April 15 and No Taxes Due!
Today is April 15. Normally that signals a rant about the atrocious state of our tax code from this corner of the internet. Typically I tell you how the aforementioned code perpetually erodes my sanity and chips away at my soul. How it causes me to question why I continue with my business. How it stokes my desire to live the life of a hermit deep in the woods, where trees get to be trees instead of paper spewed from the mouth of a three-headed bureaucratic monster. When you own a small business it’s always tax season, yet April 15 still holds special significance. But you know what? While today is April 15, it’s also Sunday. Not a single NP-5, LS-1, 1040-ES, PA40-ESR, W-2, K-1, W-3, 1099, 1096, 1065, RCT-101, PA-65, UC-2A, UC-2, ET-1, WTE-3,...
Tales from the Tax Code
For 2011 returns, the IRS has taken a portion of what once appeared in an existing form called 1065 (which Franktuary must file) and made it a new sub-form called 1125-A. The content of form 1125-A appears to be identical to what used to be a part of form 1065. Furthermore, the accompanying instructions make a point of telling its readers that: “The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time is: Recordkeeping . . . 4 hrs., 18 mins. Learning about the law or the form . . . 1 hr., 33 mins. Preparing and sending the form to the IRS . . . . . 2 hrs., 53 mins. If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we...
Social Security
Here’s something I don’t approve of one bit; social security, the program responsible for most of my tax burden. 75 years into practice it is clearly more madoffian than useful. Just today I got a newsletter from my buddies at the Social Security Administration! In the top left corner of my mailing, there’s a cute little logo claiming that the SSA “Benefits America!” “Will Social Security still be around when I retire?,” the missive proceeds to boldly query. In a convoluted response to its own question the update reads,“Yes… The Social Security Board of Trustees now estimates that based on current law, in 2037, the Trust Funds will be depleted… Even if modifications to the program are not ...
Tuition Tax
Have you heard about Luke Ravenstahl’s proposed tuition tax? I may not have all the details exactly right, but the basic gist is this. College students in Pittsburgh will pay a 1% tax to the city on their tuition bill. This is an interesting concept in that students most definitely make use of city services without directly funding them. With this in mind I can respect the mayor’s idea. Nonetheless, while I applaud Mr. Ravenstahl’s creative thinking, I do not believe this will prove to be an effective solution to the city’s budget woes. After all, college students often consider their home to be nowhere near where they attend school. Colleges compete with other institutions across the country for new students. No one has to go to...
Taxes are Here!
And once again, tax season is upon us. Actually tax “season” seems more like an infinite loop than a season to me. Only eight forms due this month! There has got to be a better way. Hot dogs don’t mix well with politics. It’s a fact.
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