3 Ocak 2013 Perşembe

Is Juice a Problem for Children's teeth?

To contact us Click HERE

By Dr. Scott Thompson, DDS - Winning With SmilesFor over 2 generations now juice has been espoused as a health food. Though dentists have been aware for decades this is not really true, it has not been until very recently that the health industry and the medical establishment has taken a closer look at juice. It is definitely not a health food. The question arises if it is even healthy!

Juice now sits on the top of the list as a probable causative agent for the medical chronic disease pandemic facing our children; namely diabetes, obesity, high blood pressure, and osteoporosis, among others. The journals of the American Medical Association and the American Academy of Pediatrics have in recent years recommended that juice be avoided in an infant’s diet. They also recommend that if it is introduced to a toddler that it be limited to 6 oz. daily (a small glass) and consumed with a meal.

Juice is at the top of the list of causative agents for dental disease for our children and youth. For that matter, in today’s culture it probably is equally at cause for adult dental decay.

Juice is worse than soda! That doesn’t mean soda is good; it is also terrible for teeth and health. But, juice is worse. If you look at nutrition data for foods and compare juice with whole fruit, you quickly see what is lost when juice is squeezed from fruit. A couple highlights:

You do get water and calories; i.e., an 8 oz glass of orange juice has the calories squeezed from about 5 oranges. Who ever heard of eating 5 oranges in one sitting? And today we often do this at breakfast and again in the afternoon. Yikes… all those empty calories!

Lost with the fruit when we make juice is a) nearly all the vitamins except some of the water soluble vitamin C, b) insoluble fiber, roughage, c) soluble fiber, unique to fruit and an important aid in digestion, d) and minerals, key components to our enzyme systems that process our body functions. Without the minerals the enzymes cannot use the calories we consume so the calories get stored as fat.

Rarely mentioned about juice is the acid. Acid that will dissolve your teeth. Those of us that took analytical and organic chemistry in college know the issue here. Though organic acids are often called “weak” acids, they are far more effective in organic systems like mouths because of their sustaining power. They don’t register in the pH scale as strong (lower number) as inorganic acids because they hold their acid potential in “reserve.” As the acid is used (dissolving calcium out of teeth) the reserve releases more acid out of solution. This is part of the steady state (homeostasis) systems that sustain organic (life supporting) systems. When misused (juice rather than fruit) the power released can be devastating. It turns out the acid potential (titrateable acid) of juice is nearly twice that of colas!

So put juice at the very top of the destructive beverage list that includes: juice, sports drinks like Gatorade, sodas, juicers and sweet energy teas.

Practice Giving: It's Good for Your Health

To contact us Click HERE
By Ashlei Jackson, Qlixite

The definition of “charity” is the practice of benevolent giving, giving without payment or expectation of a direct return. In light of the efforts being made all around the world to help the people of Haiti, the word charity is everywhere. We often find ourselves helpless or listing reasons why we have nothing to give. However, the act of giving to others is actually healthy for you and it is the one thing you can do that will always benefit you and the ones you love. Best of all you don’t need to put a monetary value to your charity. Small acts of giving go a long way. Since the definition said that we should “practice” charity...and we all resolved to get healthier in 2010...let’s start!

Cultivate Your Mind: You will need to set aside time for yourself on a regular basis. By taking time out of every day to focus on your own needs, you will be more prepared and able to give more to others. In order to continue learning and entertain your brain on a daily basis, you should make a list of all the things you would like learn more about. Sit down and list it all at once or gradually add to the lis throughout the year. Either way, you can continue checking off items on the list as you complete them and it will give you a sense of accomplishment. Ideas: Read one book a month. Schedule time for conversations with your spouse or friend on a current topics. Help your kids with their homework...even that subject you despise. Or better yet ask them about what they learned that day. You’ll connect and possibly learn something new.

Stretch Your Body: One of the best ways to spend the time you have set aside for yourself is to improve your physical health through exercise. You don’t need to do strenuous exercise every day, but you should stretch and get your heart rate moving. This will help reduce stress, keep your body in good shape and even help you sleep better at night. Ideas: Take a walk outside, the view is better than on the treadmill. Take a yoga or couples dance class. Stop at points during your day and just take 5-10 deep breaths. Use the stairs or park in the farthest point of the lot. The more you move, the better you’ll feel.

