30 Kasım 2012 Cuma

Sleep - It's Good For Your Health!

To contact us Click HERE
By Dr. Randall Hensley, D.C., Hensley Chiropractic


Do you sleep like a baby?...awake every two hours, hungry and needing to use the bathroom? Or are you blessed with the ability to fall asleep the minute your head hits the pillow, sleep all night, and wake up feeling refreshed and ready to go? If you are in the later group, good for you. And I mean, good for you! Sleep is very important in maintaining your health and recovering from illness. Sleep allows your body the down time it needs to replenish, rebuild, and remove stress from your systems. If you are not sleeping well consider the following recommendations for a good night's rest. Remember everyone's sleep solutions differ so finding your perfect remedy is unique to you. Try one or all of them!

In addition to the typical remedies such as avoiding caffeine, sipping chamomile tea, or counting sheep, there are many other factors that can affect your sleep quality and duration. For example having a mattress and pillow that suits your particular preference is very important. If you wake up less than “bright-eyed and bushy-tailed” check your bed. As a rule of thumb if you sleep better at a hotel, your in-laws, or when camping...it's likely your bed. You should also be sure to go to bed and wake up at the same time, even on weekends. This builds consistency in your sleep-wake cycle. This “circadian rhythm” is set by your pituitary gland deep in your brain and is triggered by light entering your eyes. Therefore, be sure to sleep in a dark room and then let bright light or better yet let sunshine greet you in the morning.

Other hints include:

  • making your room colder and avoiding hot baths just prior to retiring. (for some overheating the body delays sleep),
  • take a daily “power nap” for 20 minutes just after lunch,
  • participate in moderate exercise earlier in the day to promote physical tiredness,
  • eat healthy, drink plenty of water, cut back on late night snacks such as ice cream,
  • don't play video games or watch overly stimulating or stressful television (news/horror/etc),
  • quit smoking, and don't drink alcohol before bed.
  • use a “white-noise” machine to block out sleep-disturbing noises.
  • Always try to find ways to lower your emotional stress and learn the not-so-simple act of relaxing.
  • If your brain is racing, keep a paper and pen next to your bed to write down those “must-remember-to-do-tomorrow” notes or “must-not-forget-brilliant-ideas” so your subconscious brain can rest easy.
More advanced relaxation techniques include abdominal breathing, progressive muscle relaxation, massage, visual imagery, or cognitive behavioral therapy. You should also visit your favorite chiropractor, acupuncturist, or health care provider to investigate and treat the cause of your insomnia. Chiropractic adjustments for example can decrease pain and increase the secretion of serotonin and melatonin facilitating better sleep. Lastly, keep a “sleep diary” and record how well you slept, what time you went to bed, what you ate or did the night before, etc. This information can help you and your health care providers identify your sleep issues.

Overall, once you find your “perfect” combination of bedding, environment, preparation, timing, mental attitude toward sleep, and professional help, be consistent and don't give up. Soon that biological clock will chime in rhythm with the clock on the nightstand. Sweet dreams and sleep well. 

Tips for Taxpayers Who Can't Pay Their Taxes on Time

To contact us Click HERE
If you owe tax with your federal tax return, but can't afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum.

Here are five tips:
1. File your return on time and pay as much as you can with the return. These steps will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest charges. For electronic and credit card options for paying see www.IRS.gov. You may also mail a check payable to the United States Treasury.

2. Consider obtaining a loan or paying by credit card. The interest rate and fees charged by a bank or credit card company may be lower than interest and penalties imposed by the Internal Revenue Code.

3. Request an installment payment agreement. You do not need to wait for IRS to send you a bill before requesting a payment agreement. Options for requesting an agreement include:
• Using the Online Payment Agreement application and
• Completing and submitting IRS Form 9465-FS, Installment Agreement Request, with your return IRS charges a user fee to set up your payment agreement. See www.irs.gov or the installment agreement request form for fee amounts.

4. Request an extension of time to pay. For tax year 2011, qualifying individuals may request an extension of time to pay and have the late payment penalty waived as part of the IRS Fresh Start Initiative. To see if you qualify visit www.irs.gov and get form 1127-A, Application for Extension of Time for Payment. But hurry, your application must be filed by April 17, 2012.

5. If you receive a bill from the IRS, please contact us immediately to discuss these and other payment options. Ignoring the bill will only compound your problem and could lead to IRS collection action.

If you can’t pay in full and on time, the key to minimizing your penalty and interest charges is to pay as much as possible by the tax deadline and the balance as soon as you can. For more information on the IRS collection process go to or see IRSVideos.gov/OweTaxes.

