Topic: Taxes

De-stressing tax time with organization

By Charles Moreland | March 23, 2008 |

It’s “that time of year” again — tax time. With April 15 as the tax filing deadline for 2007. We have collected the w-2 forms, the 1099s, and the statements on charitable giving, computing our itemized deductions for the year. Our government recognizes charitable contributions and permits 14 cents a mile for volunteers working for charitable and non-profit organizations.

The following guidelines constitute legitimate advice on donations that can save you hundreds of dollars.

If you have a Certified Public Accountant or tax prepare, you can save money by having all your deductions organized and ready ahead of time. Don’t show up with a shoebox of tangled receipts. Preparers often charge by the hour, so do the as much preparation as possible ahead of time. «Read the rest of this article»

Sections: Business, Opinion | No Comments

House Democrat Review for 03/20/2008

By Tennessee Democrats | March 21, 2008 |

The House Democrat Review is a weekly feature that gives Tennesseans an in-depth look at what our Democratic state legislators have been working on this week, and a glimpse into what’s planned for the coming week at our state house.

House Democrats Bring Home Schools First Funding, nearly $184 million in additional K-12 funds expected next year.

This week House Democrats were presented with the 2008 – 2009 projected BEP 2.0 funding numbers which show that, thanks to the Schools First Initiative passed last year, Tennessee’s local schools are estimated to receive $183.2 million in additional funding.

“When we first began the task of improving our K-12 schools in Tennessee, we wanted to do it in a way that wouldn’t put undo burdens on local governments,” said Speaker of the House Jimmy Naifeh (D-Covington). “Thanks to the Schools First Initiative, we were able to increase education funding by over $340 million last year and nearly $184 million this year, while at the same time reducing the pressure on counties to have to raise their property taxes.” «Read the rest of this article»

Sections: Politics | No Comments

Our view: The updated redevelopment plan still has major flaws

March 5, 2008 |

We took an in-depth look at the proposed modifications to the blight ordinance and redevelopment plan, and discovered the new plan has the exact same issues which made the old plan so objectionable. We have included it in full below, and have highlighted in red items that we feel should be of concern to the average citizen, and especially to the property owners in the affected areas. We feel that you will agree it is a lot of red.

It’s also of some concern that they are now also looking at implementing plans along the “Madison corridor” and Riverside drive in addition to the massive downtown plan. We have serious doubts that city and the developer interests which are behind them, will be interested in stopping with just those sections of Clarksville.

Here’s Mayor Piper talking about his modifications to the Redevelopment plan…

Yes, our city needs conduct some targeted redevelopment, but they should not attempt to accomplish it in this capricious manner. «Read the rest of this article»

Sections: Issues, Opinion, Politics | 1 Comment »

Trickle down economics, rebates: Just “crumbs under the table”

By Beth Robinson | January 29, 2008 |

The US deficit is a monstrosity. I don’t subscribe to the notion that owing money is ‘the American way’. If we must have an economic stimulus package, it should address some of our current problems instead of giving an across the board, meager handout to the middle and upper class. One critical example is funding clean alternative energy solutions.

Let’s say I am deep in debt. Would you suggest I borrow more money? That seems to be what the US government is doing. Our huge US trade deficit spending cannot go on forever. Eventually, someone will have to pay.

Giving $50 billion to businesses is lunacy. CEO’s ‘legally’ steal billions every year using ’stock options’. They buy company shares at $5 and sell them the same day for $50. For some details on this immoral behavior see: http://www.corpwatch.org/ . Where does this money come from? It can’t just appear out of thin air. It must be related to low worker pay and lack of benefits - such as health care.

I know the opposition will lament: business rebates will create jobs. I think the ‘trickle down’ theory basically means ‘you can eat the crumbs that might happen to fall under my table’. Will any jobs created be decent paying careers for Americans? US Capitalism should not degrade into merely platinum collar theft.

Sections: Opinion | No Comments

Give incentives not tax cuts

By Beth Robinson | January 19, 2008 |

Instead of blindly giving another tax cut, how about giving tax incentives for buying green vehicles and other green products, or services? I think this would be smarter way to go rather than across the board tax cuts (which somehow despite good press) puts very little money in the places where it really needs to go. Most of the incentives to buy hybrid vehicles, add solar energy, and make our homes more energy efficient have expired.

A lack of drinking water also seems to be a very serious problem many states are facing. How about boosting the economy by creating some new and cleaner water systems? Why does the used water from my shower and washer go down the drain when it could be recycled to save dying trees in my yard?

Consumer spending simply creates more waste which must eventually be dealt with. Putting more TV’s and other electronic gadgets in our landfills is not what a tax rebate should go to support.

In a related note, it is very sad to see all the current TV commercials to money-strapped individuals: “get your tax refund today!”. They should really say, “give us a chunk of your tax refund today”. I’m sure these types of businesses are pushing and lobbying for small rebates across the board.

Sections: Opinion | 2 Comments

The tax man [woman] arrives …

By Charles Moreland | November 14, 2007 |

This is the the first year we have directly received a Montgomery County tax statement. Prior to 2007, the statement went to and was paid by the Wells Fargo Mortgage Company. Since we paid our mortgage on full in April, we are now the recipients of this notice. In the fall of each, I’ll now be billed for taxes due. Before now, I paid no attention to this detail. I didn’t have to.

I recognize that my neighbors and other property owning residents of Montgomery County are receiving such notices too. Such notices can evoke feelings about the prospect of paying taxes: frustration, anger, stress. These are unhealthy responses if dwelled upon for any length of time. Remember, our feelings are triggered by our thinking. To think of taxes as a negative fosters resentment, but there is a more wholesome attitude if you shift your focus.

This is what works for me: I choose to mentally remind myself of the benefit received for my tax dollars. I begin by seeing my tax payment as a community asset; it has value to the community. I know that my tax dollars are supporting the educational system in my community, and I believe that education is the foundation for success in life. I am, therefore, making a distinct contribution to the lives of children. «Read the rest of this article»

Sections: Opinion, Politics | No Comments

Cars seized over packs of cigarettes

October 10, 2007 |

Revenue agents surveil Tennessee residents who buy cigarettes in neighboring states. Those found in possession of two cartons +1 pack will have their car confiscated.

Tennessee revenue agents will be watching, ready to accuse residents of the new crime of driving with 21 packs of cigarettes purchased across state lines. Those carrying just over two cartons of smokes in their car might lose their vehicle for good. The crackdown announced late last month is part of an effort to defend a July hike in the cigarette tax from 20 to 62 cents per pack from nearby states with much lower levies.

The net result is that Tennessee will confiscate and sell cars worth thousands or tens of thousands each over a claimed loss of tax revenue of $13.02. Cigar lovers likewise become criminals under the statute and face six months in jail if accused of driving with 51 cigars. A heavy smoker carrying a three-month supply — enough to evade an alleged $155.62 in cigarette tax — is guilty of a felony under the Tennessee law. The penalty, in addition to car confiscation, is up to six years in prison and an additional $3000 fine. Earlier this month Governor Phil Bredesen (D) embraced an official anti-cigarette policy to complement the confiscation program.

“It’s also a historic occasion as Tennessee becomes the first traditional tobacco state to enact such a comprehensive statewide smoking ban…”- Phil Bredesen

«Read the rest of this article»

Sections: Issues, News, Politics | 2 Comments

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