Give of Your Soul: The most rewarding way to work on your overall health and happiness is to do things that are good for your soul. These are the types of activities that require you set aside time to focus on and give to others - but remember; giving is healthy for you too. It helps you grow your relationships with others, feel fulfilled and show how much you care. One of the easiest ways to give to others is to spend time with them. It often doesn’t cost anything but it can be more rewarding and appreciated than anything you do. And the receivers can be anyone from your kids or parents to the homeless and needy. Ideas: Volunteer. This is a broad concept. Get involved with local organizations and share your ideas. You have skills that can help people around you. Organize a family reunion or special event that brings people together. Get involved with a Church or Spiritual group. Foster a pet. It doesn’t matter if you’re 5, 50 or 85 years old, you always have something to give. Let your mind wander on how you can help others and the opportunities will appear.

Expand your Heart: Mother Theresa is quoted saying “We cannot do great things on this Earth, only small things with great love.” We’re always too busy or too broke to do things on a grand scale so keep it small. Expand the amount of love you have for the people in your life and your problems will seem smaller and less tragic. Ideas: Write a small note to each of the people you work with telling them how much you appreciate them. Look people in the eye and thank them. Smiles are contagious (apparently so are butterfly stickers in this town) so spread them. Valentines Day is coming so follow the youth example and buy a silly box of valentines for everyone you know.
      There is a reason the definition of charity is the “practice” of giving versus the “act” of giving. It was Aristotle who said, “We are what we repeatedly do, excellence, then, is not an act but a habit.”

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. 

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

Increase Your Refund, Saver's Credit for 2012 Tax Return, Have Until April 15, 2013

To contact us Click HERE
Credit Helps Low- and Moderate-Income Workers Save for Retirement

WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead, according to the Internal Revenue Service.
The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

Eligible workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2012 tax return. People have until April 15, 2013, to set up a new individual retirement arrangement or add money to an existing IRA and still get credit for 2012. However, elective deferrals (contributions) must be made by the end of the year to a 401(k) plan or similar workplace program, such as a 403(b) plan for employees of public schools and certain tax-exempt organizations, a governmental 457 plan for state or local government employees, and the Thrift Savings Plan for federal employees. Employees who are unable to set aside money for this year may want to schedule their 2013 contributions soon so their employer can begin withholding them in January.

The saver’s credit can be claimed by:
  • Married couples filing jointly with incomes up to $57,500 in 2012 or $59,000 in 2013;
  • Heads of Household with incomes up to $43,125 in 2012 or $44,250 in 2013; and
  • Married individuals filing separately and singles with incomes up to $28,750 in 2012 or $29,500 in 2013.
Like other tax credits, the saver’s credit can increase a taxpayer’s refund or reduce the tax owed. Though the maximum saver’s credit is $1,000, $2,000 for married couples, the IRS cautioned that it is often much less and, due in part to the impact of other deductions and credits, may, in fact, be zero for some taxpayers.

A taxpayer’s credit amount is based on his or her filing status, adjusted gross income, tax liability and amount contributed to qualifying retirement programs. Form 8880 is used to claim the saver’s credit, and its instructions have details on figuring the credit correctly.

In tax-year 2010, the most recent year for which complete figures are available, saver’s credits totaling just over $1 billion were claimed on more than 6.1 million individual income tax returns. Saver’s credits claimed on these returns averaged $204 for joint filers, $165 for heads of household and $122 for single filers.

The saver’s credit supplements other tax benefits available to people who set money aside for retirement. For example, most workers may deduct their contributions to a traditional IRA. Though Roth IRA contributions are not deductible, qualifying withdrawals, usually after retirement, are tax-free. Normally, contributions to 401(k) and similar workplace plans are not taxed until withdrawn.
Other special rules that apply to the saver’s credit include the following:
  • Eligible taxpayers must be at least 18 years of age.
  • Anyone claimed as a dependent on someone else’s return cannot take the credit.
  • A student cannot take the credit. A person enrolled as a full-time student during any part of 5 calendar months during the year is considered a student.
Certain retirement plan distributions reduce the contribution amount used to figure the credit. For 2012, this rule applies to distributions received after 2009 and before the due date, including extensions, of the 2012 return. Form 8880 and its instructions have details on making this computation.