Start Planning Now for Next Year's Tax Return

To contact us Click HERE

The tax deadline may have just passed but planning for next year can startnow. The IRS reminds taxpayers that being organized and planning ahead can savetime, money and headaches in 2013. Here are eight things you can do now to makenext April 15 easier.

1. Adjust your withholding Why wait another year for a bigrefund? Now is a good time to review your withholding and make adjustments fornext year, especially if you'd prefer more money in each paycheck this year. Ifyou owed at tax time, perhaps you'd like next year's tax payment to be smaller.Use IRS's Withholding Calculator at www.irs.govor Publication 919, How Do I Adjust My Tax Withholding?

2. Store your return in a safe place Put your 2011 taxreturn and supporting documents somewhere secure so you'll know exactly whereto find them if you receive an IRS notice and need to refer to your return. Ifit is easy to find, you can also use it as a helpful guide for next year's return.

3. Organize your recordkeeping Establish a central locationwhere everyone in your household can put tax-related records all year long.Anything from a shoebox to a file cabinet works. Just be consistent to avoid ascramble for misplaced mileage logs or charity receipts come tax time.

4. Review your paycheck Make sure your employer is properlywithholding and reporting retirement account contributions, health insurancepayments, charitable payroll deductions and other items. These payrolladjustments can make a big difference on your bottom line. Fixing an error inyour paycheck now gets you back on track before it becomes a huge hassle.

5. Shop for a tax professional early If you use a taxprofessional to help you strategize, plan and make financial decisionsthroughout the year, then search now. You'll have more time when you're not upagainst a deadline or anxious for your refund. Choose a tax professionalwisely. You are ultimately responsible for the accuracy of your own returnregardless of who prepares it. Find tips for choosing a preparer at www.irs.gov.

6. Prepare to itemize deductions If your expenses typicallyfall just below the amount to make itemizing advantageous, a bit of planning tobundle deductions into 2012 may pay off. An early or extra mortgage payment,pre-deadline property tax payments, planned donations or strategically paidmedical bills could equal some tax savings. See the Schedule A instructions forexpenses you can deduct if you're itemizing and then prepare an approach thatworks best for you.

7. Strategize tuition payments The American Opportunity TaxCredit, which offsets higher education expenses, is set to expire after 2012.It may be beneficial to pay 2013 tuition in 2012 to take full advantage of thistax credit, up to $2,500, before it expires. For more information, see IRSPublication 970, Tax Benefits for Education.

8. Keep up with changes Find out about tax law changes,helpful tips and IRS announcements all year by subscribing to IRS Tax Tipsthrough www.irs.govor IRS2Go, the mobile app from the IRS. The IRS issues tips regularly duringsummer and tax season. Special Edition tips are sent periodically with othertimely updates.

The IRS emphasizes that each household's financial circumstances aredifferent so it's important to fully consider your specific situation and goalsbefore making large financial decisions. 

Please contact us if you have any questions.  801-269-1818


Links:
  • IRS Withholding Calculator
  • Publication 919, How Do I Adjust My Tax Withholding? (PDF)
  • 2011 Form 1040 (Schedule A) (PDF)
  • Publication 970, Tax Benefits for Education (PDF)

Don't Fall for Phony IRS Websites

To contact us Click HERE


The Internal Revenue Service is issuing a warning about a new tax scam thatuses a website that mimics the IRS e-Services online registration page.

The actual IRS e-Services page offers web-based products for tax preparersand payers, not the general public. The phony web page looks almost identical tothe real one.

The IRS gets many reports of fake websites like this. Criminals use thesesites to lure people into providing personal and financial information that maybe used to steal the victim’s money or identity.

The address of the official IRS website is www.irs.gov.Don’t be misled by sites claiming to be the IRS but ending in .com, .net, .orgor other designations instead of .gov.

If you find a suspicious website that claims to be the IRS, send the site’sURL by email to phishing@irs.gov. Use thesubject line, 'Suspicious website'.

Be aware that the IRS does not initiate contact with taxpayers by email torequest personal or financial information. This includes any type of electroniccommunication, such as text messages and social media channels.

If you get an unsolicited email that appears to be from the IRS, report itby sending it to phishing@irs.gov.
The IRS has information at www.irs.govthat can help you protect yourself from tax scams of all kinds. Search the siteusing the term “phishing.”

