The link above will provide you with eight significant ways to reduce your 2009 tax burden.
For taxpayers who incurred losses in 2009, the article provides ways to quickly monetize these losses via obtaining refunds through carryback of the losses for up to five years.
More information can be obtained at www.blakechristian.com and www.hcvt.com.
Flat Tax System Video Discussion
A recent video on www.newyorkbtv.com where Blake Christian partner of the largest CPA firm headquartered in southern CA discusses the fiscal changes faced in the US and how this affects the US tax system, including the pro and cons of a national sales tax or flat tax and the recent auditing updates by the IRS.
See this video discussion at: http://www.newyorkbtv.com/HCVT/
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Blake Christian discusses the pros and cons of a national sales tax or a flat tax in lieu of the current federal tax system? Blake also looks at other state and federal developments. |
Obama National Health Care Plan – More Taxes / Less Medicare Funding
http://online.wsj.com/article/SB123559630127675581.html
Following through on his campaign promise of raising taxes on the "wealthy", the Obama Administration will be rolling out their $318 BILLION tax hike including expiration of the Bush tax cuts and an increase in personal tax rates from 33% to 35% over the next few years. In addition, a scale-back of home mortgage interest and contribution deductions are also anticipated under President Obama's proposal. Not-for-Profit entities are suffering from the economy just like taxable businesses; therefore, this is an odd time to reduce the tax benefit for home mortgage deductions and reducing the incentive to support charitable organizations, which are typically very efficient in their operations.
Another $316 BILLION of spending cuts tied to: i) reductions in government payments to private health-care providers supplying Medicare services and ii) other healthcare reductions are also planned.
These combined tax increases and spending cuts of $634 BILLION are designed to pay for President Obama's planned Single-Pay Medical Plan.
Download Obama Tax Hikes Feb 26 2009 WSJ
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The Fall of California
Dennis Prager insightfully summarizes the steady decline of the California economy and identifies the architects of its demise.
Download California Destroyed by Left – Dennis Prager
Download CA Tax Rates article 12.2007
2/17 Update
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NEWS ALERT
from The Wall Street Journal
Feb. 17, 2009
President Barack Obama signed into law the $787 billion stimulus package.
http://online.wsj.com/article/SB123487951033799545.html?mod=djemalertNEWS
February 14, 2009 Posting:
Congress has passed the Recovery and Reinvestment Act of 2009 and President Obama is expected to sign this massive spending (62% of the Plan) and tax (38%) bill on Tuesday, February 17th.
2008 and 2009 tax refunds can be maximized by evaluating these new provisions – many applicable to the 2008 tax year.
While the $789 billion package was ultimately shaved down by approximately $100 billion during the Conference Committee phase, it is still a very bloated plan with only a small percentage devoted to infrastructure projects. Only 3 Republican Senators (and no House Republicans) voted for the bill.
Over the weekend, the vast majority of congressmen interviewed admitted they had not read the document, but cast their votes based on a generally understanding of the provisions. It is doubtful many grasp the magnitude of the dollar amounts contained in the bill. Republican Senator, Mitch McConnell provided the most illustrative quote of what large sums of money are flowing out of the beltway: "If you spent a million dollars every day since Jesus was born, you still would not have spent a trillion dollars". There are lots of zeros floating around in these programs and the long term impact on inflation and the economy is pretty scary.
On a brighter note, the extensive tax revisions (over 50 modification to the Internal Revenue Code)- primarily applicable for 2008 through 2010 tax years are full of favorable tax incentives for a wide variety of taxpayers and industries.
Valuable depreciation benefits, alternative energy incentives and tax loss carryback rules can save small and large businesses millions of dollars over the next few years.
Please read the following summaries for details regarding business and individual tax changes and new tax planning opportunities.
Download 2009 AICPA Corporate Tax Stimulus Article BEC AICPA Corporate Tax Provisions
Download House-Senate-Recovery-Act-Final 2009 CCH Individual and Business Summary
Download CA Budget Status Feb. 16, 2009 WSJ California Budget Update
The Senate passed the American Reinvestment and Recovery Act of 2009 on Tuesday this week.
Following is a summary of the House and Senate Bills:
Download Senate v House Stimulus Bill Comparison
Wasting no time the House and Senate Conferees developed a compromise package which President Obama hopes will pass both houses of congress by early next week. Following is a CCH summary of the Conferees' compromise bill:
Download House-Senate-Recovery-Act-2009 $789 Billion Package with 35% Allocated to Tax Cuts
TARP 2 – Another Trillion Plus
The market and most commentators were more than a little disappointed by Tuesday's roll out of the TARP 2 strategy presented by Treasury Secretary Geithner today. Following are his comments as well as commentary provided by leading market watchers:
Click here to view 29 tax articles covering federal and state tax planning, tax legislation, Stimulus Package, economic matters, strategic planning, etc.:
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