Begun in 2002 as a temporary provision, the saver’s credit was made a permanent part of the tax code in legislation enacted in 2006. To help preserve the value of the credit, income limits are now adjusted annually to keep pace with inflation. More information about the credit is on IRS.gov.

2 Ocak 2013 Çarşamba

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

Increase Your Refund, Saver's Credit for 2012 Tax Return, Have Until April 15, 2013

To contact us Click HERE
Credit Helps Low- and Moderate-Income Workers Save for Retirement

WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2012 and the years ahead, according to the Internal Revenue Service.
The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

Eligible workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2012 tax return. People have until April 15, 2013, to set up a new individual retirement arrangement or add money to an existing IRA and still get credit for 2012. However, elective deferrals (contributions) must be made by the end of the year to a 401(k) plan or similar workplace program, such as a 403(b) plan for employees of public schools and certain tax-exempt organizations, a governmental 457 plan for state or local government employees, and the Thrift Savings Plan for federal employees. Employees who are unable to set aside money for this year may want to schedule their 2013 contributions soon so their employer can begin withholding them in January.

The saver’s credit can be claimed by:
  • Married couples filing jointly with incomes up to $57,500 in 2012 or $59,000 in 2013;
  • Heads of Household with incomes up to $43,125 in 2012 or $44,250 in 2013; and
  • Married individuals filing separately and singles with incomes up to $28,750 in 2012 or $29,500 in 2013.
Like other tax credits, the saver’s credit can increase a taxpayer’s refund or reduce the tax owed. Though the maximum saver’s credit is $1,000, $2,000 for married couples, the IRS cautioned that it is often much less and, due in part to the impact of other deductions and credits, may, in fact, be zero for some taxpayers.

A taxpayer’s credit amount is based on his or her filing status, adjusted gross income, tax liability and amount contributed to qualifying retirement programs. Form 8880 is used to claim the saver’s credit, and its instructions have details on figuring the credit correctly.

In tax-year 2010, the most recent year for which complete figures are available, saver’s credits totaling just over $1 billion were claimed on more than 6.1 million individual income tax returns. Saver’s credits claimed on these returns averaged $204 for joint filers, $165 for heads of household and $122 for single filers.

The saver’s credit supplements other tax benefits available to people who set money aside for retirement. For example, most workers may deduct their contributions to a traditional IRA. Though Roth IRA contributions are not deductible, qualifying withdrawals, usually after retirement, are tax-free. Normally, contributions to 401(k) and similar workplace plans are not taxed until withdrawn.
Other special rules that apply to the saver’s credit include the following:
  • Eligible taxpayers must be at least 18 years of age.
  • Anyone claimed as a dependent on someone else’s return cannot take the credit.
  • A student cannot take the credit. A person enrolled as a full-time student during any part of 5 calendar months during the year is considered a student.
Certain retirement plan distributions reduce the contribution amount used to figure the credit. For 2012, this rule applies to distributions received after 2009 and before the due date, including extensions, of the 2012 return. Form 8880 and its instructions have details on making this computation.

Begun in 2002 as a temporary provision, the saver’s credit was made a permanent part of the tax code in legislation enacted in 2006. To help preserve the value of the credit, income limits are now adjusted annually to keep pace with inflation. More information about the credit is on IRS.gov.

TEN TAX ISSUES WHICH COULD HAPPEN BY JAN 1, 2013

To contact us Click HERE
The reason that I have taken to time to list the 10 changes which could occur if certain decisions are NOT made in Washington, is because, I am willing to bet you that within the next four years, all or most of these changes will be implemented, one way or another.Here are 10 ways your money could be affected if there is no deal reached by the end of the year
:
  1. Your Income Tax Rates Will Go Up The expiration of the Bush-era tax cuts on Dec. 31 means nearly every American taxpayer will see their rates go up when the rates go back to their 2001 levels. President Obama’s plan to avert the cliff includes keeping the current rates for middle- and low-income earners, while allowing the rates to increase for the highest income levels from 35 to 39.6 percent. Republicans have pushed to keep the tax cuts for everyone.
  2. Your 2012 Tax Bill Will Be Huge As many as 28 million Americans are about to be slammed with the alternative minimum tax because a "patch" to adjust the AMT for inflation will not go into effect unless Congress acts. For middle-class households with kids and earning around $75,000, the AMT will add $3,700 on average to the tax bill for 2012 alone.

