California Taxes – Tax Accountants – Tax Service in Los Angeles, California

We started out with a debate on which year started the third millennium and ended up in a fight with an enemy that wanted the world to exist in the first millennium.

We started out with Where’s Waldo? And ended up with Where’s Osama?

The year started with George Bush making our clean water policy very theatrical. A little “Arsenic and Old Lace”.

The Democrats stared with a domestic policy consisting of waiting for the 98 year-old Senator Jessie Helms to die. When that didn’t work they got Senator Jeffords to switch political parties. They convinced him that the Democrats give better deductions. [...]

The Economic Growth and Tax Relief Reconciliation Act of 2001 is a complex piece of legislation. There are phase in and phase out provisions that should keep us all busy for the next ten years. For the rich it even provides a perfect year to die. 2010. That is the year Estate Tax is abolished and then returns in 2012. Osama may be holding out till then.

There is now a ten per cent tax rate. Most of us have already received this in the form of a tax rebate. This did not make up for the deficit for those who invested in the stock market. If you did not receive your rebate and you didn’t owe taxes for previous years, you should get the rebate in your 2001 tax return as a tax credit…(read more)

The beginning of the new millennium unless you are the fifty per cent of the world who feel that it begins in the year 2001. The courts are going to decide.

The year started out with the fate of the world depending on a group of computer geeks trying to get us under Y2K compliance and ended with the fate of the world depending on a group of people playing canasta in Florida.

We started out with George Bush, Jr. and Al Gore, Jr. fighting it out for the presidency and ended up with a group of lawyers slugging it out.

The Republicans decided that tort reform could wait until after the inauguration. [...]
LONG TERM CARE COSTS ARE NOW A MEDICAL DEDUCTION. If Anna Nicole Smith was a licensed professional, Billionaire J. Howard Marshall could have deducted her as a medical expense. There are special tax considerations given to long term care premiums.

DEDUCT TRAVEL TO STOCKHOLM? Amounts paid by an individual for expenses, including transportation costs and registration fees, of attending a medical conference relating to the chronic disease of an individual’s dependent, can be deductible as a medical expense. All medical expenses have to exceed 7 ½ % of a taxpayer’s adjusted gross income…(read more)

1999. The year started out with Bill Clinton about to be impeached and ended with Hillary Clinton announcing her senatorial candidacy and moving to New York. Bill has his own Y2K strategy. If we all go back to 1900, there will be no presidential two term limit and Clinton can run under the Bull Moose Party.

It turns out that the Y2K bug was invented by some people who owned land in Montana.

As of this writing, it appears that the presidential election of ’00 will be between Al Gore Jr. and George Bush Jr. So in boxing lexicon, we will have a battle of Jr. Lightweights. [...]

TAX HIGHLIGHTS: Most of the interesting new tax deductions died behind the doors of Congress. Fiscally, Republicans became like Democrats. Democrats became like Republicans and President Clinton realized that it’s easier to veto than it is to lead. The American Public said no to their share of of the tax surplus. So we ended up with a few more benefits that last year but not many…(read more)