When a Social Democracy is forced against plain and simple Democracy, the future cost for generations to come is normally ignored, bringing the consequences that we are living now.
It’s sad that when we look back at President Clinton’s Community Reinvestment Act in which the Federal Housing Administration (FHA) increased the home ownership opportunities for those borrowers that were at the time un-served or under-served by the private mortgage markets (and with good reason to do it), failed in a way that may have bankrupt our country and the future of many generations to come.
The perfect storm that has occurred may be directly related to the irresponsible homeownership legislation that wanted to make renters without the ability to purchase and maintain a home , owners in the land of opportunity, were all dreams comes true.
Not everyone can afford a home, many people that did purchased a home with very little down payment and very low income, are the main reason of the real estate boom and its demised, and most of those foreclosed homeowners are back were they started, renting a home. We must brake free from our homeownership cult, homeownership is not always the right choice.
Yes, the fall began with President Bush and is in a freefall with President Obama. It has been over the years that the most costly entitlements have been under Democrats and what is happening now is President Obama and the democratic congress responsibility. We have no means to afford a Healthcare Bill that will increase taxes in already battered American taxpayers. The squeeze the rich to increase entitlements has brought this nation to its knees and with no political answer to Social Security and Medicare. The continued printing of U.S. Dollars will only bring inflation and no solutions.
The short-term thinking of our “I want to get elected and/or continue in congress” at any cost have our society thinking, what will be of us, the millions of American that are not late in their mortgages, are not late with their credit card payments, that pay their taxes, that believe in God, that pray every day, that send their children to private school because the public system has failed, that do not depend in government.
What will be of us, when current politicians keep the “real American dream” under chains and destroy our future, piece by piece, legislation by legislation.
Yes, we have a voice. Yes, we have the power that democracy gives us. Yes, we need to protect our country. Yes, we need to protect our children. Yes, we need to protect our present and our future. Yes, we must vote against the politicians that are playing the politics game. We need leaders that will bring us back to the country that our forefathers dreamed for them and for us.
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
Monday, November 23, 2009
Friday, November 13, 2009
My point of view on taxing the wealthiest Americans
So, I hear the wealthiest Americans are the culprit of all society problems in our U.S.A.
The reality is another ”the top 1% pay more income tax than the bottom 90%”.
Are we going to kill the chicken with the golden egg ?, apparently so.
These rich people, which only crime is to have educated themselves in order to be successful in our society are now the scapegoats and the only solution to cover all of our country problems.
Rich people together with the medium class and the poor must all be part of the solution. A gimmie mentality is not the spark that starts the engine. We need a spark that will take us to the other level, a SPARK that together with HOPE will take us there.
Wealthy people are solution and not the problem to restart our economy. If our government decide to tax them our recovery will be delayed and believe me RICH PEOPLE understand there is a social responsibility and they are willing to participate as always in the reconstruction of our Economy.
Short minded politicians the are now running our country, with some exceptions of course, have to find a solution that starts with stopping fraud, limiting government expenditures and we must vote into government people with the knowledge to solve our problems. We need representatives with a “Curriculum Vitae” that give us assurance that they have the education and knowledge to honor their constituency. A popular politician with little or no education should not be voted in to office. Grassroots politicians should help their state or local community by helping their respective base, but should not serve in the extremely complex Congress because they are not prepared for the challenge.
Our government was created by the people and for the people to serve all the people and taxing the wealthiest Americans might their easiest solution but not the most prudent one.
Please don’t kill the chicken with the golden egg.
We need to vote in politicians that represent us.
Our forefathers, that created our always evolving Constitution, were the best and brightest minds of our country at the time, joined to create one of the most alive and exiting document in the history of our Nation.
In Conclusion we must send the best and the brightest to represent all of us in Washington,D.C.
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
The reality is another ”the top 1% pay more income tax than the bottom 90%”.
Are we going to kill the chicken with the golden egg ?, apparently so.
These rich people, which only crime is to have educated themselves in order to be successful in our society are now the scapegoats and the only solution to cover all of our country problems.
Rich people together with the medium class and the poor must all be part of the solution. A gimmie mentality is not the spark that starts the engine. We need a spark that will take us to the other level, a SPARK that together with HOPE will take us there.
Wealthy people are solution and not the problem to restart our economy. If our government decide to tax them our recovery will be delayed and believe me RICH PEOPLE understand there is a social responsibility and they are willing to participate as always in the reconstruction of our Economy.
