Frist apologizes for tax deal - Whoops

Republican Leaders of Congress Say They Will Strike Deal on Tax Cut

Tax Cuts Don't Resonate With Nontaxpayers  - This shouldn't be any surprise. Our rulers have done an excellent job of pushing most of the tax burden in this country on a minority of the citizens and making the nontaxpayers believe that any tax break for the real taxpayers will be offset by some additional expense or reduced benefits for them.  There is a real undercurrent in this country of wanting to stick it to the evil rich and do anything possible to keep them from getting any breaks.      

Tax cuts: how big and how beneficial?   

Bush must make some tough decisions about the tax cut

There�s a lot of pro-growth action on the Hill - And we know full well that the DemonRats will do everything possible to prevent those bills from becoming law.  They need to keep the economy as hamstrung as possible for the 2004 elections.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/30/2003 09:24:00 PM Send this post:

This isn't too far off track from what really happens with e-filing. I have heard of several cases where e-filed tax returns have been rejected because a dependent had already been claimed on someone else's tax return.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/30/2003 02:53:00 PM Send this post:

The sand bags are courtesy of the DemonRats and the balloons are from the true Republicans (not the RINOs).

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/30/2003 02:46:00 PM Send this post:

A more appropriate illustration of the turncoat Senators would be a rhinoceros, since they are perfect examples of RINOs (Republicans In Name Only).

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/30/2003 01:59:00 PM Send this post:

QuickBooks Checks

Our goal of requiring all of our clients to put all of their personal and business finances on QuickBooks (QB) is proceeding, although quite slowly.  We did scare off a few dozen long time clients, who refused to work with QB and went to other tax pros for services. We don't mind that a bit and are fairly confident that most of them will come crawling back when they see how high the taxes are with their new, less aggressive tax advisors.  That's how things have worked out in the past, when clients left because of displeasure over our high rates and relative inaccessibility.  Somehow, those things aren't as important in the big picture when they discover how much higher their taxes are with less expensive and more accessible tax pros. 

Although most of the remaining clients have QB set up for their books, I have noticed that most of them are still not using one of its most powerful and useful features, the ability to print checks from within the QB program.  They are creating a lot more work for themselves by writing their checks by hand and then entering the data into QB, usually months or years after the fact.  As I have said on several occasions, QB is not meant to be a task in addition to a normal checkbook.  It is intended to replace your checkbook.

You are missing out on one of the biggest time savings aspects of QuickBooks by not having the checks printed from within QuickBooks itself.  By doing so, your books will be constantly up to date, and you will reduce the amount of time it takes for your bookkeeping by more than half.  You can buy blank checks that work with QuickBooks from any check supplier.  They cost almost the same as the checks that you write out by hand.

An even more efficient and inexpensive way to make checks for QuickBooks is to print your own with a program such as VersaCheck.  I have been using it for several years for several different bank accounts.  It really beats having to order 500 pre-printed checks and being stuck with 400 after the bank changes name or the account is closed.  This is also the same program I use that enables us to accept faxed in checks, by making  substitute checks that can be deposited just like regular ones. 

While there will obviously be times when you will need to write a check by hand, and then enter its details into QuickBooks when you return to the computer, most of your checks can be printed from within QuickBooks a lot more efficiently than by hand.  Besides cutting your bookkeeping time in half, this will make tax and financial planning much more efficient because your data will be constantly up to date.  It is impossible to do an accurate job when the books are several months or years behind the times, especially when we need to do income shifting between corporate and personal accounts at the end of the tax years.

I know that most people don't do this just because of normal fear of the new and unknown.  There is also a big misconception that setting things up to print out checks takes several hours of time and is very confusing.  Nothing could be further from the truth.  It takes just a few minutes to adjust the settings for your printer and the style of checks you are using.  I have always preferred the one check per page voucher style checks to be loaded into the paper tray of my laser printers.  The extra stubs are handy for attaching to my copies of the bills that are filed away.  When you are entering the check info, with the first few letters, it remembers the name and fills in the rest.  It also codes the payment to the proper account based on the last check that was made out to that payee.  It saves a huge amount of time.  You can also send the checks in standard window envelopes, saving even more time writing out addresses.  I would never go back to hand writing checks, and neither would anyone else who has used this very handy feature of QuickBooks.    

