Dec 22

Did we make it?

If you are able to read this post, then we made it through the supposed Mayan apocolypse prophecy. However, that date was set hundreds of years ago. You really need to look at two more important dates now and ensure that you have completely prepared for them.

The first is only three days away: Christmas. Have you purchased all your gifts for your loved ones yet? In addition, I hope you are able to take time and remember the reason for the season.
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The second date you need to plan for is nine days away: New Year’s Day or The passing of the fiscal cliff. On this date, several dozen tax laws are going to change and almost every American will be subject to higher taxes. Have you taken the steps to ensure you are prepared for the coming taxes?

Dec 12

IRS has Issued Proposed Regulations on Additional Medicare Tax

A new Additional Medicare Tax goes into effect starting on January 1, 2013. The 0.9% surtax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status.

The Threshold Amounts are: $250,000 for married joint filers, $125,000 for married separate filers, and $200,000 for all other taxpayers.

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If you would like more information, or would like to comment on the proposed regulation, you can access the website at https://www.federalregister.gov/articles/2012/12/05/2012-29237/rules-relating-to-additional-medicare-tax

Dec 10

IRS has issued proposed regulations on Net Investment Income Tax

The new Net Investment Income Tax goes into effect starting in 2013. It is the part of the Affordable Care Act (Obamacare) which adds a 3.8% surtax on individuals, estates and trusts that have certaing investment income above threshold amounts. These amounts are set to be $200,000 for single filers and $250,000 for married, joint taxpayers. For trusts and estates, the 3.8% surtax will apply to the highest tax bracket, which will be reached at $7,500 in taxable income.

Another large proposal within the Regulation is the imposition of “mark to market” on non-traders. Put simply, this would cause most passive investors to lose the ability to ever accumulate capital gains. The mark to market rule would require recognition of gain or loss on all investment holdings at the end of each year.
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If you have more interest, or if you would like to comment on the Regulation, the website is https://www.federalregister.gov/articles/2012/12/05/2012-29238/net-investment-income-tax#h-20 for the Proposal.

Dec 09

As we face mounting taxes, regulation and loss of work force…

Our Secretary of Agriculture goes on TV and states that rural America is losing its relevancy. When talking about why there has not been passage of a farm bill, a policy that is usually widely supported by both major parties, he states, ”It’s the fact that rural America with a shrinking population is becoming less and less relevant to the politics of this country, and we had better recognize that and we better begin to reverse it.”

With this statement, we can see how the person who is supposed to represent the farm and ranch interest has removed himself away from the community he is appointed to serve. The rural community has lost its voice in the government process (because of representatives like Vilsack), but it is still relevant as the leading producer of food in the world.

Probably the most grating part of Vilsack’s speech is where he blames producers, through their efforts to stop regulations, for the lack of “relevancy” with the wider population. Perhaps if we, in rural Oklahoma and America, stop producing affordable, safe food, we may become relevant to our ruling class, but until then, we will only be taken for granted.

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The last thing that I want to conclude this post with is that if the US Secretary of Agriculture can misspeak and say that agriculture is no longer relevant to the American way of life, then think of the majority of the ruling class. People hold grudges and the easiest way for Congressmen to retain their power is to please the people who have the most votes, which is no longer agriculture. In addition, the Senate and Presidency, overwhelmingly lost the rural vote. I would say that each rural citizen needs to get their tax and estate planning in order, because the rules will change and you need to be prepared.

As Hank Williams, Jr. said, “A country boy can survive,” but he needs to remember the Boy Scout motto of be prepared for anything.

Nov 22

Happy Thanksgiving!

From my law office to your family, I want to wish everyone a Happy Thanksgiving. I will be closed on Thanksgiving Day and also for Black Friday (although I will not dare In USA, around cialis rx 40 % of women have sexual disorders too. You can buy Vital M-40 capsules and Lawax pdxcommercial.com prescription canada de viagra capsules from reputed online stores using credit or debit cards from the comfort of home. Chiropractic is a natural form of healing that uses manual therapies discount viagra https://pdxcommercial.com/order-7125 (commonly adjustments) and other physiotherapy modalities. The only real shining price for viagra 100mg pdxcommercial.com moments were Al Rollins’ and Max Bentley’s Hart memorial trophies. to try to shop). If you have questions, you can email me or leave a voicemail and I will try to respond as soon as possible the week of November 26th.