Personal Taxes

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Tax Strategies for Anthony Weiner

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Just a few short weeks ago, Anthony Weiner was a rising star in the Democratic party. The seven-term Congressman from New York's Ninth District, straddling Brooklyn and Queens, was a well-respected liberal voice, with frequent appearances on cable news networks and a legitimate shot at becoming Gotham's next mayor. Now, he joins fellow New Yorkers Elliot Spitzer, Chris Lee, and Eric Massa in the Disgraced Politicians Hall of Shame. (Must be something in that New York water). Weiner's already enough of a national laughingstock that we can just skip all the wisecracks you expected when you saw the subject line of this email and get on with it!

Weiner may be on his way out for now, but he's not likely to be gone forever. Former Governor Elliot Spitzer, who left office after being uncovered as a high-end escort service's "Client 9," hosts his own talk show on CNN. New York native and former mayor of Cincinnati Jerry Springer, who

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Health Care and Education Reconciliation Act of 2010

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On March 23, President Obama signed the "Patient Protection and Affordable Care Act." With the next installment on March 30 he signed the companion "Health Care and Education Reconciliation Act of 2010." Together, these two acts represent the biggest change in how the US finances healthcare since Medicare was created back in 1965. Politics aside, It's truly monumental legislation. Just as President Harry Truman gave us the "Fair Deal," now Joe Biden -- as he commented when he thought he was off mic -- has given us the "Big *^@*#*@ Deal."

Healthcare reform has been an intensely political process. Not one single Republican voted for the law in either the House or the Senate. And polls show that Americans are overwhelmingly confused and concerned. They don’t know just what the new law does, and they don’t know how much it’s going to cost. That’s no surprise considering the actual texts of the bills runs over 2,500 pages. I wonder if there is actually any single person who understands it all, not likely.

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Ten Facts about Mortgage Debt Forgiveness

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Yes, the economy is periodically showing some signs of improvement but it is clear the country has a long slow up hill climb ahead before most of us feel the worst is behind us. This is particularly true for families still struggling with what to do with their real estate mortgages when the value of their property is no where close to what they owe on it.

In these situations more and more property owners are finding it makes more sense to take the hit to their credit reports and walk away from the offending property and let the mortgage holder deal with the loss. Setting aside the ethical discussion surrounding this, if you do have mortgage debt forgiven you walk into a whole new complex tax arena. If you're not careful and plan appropriately

Where is my federal tax refund?

While we can all debate the wisdom of having paid or withheld enough taxes to be receiving a refund, the fact is when we do get a federal tax refund it sure is nice to have it arrive.

The Internal Revenue Service has been kind enough to offer a schedule of when you can generally expect your 2009 tax refund based on your filing date. The schedule covers your filing of your refund tax return all the way through the extended due date of October 15, 2010.

To review the refund timing chart or print your own copy click here for the chart in PDF format.

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Fuel for Tax Rate Increases - The Capital Gain Tax Debate

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With the recent release of some IRS statistics that the 400 highest-earning U.S. households reported an average of $345 million in income in 2007, up 31 percent from a year earlier and  the average tax rate for these households fell to the lowest in almost 20 years you can imagine the political hay that may be made.

Each household in the top 400 of earners paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992, the Internal Revenue Service statistics show. Their average effective tax rate was about half the 29.4 percent in 1993.

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Important reminder to most Californians; Don't forget to file new use tax filing due by April 15.

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The state of California is getting even more aggressive at collecting all the taxes the law allows — no matter how small. Use tax is the latest way for the state to look for cash. The Legislature has enacted strict new registration and filing requirements for businesses with gross income of $100,000 or more.

Use tax is like sales tax but you pay it directly to the state, rather than to the retailer. The rule of thumb is: You owe use tax if what you bought would have been subject to sales tax if you purchased it at a local store and you did not pay California sales tax. You generally owe California use tax when you use, store, or consume — in California — tangible personal property purchased from an out-of-state vendor. If the vendor does not collect the California tax on the purchase, the purchaser must pay the tax directly to the state. If you don’t report and pay your use tax in a timely manner, such as with your income tax return, the state will assess penalties and interest.