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.
Use your tax credits: https://www.amazon.com/Tax-Credit-Class-your-credits-ZERO/dp/1539462382
A few reasons to be grateful this holiday season: America
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:
‘‘If
taxable income in 2018 is: The tax is:
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.
Use your tax shelter too: https://www.amazon.com/Your-Tax-FREE-Account-IRS-approved-shelter/dp/153735292X
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
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 India Mexico
****************
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.”
Ross, Commerce, direct link to Putin energy
consortium and Russia-Cyprus bank
Putin sent 60 money wires to US marked “to finance election campaign of 2016.”
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 Russia and
said was not paid by Turkey
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 Putin. US 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 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.
How do you prove you are citizen? ICE acts like Gestapo: no record if you’re taken. No calls to family.
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
“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.
Fear is ruler’s weapon: Roy
Moore leader of the new religionist GOP
Trump
has become ‘The Leader’—compare how democracy killed in the
30s.
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."
Telecom firms hedged on whether they’ll start charging fees for video streams or
other.
Trump
following Putin’s lead on explaining Justice Dept probe on
counterintelligence
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 $109,500—UK
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.
Stephen Peters, VisionQuest, caught
taking $15.3 million promising 9% returns.
Another special person dead—“guns don’t kill people” for
fun. Is your wife next?
Tillerson Exxon calls Trump a ‘f__king moron” ‘MORON’
and LIAR:
McMaster, National security adviser: Trump has intelligence of a “kindergartner”
How Govt wastes our
money:
Republican Gets $673,000
Job Regulating Auditors but has no auditing experience.
GOP gave their class $1.5 T but CHIP
kid’s health and CA fire disaster too expensive!
Did
Bundy pay his $1 million grazing fee to US? –with penalty and interest $2
million
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:
Hang by thumbs/something: firms
that take VA donations and keep 90% for salary/bonus
BEWARE inappropriate
earnings claims as a means of recruitment in the MLM industry.
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:
Photos of the year: http://time.com/top-100-photos-of-2017
IAN
41 Watchung Plaza, B242
973.746.2014
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