  3. Your Paycheck Will Be Smaller The first paycheck of the year is going to be smaller for up to 125 million Americans after the Social Security payroll tax holiday expires on Dec. 31, raising the rate from 4.2 to 6.2 percent.

  4. Your Tax Refund Will Be Delayed The Internal Revenue Service has said that without a deal by Dec. 31, tax refunds could be delayed for as many as 100 million taxpayers as the government agency scrambles to revise tax forms to reflect the changes post-cliff.

  5. Your Kids Will Cost You More Money Among the tax credits that expire on Dec. 31 are several that help lower- and middle-income families with kids, including the Child Tax Credit, Earned Income Tax Credit, Child and Dependent Care Credit, and the American Opportunity Credit. All four revert to lower levels on Jan. 1, which could cost families hundreds to thousands of dollars in lost tax credits, according to CNN Money.

  6. You Cannot Collect Extended Unemployment As many 2 million unemployed Americans won’t be able to collect extended benefits after Jan. 1, when the federal government’s unemployment extension ends as part of automatic spending cuts.

  7. Your Stocks Could Wobble The stock market tumbled on Thursday after Senate Majority Leader Harry Reid (D-Nev.) said it looked like the the country was going to go over the fiscal cliff. Uncertainty over taxes could create more market volatility, experts say, but there is a silver lining: The Fed has promised to keep interest rates low for the next year, and that could help stabilize the economy overall.

  8. If You Use Medicare, It Will Be Harder To Find A Doctor One of the spending cuts that will be enacted on Jan. 1 is a 30 percent reduction in the rates Medicare pays doctors. According to physicians' groups, the pending change has already sent doctors fleeing some health care plans, Forbes reported.

  9. Finding A New Job Will Be More Difficult Mandatory spending cuts slated to start on Jan. 1 will cut into government jobs and jobs dependent on federal contracts. One report from George Mason University estimated that the cuts could cost 2.14 million jobs, the Christian Science Monitor reported.

  10. High Earners Will Pay New Taxes For Obamacare High-earning taxpayers will pay a new 3.8 percent tax hike on net investment income, including income from interest, dividends, capital gains, rental and royalty income. Much of that same income group is also subject to a new .9 percent increase in Medicare taxes. These tax hikes are part of the Affordable Care Act and go into effect on Jan. 1.

1 Ocak 2013 Salı

Where Respondent had Burden, Board Finds Assessor Failed to Support Property's Assessed Value

