It’s hard to believe they would both protest a tariff-created monopoly at the Boston Tea Party and then create one at the first congress.
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Amazon Sales Tax Collection: Coming To Your State Soon!
Amazon is currently collecting sales tax for purchases shipped to nine states. It will begin collecting sales tax on purchases for Virginia in September 2013.
Read More...Marketplace Fairness Act Adds Automation to Tax Confusion
It is not a new tax. It is simply a tax that nearly everyone currently reading this column is successfully evading without prosecution.
Read More...NCEF Seminar in Charlottesville: “Tax Planning for Seniors”
On April 25, David John Marotta discusses details of IRS form 1040 and other tax documents, how you can use your tax return to glean information about your financial habits, and ways to optimize your accounts.
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Tax Planning
A dollar saved on taxes is worth more than a dollar earned. If you earn another dollar, they will just tax you again.
Read More...Tax Season – Wealth Management Carnival #11
With the federal tax filing deadline upon us, here are some articles on little-known tax tips, interesting facts, good advice, and general information about taxes. Some of these are applicable now, and some you might want to store away for next year.
Read More...Keep Working and Hire Financial Professionals
For families with complexity to their finances, hiring a tax professional actually saves them money. Wealth managers bring benefit to such families in the same way.
Read More...Video: Even the Beatles were against highly progressive taxes!
Let me tell you how it will be: There’s one for you, nineteen for me. Should five per cent appear too small, Be thankful I don’t take it all.
Read More...2013 Tax Brackets
2013 brought many changes, many of them small, into the tax code. Here’s a breakdown of the highlights.
Read More...Is 95% of the Trade Imbalance Legal Tax Evasion?
As one of Forbes’s 25 largest fictional companies, Stark International could avoid $4 billion in U.S. corporate taxes with this one simple technique.
Read More...Do Tax Cuts Actually “Starve the Beast”?
Daniel J. Mitchell of the CATO Institute wrestles with the lack of no historical data to support the Starve the Beast model, only to find out that it’s because politicians have never really given it a shot.
Read More...Should We Raise Taxes to Balance the Budget?
The only two ways to balance the federal budget are to spend less or to collect more. Spending less is the preferred method, but that is just not happening. As a result, politics is pushing many in Congress to try to balance the budget by raising taxes.
Read More...Video: How to Check Up On Your Charity
Maybe it is time you checked up on your favorite charities before making your next gift.
Read More...15 Tax Moves For Right Now. Really?
Do any of these ideas suggest any incentive for the highly productive to continue producing?
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Dwight D. Eisenhower on tax cuts and a balanced budget
“Until the deficit is eliminated from our budget, … there is no end to inflation; there is finally no end to taxation; and the eventual result would, of course, be catastrophe.”
Read More...Is a National Sales Tax Really Fair?
Claims of “fair” or even “regressive” or “progressive” depend very much on what is used as the denominator.
Read More...Let the Income Tax Die at Age 100
The income tax penalizes productivity, discourages hard work, and suppresses investment.
Read More...Earned Income Tax Credit (EITC) Punishes Marriage
The maximum income for a couple is not double what it is for a single person. Your spouse’s income can disqualify you from credits you could have received if you had not been legally married.
Read More...Earned Income Tax Credit (EITC) Marriage Penalty of $3,603
The maximum income for a couple is not double what it is for a single person. Your spouse’s income can disqualify you from credits you could have received if you had not been legally married.
Read More...Earned Income Tax Credit (EITC) Marriage Penalty of $8,400
The worst marriage penalty is for couples earning between $26,000 and $60,000 who have three or more children.
Read More...Government taxes $33,356 just because couple decides to get married
You cannot argue this increased tax is their “fair share” simply because they are married.
Read More...New Year’s Resolutions for the Country
To fulfill the financial resolutions of spending less, living within our means, and paying off our debt, the country first needs to encourage production rather than discourage it.
Read More...Trickle-Down Taxation
One of the strange and unintended consequences of targeting the rich with more taxes will be a greater gap between the rich and the poor as employees will shoulder their fair share no matter what.
Read More...The Fiscal Cliff Is Almost Everything the Democrats Want
It is a crisis fabricated 100% by politicians. And avoiding the fiscal cliff is being used hypocritically for additional political gain.
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Tax on Dividend-Paying Stocks Rising to 74%
With the enormous increase in the taxation of dividends, high net worth investors may be tempted to abandon dividend-paying stocks entirely. This is not necessary.
