Cashing it in...

In life, George Steinbrenner beat the Red Sox.

In death, he beat the IRS.

Steinbrenner's death on July 13 occurred six months after the federal estate tax expired.


Forbes magazine estimates the Yankees owner's net worth was $1.15 billion, so the timing of Steinbrenner's death could save his heirs up to $500 million in federal estate taxes.

I wish the rest of us could be so lucky.

In the USA today article, Sandra Block, talks about how congress inaction helped cause this 12 month loop hole and how congress inaction could spell trouble for many families starting in 2011.

The federal estate tax is scheduled to return with a vengeance on Jan. 1, 2011, imposing a levy of up to 55% on estates valued at more than $1 million.

That may not seem like much but as the article points out, especially in areas of high real estate value, that $1 million mark can be reached fairly easily by a lot of families.

Throw in the value of a home, pension, 401, investments, businesses, and that $1 million is easily reached.

So whats the big deal? Why are folks both for and against this?

Well, obviously taxes bring in money to the government which now desperately needs it but folks argue that the government is essentially taxing this money twice.

Once as it is earned or payed out, then once again via an estate tax.

Of course congress is working to propose higher limits and different rates but there are differing (democratic and republican) proposals, and if they can not come to terms on a compromise, then the rest of us get stuck with the new mess.

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Use the Tax Code to boost your sex life

Yes, believe it or not, you can use the Tax Code to improve your sex life.

No, it’s not going to get you a date, but it will get you going and improve your performance.

Let’s start with the easy stuff. Just ask anybody who lived through the 60's what Birth-control pills did for ones sex life. These tiny little pills are legitimate, allowable medical deductions.

So, too, are those little blue pills that treat erectile dysfunction. And, if you have an erection that lasts more than four hours, your trip to the doctor is deductible at 16.5 cents per mile.

Medically prescribed sex therapy, including the use of surrogates where legal and appropriate, should also be allowed.

If you suffer gender identity disorder (GID), sex-reassignment surgery and hormone therapy have both been court-approved medical deductions.

Psychotherapy and professional counseling to improve your relationships are allowable deductions.

Equipment prescribed by your doctor to deal with a physical impairment is also deductible. That could include anything from vacuum pumps to adjustable beds.

And if you forget the tiny little pills and have kids, and want to permanently shut down the baby factory, tube tying, whether done to a male or female, is an allowable medical deduction.

Eliminating the fear of pregnancy should make it easier to enjoy your time alone with your partner.

Contact lenses, eyeglasses, false teeth, hearing aids and artificial limbs are all deductible. And they all make you much more attractive. OK, I admit, that last one might be a bit of a stretch but hey, it's my blog.

Overweight? The cost of a prescribed diet to the extent it exceeds the cost of a regular diet is allowable.

Unfortunately, purely cosmetic surgery is not allowable. That includes breast augmentation and even amounts paid to whiten teeth discolored as a result of age.

Aren't you glad that I helped make taxes more enjoyable?





From Jeff Schnepper on MSN Money

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He's a Maniac, Maniac!

Yes, start the disco music!

So much for the NFL anti-gambling policy. The NFL was anti-gambling because it could not profit from, or regulate it; until now...

Now, they can get a government endorsed promotion which has the "good for community" spin and of course fan involvement. Virginia historically says that approximately 95% of profits go towards the Public Schools. Though the skeptic in me doubts that applies to an NFL/Redskins endorsed promotion...

All the while getting more revenue from the fans, even the non-ticket holder fans!

How?

Well of course there is always the lure of easy money...

With THREE top prize tickets out there each worth a cool 1 Million Dollars!!!

This hook gets all the normal sports gamblers out of the closet and purchasing tickets.



But the real hook is for all those "I wish I could score some easy season tickets" fans out there!!!

Since you only stand about a 1 in 3 chance of winning anything at all, you can take any loosing ticket and enter it in a "Second Chance" drawing!




And what can you get with the Second Chance Drawing?
















What I find most interesting about this second chance prize list is the "value" attached to it. I think these "values" warrant some discussion and perhaps thought, especially regarding any "tax" implications...


Premium Club Season Tickets for 20 Years
Starting with the 2010 NFL pre-season and expiring at the conclusion of the 2029 NFL regular season. Two club seats (in the “Club A” seating area of the Club Level at FedExField) and one orange parking pass to all pre-season and regular-season home games at FedExField. The total prize value (including the taxes contributed on the winner’s behalf) is $273,900.00.

Luxury Suite for One Game
One catered luxury suite for up to 20 people, six purple parking passes and $1,000 in spending money. Good for one predetermined home game at FedExField during the 2009 season. The total prize value (including the taxes contributed on the winner’s behalf) is $29,000.00.

