tax problems for realtors: "Gaming the System"?
- 08/19/14 11:04 PM
America's biggest companies fight like tigers for surprisingly tiny advantages. Grabbing as little as a single extra percent of market share can mean millions in new revenue, especially in popular categories like soft drinks or laundry detergent.
The same is true when it comes to taxes. A chief financial officer who cuts his company's tax rate by a percent or two is a hero — and while his name may not make headlines, his paycheck will show it. The Fortune 500 compete for tax planning talent like baseball teams compete for starting pitchers. General Electric is a great example — … (4 comments)
tax problems for realtors: Most of What Follows Is True
- 08/12/14 11:09 PM
Robert Redford has thrilled movie audiences for decades. He's breathed life into iconic roles like the outlaw Sundance from Butch Cassidy and the Sundance Kid. He's won two Oscars, and even been awarded French Knighthood in the Legion D'Honneur. (It's been a long time since French knights have struck fear in anyone's heart, but it can't hurt when it comes to charming les cinephiles in Paris.) But Redford is far more than just a pretty face on a screen. In 1978, he founded the Sundance Film Festival near his hometown in Utah, establishing himself as the "godfather of indie film." In … (0 comments)
tax problems for realtors: Unnecessary Roughness
- 08/05/14 10:12 PM
Football fans can rejoice — the NFL is finally back! On Sunday night, the New York Giants defeated their cross-state rivals from Buffalo, 17-13, in a meaningless pre-season contest. On September 4, the Packers and Rams kick off a regular season sure to be filled with beer commercials, discount double checks, and brain-numbing concussions. It all leads up to Super Bowl XLIX on February 1 in Phoenix — somewhere on cable television, the pregame show has already begun.
The NFL is no stranger to controversy, and this year's first dustup came early. Baltimore Ravens running back Ray Rice was caught … (3 comments)
tax problems for realtors: Holy Taxes, Batman!
- 07/30/14 02:24 AM
On July 23, Batman turned 75! Everyone knows how the billionaire industrialist Bruce Wayne dons a bat-like costume to protect Gotham City from supervillains like The Joker, The Penguin, and The Riddler. But did you know that he's just as resourceful when it comes to fighting The Tax Man, too? Let's use the occasion of the DC Comics character's Diamond Anniversary to see what bat-deductions he can bring to the fight:
Batman may be a brilliant detective and master martial artist, but he can't protect Gotham all by himself. Dick Grayson was the youngest member of the "flying Graysons" acrobat … (0 comments)
tax problems for realtors: Berkshire Giveaway
- 07/22/14 11:01 PM
Someday, the financial wizards who run things on Wall Street will realize there's "paper to be stacked" opening an Investor Hall of Fame. (Hey, the Rock and Roll Hall makes $40 million a year, and it's in Cleveland.) And when they do, they'll have to dedicate an entire wing to Warren Buffett. The so-called "Oracle of Omaha" has become a rock star among money managers. His chart-topping net worth soared by $37 million per day last year. And his annual Berkshire Hathaway shareholder meeting attracted 40,000 attendees this spring, making it the Burning Man Festival for the cocktail set.
Buffett … (0 comments)
tax problems for realtors: Cleveland Rocks!
- 07/15/14 10:45 PM
Cleveland, Ohio has historically been one of America's most populous and productive cities, peaking as the fifth-largest back in 1920. Today, "C-town" is a shadow of its former glory, another Rust Belt factory town, best known for the Rock and Roll Hall of Fame. But last week, Clevelanders had reason to celebrate once more. Are we talking about the Republican National Committee's decision to host their 2016 nominating convention in the city dubbed "the Mistake on the Lake"? Of course not! We're talking about basketball superstar LeBron James's decision to leave the Miami Heat and return to the city where he … (0 comments)
tax problems for realtors: Inside Job
- 07/09/14 01:09 AM
The IRS currently has nearly 90,000 employees — about the population of Springfield, OH, or Muncie, IN. The vast majority of them are honest, hardworking civil servants, doing their best to navigate the all-you-can-eat buffet of confusion known as "the Internal Revenue Code." They use their training and knowledge to do their sometimes thankless jobs, then head home to their families, secure in knowing they're helping our government finance its operations. But a tiny number of these so-called "servants" use their powers for evil instead of good. They cheat the system to enrich themselves, at the expense of all the rest … (1 comments)
tax problems for realtors: Winning the Real World Cup
- 07/01/14 11:16 PM
Here in the United States, we think our Super Bowl is the biggest sporting event around. Every four years, though, we're reminded that there are nearly seven billion other people on earth — and when it comes to sports, well, their version of futbol is even more popular than ours. This year's Super Bowl reached a record 111.5 million viewers, making it the most-watched event in U.S. history. That sounds impressive — but it pales next to the 3.2 billion who are expected to watch soccer's World Cup.
