The M Sheets – IRS Pays the Microsoft Tax

The M Sheets - IRS Pays the Microsoft Tax
The M Sheets is a weekly summary of news articles that I didn’t go into depth on, but thought were interesting. IRS Pays Microsoft for Windows XP Support – If you’ve waited until the last moment to file your taxes, don’t worry, you’re not the only procrastinator on the block. Microsoft has finally officially stopped supporting ...

Your IRS Tax Return Is (Apparently) Easy

Your IRS Tax Return Is (Apparently) Easy
A new Associated Press-GfK poll indicated that most people think their IRS Tax Return was both easy to file and correct. 58% percent said it was easy, and 86% said they are “extremely confident or very confident that they filled them out correctly.” This is all despite H&R Block’s constant refrain that self preparers of ...

The Marriage Penalty

The Marriage Penalty
Recent articles in the accounting world have been discussing the return of the “Marriage Penalty” like it’s some terrible CBS sitcom that just won’t go away. The Marriage Penalty has been on hiatus for a number of years, but has the recent tax change really put it back in our primetime lineup? (I’m sorry, the ...

Taxes and Politics

Taxes and Politics
On election night, my overly plush Itasca-resort bed refused to drift me off to sleep. External factors competed vigorously for my sanity: too many pillows, too few blankets, a heater that only pretended to work, looming deadlines, and, of course, election results. So I decided to merge work and politics by huddling into copious layers ...

Taxageddon 2013–Individual Income Tax Edition

Taxageddon 2013–Individual Income Tax Edition
As I discussed before, tax rates are almost certainly going up starting January 1, 2013. The previous post mostly hit Social Security and Medicare, since anyone with a job has to pay those. On top of that increase comes the expiration of the “Bush” tax cuts, which will only affect those who have taxable income. Let’s talk ...

Presidential Debate—My Attempt At Fundamental Questions

Presidential Debate—My Attempt At Fundamental Questions
When I worked as a payroll clerk at my University, I’d often pass a sign that challenged the reader to “Question Everything.” Typically I’d try to question the sign when I walked by, and while I came up with some reasonable examples where it didn’t hold up well (questioning traffic signals as a driver comes ...

Reminder–Your Taxes Will Go Up Next Year

Reminder–Your Taxes Will Go Up Next Year
As a reminder to everyone while you’re preparing your 2013 budgets (everyone else budgets this early, right?), at the start of the new year your taxes will go up. Two years ago, as part of a temporary stimulus, the government cut the employee’s portion of Social Security taxes from 6.2% to 4.2%. This was extended ...

Are We All Tax Hypocrites?

Are We All Tax Hypocrites?
When I sat down this week to start planning next year’s budget (to see if I can lock myself into new 2 year phone contract), I realized I’ll likely be worse off January 1st than I am today. Yes, health insurance costs will go up as always, political pandering aside, but, for once, that won’t ...

Populist Political Anger–Executive Pay Edition

Populist Political Anger–Executive Pay Edition
My Google Alerts popped up this morning with “How Our Tax System Subsidized Bloated CEO Pay,” a blog post on the Huffington Post. I got a little bit excited. “At last,” I thought, “a HuffPo editorial that might have something I agree with.” I don’t tend to scour through their editorials or anything, but the ...

Proof the Media doesn’t know what a ‘loophole’ is

Proof the Media doesn’t know what a ‘loophole’ is
CBS News recently posted a story about the California bill to “close [a] tax loophole.” Apparently, by “loophole” they mean “changing the very clear and concise and purposeful instructions created two years ago.” State income tax is generally determined by taking the Federal Taxable Income and tossing in whatever adjustment the state deems necessary. For ...