Friday, December 22, 2017

Take your 2018 deductions in 2017

Homeowners may pre-pay 2018 property tax in 2017 for deduction
Homeowners in high property tax states like NY, NJ, CT, CA, etc may pay property tax early so they do not lose the deductions above the $10,000 limit set for 2018. Each jurisdiction has their own rules on pre-pay tax, so this may not be for everyone. You may also consider charity (buy land to keep from development) and sales tax on a new car since these are restricted in 2018. Many deductions are restricted in 2018 but can reduce tax on a biz. Consult your tax preparer.

A few reasons to be grateful this holiday season: America is GREAT already!
See specific numbers for your own age at Your Life in Numbers.
  • In 1966, average life expectancy was only 56 years. Today it’s 72. That’s an increase of 29 percent.
  • Out of every 1,000 infants born, 113 died before their first birthday. Today, only 32 die. That’s a reduction of 72 percent.
  • Median income per person rose from around $6,000 to around $16,000, or by 167 percent – and that’s adjusted for inflation and purchasing power.
  • The food supply rose from about 2,300 calories per person per day to over 2,800 calories, an increase of 22 percent, thus reducing hunger.
  • The length of schooling that a person could typically expect to receive was 3.9 years. Today, it’s 8.4 years – a 115 percent increase.
§        The world has become less authoritarian, with the level of democracy rising from -0.97 to 4.23 on a scale from -10 to 10. That’s an improvement of 5.2 points. 
Happy Holiday      Happy Holiday            Happy Holiday

Is your advisor a fortune teller?
Your advisor is a salesperson first and foremost. They would not have a job otherwise. Contrary to the Wall Street hype, your advisor has no special information. They are not a therapist/doctor curing your financial problem or sickness. Few sales people use the products they sell because of costs. The most successful Wall Street executives are NOT traders. They do NOT try to time the market. They have learned the lessons of the financial legends: “The stock market is a device for transferring money from the impatient to the patient.”  Warren Buffett
In fact, the average managed-account equity investor earned just 3.79% a year over 30 years! A simple index fund earned 11%. Buffett, perhaps the greatest investor of all time, with 60 years experience, boils down the stock market to patience.   Mr Buffett's strategy of patience is the most successful. He earns about 20% a year compounded over time. He does NOT buy and sell stocks frequently. In other words, he does the opposite of what Wall Street 'advises' us to do. Wall Street is a sales industry not an advice industry. Do we ask a barber if we need a haircut?

“YOU CAN’T HANDLE THE TRUTH”—Jack Nickolson to Don Trump
Trump can’t handle the daily briefing according to intelligence officers. He gets angry and yells so those who brief Trump don’t give him the uncoated version or they delay telling him. WWIII could happen because prez ‘can’t handle the truth.’ https://www.youtube.com/watch?v=MMzd40i8TfA

Spending our children’s future income: Your magic number $77,400:
Not over $19,050 ...................................... 10% of taxable income.
Over $19,050 but not over $77,400 .......... $1,905, plus 12% of the excess over $19,050. Over $77,400 but not over $165,000 ........ $8,907, plus 22% of the excess over $77,400. Over $165,000 but not over $315,000 ...... $28,179, plus 24% of the excess over $165,000.
Over $315,000 but not over $400,000 ...... $64,179, plus 32% of the excess over $315,000.
Over $400,000 but not over $600,000 ...... $91,379, plus 35% of the excess over $400,000.
Over $600,000 ........................................... $161,379, plus 37% of the excess over $600,000.
Congress eliminated the ObamaCare health mandate penalty as of 2019: “the individual responsibility payment, enacted as part of the Affordable Care Act, to zero. Effective date.−The provision is effective with respect to health coverage status for months beginning after December 31, 2018.” Standard deduction $12,000 for individuals and $24,000 for married couples.
The bill caps the deduction for state and local taxes at $10,000.
It also retains the mortgage interest deduction, new lowered from $1m to $750,000.
Student loan interest deduction and teacher supplies adjustment remain. The misc deduction for a home office, depreciation on a personal computer and clothes/shoes required for the job, dues to professional societies and subscriptions to journals and trade magazines disappears through 2025. (You should set up a part-time business for these deductions.) However, deductions for certain medical expenses remain. See http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-%20466.pdf
Debt up at least $1.5 Trillion for out kids PLUS another 13 million lose health coverage.
GOP proves they are the party of spending for the rich and the hell with the poor and sick.

Trump and tax credit class take at least $30 million EACH from working Americans
Alternative Minimum Tax was repealed. This is the most important change in the bill and most working people have never heard of it. According to a leaked tax return from 2005, the AMT increased the president’s tax bill from $5.3 million to $36.5 million. That’s $31 million he would have saved without the AMT. The bill also reduces taxes for non-corporate businesses, including those known as “pass-through.” They have become more popular among the wealthy in recent years as a way of categorizing their income under the lower personal income tax rate rather than the corporate tax rate. Most of The Don’s businesses are structured this way. Each golf course for instance is run as a tax-advantaged entity, using dummy entities set up overseas to ‘own’ it. The AMT was installed by the GOP to obtain some tax revenue from the tax credit class. With the repeal, they can utilize all the accounting tricks and loopholes and subsidies STILL in the code. They excluded all the deductions working people use like your expenses for work and health.



