke government that had poor people that needed money just to buy food. In that system we can forget about any video games or flat screen TVs, those things are only seen in abundance in Capitalist countries.
BTW 64 out of 100 small businesses fail in the first 10 years. I'll get you the stats;
"The authors concluded that cumulatively 64.2% of the businesses failed in a 10-year period -- if failure was measured as discontinuance of ownership -- but only 5.3% actually filed for bankruptcy during a decade"
And that was in a good economy! I have read that 7 out of 10 fail in 5 yrs. but can't find it at the moment you can search the census bureau
Obama's Tax Plan will hurt my small business
Donate Clothing Boston
Question: Where can I donate old clothes and household items in Boston?
Answer: For old clothes there are usually drop off bins located in shopping plaza parking lots.
You can also go to the local Salvation Army or Goodwill, Churches, Senior Citizens homes or other Nearly New Shops.
The above is good for household items and clothes.
Not sure about homeless shelters but I am sure they would love to get some clothes, especially sweaters and blankets, gloves, etc.
Animal Shelters love to accept old blankets or towels.
"A Million Acts of Goodwill"
Charitable Giving Declines
Question: How to politely turn down callers from reputable charities?
I.e. veteran’s/state trooper/firemens fund? I am already signed up with my job to have a small portion from each check to be given to a charitable org of my choice. Also, about once a year I do pledge to a random charity that calls my home. But DANG! it seems more and more call, and they are so persisent. Won’t even let me get a word in edgewise. How can I respectfully decline these orgs, and furthermore have them remove my name from calling list. Its easy for me to say NO to telemarketers, but its hard for me to be so blunt with respectable agencies. Any suggestions?
Answer: Say, "I have a group of charities that I support, and at this time I can't support your group as well. I would like you to remove me from your calling list, and if I am able to support your charity in the future I will phone you. Thank you."
Charitable agencies holiday