The Daily Deduction

Weekly Tax Inventory - January 25, 2013

House Will Vote On Short-Term Debt Limit Suspension Wednesday – Boston Globe Business

As a citizen and as a stock analyst, I like to see corporations paying taxes. As a citizen, I figure that if Apple Inc. paid $14 billion in taxes last year (mostly to the United States), that might keep my own tax bill from climbing too much.

Yankee Derek Jeter's palatial mansion in Florida has taxes hit out of the park in 2012 after construction is completed – NYDailyNews.com

Tax assessor raises tax bill to $265,000 for $12 million seven-bedroom, nine-bathroom Tampa home with yacht docks, two three-car garages, a spa and pool.

Wyoming Considers 167 Percent Cigarette Tax Hike – Tax Foundation

Legislation was introduced recently in the Wyoming legislature that would raise taxes on cigarettes by $1 per pack. 

Will Tax Benefits Later Cost You Now? – Tick Marks

Russell Holcombe, an Atlanta-based financial planner, identifies four investment vehicles with long-term investment potential which may have short-term shortcomings.  His "yellow lighted" investments include: Roth IRA investments (federal exemption of Roth distributions may not apply at the state level); 401[k] plans (remember that tax penalties may apply if you need this money before 60); debt (remember the interest cost and the inflexibility of debt payments) and college plans such as 529 plans (taxes are saved to be sure--but money is tied up for about 20 years AND your child will need to qualify for and choose to attend a qualifying educational institution).

Mickelson Apologizes for “Insensitive” Tax Comments 

Golfer Phil Mickelson, who makes $40 million to $50 million a year, said he was unsure Wednesday about whether to leave California for a less taxing state and that it was "insensitive'' to air his opinions publicly.

News on the Fiscal CliffThe Greenhornet Blog 

Hopefully over the last several weeks, you’ve been paying attention to the debate going on in our nation’s Capitol about this thing called, “The Fiscal Cliff”.  

Posted To: The Daily Deduction By: Lauryn on 1/24/2013 04:30:00 PM
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