Links:
  • Suspicious e-Mails and Identity Theft
  • Reporting Phishing
  • Identity Theft resource page
  • Publication 4523, Beware of Phishing Schemes (PDF)
IRS YouTube Videos:
  • Phishing-Malware - English | Spanish | ASL
IRS Podcasts:
  • Protect Yourself From Identity Theft - English | Spanish

Mitt Romney's Taxes and Investments

To contact us Click HERE
I have previously talked about reviewing the presidential candidates tax returns to get inside information on how the wealthy generate wealth.

When reviewing Mitt Romney's 2011 tax return, we found the usual components for a very wealthy man.  A family trust controls most of the assets and had invested in securities from companies with ties to Iran, investments in Chinese oil company, CNOOC.  Plus we found that these questionable investments for a presidential candidate might cause some problems. 

The tax return supports that Mitt Romney were very much aware of these questionable investments as it would relate to the U.S. voters, and sold the stocks!

This blog is NOT about politics, this blog is about tax write offs, tax loopholes and ways to decrease your tax liabilities while increasing your assets, income and peace of mind.  What the tax returns of  wealthy presidential candidates reveals is HOW, the rich get rich.

What you now know is that investing in oil, regardless of which country the investment is affiliated with, is one of the strategies for building wealth. 

As the weeks go by, we will look at more investment strategies of the wealthy.  After all if we duplicate the investment patterns of the wealthy, on a much smaller scale, you too can benefit, even though a lot of details about the taxes are missing, tax experts were still able to determine certain facts.  Read the entire Mitt Romney tax saga

29 Kasım 2012 Perşembe

Dispute Over $7.5 Million in Capital Improvement Funds Simmering in Columbus

To contact us Click HERE
From the Columbus Republic:


A simmering dispute between Columbus Mayor Kristen Brown and the City Council has roiled into public view.
The sparring match is about who should control $7.5 million in spending on capital improvement projects for 2013.
The friction dates to Oct. 2, when the council approved the 2013 city budget, with $46.2 million in spending. It also passed an amendment — proposed by council member Jim Lienhoop — that requires the mayor to seek council approval for certain expenditures from the capital improvement and cumulative capital funds.
http://www.therepublic.com/view/local_story/Mayor-council-member-disagree-_1353992511

Mitt Romney's Taxes and Investments

To contact us Click HERE
I have previously talked about reviewing the presidential candidates tax returns to get inside information on how the wealthy generate wealth.

When reviewing Mitt Romney's 2011 tax return, we found the usual components for a very wealthy man.  A family trust controls most of the assets and had invested in securities from companies with ties to Iran, investments in Chinese oil company, CNOOC.  Plus we found that these questionable investments for a presidential candidate might cause some problems. 

The tax return supports that Mitt Romney were very much aware of these questionable investments as it would relate to the U.S. voters, and sold the stocks!

This blog is NOT about politics, this blog is about tax write offs, tax loopholes and ways to decrease your tax liabilities while increasing your assets, income and peace of mind.  What the tax returns of  wealthy presidential candidates reveals is HOW, the rich get rich.

What you now know is that investing in oil, regardless of which country the investment is affiliated with, is one of the strategies for building wealth. 

As the weeks go by, we will look at more investment strategies of the wealthy.  After all if we duplicate the investment patterns of the wealthy, on a much smaller scale, you too can benefit, even though a lot of details about the taxes are missing, tax experts were still able to determine certain facts.  Read the entire Mitt Romney tax saga

Tips for Taxpayers Who Can't Pay Their Taxes on Time

To contact us Click HERE
If you owe tax with your federal tax return, but can't afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum.

Here are five tips:
1. File your return on time and pay as much as you can with the return. These steps will eliminate the late filing penalty, reduce the late payment penalty and cut down on interest charges. For electronic and credit card options for paying see www.IRS.gov. You may also mail a check payable to the United States Treasury.

2. Consider obtaining a loan or paying by credit card. The interest rate and fees charged by a bank or credit card company may be lower than interest and penalties imposed by the Internal Revenue Code.

3. Request an installment payment agreement. You do not need to wait for IRS to send you a bill before requesting a payment agreement. Options for requesting an agreement include:
• Using the Online Payment Agreement application and
• Completing and submitting IRS Form 9465-FS, Installment Agreement Request, with your return IRS charges a user fee to set up your payment agreement. See www.irs.gov or the installment agreement request form for fee amounts.