To contact us Click HERE
The Respondent’s witness first argues that the Petitioner’s property was valued correctly based on the sale price of a former Ritters frozen custard store, which was purchased vacant and remodeled as a Starbucks coffee shop. Surface argument. In making this argument, the Respondent’s witness essentially relies on a sales comparison approach to establish the market value-in-use of the property. See MANUAL at 3 (stating that the sales comparison approach “estimates the total value of the property directly by comparing it to similar, or comparable, properties that have sold in the market.”) In order to effectively use the sales comparison approach as evidence in a property assessment appeal, however, the proponent must establish the comparability of the properties being examined. Conclusory statements that a property is “similar” or “comparable” to another property do not constitute probative evidence of the comparability of the properties. Long, 821 N.E.2d at 470. Instead, the proponent must identify the characteristics of the subject property and explain how those characteristics compare to the characteristics of the purportedly comparable properties. Id. at 471. Similarly, the proponent must explain how any differences between the properties affect their relative market values-in-use. Id.
Here, Mr. Surface merely observed that the “comparable” property was a Ritters frozen custard shop before closing and being reopened as a Starbucks. However, it is not clear that a property is comparable to the subject property simply because it is a fast food restaurant. The property’s size, location, visibility, traffic and access would all play a major role in the value of a commercial property. As the Indiana Tax Court stated in Fidelity Federal Savings & Loan v. Jennings County Assessor, 836 N.E.2d 1075, 1082 (Ind. Tax Ct. 2005), “the Court has frequently reminded taxpayers that statements that another property ‘is similar’ or ‘is comparable’ are nothing more than conclusions, and conclusory statements do not constitute probative evidence. Rather, when challenging an assessment on the basis that the comparable property has been treated differently, the taxpayer must provide specific reasons as to why it believes the property is comparable. These standards are no less applicable to assessing officials.” 836 N.E.2d at 1082 (citations omitted and emphasis added).
The Respondent also argues that the subject property is assessed correctly based on the assessed values of four other McDonalds restaurants in the county. Pursuant to Indiana Code § 6-1.1-15-18(c), “To accurately determine market-value-in-use, a taxpayer or an assessing official may … introduce evidence of the assessments of comparable properties located in the same taxing district or within two (2) miles of a boundary of the taxing district…” Ind. Code § 6-1.1-15-18. In support of its contention, the Respondent submitted property record cards for the subject property and the other McDonalds restaurants. But the property record cards provide no way to compare the assessed values of each of the properties. The subject property’s land value is based on $80,000 an acre with a 125% influence factor; and the comparable properties’ land values ranged from $375,000 an acre to $675,000 an acre – which only supports a finding that different neighborhoods have different land values. Similarly, the building on the subject property was assessed for $565,400; whereas the buildings on the “comparable” properties ranged from $219,000 to $515,700, with no explanation of how the assessor arrived at any of the values. Because the assessor chose not to apply one of the Guidelines models to any of the properties, the Board cannot compare the assessed values of the structures. Thus, the assessed values of the other McDonalds restaurants do not support a finding that the Petitioner’s property was assessed like other properties. Moreover, “the determination of whether properties are comparable shall be made using generally accepted appraisal and assessment practices.” Ind. Code § 6-1.1-15-18. As noted above, a property’s size, location, visibility and access all play major roles in the value of a commercial property. Thus, without evidence that the McDonalds restaurants were similarly located with similar visibility, access and traffic, simply pointing to another McDonalds’ assessment is insufficient to prove the assessment was correct.
There is little question that, had the Petitioner had the burden of proof in this appeal, the case presented by its representative would have fallen far short of the burden to prove the Petitioner’s property’s assessment was in error. As discussed above, however, Indiana Code § 6-1.1-15-17.2 places the burden of proof on an assessor when the assessed value of a property increases by more than five percent between assessment years. Where the assessor fails to support the assessment at issue with probative evidence, the taxpayer has no duty to support its claims with substantial evidence unless it seeks a lower value for the property than the previous year’s assessment. See e.g. Lacy Diversified Indus. v. Department of Local Government Finance, 799 N.E.2d 1215, 1221-1222 (Ind. Tax Ct. 2003) (holding that where a taxpayer with the burden fails to support his claim with probative evidence, the Respondent’s duty to support the assessment with substantial evidence is not triggered).
http://www.in.gov/ibtr/files/System_Capital_Real_Property_53-011-08-1-4-00005.pdf

