Well, dear readers, it’s that time of year, again. Time for a little health check-up of your finances, year-to-date income, and – gulp – your estimated income taxes for 2010.
Readers who’ve kept up with my articles know that I’m a CPA and I love my work. Helping others do “battle against the beast” is challenging but enjoyable.
Around this time last year, I jotted down a few hundred words regarding what I believe to be an important mid-year review of estimated taxes and periodic payment of those taxes. If you wish, dear readers, you can review that article here.
Everything in that article remains true today – that in itself is something quite remarkable! When it comes to adventures in Tax-land, an up-to-date, valid map, showing the correct route, is difficult to find.
I urge all U.S. taxpayers to take a peek at the article. Since almost all readers of this fine e-zine are above average, I’m sure that peek will serve to reinforce you earlier, wise decisions and give you reason to pat yourself on your back.
As I mentioned, the world of taxes is one large, fluctuating blob of confusing rules and regulations. Whenever a Congressman or Congresswomen gets an idea they believe to be better than sliced bread, a change in the tax code usually follows.
Remember, government is a “cost” center, not a “revenue” center and certainly not a “profit” center. Even if government shrunk down to one-tenth or one-ten-thousandth of its current size, it would remain a “cost” center–its cost, though significantly smaller, remains present. Governments do not generate revenue: they obtain revenue from their true source–the taxpayer.
In future articles, I’ll give you the 411 on some of the more involved changes that are coming. Taxes are going up. Reporting and filing returns and reports will be getting even more complex. Even one’s reporting of personal assets in foreign financial institutions is getting tougher. New rules plus changes to existing rules (and unfortunately, no reduction in rules) is the theme of the century so far!
A SHORT ONE
Speaking of changes, this article will be a short one. I’m currently handling quite a few of these check-ups for clients with complex tax situations (ah, the pleasures in life!), so lengthy columns are a luxury I cannot afford this week.
Please use the time saved reading this one by giving yourself a $$$ Check-Up. You may be very happy with what you may discover. For those who may need a little help: Help is no further away than a click on the button at the top of the page (or here).