Declining Deductions

With passage of the American Taxpayer Relief Act of 2012 (the fiscal cliff bill), the residential real estate industry dodged a bullet. While Schedule A deductions are phased out for couples with incomes above $300,000, the phaseout is mild. A couple with $500,000 of income would be $200,000 over the $300,000 limit. Thus, their deductions…

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Triple Crown Drought

The Triple Crown drought has reached 33 years since Seattle Slew won in ’78 (Secretariat in ’73). Why the dearth? The ’85 tax law changes proved dramatic. Owners no longer could write off racing expenses unless they were involved on a daily basis. This resulted in a huge fall in foal crops. The 25K born…

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Budget Brawl Begins

The budget battle over FY ’12 is here! The R plan makes big cuts to Medicare & Medicaid, ignores Social Security (SS) and keeps the Bush tax cuts. The D plan, will also ignore SS (2 risky) and will propose; cuts to many programs, reduction of popular tax deductions, increased taxes for the rich and…

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