New Year Resolution: Shore up Financial Security
2018 is a transition year. Make sure your house is in order. Check all your financial account and policy beneficiaries to make sure the right heirs will receive your bounty. Do you have a current will and explanatory letter if needed? Do you have the right insurance policies? Some may not be needed and some might need updates. Most estates will not be taxed so life policy may change. Do you have the right credit cards for cash back, travel, prizes. See your accountant for important 2017 deadline for 2018 events. EG: prepay property, state and local taxes since the limit is $10K in 2018. Increase the amounts in tax deferred accounts. EG: IRA, FSA, HSA in order to lower 2017 tax. Consider establishing your own business to qualify for ‘pass-through’ tax deduction  of 20%. You don’t need to be in real estate to save big like Trump and the tax credit class. Reconsider your advisor/broker costs—maybe now is the time to switch to a low-cost balanced fund so your stock market exposure is less; earn 9%.


Trump promised to end ‘murder’ by drug companies—Pay Back for Contributions?
McKesson flooding the market with opioids. Instead of putting the CEO in jail for illegal drug selling, Trump fines the firm $150 million—less than the CEO pay for 1 year and poison is shipped to every druggist in USA. Trump says they are getting away with ‘murder’ and he is helping them by not enforcing the regulations of his DEA. McKesson makes $ billions from shipping opioids to drug dealers, mafia and drug stores that could not possibly use all of them. After years of building a legal case against the firm, DEA is insulted by letting McKesson pay a “cost of doing business” fine. 60 minutes explained the deal but did not explain why McKesson was not made to stop killing Americans with oversupply of opioids. We have met the enemy…
Could explanation be related to the fact that drug companies give more to Congress than anyone?



GOP religionists make death threats to ‘Never Trump’ religious leaders
During the campaign, as other white evangelicals coalesced around the Republican nominee, Jen Hatmaker effectively joined the coterie of “Never Trump” evangelicals, telling her more than half a million Facebook followers that Donald Trump made her “sad and horrified and despondent.” After the “Access Hollywood” tape leaked and prominent evangelical men came to Trump’s defense, she tweeted: “We will not forget. Nor will we forget the ‘Christian’ leaders that betrayed their sisters in Christ for power.” The fissures within Christianity became trenches, with men and women like Hatmaker, as well as Christians of color, left on the losing side by Trump’s IRS policy and GOP religious idolatry. They worship power and hate those who disagree.
‘They come to you in sheep’s clothing, but inwardly they are ravenous wolves.’ Matthew 7:15

Wealthy in Trump cabinet think that Americans believe B.S. about wages
“We think, as a result of lowering business taxes, wages will go up,” Treasury Secretary Steven Mnuchin said on CNN. No corporate leaders are saying they will raise wages. Why would they raise wages because of the tax cut? Corporate profits have already been historic and workers have not benefited since 1980s. Gov. John Kasich (R-Ohio) implied that GOP could have had a more direct affect on workers’ wages. Employers say they need the cut in tax to be more competitive in the world market. Most labor-intensive businesses have already decided to source in Mexico, China or India because wages are TEN times less there. Carrier took $7 million from IN Pence but still moved 1300 jobs to Mexico because $3 an hour is less than $20 an hour. Hundreds of businesses receive tax breaks and subsidies and still move production. We even give them a tax benefit to move. They do NOT raise wages for US workers—one time bonus is not permanent raise. Trump also repealed regulation limiting fines on poor people. We will have to pay for tax cuts (page 2 of http://docs.house.gov/billsthisweek /20171218/CRPT-115HRPT-%20466.pdf) for the rich and corporations and not receive higher wages by 2027 so use your tax shelter:  


****************
TrumpWorld

Mandate: ‘I was elected President’ like Washington, Obama and Hitler
Trump cancels housing for homeless veterans after taking credit—‘new low’

Trump is still just a mafia contractor from Queens—Dad taught him to be The Don.

Smoking gun: “Our boy can become president of the USA and we can engineer it,” Sater wrote in an email to lawyer Cohen. “I will get all of Putins team to buy in on this.” Manafort tells Russian mob he will keep them informed about “our boy.”

Putin sent 60 money wires to US marked “to finance election campaign of 2016.”
Russia manipulated our votes: Pizzagate: from Ms Campbell to Mr Welch’s AR-15.


LOCK ‘EM UP--Mueller draining the swamp!—Everyone gets pardon!
Papadopoulos rolls: Trump-Putin liaison pleads guilty.
Manafort rolls: Trump’s money launderer manager indicted: conspiracy against US.
Flynn rolls: Trump’s national security advisor and foreign agent pleads guilty to lying. “my actions were wrong” "if I did a tenth of what she [Clinton] did, I'd be in jail today.” I am not a traitor. Right, but he also said he never talked to Russia and had no connection to Russia and said was not paid by Turkey to change policy.
McFarland (“If there is a tit-for-tat escalation, Trump will have difficulty improving relations with Russia which has just thrown U.S.A. election to him.”)



