Author Archives: Russ

The Election’s Impact on Taxes

Posted on November 8, 2006 by Russ

Come January, the Democrats will be in control of the House and likely the Senate for the first time in over a decade. What will that mean for taxes? First, forget estate tax reform. I can’t see it passing, unless … Continue reading →

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The Tax Court Doesn’t Believe in Alchemy

Posted on November 7, 2006 by Russ

Wouldn’t it be nice if you could turn some worthless material, like pyrite, into something quite valuable, like gold? Sure. But the laws of chemistry don’t allow it. Wouldn’t it be nice to turn ordinary income into a capital gain, … Continue reading →

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US 58, Hovind 0

Posted on November 6, 2006 by Russ

Since we’re still in football season, I thought it would be appropriate to report this story in that format. As I reported earlier, Hovind was accused of 58 counts of tax fraud and related charges. Last Thursday he was found … Continue reading →

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Snipes Didn’t Make a Deal???

Posted on November 4, 2006 by Russ

There’s a possible new entrant into the Bozo Taxpayer’s Hall of Fame: Wesley Snipes. The Tampa Tribune reported that Snipes does not have a deal. Assistant U.S. Attorney Robert O’Neill told the Tribune, “We have no idea where that came … Continue reading →

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California Ballot: Proposition 90

Posted on November 2, 2006 by Russ

Finally, the last of the ballot measures on the statewide ballot. Proposition 90 looks at government “takings” — when property is condemned and utilized. This measure looks to reverse the Kelo decision in California. Opponents of this measure claim that … Continue reading →

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Snipes Makes a Deal

Posted on November 2, 2006 by Russ

According to Variety, actor Wesley Snipes has agreed to surrender to federal authorities upon his return to the United States. He has also reportedly agreed to a repayment plan with the IRS. Snipes is currently in Namibia filming Gallowwalker. Snipes … Continue reading →

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2007 Mileage Rates Announced

Posted on November 2, 2006 by Russ

The IRS announced the 2007 standard mileage rates: $0.485/mile driven for business; $0.20/mile driven for medical or moving; and $0.14/mile driven for service to a charitable organization. The business mileage rate is up 4 cents/mile from 2006. Hat Tip: The … Continue reading →

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California Ballot: Proposition 89

Posted on October 30, 2006 by Russ

Proposition 89 increases corporate tax rates by 0.2% to fund political campaigns. Ignoring the issue of whether or not state-funded campaigns are good ideas, increasing California’s corporate tax rate (already one of the highest in the United States) will do … Continue reading →

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California Ballot: Proposition 88

Posted on October 30, 2006 by Russ

Proposition 88 would increase education funding by taxing every real estate parcel $50. If you live on a 4,000 square foot parcel, you would pay an extra $50. If you live on a two-acre parcel, you would pay an extra … Continue reading →

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California Ballot: Proposition 87

Posted on October 26, 2006 by Russ

Proposition 87 is the next on the agenda. The proposition is titled, “Alternative Energy, Research, Production, Tax on California Oil Producers.” The initiative would increase the tax on oil pumped from California (or, under the state) by at least 25%. … Continue reading →

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