4. Request an extension of time to pay. For tax year 2011, qualifying individuals may request an extension of time to pay and have the late payment penalty waived as part of the IRS Fresh Start Initiative. To see if you qualify visit www.irs.gov and get form 1127-A, Application for Extension of Time for Payment. But hurry, your application must be filed by April 17, 2012.

5. If you receive a bill from the IRS, please contact us immediately to discuss these and other payment options. Ignoring the bill will only compound your problem and could lead to IRS collection action.

If you can’t pay in full and on time, the key to minimizing your penalty and interest charges is to pay as much as possible by the tax deadline and the balance as soon as you can. For more information on the IRS collection process go to or see IRSVideos.gov/OweTaxes.

Start Planning Now for Next Year's Tax Return

To contact us Click HERE

The tax deadline may have just passed but planning for next year can startnow. The IRS reminds taxpayers that being organized and planning ahead can savetime, money and headaches in 2013. Here are eight things you can do now to makenext April 15 easier.

1. Adjust your withholding Why wait another year for a bigrefund? Now is a good time to review your withholding and make adjustments fornext year, especially if you'd prefer more money in each paycheck this year. Ifyou owed at tax time, perhaps you'd like next year's tax payment to be smaller.Use IRS's Withholding Calculator at www.irs.govor Publication 919, How Do I Adjust My Tax Withholding?

2. Store your return in a safe place Put your 2011 taxreturn and supporting documents somewhere secure so you'll know exactly whereto find them if you receive an IRS notice and need to refer to your return. Ifit is easy to find, you can also use it as a helpful guide for next year's return.

3. Organize your recordkeeping Establish a central locationwhere everyone in your household can put tax-related records all year long.Anything from a shoebox to a file cabinet works. Just be consistent to avoid ascramble for misplaced mileage logs or charity receipts come tax time.

4. Review your paycheck Make sure your employer is properlywithholding and reporting retirement account contributions, health insurancepayments, charitable payroll deductions and other items. These payrolladjustments can make a big difference on your bottom line. Fixing an error inyour paycheck now gets you back on track before it becomes a huge hassle.

5. Shop for a tax professional early If you use a taxprofessional to help you strategize, plan and make financial decisionsthroughout the year, then search now. You'll have more time when you're not upagainst a deadline or anxious for your refund. Choose a tax professionalwisely. You are ultimately responsible for the accuracy of your own returnregardless of who prepares it. Find tips for choosing a preparer at www.irs.gov.

6. Prepare to itemize deductions If your expenses typicallyfall just below the amount to make itemizing advantageous, a bit of planning tobundle deductions into 2012 may pay off. An early or extra mortgage payment,pre-deadline property tax payments, planned donations or strategically paidmedical bills could equal some tax savings. See the Schedule A instructions forexpenses you can deduct if you're itemizing and then prepare an approach thatworks best for you.

7. Strategize tuition payments The American Opportunity TaxCredit, which offsets higher education expenses, is set to expire after 2012.It may be beneficial to pay 2013 tuition in 2012 to take full advantage of thistax credit, up to $2,500, before it expires. For more information, see IRSPublication 970, Tax Benefits for Education.

8. Keep up with changes Find out about tax law changes,helpful tips and IRS announcements all year by subscribing to IRS Tax Tipsthrough www.irs.govor IRS2Go, the mobile app from the IRS. The IRS issues tips regularly duringsummer and tax season. Special Edition tips are sent periodically with othertimely updates.

The IRS emphasizes that each household's financial circumstances aredifferent so it's important to fully consider your specific situation and goalsbefore making large financial decisions. 

Please contact us if you have any questions.  801-269-1818


Links:
  • IRS Withholding Calculator
  • Publication 919, How Do I Adjust My Tax Withholding? (PDF)
  • 2011 Form 1040 (Schedule A) (PDF)
  • Publication 970, Tax Benefits for Education (PDF)

Don't Fall for Phony IRS Websites

To contact us Click HERE


The Internal Revenue Service is issuing a warning about a new tax scam thatuses a website that mimics the IRS e-Services online registration page.

The actual IRS e-Services page offers web-based products for tax preparersand payers, not the general public. The phony web page looks almost identical tothe real one.

The IRS gets many reports of fake websites like this. Criminals use thesesites to lure people into providing personal and financial information that maybe used to steal the victim’s money or identity.

The address of the official IRS website is www.irs.gov.Don’t be misled by sites claiming to be the IRS but ending in .com, .net, .orgor other designations instead of .gov.

If you find a suspicious website that claims to be the IRS, send the site’sURL by email to phishing@irs.gov. Use thesubject line, 'Suspicious website'.

