From DrHurd; Why the "Fiscal Cliff" is Really a Myth

Lately, we've all heard the "debates" over tax increases here in the US. And while the media is hyping Obama's plan as our one and only means of salvation - and while even Republicans are avoiding the harsh truths of our economic conditions - at least Dr Hurd is still speaking out.

So, I'll share him with you, my dear readers, in the hopes that at least some of you will pull your fingers out of your ears and stop with that silly "LALALALALAAAAA Not LISTENING" bullshit so many of us are doing. Enjoy:
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All the talk of a “fiscal cliff” come January 1 is misleading.

It implies that there’s something politicians can do to avert disaster in the new year – and that if they do it, all will be well.

The fact is: All is not well. The reason isn’t the sequestration law with supposed spending cuts and tax increases to take effect.

The reason is that the government is spending and borrowing way, way beyond what the private economy has the ability to produce – even if taxes are raised.

You can debate whether it’s worse to let America “go over the fiscal cliff” or to make some kind of bipartisan deal (stacked in favor of pro-Big Government spending and taxation, as always).

It doesn’t matter. Either way, Americans are left with the reality that its government spends and borrows way beyond its means. Tax increases will not help this. Tax increases on “the rich” will help this least of all. This is because “the rich” are the ones who disproportionately spend and invest in the economy, whether it’s job creation, investment in stocks or private enterprises, or spending on luxuries. The more you take away from those with the most wealth, the less...Read the rest here.

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Pain management an issue?

Avoiding aTax Audit by Janet Hunt on the YCN

The words "tax audit" strike fear into the hearts of business owners as well as individual tax payers. A tax audit is not the end of the world; and chances are, if you have documented your finances well, you will emerge "unscathed." While you cannot be 100% certain you will not be audited by the IRS, there are several precautions that will reduce the probability of an audit.

Documentation

Save all your receipts and document all expenditures you will report on your tax return. Tax filing time is not a good time to rely on memory. Do not claim deductions you are not entitled to receive. If you are unsure if you qualify for a specific deduction or do not have the documentation to back it up, your tax preparer can help determine if you qualify. You should retain all records and receipts for your tax returns a minimum of three years. This will save you headaches down the road if you are audited for a previous year's...Go here for the rest!

Your Tax Filing Status - Associated Content from Yahoo! - associatedcontent.com

Your Tax Filing Status - Associated Content from Yahoo! - associatedcontent.com

Your tax filing status provides the IRS and you one of the most basic pieces of information about how you should be taxed each year on the income you earn or receive. As a result, making sure you use the right status each year can mean the difference of hundreds to thousands of dollars, depending on your specific tax situation.

For the most part, the categories are pretty straightforward. They include:

* Married Filing Jointly (which is both you and your spouse reporting equally on the same tax income filing)
* Married Filing Separate (you're filing your own tax filing and your spouse does his or her own, so they need to be coordinated)
* Single (you're an individual filing tax income reporting and you're responsible for no one else)
* Head of Household (you're the main income earner and everyone in the house depends on you financially to...Go here for the rest.