Recent Posts:Tax IncreasesI think we all know by now that there are some hidden tax increases in the Health Care Education Affordability Reconciliation Act patient Protection and Affordable Care Act (long title). Effective 1/1/2013 we will see the medicare tax increase from 1.45% to 2.35% on wages above $250,000(MFJ)/$200,000(Single). We will also see a 3.8% medicare tax on investment income for the same taxpayers. Starting in 2011, Capital Gains has gone up from 15% to 20% and Dividends go from 15% up to as much as 39.6%. Along with this we will see a 3% AGI Itemized Deduction Phase out. I am sure we will see some additional attempts to raise the taxes on those that show an income of $250,000(MFJ)/$200,000(Single). Every single client that I have in this income range are small business owners that are trying to stay above water, working 60, 70 or 80 hours or more a week. Spending many hours per week just to keep some regulator or state agency happy by filling out paperwork, forms, submitting to audits and inspections. Many want to expand and grow their businesses, but have a hard time justifing the return on the time that they spend in the business. Yet, their are those in this country that believe they should take more of their money and give it to the goverment so they can hand it out to people that have become use to living on handouts. I think these people are missing something in how everything works. The group that could be the most effective in getting this country out of the problems that we have are being pressured to give up more of what resources that they have to others that won't do anything productive with those resources. Thsi is excluding the enormous amount of time that is wasted on all the regulations they have to put up with.
Douglas Kossel | 08/19/2011
|
(513)831-9725