Of course, some things remain the same no matter how large a … (0 comments)
tax problems for realtors: Words of Wisdom
- 06/24/14 11:22 PM
If you've spent any time online lately, you're familiar with so-called "listicles" — those irresistible lists of trivial facts that pass for "online content" these days. You know what we mean: "13 Cute Cat Videos to Watch Now," or "27 Hot Celebrities Who Overcame Teenage Acne," or even "5 Redesigned Acme Products That'll Help Wile E. Coyote Murder Roadrunner." Listicles may sound like something new, but they've actually been around since Moses came down from Mt. Sinai. And who are we to buck such a popular trend? So here, for your reading pleasure, are "Eight Quotes About Taxes to Put A … (1 comments)
tax problems for realtors: Wanna Bet?
- 06/17/14 11:21 PM
If you're a golfer, you've surely heard of "Long John" Daly, renowned for his distance off the tee. In 1991, he roared onto the scene by winning the PGA Championship as the ninth alternate. In 1997, he became the first PGA player to average more than 300 yards per drive over a full season. Daly can probably hit the ball farther with a shovel or a rake than we can hit it with Callaway's newest and highest-tech driver. He hasn't won a tournament since 2004, but his legion of fans still love him for his bad-boy, "non-country club" appearance and attitude. … (0 comments)
tax problems for realtors: Honey or Vinegar?
- 06/10/14 11:13 PM
Back when you were a kid, your mom said you'd catch more flies with honey than with vinegar. (We're not sure why she thought you'd want to catch flies — she can't have wanted them in her house in the first place.) Apparently, though, Andrew Calcione's mom never gave him that advice. Or maybe he just didn't listen. Either way, that failure to communicate wound up costing him big time. Last year, the IRS was auditing Calcione — a former tax preparer from Rhode Island — for 2008, 2009, and 2010. The IRS argued he owed an additional $330,000 in tax. … (1 comments)
tax problems for realtors: Really?
- 06/03/14 11:11 PM
Why did Willie Sutton rob banks? Because that's where the money is, of course. Why does the IRS focus its attention on income taxes? Same reason! For fiscal 2014, they expect to collect $3 trillion in taxes: $1.4 trillion in individual income taxes, $1.0 trillion in Social Security and Medicare, $332.7 billion in corporate income tax, $154 billion in transportation and excise taxes, and "just" $15 billion in gift & estate taxes. Three trillion dollars sounds like it ought to be enough to finance the government. But of course it's not. So our friends in Washington are constantly searching for more … (1 comments)
tax problems for realtors: Tax Man Asks "What's On The Grill?"
