Wednesday, October 28, 2009

Quick update

It's been quite the whirlwind in the past couple of months - finishing up business tax filing back in September where my clients had originally filed for extensions in April and same for the ones I help file personal taxes (deadline October 15th).  Luckily WilliamsX3 is efficient and quick (precise) turnaround is easy peasy.

Both radio shows are going really well, Hank and I have been getting a lot of good response on the Financial Lifestyle Show.  And hey, if you haven't caught the live episodes you can find the podcasts here.  

I stumbled upon a lovely site called Design*Sponge where they feature a women's business (Biz Ladies, if you will) segment each week.  It's really wonderful stuff, great tips for entrepreneurs and creative types and even though it's geared towards us girls, I really think it's worth checking out regardless of which gender you are.  The topic I chose to weigh in on was on Tax Info for Small Business.  Highly recommend it.

This November, I start a series on WLAC News Radio 1510AM.  It's called "Free Money" and I know you're going to like what I have to share.  Just a sneak peek for now, I'll be giving you some tips on how you can get some free $$ when it comes to selling your home, work expenses, hospitalization premiums, and separations/divorces.  You're not going to want to miss this.

Check back soon, I'll have the first installment of Free Money for you. Cop ya later!

Thursday, October 8, 2009

Taxes - it's not just for the rich.

People who are for tax think that the death tax is a great source of revenue for the government because this tax allegedly applies only to the rich.  Inheritance or money passed from one party to another - proponents of raising taxes say this money should be taxed, just like income or taxable gifts.


But what is inheritance tax? Why is there a tax on death? And how does this "death tax" work?


The inheritance tax rate depends primarily on the type of property being inherited and the relationship of the heir to the deceased.  For example, when Mr. Smith dies, he leaves his mansion and fortune to his children, his fancy car collection to his brother Ralph and his yacht to his old fishing buddy Terence.  Usually, each child must pay taxes on what he or she inherits.  That's what we already know about inheritance.


Ralph must also pay taxes on the car collection.  He will probably be taxed at a higher rate than Mr. Smith's children because he is neither a child nor parent of the deceased.  Non-lineal heirs are generally subject to higher inheritance taxes.  Since Terence is not at all related to Mr. Smith, he will be subject to the highest taxes.


Just because you inherit money doesn’t mean you’re rich but it does mean the government could take almost half of your inheritance.  They say they are taxing the rich, but they are really taxing everyone. The government saw a chance to get their hands on your family's dynasty, they are taxing your inheritance because they feel you are getting more than you need.  That’s right, rich or poor they really do not care - it’s all about how much money they can get so they can keep spending. 

Tell me, what is your opinion on the inheritance tax?