Be aware that the IRS does not initiate contact with taxpayers by email torequest personal or financial information. This includes any type of electroniccommunication, such as text messages and social media channels.

If you get an unsolicited email that appears to be from the IRS, report itby sending it to phishing@irs.gov.
The IRS has information at www.irs.govthat can help you protect yourself from tax scams of all kinds. Search the siteusing the term “phishing.”

Links:
  • Suspicious e-Mails and Identity Theft
  • Reporting Phishing
  • Identity Theft resource page
  • Publication 4523, Beware of Phishing Schemes (PDF)
IRS YouTube Videos:
  • Phishing-Malware - English | Spanish | ASL
IRS Podcasts:
  • Protect Yourself From Identity Theft - English | Spanish

28 Kasım 2012 Çarşamba

Sleep - It's Good For Your Health!

To contact us Click HERE
By Dr. Randall Hensley, D.C., Hensley Chiropractic


Do you sleep like a baby?...awake every two hours, hungry and needing to use the bathroom? Or are you blessed with the ability to fall asleep the minute your head hits the pillow, sleep all night, and wake up feeling refreshed and ready to go? If you are in the later group, good for you. And I mean, good for you! Sleep is very important in maintaining your health and recovering from illness. Sleep allows your body the down time it needs to replenish, rebuild, and remove stress from your systems. If you are not sleeping well consider the following recommendations for a good night's rest. Remember everyone's sleep solutions differ so finding your perfect remedy is unique to you. Try one or all of them!

In addition to the typical remedies such as avoiding caffeine, sipping chamomile tea, or counting sheep, there are many other factors that can affect your sleep quality and duration. For example having a mattress and pillow that suits your particular preference is very important. If you wake up less than “bright-eyed and bushy-tailed” check your bed. As a rule of thumb if you sleep better at a hotel, your in-laws, or when camping...it's likely your bed. You should also be sure to go to bed and wake up at the same time, even on weekends. This builds consistency in your sleep-wake cycle. This “circadian rhythm” is set by your pituitary gland deep in your brain and is triggered by light entering your eyes. Therefore, be sure to sleep in a dark room and then let bright light or better yet let sunshine greet you in the morning.

Other hints include:

  • making your room colder and avoiding hot baths just prior to retiring. (for some overheating the body delays sleep),
  • take a daily “power nap” for 20 minutes just after lunch,
  • participate in moderate exercise earlier in the day to promote physical tiredness,
  • eat healthy, drink plenty of water, cut back on late night snacks such as ice cream,
  • don't play video games or watch overly stimulating or stressful television (news/horror/etc),
  • quit smoking, and don't drink alcohol before bed.
  • use a “white-noise” machine to block out sleep-disturbing noises.
  • Always try to find ways to lower your emotional stress and learn the not-so-simple act of relaxing.
  • If your brain is racing, keep a paper and pen next to your bed to write down those “must-remember-to-do-tomorrow” notes or “must-not-forget-brilliant-ideas” so your subconscious brain can rest easy.
More advanced relaxation techniques include abdominal breathing, progressive muscle relaxation, massage, visual imagery, or cognitive behavioral therapy. You should also visit your favorite chiropractor, acupuncturist, or health care provider to investigate and treat the cause of your insomnia. Chiropractic adjustments for example can decrease pain and increase the secretion of serotonin and melatonin facilitating better sleep. Lastly, keep a “sleep diary” and record how well you slept, what time you went to bed, what you ate or did the night before, etc. This information can help you and your health care providers identify your sleep issues.

Overall, once you find your “perfect” combination of bedding, environment, preparation, timing, mental attitude toward sleep, and professional help, be consistent and don't give up. Soon that biological clock will chime in rhythm with the clock on the nightstand. Sweet dreams and sleep well. 

Revenue Finds Connection Charges and System Development Charges Subject to Utility Receipts Tax

