Federal Taxes

Dear Editor: Bush has made many promises in his years as our "fearless leader. " One was tax relief for the working taxpayers. I have not seen mine - as I file my taxes for last year! Bush promised in several of his many speeches over this last year that we would see the tax difference when we file our taxes. Oh, I see the difference all right! About $300 more difference. And you know that is really odd it came out that way. Because the year before is when I received his first tax relief promise, about $300 too. Am I paying that $300 back?

Dear Editor: A recent letter writer's implication that the Brousseaus are making a huge profit off of beer sales only shows he doesn't understand the term gross profit. Since Liz Maples randomly assigned a price to each case of beer, let's guesstimate that the Brousseaus mark up each case of beer by $2 (Beer has very little mark up and some stores make a profit of only pennies per case of beer.) That means their net profit would be only $210,000 for 105,000 cases of beer. That's a far cry from $2 million.

A Stanton couple were among those indicted recently by a federal grand jury on insurance fraud charges. Five people, John and Tena Lynn Pennington of Stanton, Thomas J. Childers of Hazard, Karen Lynetta Fox-Burns and her daughter, Shannon Renee Hogg of Whitesburg, were all charged May 1 for allegedly participating in a mail fraud scheme to defraud Kentucky Employers' Mutual Insurance from 2003 to 2005, according to a press release from the U.S....

No matter where you live, the chances are good that a state or local government near you may be having some difficulty in balancing its budget. As a citizen, you’re probably concerned about how this situation will affect your life and your community. But as an investor, you may also wonder how this might affect any municipal bonds you own. Fortunately, the outlook might be brighter than you think. Of course, taken to the extreme, the financial challenges of some state and local governments could conceivably affect their ability to fulfill the payment obligations on their municipal bonds.

LANCASTER - Bluegrass 911 Communications Center may owe $87,041 in unpaid taxes and past-due payments. The figure includes more than $71,000 in outstanding federal and state taxes - more than five times the amount originally told to The Advocate-Messenger by board members last week. A budget statement provided by interim director Russ Clark to the center board on Monday said the center owes $66,964 in federal taxes from October 2008 through June 2009, as well as $4,579 in state taxes.

As Americans rush today to meet the deadline for filing their federal and state income tax returns, they should take some consolation in the fact that at least their collective tax burden isn't nearly as bad as it was four years ago. "Tax Freedom Day," as calculated by the Tax Foundation, was celebrated this year on April 11, compared to May 2 in 2000 when the tax burden peaked at 33 percent of national income. The "Tax Freedom Day" calculation is based on the number of days each year Americans as a whole must work just to pay for government at all levels.

As you're no doubt aware, the long and deep recession has resulted in the highest unemployment rate in decades. But if you've been laid off, or if you fear a layoff may soon be coming, you're less interested in statistics than in your immediate financial future. How will you get by until you land a new job? This is a scary question, of course. And it can cause you to look at all your available financial resources ? including your 401(k), which may well be the largest single financial resource you have.

Next week, we'll be observing the Fourth of July. But at some point in your life, you'll want to celebrate another type of Independence Day - Financial Independence Day. When will it occur? It's up to you. Here are a few suggestions for speeding it along: - Feed those retirement plans. The most important thing you can do to hasten your Financial Independence Day is to continually save and invest for retirement. Take full advantage of your 401(k) or other employer-sponsored retirement plan.

Now that the holidays are here, you're probably looking around for the right gifts for your loved ones. Of course, as you know, it's not always easy to find gifts that are both meaningful and useful. This year, why not add financial gifts to your shopping list? What types of financial gifts should you consider giving? Let's look at a few possibilities: - Contributions to Section 529 plans If you have a child (or grandchild) that will be headed off to college in a few years, you may want to contribute to a Section 529 college savings plan.

At this time of year, you may be thinking about finding the "perfect" gifts for various family members. You can find any number of thoughtful presents, but if you'd like to give something that can have an impact long after the holiday season is over, consider making a financial gift. You could, of course, just write a check. But you may be able to do more for your intended recipients by finding a more creative gift. Here are a few possibilities: Stocks Many people have preferences for products made by certain companies, and they may well enjoy owning the stocks of those firms.

