Well here is our sports report. My friend and associate Michael Long’s beloved Auburn won the BCS national championship over Oregon Monday night (the closest thing we will get to a playoff in college football in some time – write to your nearest bowl committee or conference president and complain). Considering the offensive ability of both teams (both averaging close to 50 pts a game), the defense was outstanding. Best game since 2006 (even though my Trojans lost that one). Michael’s contact info is on my website so get in touch with him and he will tell you how great the SEC is (fortunately he is also a great financial planner). Go to: www.briantstonercpa.com/resources On a slightly more important note, last night my Lakers set a team record in LA for holding a team to 57 points (the poor Lebron-less Cavaliers), which beats the old LA record of 66 points. They only won by 55, so they have to work on that.
Brian’s Tax Musings
Just as a point of reference, the standard deduction in 2011 will be $5800 for single and $11600 for married joint, up from $5700 and $11400 in 2010. The dependency exemption (a deduction for you, your spouse and each of your dependents) will be $3700, up from $3650 in 2010. This proves that there is inflation, so why didn’t people on social security get a cost of living adjustment in 2011? It boggles the mind. The Social Security Administration must be in a different Universe (as opposed to the real world) than the rest of us.I mentioned this in an earlier post, but in case you missed it, the standard milage rates for 2011 are:Business 51 cents per mile, up from 50 cents in 2010Medical and moving 19 cents per mile, up from 16.5 cents in 2010Charitable stays at 14 cents a mile, this can’t be changed unless Congress passes a law.Last time I heard, with depreciation, insurance, maintenance, etc, it costs at least 75 cents a mile to operate a car, and that was with gas at $2.50 a gallon. Oh well, at least they didn’t lower it.
Brian’s Tax and General Musings
Guess what? You have an extra three days to file your taxes this year. April 15 falls on a Friday, but because Emancipation Day (a federal holiday – no I never heard of it either) is Friday the 15th, you have until Monday, April 18 to file this year. Also, because October 15 is a Saturday this year, if you file an extension you have until October 17 to file.On a personal note, my daughter Kirsten was honored as Student of the Month at her middle school. This apparently was announced on Friday, but she forgot to tell us until yesterday. Congratulations Kirsten. Oh, she also pulled almost straight As last semester as well (B+ in PE). I would have told you when we got the report card a week ago, but I forgot.