Revenue Finds Taxpayers to be Indiana Residents for Income Tax Purposes

To contact us Click HERE
Taxpayers (also referred to as "Husband" and/or "Wife") are individuals with a current Florida address. Taxpayers own a house in Indiana. Taxpayers also possess tangible personal property, including automobiles, in Indiana and the automobiles are properly titled and registered at the Indiana Bureau of Motor Vehicles. Additionally, Husband incorporated an Indiana company in 1999 and has been the president of the company since. The company was eventually acquired by a multinational company and became a subsidiary of that multinational company. Husband continues to work for the company as the president of that subsidiary located in Indiana.
In late 2008, Taxpayers purchased another house and additional vehicles in Florida. Subsequently, Taxpayers applied for the Florida homestead exemption for the Florida house and their Florida drivers' licenses. On April 15, 2009, Taxpayers timely filed their married-filing-jointly Indiana income tax return, IT-40 PNR, for the 2008 tax year. Taxpayer, however, did not file their 2009 Indiana income tax return. As a result, the Indiana Department of Revenue ("Department") issued a proposed assessment based on the best information available.
In this instance, Taxpayers claimed that they are not required to file Indiana income tax for 2009 tax year and are not responsible for 2009 Indiana income tax because they became Florida residents in late 2008. To support their protest, Taxpayers provided additional documentation, including copies of Taxpayers' Florida drivers' licenses and excerpts of their federal and state returns showing [a] Florida address. Taxpayers also submitted a letter, dated May 5, 2010, from the county Auditor's Office where Taxpayers' Indiana residence is located, acknowledging that Taxpayers wanted to file their homestead credit in Florida, as well as an e-mail correspondence regarding their October 5, 2010, request. Additionally, Taxpayers offered a copy of their membership certificate to a Florida golf & country club and copies of the monthly statements (bills). Taxpayers further submitted copies of their 2008 and 2009 Florida property tax statements, showing that they were allowed a homestead credit for 2009 in Florida.
Taxpayer is mistaken. Upon reviewing Taxpayers' documentation, its documentation demonstrates that they purchased a residence in Florida, properly insured, and filed their homestead credit in Florida beginning 2009. However, the county Auditor's Office in Indiana was not informed until May 5, 2010, and, thus, the homestead exemption for Taxpayers' Indiana residence remained for 2009 tax year. Additionally, Taxpayers have obtained Florida drivers' licenses and possibly purchased and owned automobiles in Florida. However, Taxpayers also retained their Indiana automobiles and their Indiana drivers' licenses. Thus, the question remains–whether, for the tax year at issue, Taxpayers were domiciled in Indiana and, therefore, considered as Indiana residents.
… Husband continued to work as the president of the same company located in Indiana for the tax year at issue. Husband claimed that, for 2009, he worked from his Florida residence. But, in the company's filings with the state of Indiana, Husband remained at the same Indiana residence. The nature of Husband's employment requires Husband to maintain his contacts in Indiana, to carry an Indiana phone number, and to return to Indiana to perform certain necessary tasks.
Additionally, … Taxpayers here continue to own their Indiana home and tangible personal property including automobiles, which were properly registered with Indiana BMV. Taxpayers' Indiana address continues to be used for their important banking activities. For example, Taxpayers joined the golf & country club in Florida in late 2008 and the monthly statements (bills) for the 2009 tax year at issue were mailed to their Indiana residence. Wife made a payment by personal check, listing Taxpayers' Indiana residence as the address. Additionally, Taxpayers' documentation demonstrates that they spent some time in Florida during 2009; they also returned to Indiana several times during 2009 to be with family members.
As discussed above, "resident" includes any individual who was domiciled in this state during the taxable year. IC § 6-3-1-12(a). "A change of domicile requires an actual moving with an intent to go to a given place and remain there. It must be an intention coupled with acts evidencing that intention to make the new domicile a home in fact.... [T]here must be the intention to abandon the old domicile; the intention to acquire a new one; and residence in the new place in order to accomplish a change of domicile." State Election Bd. v. Bayh, 521 N.E.2d, 1317-18. Thus, given the totality of the circumstances, in the absence of other supporting documentation, the Department is not able to agree that Taxpayers met their burden of proof.
Finally, Taxpayers also argued that they did not have any Indiana sourced income, but the Department is not able to agree. Assuming that for 2009 Taxpayers effectively changed their domicile from Indiana to Florida, Taxpayers' documentation shows that Husband continues to work for the company located in Indiana as the president of the company. The company's filings to the state of Indiana for the year at issue listed that Husband resided in the Indiana residence. Thus, based on the information available to the Department, Husband worked in Indiana and Husband's compensation received from the company would have been Indiana source income and subject to Indiana income tax pursuant to above referenced Indiana law and regulations.
In short, Taxpayers remain obligated to file their 2009 Indiana income tax return and their income is taxable in Indiana.
http://www.in.gov/legislative/iac/20121226-IR-045120638NRA.xml.html

IBJ Calls for Pence to "Ditch the Tax Cut"

To contact us Click HERE
From the Indinapolis Business Journal:

Incoming Indiana Gov. Mike Pence may have spent a decade as a U.S. representative. But he is a neophyte when it comes to managing the state budget—unlike legislative warhorses such as Speaker of the House Brian Bosma and Sens. David Long and Luke Kenley.