- 05/27/14 10:53 PM
If you're like millions of Americans, you spent last weekend welcoming the unofficial start of summer. (Time to start wearing white again!) You might have enjoyed a day at the pool, a game of tennis, or a round of golf. You may have even hosted a backyard barbecue. If so, you probably didn't realize that serving fancy fare like lobster or crabcakes would impress the tax man as well as your guests — at least, if you live in England. Across "the pond," Her Majesty's Revenue & Customs is the equivalent of our IRS, charged with collecting the taxes that pay … (5 comments)
tax problems for realtors: Oops
- 05/20/14 11:12 PM
Politicians in Iowa, like politicians everywhere, want to encourage their local economy to grow. (Happy voters lead directly to reelection, of course.) But back in 2008, construction in Iowa, like construction everywhere, had slowed because of the recession. So the Hawkeye state's legislators did what they thought was a smart thing. As part of an overall reform that raised the sales tax rate from 5% to 6%, they streamlined the rules regarding heavy construction equipment. Specifically, they said that sales would be subject to the equipment excise tax — but rentals and leases would not. Makes sense, right? Why make construction … (0 comments)
tax problems for realtors: From Russia With Love
- 05/15/14 10:12 PM
The former Soviet republic of Ukraine has become the world's hottest military and diplomatic flashpoint as Ukrainian nationalists face off against pro-Russian separatists. Russian President Vladimir Putin courteously waited until after the Sochi Olympics to seize Crimea, then position troops throughout eastern Ukraine. Now he's announced he'll withdraw the troops he denied dispatching in the first place. But sabers are rattling, and the situation is so volatile that combat could explode before you finish reading this email. The United States obviously wants to avoid that possibility. But Secretary of State John Kerry's best efforts appear to be having little effect. We're … (0 comments)
tax problems for realtors: Donald Sterling's Tax Options
- 05/06/14 11:16 PM
Two weeks ago, few Americans had heard of Los Angeles Clippers owner Donald Sterling. Now, thanks to Sterling's big mouth, we're all talking about him. As President Barack Obama said, "when ignorant folks want to advertise their ignorance you don’t really have to do anything, you just let them talk. And that’s what happened here." National Basketball Association commissioner Adam Silver wasted no time banning Sterling from the league for the rest of life. (No communication with players, coaches, or staff. No practices or games. No owner meetings at cushy resorts or other league activities of any kind.) He announced he … (2 comments)
tax problems for realtors: Toby Keith's "I Love This Tax Problem"
- 04/30/14 01:40 AM
In 2003, country music superstar Toby Keith released "I Love This Bar," the first single from his Shock'n Y'All album. (For those of you under age 25 or so, an "album" is . . . oh, never mind.) Billboard predicted the song would become "a beer-joint staple for years to come," and it promptly shot to #1 on the charts, selling over a million copies. "I Love This Bar" is just one of Keith's odes to drinking — he's also scored hits with "Whiskey Girl," "Get Drunk and Be Somebody," and "Get My Drink On." "Red Solo Cup," his 2011 smash, … (3 comments)
tax problems for realtors: The New Known Unknown
- 04/23/14 11:00 PM
Donald Rumsfeld may be one of the most controversial figures of our time, but you have to respect his resume. He won a seat in Congress at an age (30) when some of today's college graduates are still living in their parents' basements. He served as the youngest Secretary of Defense in American history (under President Ford) and the oldest Secretary of Defense in American history (under Bush #43). Between those positions, he headed G.D. Searle, General Instrument Corporation, and Gilead Sciences, Inc. Those corporate posts helped make Rumsfeld the second-richest member of Bush's cabinet, with a net worth north of … (1 comments)
tax problems for realtors: Master This Green!
- 04/15/14 10:37 PM
The calendar may say that spring officially begins on March 21. But for millions of golfers across the country, the season didn't really start until this weekend — specifically, when Bubba Watson outplayed 20-year-old phenom Jordan Spieth to claim his second green jacket at the 2014 Masters. Augusta National Country Club, home of the Masters, is America's temple of golf. Augusta's "perennial ryegrass" fairways are manicured to a smoother finish than your living room carpet, and its greens are so hard and fast you could play billiards on them. So, with all that lush green stretching as far as the eye … (0 comments)
tax problems for realtors: Fall into a Fortune
- 04/09/14 10:01 PM
Getting an audit notice is never anyone's idea of fun. But getting audited isn't always the disaster it might seem. In fact, for fiscal 2012, 107,820 lucky winners got refunds after their audits. Granted, that's still shy of seven percent of everyone audited that year. But it proves you can walk away from the IRS a winner. Here's a clever strategy one taxpayer used to walk away from the IRS with a windfall. But you might want to be careful before you try it yourself! William Berroyer owned an HVAC contracting company on Long Island. On July 3, 2008, he met … (0 comments)
America's biggest companies fight like tigers for surprisingly tiny advantages. Grabbing as little as a single extra percent of market share can mean millions in new revenue, especially in popular categories like soft drinks or laundry detergent.
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