We’ve been using T-accounts for a long time!
The First Middle Class Tax Increase
The temporary decrease in the employee portion of the Social Security Tax is set to expire December 31, 2012. Neither party seems inclined to extend it. Since the Social Security Tax wage base is $110,00, employees earning over $110,000 do not pay this tax. This indicates that this rise in tax rates will only affect the lower and middle class.
Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much?.
Submerged Government Assistance
Suzanne Mettler and John Sides write in their NY Times article that 96% of Americans have relied on government assistance. This includes the deduction for mortgage interest and tax free employer paid health insurance. They call these submerged government social policies. In my opinion, these are the two most likely tax benefits that we will lose in order to balance the federal budget. They also note that ideology determines whether we label government policies as used by producers or moochers.
How do you solve a problem like Maria?
Don’t lease too much office space.
Be prepared to offer frequent feedback.
Be flexible.
3 Ways Millennials Will Change The Face Of Business : Lifestyle :: American Express OPEN Forum.
Good for the goose? Deferred Comp for Private Equity Fund Managers
“Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes.”
Alfred Eisenstaedt/Time & Life Pictures, via Getty Images
— Judge Learned Hand, 1934
Private Equity fund managers use waived management fees to make required contributions to fund a new acquisition of their funds. This is similar to receiving a partnership interest for services which is clearly taxable. Ultimately, the managers pay the cap gain rate on this investment rather than the ordinary income rate. Why doesn’t the IRS challenge this?
A Private Equity Tax Tactic May Not Be Legal – High & – Low Finance – NYTimes.com.
Have “the Talk”
Many children aren’t learning much about money from their parents, a new survey shows.
Three in 10 parents never talk to their children about money or have had just one big talk with their children on the subject, according to a U.S. telephone survey conducted for the AICPA by Harris Interactive.
Read the whole article:
Non Cash Charitable Contributions
Although touted as a database to keep track of collectibles, it looks to be a great way to document those non cash charitable contributions of household goods.
Collectibles database – Komando.com, Website for The Kim Komando Radio Show®, Komando Downloads.
Plan your meals – Komando.com, Website for The Kim Komando Radio Show®, Komando Downloads
I’ve always heard that the best way to save money at the grocery store is to shop with a list and to avoid impulse purchases. Here’s technological help!
Plan your meals – Komando.com, Website for The Kim Komando Radio Show®, Komando Downloads.
Per Diem Trivia
Thanks and a hat tip to the US State Department:
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If TV interferes with my melat…
If TV interferes with my melatonin production, why is it so easy for me to fall asleep watching? http://t.co/aKZHWLpV via @AddThis