 | |  | |  | |  | |  | |  |
Clarity Accounting & Tax Services CATS
The "CATS" REPORT
'finance or economics' enter the conversation, they need to close their ears and minds and tell themselves the are too stupid too understand. And that's the way it's been for years and is still true today. It's a sad commentary about our society members who have become too willing to abdicate their natural ability to understand in order to comply with past brainwashing scripts. There is nothing complicated or difficult about understand the basics of finance and economics. We do it every day without even thinking. Now, it's time to think about things we hear and question the validity of the statements made and the premises on which they rest. That is our duty, not only as citizens of a country, but as citizens of the world. Women represent 60% of the population. When a large part of society remain uneducated about finance, money, economics and related issues, it means that a large part of our citizens are uninvolved in the decision-making process of the country's future. Please do yourself a favor and learn the basic language of money. At "CATS" we try to present related issues in the most basic terms so it's easy for all to understand.
hurts us in the pocket, we are motivated to pay attention. At those times we become motivated to find the culprits. We know, instinctively, by following our noses and our intuitions, both of which, by the way ,are very good governors of where to start looking for the miscreants of our financial misery.
spite of denials we hear in the press and in the media, we are targeting the correct group. But they are not alone. Wall Street, traders, money manipulators, fund managers, exchange and commodity traders are governed by rules and regulations. These rules and regulations are discussed, reviewed and enacted into laws under specific agencies like the Federal Reserve , the SEC and a dozen or more quasi-governmental agencies that are 'supposed' to oversee and regulate the flow of money in our economy as to Protect and Stabilize the Domestic (that means the US) economy. One can conclude, without a doubt, that when the 'meltdowns' occur, One or More of the traders groups AND the government oversight committees DID not do their jobs (government) or had no social responsibility (traders have no morals) and therefore no obligation to preserve financial stability except in their own pockets. It's important to understand this. IT IS the government agency's job to protect the stability of money. It is the government and it's agencies who fail to protect society from the parasites who suck the nation blind. The conclusion one can derive from this picture is that all parasites are not on Wall Street. Many people are in government who draw a generous salary to protect us and fail to do so. More coming on the above subject. **************************************************************************************************
The main reason, in the nutshell, is that most people who do their own taxes fail to claim the deductions they are entitled to have. This seems like an astounding statement to make in this day and age when some many community practitioners are there to help taxpayers take advantage of all their deductions. The sad part of this picture is that it's totally avoidable. For example the Treasury Department reports that 2.1 million taxpayers who we were eligible to deduct their state tax and local sales tax didn't do so this last year, up 50% from the previous year. These people failed to take advantage of a potential $3.6 billion dollars in deductions. The Treasury Department must have been smiling at the end of the tax season. In addition, many taxpayers failed to claim the one-time telephone excise refund. While the Treasury Department had expected to hand out approximately $8 billion dollars related to this refund, only $4 Billion made it out the door because people failed to ask for it. As this was a one-time event, the season to claim this refund has passed. The taxpayer's loss is the Treasury Department' s gain. While some taxpayers take deductions for which they are not entitled, by and large, these were small errors that needed correction and did not equal the billions of dollars left on the table. One possible reason given by the IRS for forgoing available deductions is the complexity of the tax code. However, if you feel that you may be one of those taxpayers that may have additional refund dollars available, make sure that you discuss this issue with your tax professional who will assist you in filing a 1040 (Amended return) whether your original return was filed electronically, or filed through the traditional paper method. Part of the blame lies with the Congressional members who delay in taking action toward 'sunsetting' tax deduction before the end of the year, or very late in the year when several time-senstive tax provisions have or are set to expire at year's end. Congress did not act in time for the extension of tax benefits related to state and local tax deductions to be included in the 2006 forms. This was especially important to millions of taxpayers who live in Florida, Texas, Nevada and Washington state. As of today, we are not informed as to whether the deductibility of the state tax benefit will be available for taxpayers in this tax season. As the IRS has become aware of this problem it is attempting to solve the problem by revising and inserting more instructions in the tax work-sheet to assist taxpayers. If you're interested in seeing tax proposals put forth by the current presidential candidates, the information is available online through http:// www.taxpolicycenter.org , which is a joint venture between the Urban Institute and the Brookings Institute in Washington DC. Comments about this subject can be submitted to: support@taxcats.net |
| News Articles You'd like to see: Would you like to submit your own articles on related subject or see more articles that relate to your specific questions? Contact us with your request . info@TaxCats.net |
| Accounting News: |
| OUR MISSION |
|
| Contact us: 816-734-1911 |
| Clarity Accounting & Tax Services CATS |
| Free Report |