KMK

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/30/2003 01:02:00 PM Send this post:

Senate Republicans Pressed on Tax Cuts

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/29/2003 06:18:00 PM Send this post:

In the meantime, those of us who have to deal with the tax laws and pay the taxes have to just sit by and watch our rulers duke it out.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/29/2003 10:40:00 AM Send this post:

Treasury chief has to sell tax cuts - That will be quite an uphill battle against the massive volume of outright lies by the left, claiming that the tax cuts are boondoggles only for the evil rich and that they will cause a humongous budget deficit.  The left is terrified of the tax cuts stimulating the economy and giving Bush an easy ride to a second term in the White House.  Sabotaging any chance for an economic recovery is the only hope Queen Hillary has for beating Bush and getting her third term as co-president. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/28/2003 10:04:00 PM Send this post:

Lawmakers try to chip away at Prop 13's two-thirds vote majority - Just as with the Constitution or any other limit placed on the power able to be waged by our rulers, we need to be diligent to prevent increasing encroachment by money hungry folks.   The PRC rulers just can't abide by the two-thirds majority requirement to raise taxes and want to bring it back down to a simple 50% vote.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/28/2003 09:57:00 PM Send this post:

Grassley aims for larger tax cuts

Finding wiggle room on taxes - Will it be $350 billion? $550 billion? Another number?

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/28/2003 08:54:00 AM Send this post:

In House, Fight Brews Over Bush Tax Plan
Ways and Means Panel Targets President's Centerpiece -- Dividend Cut -- for Overhaul

It's not just the Senate that refuses to go along with Bush.  What were all those promises by the GOP about how much they could accomplish when they controlled both Houses and the White House?  It doesn't seem to be going as smoothly as they had envisioned.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/27/2003 08:04:00 PM Send this post:

More Financial Tips for Our Military Personnel

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/27/2003 06:30:00 PM Send this post:

Bush presses tax cut

Bush Launches Tax Cut Offensive

Bush Takes Tax Cut Battle on the Road

In GOP Holdout's State, Bush Pitches Tax Cut

Republicans Have Tax-Cutting Ax to Grind With One Another

Bush criticizes Senate's 'little-bitty' tax-relief proposal - For all of the criticism Bush receives for occasionally mangling the English language, I got a kick out of his use of this phrase yesterday.  His point that we need the full tax break now, and not spread out over ten years, is right on the money.

More . . . or less of a tax cut? - More on the Wall Street Journal's confusion over the level of compromise the Bush team is willing to accept at this point in the process. 

A silver lining - More optimism for the full tax cut.  

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/25/2003 08:09:00 PM Send this post:

Just as in real war, there are often more casualties caused by the actions of our own side than those of the enemy.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/25/2003 03:25:00 PM Send this post:

Reigning In the PRC Tax Collectors

As I've mentioned before, the PRC tax collectors make their IRS equivalents seem like pussycats in comparison.  The California Franchise Tax Board actually trains IRS employees on techniques for squeezing more money out of people.  The FTB has often acted with impunity all over the world in pursuit of tax money.  In a recent court case where the FTB was hot on the trail of someone in Nevada, the victim has been given the green light to pursue the tax collectors for damages for their abusive tactics.  This is very good news for the protection of our rights and has been reported in:

Sacramento Bee

San Francisco Chronicle

Los Angeles Times

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/24/2003 11:25:00 PM Send this post:

How the NY Slimes has been lying about the Bush tax cut.

Optimism about chances of the tax cut making it through.

It looks like the Wall Street Journal is having some problems getting the story straight on the Bush team's fight for the tax cut. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/24/2003 08:09:00 PM Send this post:

How to Shield Your Wallet From Your Parents' Woes - This is an interesting article on how to structure things for the best financial and tax advantages.  It mentions a strategy that I have been using with clients for the past 25+ years; having the kids buy their parents' home and rent it back to them.  Even now, with the replacement of the once in a lifetime exclusion for sellers over 55 with the $250,000 per person tax free gain for anyone, this technique still makes a lot of sense.  It allows the kids to have a high cost basis on the home, claim deductions for depreciation and any other expenses paid for the home.  It also allows a deduction for travel costs to go check on the property.  There are also a lot of estate planning opportunities with the financing of the sale and annual gifting to reduce the balance of the carryback note.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/24/2003 12:55:00 PM Send this post:

GOP senators should support tax cuts 

And their voters should definitely hold them accountable if they turn their backs on this opportunity to reduce the tax burden and increase tax fairness. If they have any brains, the GOP Senators will remember how Bush 41 was punished in 1992 for backing down on his "no new taxes" pledge. GOP voters do seem to have longer memories than their counterparts in the JackAss Party and are more willing to punish their elected rulers for straying from the party line.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/24/2003 10:42:00 AM Send this post:

Strange Bedfellows

It's nothing out of character for the DemonRats and their Fellow Marxist Travelers to oppose capitalism and fairness in the tax code in their class warfare to oppose the elimination of the double taxation of corporate income.  What is a little odd is the selfish opposition to the change in dividend taxation by supposed capitalist financiers, such as the tax free muni and housing tax credit industries, who don't want the competition for investor money that they fear from tax free income from capital stocks. While, there can be genuine philosophical debates over the effects of the removal of the double taxation on the capital markets, these protectionist attitudes show that fans of high and unfair taxes can be found in unlikely places.