To contact us Click HERE

The taxpayer is an Indiana for-profit utility company ("Utility") that offers sanitation and sewer services to both residential and commercial customers in Indiana. Utility is taxed as an S-corporation and has been incorporated since the 1980s.... 
In the course of the Department's URT audit, Utility provided URT returns for the years at issue. According to the Department's audit summary, the returns showed that Utility had remitted URT on sewer service user fees it received from its residential and commercial customers. However, a review of Utility's revenue accounts in its general ledger showed that there were receipts from other ledger accounts that should have been included in the URT returns. The additional taxable receipts fell into two categories, as determined by Utility: "Connection Fees," and "Contributions in Aid of Construction" ("CIAC")....
The particular "connection fees" at issue in this protest are fees that Utility collects from housing developers. Utility is responsible for providing access to sewer lines so that individual and commercial residents have sewer services at their locations. Developers actually install those lines. For the years at issue, Utility collected $305 from developers for each residential or commercial location to cover the cost of a sewer permit and the fee Utility paid to an engineering firm to inspect and approve the sewer pipes (installed by developers) that run from the locations where the sewer services will be used to the main sewer line. The engineering firm was responsible for ensuring the pipes were connected correctly according to Utility's specifications.
The Department's audit subjected these fees to URT under IC § 6-2.3-1-4, the URT definition of "gross receipts." ...

Even if, for the sake of argument, these "connection fees" were not in and of themselves subject to URT, under IC § 6-2.3-3-2 they would be taxable because Utility did not separate taxable receipts from non-taxable receipts in its records or returns.
Therefore, the protested "connection fees" were properly subjected to URT....

The Department's audit imposed URT on fees the audit called "Contributions in Aid of Construction" ("CIAC") and which Utility referred to as "System Development Charges" ("SDC")... 
According to Utility, the SDC implicated in this protest was a $2,400 fee that Utility collected from developers for each household that was provided or was to be provided sewer service. Utility explained that of that amount, $1,050 was remitted to the local municipality (hereinafter referred to as the "Town") to cover the additional sewer capacity needed to accommodate the anticipated additional households that would be included in the Town's sewage system as the Town grew. In its letter to the Department dated November 11, 2010, Utility refers to this amount as the "Town Portion" and states that it "is collected on behalf of and as an agent for the Town pursuant to a Wholesale Sewer Agreement between [Utility] and the Town...." The remaining portion of the fee, Utility explains, was money Utility itself used, or would use, in its own plant to upgrade sewer pumps and to expand its own sewer capacity to accommodate residential growth and the resulting additional demand placed on its infrastructure.
The Department's audit subjected these receipts to URT also pursuant to IC § 6-2.3-1-6 which states that payment of a taxpayer's expenses, debts, or other obligations by a third party for the taxpayer's direct benefit is subject to URT....
Again, in light of the Indiana legislature's imposition of URT on a broad definition of taxable gross receipts and the fact that the legislature clearly stated exemptions and deductions from URT that did not include the sort of exclusion Utility proposes, the Department takes a different view of these SDCs. The SDCs are "in consideration" for the permitting and inspection of tangible personal property installed to directly provide utility services to new specific, individual delivery points; i.e., the existing locations at which the retail sale by Utility of the utility services will occur. IC § 6-2.3-1-4; IC § 6-2.3-3-10. These SDCs are therefore "in consideration of the retail sale of utility services for consumption."
Utility further argues that these are not retail but wholesale transactions. IC § 6-2.3-3-5 is the only URT statute that references "wholesale" sales and the reference to wholesale sales is to those sales that take place between two utilities. This is not the case in this instances. All of the protested transactions are connected to the retail sale of utility services.
Based on all of the above, the SDCs were properly subjected to URT.
http://www.in.gov/legislative/iac/20121031-IR-045120570NRA.xml.html

Editorial Argues Pence Tax Promise Should be Reconsidered

To contact us Click HERE
From the Fort Wayne Journal-Gazette:


Nearly two months before Gov.-elect Mike Pence takes office, legislative leaders from his own party have already expressed reservations about his campaign pledge to give Hoosiers a 10 percent cut on state income taxes.
At a legislative preview conference last week, Senate President Pro Tem David Long expressed caution about the tax cut, which would cost $500 million. He noted that lawmakers already have to decide how to make up for a phased reduction of the state corporate income tax and phased elimination of the state inheritance tax. Gambling revenue also is down.
House Speaker Brian Bosma was even more doubtful, noting that the previous balance between sales and income taxes already is out of whack, suggesting the state relies too much on sales taxes. An income tax cut would only exacerbate the imbalance.
Hoosiers have other reasons not to be optimistic about a state income tax cut. A $500 million tax cut would have to be accompanied by a spending cut of an equal or nearly equal amount after state government has already slashed state spending to the detriment of the most vulnerable Hoosiers. And some lawmakers rightly advocate for new spending on preschool education, an area where Indiana sorely lags other states.
Pence’s proposal also must be put into perspective.
A 10 percent cut of Indiana’s income tax rate of 3.4 percent would be just over one-third of 1 percent. For a household making the average income of about $35,000, that would be a cut of just $2.29 a week.
Certainly, any tax cut is often welcome. But Hoosier lawmakers in the past have failed to save surplus revenue when times were good, only to find the state coffers short when the economy slipped. Perhaps Pence’s administration and lawmakers will find a way to make such a cut work. But a campaign promise that butts up against contrary reality is one that should not be kept. And Pence’s promise appears to be contrary to the state’s best interests.
http://www.journalgazette.net/article/20121126/EDIT07/311269998/0/SEARCH

