Monday, February 1, 2010

Tax Shelter Recommendations Accepted

Last night my wife did our taxes. It was not a good night to be around the house. When she got to the final number we were both quite shocked. Last year we received about a $200 refund. That’s pretty darn close to perfect planning as you can get. So needless to say when we figured out that we would need to pay $4000 this year, it was a bit of a shock. Even accounting for changes in the fact that dependents are leaving the house and their tax credits with them that only accounts for a part of that tax increase. The interesting thing of course is that we take zero exemptions and that is still short by 20% of the total tax money needed. Also as a big "F@(% you very much from the government" we will probably have a penalty for being more than 10% off on our tax withholding. If we itemize we get screwed by the AMT. Now I know there are things I can and will need to do more of. We will up our 401K contributions and probably have additional money withheld for taxes.

Here is the point America. It’s our bad we got caught on taxes this year. Obama and Congress haven’t done anything last year that changed the tax code (except that $800 less that was withheld from our paychecks as a stimulus to us…except married filing jointly you can only allow $600…so there is $200 of that $4000….thank you ever so much for that stimulus Mr. Obama) However if you can in any way think that the government can continue to spend as it is trying to do without this scenario happening to more and more of middle class America, you are a na├»ve, incompetent fool. Or at a minimum if you feel like paying it, go ahead and pay my share too. If you believed that those under $250,000 weren’t going to pay more taxes? Tell that to my 22% tax increase.

As if I wasn’t inspired enough to protest, campaign and crusade against our ever decreasing freedoms, I now have the perfect example of how the middle class will be the people most screwed by the socialist agenda being pushed. Keep a watchful eye this year my good friends. Watch the anger boil up when those who had good jobs last year but are laid off now and get their tax bill. See the new level of activism when those who took emergency measures to survive a rough economy and they reduced 401K contributions and cashed in IRA’s and they get screwed this tax season. I hope to high heaven the anger boils over this year at election time. You can count on me to remind you every so often as well.

No comments: