This week the blockbuster event of the year . It all ends it says. Who will triumph? Good versus evil. May the best magic win. Love, hate and what the future holds. You think I’m talking about ‘Harry Potter and the Deathly Hallows pt 2′? No, no, no I’m talking about whether Congress will raise the US debt ceiling or not.Who cares about a stupid movie? (Actually we saw it Tuesday night and I thought it was the best of the series; my wife disagreed). This is much more important – real life. (or is it?). We have as many magic tricks and villians and heroes (and dupes) here as anywhere else.August 2 has as much disasterous implications as June 30 did – when Quanitiative Easing 2 stopped. Remember when the stock market dropped 500 points and the dollar became worthless and inflation doubled because the US stopped buying it’s Treasury debt. Oh wait, that’s right, nothing really happened, did it? Oh well, that couldn’t happen again, could it? I don’t know, but I’m sure a deal will be struck at the last hour to avert disaster, just like in the movies (or it won’t.) Exciting, isn’t it?I guess we [...]
Brian’s General Musings
Sorry I didn’t get to blog Monday and Tuesday. Catchup and getting my car serviced didn’t give me any time. Anyway, at least I didn’t fall off the jetski on vacation. It was a lot of fun.
Brian’s Tax Musings
Did you know that if you are on medicare and pay for Part B coverage (either separately or as a reduction in your social security benefits) that if you are self-employed you can take the deduction as self-employed health insurance starting this year. This means you can directly reduce your adjusted gross income by it and not have to take it as an itemized deduction. Before this year you had to set up a 105 Medical Reimbursement Plan to get this treatment.Remember, just like regular health insurance, if you have an S Corporation to get the deduction you have to reimburse the Over 2% Shareholder for the Part B Premiums, then have the corporation deduct the insurance as salary (there is a place to put it on the W2). Then you reduce your additional salary by the self employed health insurance deduction. This is the only way to get this treatment for an S Corporation.Also, I will be in Laughlin from today for rest of the week. Will make my next blog on July 18.