No matter where you live, the chances are good that a state or local government near you may be having some difficulty in balancing its budget. As a citizen, you’re probably concerned about how this situation will affect your life and your community. But as an investor, you may also wonder how this might affect any municipal bonds you own. Fortunately, the outlook might be brighter than you think. Of course, taken to the extreme, the financial challenges of some state and local governments could conceivably affect their ability to fulfill the payment obligations on their municipal bonds.

Latest Jean Brody column was a hoot To the Sun: I just read Mrs. Jean Brody’s “View from the Hill” and couldn’t contain my laughter as I continued to read. At the time, I’m sure she was nervous and scared, as I was this whole winter driving on flat even roads with snow. But the way she writes the story, you feel like you are there watching the action. Thanks Mrs. Brody for my daily chuckle. Joy L. Curtis, Winchester Hospital’s Senior Friends enjoyable Dear Editor: I would like to thank Clark Regional Medical Center and Lois Hamm, organizer of Senior Friends, for allowing me the opportunity to speak to the group on Feb. 17 about the many benefits of therapeutic massage and reflexology.

As you're no doubt aware, the long and deep recession has resulted in the highest unemployment rate in decades. But if you've been laid off, or if you fear a layoff may soon be coming, you're less interested in statistics than in your immediate financial future. How will you get by until you land a new job? This is a scary question, of course. And it can cause you to look at all your available financial resources ? including your 401(k), which may well be the largest single financial resource you have.

LANCASTER - Bluegrass 911 Communications Center may owe $87,041 in unpaid taxes and past-due payments. The figure includes more than $71,000 in outstanding federal and state taxes - more than five times the amount originally told to The Advocate-Messenger by board members last week. A budget statement provided by interim director Russ Clark to the center board on Monday said the center owes $66,964 in federal taxes from October 2008 through June 2009, as well as $4,579 in state taxes.

Well, it is tax season again and many folks are frantically gathering their receipts and other papers. They are preparing to make the annual trip to their CPA or favorite tax shop to file their income taxes. The government seems to be big on trying to convince folks that e-filing is the way to go when filing your taxes. Not only does e-filing save resources, but it could save you both time and money as well. There are many secure online sites where citizens can file their taxes online.

At this time of year, you may be thinking about finding the "perfect" gifts for various family members. You can find any number of thoughtful presents, but if you'd like to give something that can have an impact long after the holiday season is over, consider making a financial gift. You could, of course, just write a check. But you may be able to do more for your intended recipients by finding a more creative gift. Here are a few possibilities: Stocks Many people have preferences for products made by certain companies, and they may well enjoy owning the stocks of those firms.

Dear Editor, Several states never ratified the Sixteenth Amendment to the Constitution. This amendment created what we know today as the Federal Reserve Act, or the federal income tax law. In reality, there is no "law" that we must pay a federal tax on our labor. I openly challenge anyone to show me such a law. The Constitution does not provide for such a tax. Under the Articles of Taxation, the Constitution provides authorization for states and municipalities to levy taxes, not the federal government.

A Stanton couple were among those indicted recently by a federal grand jury on insurance fraud charges. Five people, John and Tena Lynn Pennington of Stanton, Thomas J. Childers of Hazard, Karen Lynetta Fox-Burns and her daughter, Shannon Renee Hogg of Whitesburg, were all charged May 1 for allegedly participating in a mail fraud scheme to defraud Kentucky Employers' Mutual Insurance from 2003 to 2005, according to a press release from the U.S....

Now that the holidays are here, you're probably looking around for the right gifts for your loved ones. Of course, as you know, it's not always easy to find gifts that are both meaningful and useful. This year, why not add financial gifts to your shopping list? What types of financial gifts should you consider giving? Let's look at a few possibilities: - Contributions to Section 529 plans If you have a child (or grandchild) that will be headed off to college in a few years, you may want to contribute to a Section 529 college savings plan.

Next week, we'll be observing the Fourth of July. But at some point in your life, you'll want to celebrate another type of Independence Day - Financial Independence Day. When will it occur? It's up to you. Here are a few suggestions for speeding it along: - Feed those retirement plans. The most important thing you can do to hasten your Financial Independence Day is to continually save and invest for retirement. Take full advantage of your 401(k) or other employer-sponsored retirement plan.