Ministry of Truth’ 1984 novel: Government propaganda is ‘truth’ when they say it!
Trump’s judges for our court system never tried or even heard a civil/criminal case.
Govt banned words the ‘sleader’ does not like as if problems disappears
Intelligence briefing avoids bad things the ‘leader’ does not like to hear. Words banned.
Tax bill celebration turns into Trump ‘loyalty’ oath: ‘How great thou art’ to The Don.

  
My Theory on Trump/Putin ‘love’:
Trump got Russian help/funding for business from business/mob ties to PutinUS banks not interested in more bankruptcies. No one expected him to win so no harm getting Putin help. Don owes Vlad’s mob money so they sent mob gofer Manafort to run the campaign. ‘Colluding’ Putin style. Trump always has a fall guy to blame when caught in lie. Sessions claims campaign execs all too inept and overwhelmed to collude on purpose.
Putin gives The Don a big kiss—first name basis—Don made markets hum

TrumpWorld – using presidency to make money the old fashioned way: theft
Trump family announced new, lower-priced Trump hotel brands — called ‘Scion’ and ‘American Idea’ — that would be located in small towns and cities. Trumps for all
Ivanka Trump opened a retail store inside Trump Tower, her father’s skyscraper to sell her eponymous foreign-made goods--handbags and other items. She and her husband, Jared Kushner, are in positions where they can influence U.S. policy toward the countries where her products are made: China, Indonesia, Vietnam, India Bangladesh. 
Recently, Jared family member has been selling shares in his real estate developments by giving Chinese millionaires citizenship pathways.


Dictator talk time:
“When the president does it, that means it is not illegal,” Richard Nixon

Trump” not ready ‘YET’ to give Flynn his pardon for conspiracy against US 

Banned words and Burning books next?
Trump’s Disease Control has banned words he does not like as if disease disappears

Trump lawyer says he can't 'obstruct justice.' So Trump like Putin is a dictator. Trump is no longer claiming Russia just fake news—collusion/conspiracy real—but he can do it cause he is prez, they say.


Trump considers secret mercenaries he will direct to undermine CIA, NSA: like Hitler’s SA?

Trump packing in young Scalia-type judges to kill abortion, liberal rights across US.

Obama: we must protect democracy from Nazi-style dictatorship—vigilance and press

            I can never be wrong: “The reason I originally endorsed Luther Strange (and his numbers went up mightily), is that I said Roy Moore will not be able to win the General Election. I was right! Roy worked hard but the deck was stacked against him!”



The president can’t have a conflict of interest.” The Don is above the law?
Fires FBI head because he was investigating The Don’s Russia mob ties then blames FBI.
  


Ideology can justify any policy: At RedState, there has always been one hard and fast rule: Oppose abortion at all costs. Christian Right is not Christianity but ideology.
Today child molester; tomorrow rapists? How GOP religionists justify crimes of the Fuehrer and followers. He can pardon every crime.


1998 the House of Representatives approves two articles of impeachment against President Bill Clinton, charging him with lying under oath to a federal grand jury and obstructing justice.

2017 Nov. House of Representatives introduced articles of impeachment against President Don Trump, charging him with firing FBI Comey, violations of the Emoluments Clause, actions "undermining" the judiciary and freedom of the press.

2018 the House of Representatives approves two articles of impeachment against President Don Trump, charging him with lying under oath and obstructing justice. Trump was told that Flynn lied to FBI so he commanded Comey to drop it. Lied on TV about why he fired Flynn. Fired Comey to end inquiry on Trump’s conspiracy with foreign power to destroy lawful election admitted on TV. Fired NY AG who was investigating his laundering Putin money via real estate.

TX Rep Al Green’s Articles of Impeachment failed Dec2017. WWIII next?



Quid pro quo: "something for something."
Corker vote for tax cuts after his real estate empire loophole added late Friday 12/15.
Collins vote for tax cuts after McConnell ‘promised’ vote on money for poor health plans
McKausky for cuts and Big Oil gets to exploit Alaska ‘wildlife refuge’; former refuge.


We have given The Don time to act like president: Time to Impeach for obstructing FBI


Regulation is necessary: We need protection. Saves $12 billion of our money!
            (No one person can afford to sue a bank: class actions banned by GOP now.)

Drug co profits zoom at our expense: free last year, now are $109,500UK cost $1.
Kenneth Tyrrell, UBS, disbarred misdirecting client’s $498,000 to wife’s goods firm.
Tax code NOT simplified—1000 new pages of loopholes, subsidies, taxes reinstate 2027.

Another special person dead—“guns don’t kill people” for fun. Is your wife next?



McMaster, National security adviser: Trump has intelligence of a “kindergartner”

How Govt wastes our money:
How much you will pay for the GOP gift to the rich and well connected:  https://www.consumerreports.org/taxes/final-gop-tax-bill-key-questions/


SCAMS:

Jobs:
WA State train driver and CA firefighters

Who owns your account now?

Miracle:
Free eCards when you want to send something just not a $5 Hllmk Card:



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