KMK

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/23/2003 10:01:00 PM Send this post:

Loopholes

Most people assume that tax loopholes are only used by evil people and companies to avoid paying taxes.  In actuality, loopholes are also used by our rulers to avoid the limitations placed on them by the voters in regard to raising taxes.  This really isn't a new tactic, but out on the Left Coast, the rulers of the PRC have a laundry list of new fees that they are anxious to raise in order to avoid having to comply with the two-thirds vote required to officially raise "taxes."  Splitting hairs with terminology allows the rulers to simply rename levies as "fees" and be free to increase them as much as they want.

KMK

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/23/2003 12:17:00 PM Send this post:

President still seeks full package of tax cuts

Bush planning to press Ohio RINO senator on tax cut

Unions to Campaign Against Tax Cuts

- This is feeling like the pre-trial publicity for a murder case, with each side claiming a willingness to fight to the end and achieve complete victory.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/23/2003 10:38:00 AM Send this post:

White House Eases Stand on Dividend Tax
Cut Could Be Phased In Gradually to Win Passage

This is not a good sign; but we will have to be grateful for anything we can get in the way of increased tax fairness.  Whether Bush will be able to get a bigger tax break later seems doubtful.  If he can't use his current high popularity to get the full enchilada right now, what chance does he have of getting it later, when everyone has completely forgotten about Iraq?  

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/22/2003 09:02:00 PM Send this post:

To Save Tax Cut, Bush Banks on Political Capital - He had better use that capital soon.  In a few weeks, most of the country will have forgotten all about the Iraq war.  In USA politics, it's a constant matter of "what have you done for me lately" with the fleeting attention span most of the media and populace have.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/21/2003 03:48:00 PM Send this post:

Bush turns from war to pressing his case for tax cuts

James Baker, Bush 41's Secretary of State, explains the benefits to the economy of cutting tax rates. 

Has the New York Times actually realized that taxes can only be raised so far before payers leave or do other things to avoid paying them?  Donald Luskin thinks they may have. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/21/2003 11:58:00 AM Send this post:

Not all of our elected rulers are willing to let their personal tax returns be checked out by the media and the public. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/21/2003 11:58:00 AM Send this post:

The New Economy�s Sore Losers - An interesting review of the goofy stock market gyrations over the past decade.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/19/2003 02:58:00 PM Send this post:

States Warn Against War-Related Scams - There will always be scum-suckers who find ways to exploit every tragedy.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/19/2003 02:30:00 PM Send this post:

His Savings Tossed - And Found - Using a fake Liquid Wrench can to hide his money almost cost this man his $600 in savings.

Left behind: Copier slips reveal us - Making copies of your tax returns before mailing them in is a good idea.  Leaving the originals behind at Kinko's is not.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/19/2003 02:19:00 PM Send this post:

Time to eliminate double taxation of dividends  - Excellent advice from Jack Kemp

Back to the economy (stupid!) - Class warfare is always in fashion with the DemonRats.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/19/2003 01:55:00 PM Send this post:

Administration Launches Tax Cut Blitz

GOP moderates, conservatives wage ad campaign battle

Rival GOP Ads Fight Over Bush Tax Cut

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/19/2003 01:32:00 PM Send this post:

Lower tax rates = less power over the peons; something our rulers are loathe to give up.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/19/2003 12:57:00 PM Send this post:

And, what was reported to IRS?  Accounting does have much more room for creativity than most people assume.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 11:18:00 PM Send this post:

TOWARD TAX VICTORY

The laws of capital taxation - Why removing the taxes on corporate dividends is not a tax break for the evil rich, but a remedy to restore fair capitalism to this country.  The stimulus to the economy this will provide scares the heck out of the DemonRats, whose survival as a political party depends on hampering capitalism as much as possible so they can blame Bush.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 08:19:00 PM Send this post:

When It Comes to Taxes, We Need Some Real Pain - Out of sight, out of mind.  So few people comprehend their actual tax burden because, in their minds, they think they are making a profit by getting money back when they file their tax returns.  Eliminating withholding and requiring everyone to write actual checks to IRS will raise the awareness of taxes in this country to a level higher than at any time since the Boston Tea Party.  This is why our rulers will do everything possible to maintain things as they are. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 08:06:00 PM Send this post:

Attacking the RINOs

A group I respect, the Club For Growth, has launched a well deserved attack against the RINO (Republican In Name Only) Senators who are holding up Bush's tax cut plans with a series of ads. They are being called Franco-Republicans in honor of the great support the USA received from the nation of France in the Iraq situation.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 07:11:00 PM Send this post:

David Letterman's Top Ten Signs Your Accountant Is Nuts  - Once again, my invitation to fly to NYC to take part in this annual list was lost in the mail.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 05:44:00 PM Send this post:

Paying Fair With the IRS Can Be an Infuriating Experience

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 11:08:00 AM Send this post:

White House prepared to fight for tax-cut plan

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/18/2003 11:01:00 AM Send this post:

The IRS Isn't the Enemy -- You Tax Cheaters Are - According to the LA Times

Details on PRC Gov. Davis' Tax return

Bush compromises on tax cut - Let's hope he doesn't do as much compromising on this issue as his father did in 1990.