Read More...Capital Gains Tax is an Economic Monkey Wrench (2012)
Tax on capital gains is scheduled to rise and become much more complex at the end of this year. Keeping your head in the midst of these changes can help your bottom line. Government should tax either the value of an asset or its yield but not both.
Read More...Last Chance for a Roth Conversion during 2012
While Roth conversions will be advantageous for some next year, they are advantageous for nearly everyone in 2012.
Read More...Seven Tax-Planning Strategies to Dodge the Tax Bullet
The victors in the recent election have declared it open hunting season on the rich, which they evidently believe will solve our spending problems. Tax hikes everywhere are aimed at the most productive members of society.
Read More...Giving Gifts to the Wrong Beneficiaries–Mistake #5
Knowing which assets to give away to your beneficiaries can save your estate and your beneficiaries big tax bills, even if you have a small net worth. If you plan on making a gift to charity from your estate, you can be even more tax savvy with your giving.
Read More...Failing to Implement the Estate Plan–Mistake #6
One of the most common estate planning mistakes is a plan that is implemented incorrectly. Your estate plan is only worth the paper it is printed on unless you follow through on titling your assets correctly and updating your beneficiary designations.
Read More...Creating Multiple Probate Estates–Mistake #4
If you own real estate in different states, you may be leaving a mess of nightmarish proportions for your executor (the person who oversees and distributes your assets when you die). Here’s how to reduce the headache.
Read More...Fact-checking Romney-Ryan: Does the math add up?
Does flatting and reducing the top rates by 20% and eliminating deductions collect the same amount of tax?
Read More...Failing to Name Beneficiaries on Retirement Accounts and Insurance Policies–Mistake #3
It may surprise you that proceeds from retirement accounts and insurance policies are not divided according to the terms in your will. Instead, these assets pass directly to the beneficiaries you named on the account.
Read More...Small business taxes analysis requires marginal not effective rate
Just over 12% of small business tax returns had gross receipts over $250,000. Their marginal tax return is the highest and tax changes to this group is what has the greatest effect on employment.
Read More...Mailbox: Disturbed by Romney’s tax computation in California
Personally I think it is a mistake to value supporting the government (taxes) higher than supporting society (charitable giving).
Read More...Assuming a Will is All You Need–Mistake #2
Taking the time to create your estate documents may protect your interest as much while you are alive as they will after your death. No matter your age, in addition to a will, you need two additional documents.
Read More...Tax Free $$ for Life (And We’re Not Selling Life Insurance)
You are invited to a NAPFA Consumer Education Foundation event at 5:30pm on Thursday Oct. 18th at the Charlottesville Senior Center.
Read More...Tax records show Republicans overly generous, Democrats excessively stingy.
The hypocrisy of candidates who pretend to be generous with other people’s money while purposefully characterizing those who are actually generous destructively is an issue worthy of consideration when you vote.
Read More...Romney’s Return Suggests He Paid 57.9% in Taxes and Gifts to Charity
Much has been made about Mitt Romney’s tax returns. Reviewing them clarifies both public policy and personal wealth management. A quick calculation assumes their overall tax rate was 14.1%. But this number is highly misleading.
Read More...Romney’s tax returns a stellar example of citizenship and generosity.
The Romney’s generosity and tax burden is hardly the example of greed and avarice that advocates of greater government would have us believe.
Read More...Not Having an Estate Plan–Mistake #1
The worst thing you can do is to do nothing at all and assume everything will pan out in the end. No matter how much (or how little) money you have, you need at least a simple will.
Read More...IRS Notice of Proposed Adjustment for Underpayment/Overpayment (CP2000) for 2010 Roth Recharacterization
Currently the IRS is sending notices to anyone who did a Roth Recharacterization in 2010 asking them to pay as though they kept the entire conversion amount.
Read More...A Progressive Tax Code is Economically Destructive
Most Americans assume a progressive tax code is needed to promote equality and remove some of the burden of other taxes on those with the lowest income. But the progressive nature of the tax code changes behavior in many ways.
Read More...Five Wishes for end of life care
Five Wishes is a national advance directive created by the non-profit organization Aging with Dignity. It has been described as the “living will with a heart and soul.”
Read More...Smart Tax Planning for the Gap Years
Many families seek financial planning advice specifically for retirement. But if they wait too long, they miss an important tax-planning opportunity. A great strategy is to take advantage of the time between retirement and Social Security at age 70, the so-called gap years.
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