This article in SMart Money by Bill Bischoff talks about the tax issues facing Lotto Winners. We shoulld all have these problems, plus in California Lotto is not taxable, but it is still an issue. Here is the article:http://www.smartmoney.com/taxes/income/mega-millionaires-big-tax-bills-1334090295769/If you give me your Lotto winnings I will deal withj the tax issues and you won’t have to worry about it.Remember, You can count on us to count for you!
Brian’s Tax Musings – IRS says people filing earlier and getting smaller refunds
In this post by Mary Ann Milbourn in the Orange County Register, people are filing early but getting back a smaller refund:http://economy.ocregister.com/2012/04/09/irs-tax-refunds-drop-this-year/107186/I have noticed the trend of earlier filing in my practice this year, and the lower refunds can be traced to many different factors - more unemployment without withholding, some tax credits expiring, people lowering withholding to get more money in their paychecks. I wish there was data to see what percentage of people have been efiling this year vs paper filing (I bet it is higher since all preparers who file more than 10 tax returns are supposed to efile unless the taxpayer elects to opt out or there is a reason not to efile).Remember, You can count on us to count for you!
Brian’s Tax Musings – IRS Chief warns of inaction of Congress causing Tax Disaster (Again)
Guess what? The head of the IRS is warning that Inaction by Congress could cause taxes to go up by the beginning of next year. Doesn’t he realize that this happens every year or two. Because COngress can’t agree on the shape of the Earth or if it revolves around the sun or not , nothing will happen to the tax code until the last possible moment (again). Here is the article in the Los Angeles Times from the Associated Press:http://www.latimes.com/business/la-fi-0406-tax-disaster-20120406,0,3467584.storyCongress will pass a tax extension well before the end of the year (say December 18 – just before they go on their holiday break) so don’t worry about it! (haha).Remember, You can count on us to count for you!