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Killing the Itemized Deduction

The tax code is complicated, and unfortunately, there are few changes that simplify the code. Instead, every change brings with it a series of unintended consequences. One of the changes in the tax code that will come under a Republican administration is the capping of the itemized deduction. For the most part, the itemized deductions [...]

A Letter to the 47%ers

I know who many of your are. I wrote about you in an article titled Who Pays No Tax at All? The math was easy. You’re a couple making just under $60,000 per year, maybe split 50/50, maybe one spouse working full time and the other, shorter hours to be home for when the two [...]

A Bastille Day Roundup 2012

Well, I’m embarrassed to say I learned that the book (and the Broadway show) Les Miserables was not about Bastille Day, but was set some time after. On the other hand, the song by the band Rush was actually about Bastille Day, even though the song itself contained a number of historical inaccuracies. For now, [...]

A Tax Day Roundup

When Paula at Afford Anything wrote Tax Refund: Heck Yea! or No Way, Jose? I thought she was talking to me, as Jose is Spanish for Joe. I’m still not sure. Either way, my vote was for “No Way.” I am in the camp that says a tax refund means I’ve lent out money at [...]

The IRS’ Bad Rap

We like to poke fun at the IRS, and many point the finger at the IRS for our tax code. As tax day approaches, a friendly reminder, it’s congress that writes the rules, all 2500+ pages. U.S. Representative Rob Portman suggested that compliance each year takes 5.4 billion hours. This is 2.7 million person-work-years, a [...]

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