Author Archives: Russ

$20 Billion Deficit a Possibility

Posted on November 15, 2009 by Russ

After the three budget battles during the past 18 months, are Californians ready for the fourth installment of the state budget crunch next Spring? Like it or not, it’s coming. This report notes that a $20 Billion is possible for … Continue reading →

Posted in California | Tagged | 1 Comment

Senator Reid Looking at Increasing Social Security, Medicare Taxes for the Wealthy

Posted on November 15, 2009 by Russ

Senator Harry Reid (D-NV) is looking at increasing the Social Security and Medicare taxes for the wealthy per published reports from last week. Since President Obama has said he won’t increase taxes on those making less than $250,000, this would … Continue reading →

Posted in Legislation | Comments Off on Senator Reid Looking at Increasing Social Security, Medicare Taxes for the Wealthy

The Jock Tax Hits Poker Players

Posted on November 15, 2009 by Russ

Back in 1991, the Chicago Bulls beat the Los Angeles Lakers in the NBA Finals. The Franchise Tax Board (California’s income tax agency) didn’t like the idea that the Bulls took the money and ran, so they implemented the first … Continue reading →

Posted in Gambling | 2 Comments

Comment Policy

Posted on November 15, 2009 by Russ

Since the move to WordPress, the number of comments submitted has ballooned. However, almost all of these comments have been spam. All comments are moderated. If you submit a spam comment, you won’t be able to comment. The only comments … Continue reading →

Posted in Taxable Talk | Tagged | Comments Off on Comment Policy

The Other Winners at the World Series of Poker, Part 2

Posted on November 10, 2009 by Russ

There’s another part to the story of this year’s World Series of Poker main event winner: backing. And it has one tax agency smiling even more, while another will miss out on 50% of an unexpected bounty. This year’s main … Continue reading →

Posted in Gambling | Tagged | 1 Comment

The Other Winners at the World Series of Poker

Posted on November 10, 2009 by Russ

Nine individuals came to Las Vegas this past weekend to compete for the championship of the World Series of Poker. Who would be the lucky winner? And who really got to keep the money? This year’s World Series of Poker … Continue reading →

Posted in Gambling | Tagged | 1 Comment

Homebuyer’s Credit Extended; NOL Loss Changes

Posted on November 9, 2009 by Russ

The Senate passed an extension of the Homebuyer’s credit unanimously, and the House passed it nearly unanimously. So the credit (up to $8,000) has been extended on home purchases until April 30, 2010. There are some changes in the legislation. … Continue reading →

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Traveling Again

Posted on November 4, 2009 by Russ

I’ll be traveling over the next several days. Posting will be light until late next week.

Posted in Taxable Talk | Comments Off on Traveling Again

Why Gamblers Should Dislike PelosiCare

Posted on November 4, 2009 by Russ

Suppose you’re an amateur gambler. Say you’re a college student. You net $45,000 playing poker tournaments. When you determine your annual wins and losses you find that your gross winnings are $800,000 and your gross losses are $755,000. You take … Continue reading →

Posted in Gambling, Legislation | Tagged | 3 Comments

House Health Care Bill Adds Taxes for All and Work for Tax Preparers

Posted on November 1, 2009 by Russ

The 1990-page health care bill that the House will consider has numerous tax provisions. Americans for Tax Reform published a list of some of the changes: – Employer Mandate Excise Tax of 0 to 8% of wages (depends on size … Continue reading →

Posted in Legislation | Tagged | Comments Off on House Health Care Bill Adds Taxes for All and Work for Tax Preparers