Diane Kennedy's Tax Services

We’re Not Selling Secrets, We’re Selling Strategies

admin — Mon, 05 Jan 2009 08:01:52 +0000

Who doesn’t want to pay less tax? Well, I guess there are a few reasons to NOT pay less tax. You might need to show a certain amount of income to qualify for a full doc loan (which is about the only kind you can get today). You might want to have a higher earned income so you can contribute more to your pension plan (realizing this is the most asset protected structure going right now). You might just not want to mess with tax planning and be happy you have enough money to live. (Although if that were the case, I don’t think you’d be at this site.)

Tax Preparation Just as Important as a Tax Strategy

admin — Mon, 05 Jan 2009 08:01:52 +0000

For years I’ve talked about the importance of having a tax strategy. It’s a proactive, future-based plan that puts you in the driver’s seat. With enough planning, you can plan WHEN you pay your taxes and HOW MUCH you pay in taxes.

Let me say that again: YOU can choose when and how much you pay in taxes.

But there is a secret, you have to plan in advance. In fact, years in advance to get down to the low tax rates like 16% that Warren Buffet (billionaire) pays. By the way, his secretary makes $60,000 per year and she pays 30%. The difference? A tax strategy.

Reporting Real Estate Losses the WRONG Way Causes IRS Audits

admin — Mon, 05 Jan 2009 08:01:52 +0000

One of the many challenges for real estate investors in 2008 was the IRS’s ill-timed audit offensive against anyone with real estate losses. Early in 2008, we started getting rumors of audit teams targeting real estate investors who reported losses from real estate. They started in California, but then when they saw just how many returns they could extract gold from, they expanded the program.

Two Strategies You Must Use in 2009 to Protect Your Wealth

admin — Mon, 05 Jan 2009 08:01:52 +0000

There are two strategies you MUST use in 2009 to protect your wealth.

First: Protect. Protect your income and cash from too much tax. Protect your business and assets from judgments and unscrupulous people. A lot of other people have lost this past year. And unfortunately, some of them have decided you’re the one who should pay for the losses they had. Protect what you have.

Mortgage Crisis, Real Estate Crisis - How Do You Report This On Your Tax Return

admin — Mon, 05 Jan 2009 08:01:52 +0000

We’re almost done with 2008. A lot of investors who were in real estate are going to soon be grappling with one big question: How do I write this all off?

If your real estate went down in value and nothing else happened - you didn’t sell, lose the house or otherwise change your ownership - then life goes on. The investment is reported on your tax return just as it always has been.

If your investments went down in value and you didn’t sell them, then same story. The losses are unrealized (ie, you didn’t sell them or close your position) and so there is no gain/loss to report.

Lawmakers may have to raise gas taxes - Danbury News Times

admin — Mon, 05 Jan 2009 08:01:51 +0000

ABC News

Lawmakers may have to raise gas taxes
Danbury News Times, CT - Jan 2, 2009
But the state made up a little of that money through its 7.53 percent gross receipts tax, which is levied on the wholesale price of gasoline and reflected …
Gas taxes could be increased Meriden Record-Journal
all 869 news articles

County finances holding steady, gross receipts down and overall … - Valencia County News Bulletin

admin — Mon, 05 Jan 2009 08:01:51 +0000

County finances holding steady, gross receipts down and overall …
Valencia County News Bulletin, NM - Jan 2, 2009
Tressel reported that property taxes are up $50300 over last year, while gross receipts tax revenues are down $192000. Overall revenues are up approximately …

Tax credits extend educational choices - Pittsburgh Tribune-Review

admin — Mon, 05 Jan 2009 08:01:50 +0000

Tax credits extend educational choices
Pittsburgh Tribune-Review, PA - Jan 3, 2009
LeFevre said that the state has begun to phase out its Capital Stock and Franchise Tax to help make the state more appealing to business start-ups and …

Some tax help - Times-West Virginian

admin — Mon, 05 Jan 2009 08:01:50 +0000

Some tax help
Times-West Virginian, WV - 21 hours ago
In addition, the rates for the business franchise tax and the corporate net income tax have both been reduced and will continue to decline in the coming …

Obama Eyes $300 Billion Tax Cut - Wall Street Journal

admin — Mon, 05 Jan 2009 08:01:48 +0000

TVNZ

Obama Eyes $300 Billion Tax Cut
Wall Street Journal - 5 hours ago
Mr. Obama's aides argue that even the money going directly to the states could be counted as a tax cut of sorts, since it may forestall state tax increases. …
Senate Minority Leader urging state loans, tax relief for middle class CNN Political Ticker
Obama, Democrats See Need for Speed From New Congress Bloomberg
Tax Cuts, Not Rebate Checks from Obama About - News & Issues
Reuters - Pioneer Press
all 2,419 news articles