Accounting Errors Continue to Plague Tipton County Auditor

To contact us Click HERE
From the Kokomo Tribune:

Accounting errors continue to plague the Tipton County Auditor’s office as efforts to balance the books slowly move forward.

Jacque Clements, the Maximus consultant, hired by the county earlier this year to resolve problems following the resignation of Amanda Inman as Auditor in June, said there is a negative balance in the drainage improvement fund of the Tipton County Surveyor’s office.

“The money hasn’t gotten over to the improvement fund,” Clements told members of the Tipton County Council Tuesday. “We’re working with the surveyor’s office to determine how much money should be in the drainage maintenance and drain improvement funds. I believe the money is there, but is in the wrong fund.”

Councilman Brad Nichols said errors continue to be found in the county’s ledgers but the corrections are not being made by the auditor’s office.
...

See the full article here:

http://kokomotribune.com/local/x1752034768/Accounting-problems-continue-in-Tipton

Mitt Romney's Taxes and Investments

To contact us Click HERE
I have previously talked about reviewing the presidential candidates tax returns to get inside information on how the wealthy generate wealth.

When reviewing Mitt Romney's 2011 tax return, we found the usual components for a very wealthy man.  A family trust controls most of the assets and had invested in securities from companies with ties to Iran, investments in Chinese oil company, CNOOC.  Plus we found that these questionable investments for a presidential candidate might cause some problems. 

The tax return supports that Mitt Romney were very much aware of these questionable investments as it would relate to the U.S. voters, and sold the stocks!

This blog is NOT about politics, this blog is about tax write offs, tax loopholes and ways to decrease your tax liabilities while increasing your assets, income and peace of mind.  What the tax returns of  wealthy presidential candidates reveals is HOW, the rich get rich.

What you now know is that investing in oil, regardless of which country the investment is affiliated with, is one of the strategies for building wealth. 

As the weeks go by, we will look at more investment strategies of the wealthy.  After all if we duplicate the investment patterns of the wealthy, on a much smaller scale, you too can benefit, even though a lot of details about the taxes are missing, tax experts were still able to determine certain facts.  Read the entire Mitt Romney tax saga

27 Kasım 2012 Salı

Revenue Holds that RVs and Travel Trailers are "Like Kind" Products for Like Kind Exchange Deduction