VIP Travel with the Team to Dallas
Round-trip travel on the team plane, local travel on the team bus, hotel accommodations in the team hotel and two tickets to the game. Each winner can bring one guest (at least 18 years old) and will receive $1,000 in spending money. The total prize value (including the taxes contributed on the winner’s behalf) is $15,200.00.

Premium Club Season Tickets
Two club seats (in the “Club A” seating area of the Club Level at FedExField) and one orange parking pass to all 2010 pre-season and regular-season home games at FedExField. The total prize value (including the taxes contributed on the winner’s behalf) is $13,700.00.

Redskins Player for a Day
Authentic one-day Redskins player contract includes: personalized Redskins jersey and player sideline hat, on-stage photo opportunity at Redskins Park behind Super Bowl trophies, Redskins “Chalk Talk” presented to the group by a Redskins coach or member of the Player Personnel Department, VIP tour of Redskins Park and $500 signing bonus. Each winner may bring one guest (18+). The prize value is $3,000.00.

VIP Practice Experience
VIP Practice Invite includes: opportunity to view practice from the sidelines (just as the coaches do), player sideline hat, white-panel Redskins football, opportunity to obtain autographs from players and coaches after practice, Redskins “Chalk Talk” presented to the group by a Redskins coach or member of the Player Personnel Department, VIP tour of Redskins Park and $500 signing bonus. Each winner may bring one guest (18+). The prize value is $3,000.00.

Premium Club Individual Game Tickets
Two club seats (in the “Club A” seating area of the Club Level at FedExField), one orange parking pass, and $500 in spending money. The total prize value is $1,500.00.

Game Worn Jerseys
One authentic game-used jersey signed by a Redskins player. The prize value is $1,000.00.

Authentic Redskins Helmet Signed by Player of Winner’s Choice
One authentic Redskins helmet signed by a current Redskins player, current coach, or available Hall of Fame alumni player or coach of the winner’s choice. The prize value is $500.00.

$500 Redskins Shopping Spree
One $500 Redskins Retail Store gift card. Expiration of the gift card will be no sooner than two years from mail date.

BUT IT GETS EVEN BETTER !!!!

There is not just one second chance drawing...but 9 total drawings!!!

First Drawing - Friday, August 28, 2009
Second Drawing - Friday, September 11, 2009
Third Drawing - Friday, September 25, 2009
Fourth Drawing - Friday, October 9, 2009
Fifth Drawing - Friday, October 23, 2009
Sixth Drawing - Friday, November 6, 2009
Seventh Drawing - Friday, November 20, 2009
Eighth Drawing - Friday, December 4, 2009
Ninth Drawing - Friday, March 26, 2010

And only loosing tickets received between each drawing are eligible for the next drawing.

For example... the first drawing is August 28th. To participate in this drawing,
entries must be received from Monday, August 3 to Thursday, August 27, 2009 11:59 pm.

To participate in the second drawing, you need to send in more loosing tickets between August 28th and September 10.

And so on and so on....

What a great hook!!!

What a great way to syphon even more money from your loyal fan base!!!

I can't wait to see what other "promotions" gambling schemes the NFL owners will come up with next!

Here is a copy of the official announcement.

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Done Working...

For Uncle Sam that is...

Today is tax freedom day!

Today is Tax Freedom Day, the day Americans have earned enough, on average, to pay all of their federal, state and local obligations for the year. But when you're really free depends on where you live.

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I've Been Busy...

Well, it’s the winter of the sports world now. You know the time between the NFL season, March Madness, opening day for Baseball and the start of our fair weather sports such as Golf.
I know, Hockey and the NBA are in full swing, but with hundreds of games to be played before anything really counts, it’s hard to truly get excited.

So, this could only mean one thing… tax season again!

Many of us are faced with the possibility of having to pay money back to the government for taxes we owe. Some of us are lucky enough to be getting tax money back.

Well, I’ve come up with a plan that not only entitles us to never pay taxes again but to stay out of jail too!

Become a public servant who works to form the laws and policies of our cities, states and national government!

The evidence is clear.

Tim Geithner - not paid $35,000 in self-employment taxes for several years
Tom Daschle - did not pay taxes on an additional $83,333 that he earned as a consultant
Nancy Killefer - a $946.69 tax lien on her home for failure to pay unemployment compensation tax on household help

And last but certainly not least…

Former DC Mayor Marion Barry - failing to file his tax returns from 1999 to 2004 – did not file on time in 2005 and has either not filed or failed to file his taxes on time for the eighth time in nine years.

When questioned about this, Mr. Barry said that he had “been busy” working at his job on the council.

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