We bring up the three—who, like Pence, are Republicans— because they’ve all reacted skeptically to his push to give Hoosiers a fat tax break, a proposal that was the centerpiece of his successful gubernatorial run.
...

On the surface, Pence has a compelling argument for why lawmakers should pull the trigger on a 10-percent reduction in personal income taxes, a move that would cost $500 million a year. While crisscrossing the state in his pickup truck campaigning, he emphasized that Indiana is sitting on $2 billion in reserves, the largest cushion in its history.

But what Pence doesn’t acknowledge are the unprecedented fiscal uncertainties hanging over the state—including costs from the full phase-in of federal health care reform, and potential lost gambling revenue caused by new casino competition in Ohio and Illinois.
...

Normally, it’s admirable for a candidate to try to follow through on his pledges once he wins office. But in this case, the cool reception Pence is getting from voters and fiscal experts in the Legislature should serve as a wake-up call.

Sure, Pence would take some flak for setting aside his call for a tax cut. But unlike the long-term fiscal trouble he could cause by pressing ahead, the fallout would be fleeting.•
See the full article here:

http://www.ibj.com/article?articleId=38723

Homeowners Rush to File for Homestead Deduction

To contact us Click HERE
From the Indianapolis Star:

If you happen to drop past your county courthouse today, you might notice long lines.
The reason is a rush of homeowners stopping by auditors' offices to verify records for their homestead tax deductions....
But a spokeswoman for the Indiana Department of Local Government Finance says it's OK to mail in the form to your local auditor's office as long as it's post-marked today.
But that won't be the last chance. Homeowners who have received the deduction previously but who fail to submit the form will receive a notice early next year of potential termination of the deduction -- along with instructions detailing how to reinstate it, said Jenny Banks, the DLGF spokeswoman.
State officials four years ago asked county officials to send out forms to homeowners seeking verification of information. The goal was to curtail the numbers of people receiving tax credits on homes that were not their primary residences. People who do not verify their records run the risk of losing their homestead deductions -- and paying hundreds more in property taxes as a result.
Most counties now have sent forms three consecutive years -- sending out repeat forms only to those people who have not already filled them out properly and returned them....
The homestead deduction is $45,000 on houses with an assessed value of $90,000 or more, according to state law, and 60 percent of the gross assessed value of houses under $90,000, according to the Indiana Department of Local Government Finance. Homeowners can receive an additional 35 percent of the remaining assessed value through the supplemental homestead deduction.
http://www.indystar.com/apps/pbcs.dll/article?AID=2012212310325

Lake County Auditor Extends Filing Date Until End of January for Homestead Deduction

To contact us Click HERE
From the Northwest Indiana Times:

Lake Auditor Peggy Katona said Monday she will give homeowners until the end of January to file paperwork needed to retain their property tax credits.

Katona said she is extending -- by a month -- the Dec. 31 deadline the state set for residents to complete the pink one-page forms that have been sent to homeowners the last three years.

She said there were reports of homeowners attempting to enter the Lake County Government Center in Crown Point Monday morning to fill out the forms. The Center is closed until Jan. 2.

The state is requiring owners to provide their names, addresses, Social Security numbers, driver's licenses or state-issued identification card number, passport or work visa and sign the form, certifying they are eligible for the reduction of property's assessed value by as much as $45,000 in addition to a supplemental deduction.

The survey is required to create a statewide database that will ensure no one is receiving more than the single credit the law allows for a person's primary residence. Vacation homes and rental properties are ineligible for the credit.

Katona and Porter County officials said in November that 38,000 homeowners had yet to file their forms. The state has demanded that counties crack down on those who fail to fill out the form and verify their homestead eligibility. They face a significant tax increase if the homestead credit is removed.

http://www.nwitimes.com/news/local/lake/lake-auditor-grants-reprieve-for-late-homestead-filers/article_aa30d95a-cf85-5bcc-839c-208315297b94.html