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Taxpayer is an Indiana dealer selling recreational vehicles("RVs"), travel trailers, and parts. Pursuant to an audit, theIndiana Department of Revenue ("Department") determined that, during2009, 2010, and 2011 tax years, Taxpayer failed to collect and remit the grossretail tax ("sales tax") on several of Taxpayer's sales whereTaxpayer used a discount when a customer traded in a travel trailer to purchasean RV, or when a customer traded in an RV to purchase a travel trailer. TheDepartment's audit assessed sales tax, interest, and penalty.
The only issue that Taxpayer protested concerns RV sales forwhich Taxpayer's customers traded in travel trailers, and travel trailer salesfor which the Taxpayer's customers traded in RVs ("trade-ins"). Forthese sales, Taxpayer deducted the trade-in amount ("trade-inallowance") from the sales price of the RVs or travel trailers they soldin the trade-in, depending on the transaction. Taxpayer thus claimed that itwas entitled to the "trade-in allowance" because the trade-ins were"like kind" exchanges, and not subject to sales tax. The Department'saudit disagreed that travel trailers and RVs were "like kind"vehicles, and assessed Taxpayer sales tax based on the full amount of the salesprice.
IC § 6-2.5-1-5(b) provides that "'[g]ross retailincome' does not include that part of the gross receipts attributable to... (1)the value of any tangible personal property received in a like kind exchange inthe retail transaction, if the value of the property given in exchange isseparately stated on the invoice, bill of sale, or similar document given tothe purchaser." IC § 6-2.5-1-6 states:
(a) "Like kind exchange" means the reciprocalexchange of personal property between two (2) persons, when:(1) The property exchanged is of the same kind or character,regardless of grade or quality; and(2) The persons exchanging the property both own theproperty prior to the exchange.(b) A "like kind exchange" may be a part of atransaction involving additional consideration other than the exchangedproperty.(c) Notwithstanding subsection (a), a "like kindexchange" does not occur when:(1) The transaction involves more than two (2) persons; or(2) One (1) party to the transaction, through agreement ornegotiation with the second party, acquires personal property for the primarypurpose of exchanging that property for like kind property held by the secondparty.
At the time that the sales occurred, Sales Tax InformationBulletin 28S (February 2008, 200801130 Ind. Reg. 045080050NRA) and Sales TaxInformation Bulletin 28S (December 2009, 20100127 Ind. Reg. 045100029NRA)provided that:
The deduction for a trade-in allowance applies only to"like-kind exchanges" in which the motor vehicle or trailer to betraded in is owned and titled in the name of the customer. A like-kind exchangemeans a motor vehicle traded for another motor vehicle or a trailer traded foranother trailer. A trade-in of a motor vehicle for a trailer is not a "like-kindexchange" and is not deductible in the calculation of the amount of thetaxable gross retail income received by the dealer. Non-like-kind exchanges aremerely another form of a payment to the dealer and do not reduce the dealer'sgross retail income.
Because of this, the audit found that the trade-ins wherepurchasers traded in their RVs upon purchasing Taxpayer's travel trailers, orwhere purchasers traded in their travel trailers upon purchasing Taxpayer'sRVs, were not "like-kind exchanges."
However, Sales Tax Information Bulletin 28S was recentlyupdated, and while the statement above is still included, an exception to theabove statement was added that is pertinent to the case at hand. Sales TaxInformation Bulletin 28S (April 2012, 20120530 Ind. Reg. 045120259NRA) nowprovides that:
Note: one exception to the general rule that a motor vehicletraded in for a trailer does not constitute a "like-kind exchange" iswhen a motorized recreational vehicle is traded in for a non-motorizedrecreational vehicle. In such a case, the Department considers the motorizedand non-motorized recreational vehicles to be like-kind.
Because this update to Sales Tax Information Bulletin 28Sclarifies what was already Departmental policy, for those trade-ins wherepurchasers traded in their RVs upon purchasing Taxpayer's travel trailers, orwhere purchasers traded in their travel trailers upon purchasing Taxpayer'sRVs, these would be considered "like-kind exchanges," and thereforewould be exempt from sales tax.
It should also be noted that, in some instances, Taxpayeralso accepted a boat as a trade-in for a motor home or a travel trailer. A boatis a watercraft. A motor home is a motorized recreational vehicle. A traveltrailer is a non-motorized recreational vehicle. Boats and motor homes or boatsand travel trailers are not items of the same kind. Sales Tax InformationBulletin 28WC (August 2008, 20081001 Ind. Reg. 045080728NRA) provides that"only a watercraft may be traded for another watercraft" and that"a vehicle taken in trade for a watercraft is not a like-kind trade, perstatute, and thus does not reduce the taxable selling price." Thereforethese transactions do not qualify for the like kind exchange treatment.Taxpayer's protest as it pertains to these assessments is denied.
Upon a supplemental audit, the Department will recalculatethe tax due.
http://www.in.gov/legislative/iac/20121031-IR-045120569NRA.xml.html

Lake County Income Tax "A Big 'If'"

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From the Northwest Indiana Times:


Lake County has avoided passing a local income tax over questions about its fairness.The Lake County Council skirted those issues in the past by cutting public spending levels by tens of millions of dollars. However, the budget-makers still came up $15 million short for 2013 because of declining property tax revenues.Lake County is the only county in Indiana without a local income tax, and no one is yet publicly advocating its passage, but it remains an option for an uncertain financial future.Imposing an income tax in the county five years ago floundered over objections the estimated $80 million tax would be imposed on employees instead of employers and its benefits would be unequal.Another concern is whether income taxes collected to lower the county's overall property tax burden would be fairly distributed among the county's 19 towns and cities.Larry Blanchard, a former county councilman who voted against the tax in 2007, complains the law at that time resembled an experiment in redistribution of wealth, since some municipalities would have received more, or less, property tax relief than their residents paid in income tax.This year, council members bought themselves a reprieve by voting to borrow enough money to replace the shortfall for next year. But they expect another deficit in 2014....See the full article here:http://www.nwitimes.com/news/local/lake/lake-income-tax-is-a-big-if/article_4dbd6c1a-8d91-5d15-ac4a-72cc48772357.html