Monday, December 17, 2007

Does Derek Jeter Live in NYC or Florida?

According to this article in the New York Times, he says he lives in FL, but the evidence may indicate he lives in NY.

"New York State tax officials say that the Yankee star Derek Jeter claimed he lived in Florida to avoid paying city and state income taxes for several years, when he was actually living in New York, according to documents filed last week with an administrative law judge.
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It's Better When the Legislature is Out of Session

The Maryland Chamber of Commerce had an eye-catching headline on its website:

"Special Session Results in $800 Million in New Business Taxes"

When you hear your governor call for a "Special Session", grab your wallet! Here is the Chamber's summary of what the legisalture did to Maryland businesses and citizens.
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Friday, December 14, 2007

Michigan Backs Down on Service Tax -- Increases Income Tax Instead

According to CCH, the surcharge is to be based on a percentage of the taxpayer's liability before credits. For all taxpayers, other than financial institutions, the surcharge would be:

-- 32.9% for tax years ending after 2007 and before 2009; and
-- 27.3% for tax years ending after 2008.
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You Own a Farm/Ranch and Want to Deduct the Losses?

The question of "hobby-losses" come up frequently in income tax. So this issue is always an interesting one to watch. In this case, a couple in Alabama won their case at the administrative level against the AL DoR. Even though both of them had full-time jobs off the farm, they were able to show they were operating it for a profit. Here is the analysis performed by the ALJ considered in ruling for the taxpayer:
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