Bush pares tax cut plan to $550 billion

Bush Lowers Goal of Tax Cut Plan in a Concession

The Home-Front War on Taxes

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/17/2003 04:09:00 PM Send this post:

The White House is looking at three tax-cut options

Recipe For A New York Tax Revolt

Gephardt attacks Bush's tax cuts - It would be actual news if the little Missouri Socialist were not attacking tax cuts.

After day on slopes, professionals can catch a tax break - It is no coincidence that professional education seminars are normally scheduled for resort areas.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/17/2003 03:09:00 PM Send this post:

Neal Boortz has some excellent comments on the tax system in this country.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/16/2003 01:02:00 PM Send this post:

A tale of two tax plans - Bush vs the Dims

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/15/2003 12:29:00 PM Send this post:

Our outrageous tax system - I couldn't agree more

Our Income-Tax Monstrosity - End it, don't mend it.

A Step Toward Tax Reform 

Alternative tax sneaking up on millions in US - This ridiculous and unfair tax long ago outlived its usefulness.

Property tax tops list of least-favorite taxes - It is wrong to tax people for owning things.

The Bushies will do whatever it takes to win on tax cuts - Let's hope so.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/15/2003 12:12:00 PM Send this post:

Making the Tax System Fairer - More from the NY Slimes pushing for more money & power for IRS.  The Slimes seems to be in cahoots with IRS in the same way as CNN has been with Saddam Hussein.

Right Direction on Taxes - The Left Coast version of the NY Slimes fights against tax cuts.

Some Taxpayers Don't Owe a Penny - Class envy is very much alive.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/15/2003 11:50:00 AM Send this post:

Outsourcing is the new name of the tax game - Just as I wouldn't even attempt to set up shop in another country and try to interpret its tax laws, I don't see how sending USA tax returns to India to be prepared can work out well for clients.  It does seem to work for cookie cutter style assembly line tax return operations who don't care about personalized service. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 09:44:00 PM Send this post:

GOP cuts deal on Bush tax cut

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 02:29:00 PM Send this post:

Snowe's Tax Cut Fight Frosts GOP Leadership - Not exactly the brightest bulb on the Senate tree.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 01:59:00 PM Send this post:

Most Americans say their taxes are too high  - Closer to the truth than the lefty class warriors want us to believe.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 01:56:00 PM Send this post:

Farce, Tragedy and Taxes - SOP for the sausage factory run by our rulers in DC.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 01:39:00 PM Send this post:

Adjust tax for inflation - The insane AMT snares more people each year due to its fixed thresholds. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 01:38:00 PM Send this post:

Tax Inquiries Fall as Cheating Increases - The New York Slimes does its part to lobby for more IRS money and power.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 01:31:00 PM Send this post:

AP poll finds majority of Americans oppose tax cuts  - If you believe this poll (which I don't), the class warfare propaganda campaign to portray any tax cuts as taking food out of the mouth of starving kids for the benefit of the evil rich, is working. I'm sure the poll questions were slanted in this direction, as is SOP for the media who try to mold public opinion rather than just report on it.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 01:30:00 PM Send this post:

Life In A FishBowl

One of the benefits of being President is the ability to share your private tax information with the public.  The details of Bush's return have been revealed.  The one figure that stands out is the almost $70,000 of charitable contributions.  I can't help but compare that with the $353 total for donations that Al Gore had on his tax return a few years back, on almost the same size income as the Bushes are reporting.  It just seems to perfectly illustrate the old maxim "actions speak louder than words."  Bush is willing to put his money where his mouth is, while Gore and his Fellow Travelers in the JackAss Party like to talk a lot about supporting charitable causes, but can only be generous with other people's (the taxpayers') money.

KMK

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/14/2003 11:25:00 AM Send this post:

U.S. judge in Vegas extends temporary ban on no-income tax book - Anti-tax scammer Irwin Schiff loses another round.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/13/2003 09:20:00 PM Send this post:

As my critics constantly remind us, we should all feel so patriotic about sending as much of our money as possible to our rulers in DC bec