Short minded politicians the are now running our country, with some exceptions of course, have to find a solution that starts with stopping fraud, limiting government expenditures and we must vote into government people with the knowledge to solve our problems. We need representatives with a “Curriculum Vitae” that give us assurance that they have the education and knowledge to honor their constituency. A popular politician with little or no education should not be voted in to office. Grassroots politicians should help their state or local community by helping their respective base, but should not serve in the extremely complex Congress because they are not prepared for the challenge.
Our government was created by the people and for the people to serve all the people and taxing the wealthiest Americans might their easiest solution but not the most prudent one.
Please don’t kill the chicken with the golden egg.
We need to vote in politicians that represent us.
Our forefathers, that created our always evolving Constitution, were the best and brightest minds of our country at the time, joined to create one of the most alive and exiting document in the history of our Nation.
In Conclusion we must send the best and the brightest to represent all of us in Washington,D.C.
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
Sunday, October 11, 2009
My Point of View of Florida Income Taxes and It's Equivalent Tax , the Real Estate Tax.
My Point of View of Florida Income Taxes and It's Equivalent Tax , the Real Estate Tax.
As Citizens of the State of Florida we have to understand that the State has
two principal tax revenue sources, the first is the Florida Sales tax and
the second is the Real estate taxes charged by the respective Counties of
course there are other methods of Tax funding but, these two are the topics
covered in this discussion.
Most of the States of the Union have a State Income Tax Revenue source in
addition to their Sales Tax Revenue Source. In our State of Florida we have
zero Income Taxes at the individual level and a small Corporate Income Tax. We must also understand that thousands of corporation have elected to
become S Corporations which are exempted for State Income Taxes.
The State of Florida government is tied to the funding sources permitted by
our constitution. So for me is evident that the Real estate Tax is the
substitution for other State Income Tax Revenue.
So those are the major funding sources in place created in our State in
addition to the so called FEES (taxes in disguise) . Our politicians must
understand that economies have contractions and budget and services must be
adjusted accordingly.
Real Estate values have decreased substantially the last couple of years, so
our income tax equivalent (Real Estate Taxes) have decreased. Florida
coffers have been depleted. It is not business as usual.
Services at the State and local levels will have to adapt to the
decrease in budgets due to decrease on tax revenues.
We want a government that we can not afford, our government structure was
created to serve us and not to hurt us. Almost every family, every
taxpayer, every small business is suffering in these economic times and we
have modified our budgets in this contraction.
If we still want a government that we can not afford, then higher taxes are
the solution. We need a government that we can afford and if that means
cutting services to accommodate the shortfall ,so let it be. We can not
mortgage the future of generations to come, it is truly irresponsible and
abuse of power
PADRO & Company, P.A.
Certified Public Accountants
TEL. 305-500-9361 FAX. 305-500-9492
2520 NW 97 Av. Street. Suite 120 Miami. FL. 33172
http://www.padrocpa.com
http://www.twitter.com/padrocpa
http://www.facebook.com/padrocpa
Any tax advice included in this written or electronic communication was not
intended or written to be used and it cannot be used by the taxpayer, for
the purpose of avoiding any penalties that may be imposed on the taxpayer by
any governmental taxing authority or agency.
As Citizens of the State of Florida we have to understand that the State has
two principal tax revenue sources, the first is the Florida Sales tax and
the second is the Real estate taxes charged by the respective Counties of
course there are other methods of Tax funding but, these two are the topics
covered in this discussion.
Most of the States of the Union have a State Income Tax Revenue source in
addition to their Sales Tax Revenue Source. In our State of Florida we have
zero Income Taxes at the individual level and a small Corporate Income Tax. We must also understand that thousands of corporation have elected to
become S Corporations which are exempted for State Income Taxes.
The State of Florida government is tied to the funding sources permitted by
our constitution. So for me is evident that the Real estate Tax is the
substitution for other State Income Tax Revenue.
So those are the major funding sources in place created in our State in
addition to the so called FEES (taxes in disguise) . Our politicians must
understand that economies have contractions and budget and services must be
adjusted accordingly.
Real Estate values have decreased substantially the last couple of years, so
our income tax equivalent (Real Estate Taxes) have decreased. Florida
coffers have been depleted. It is not business as usual.
Services at the State and local levels will have to adapt to the
decrease in budgets due to decrease on tax revenues.
We want a government that we can not afford, our government structure was
created to serve us and not to hurt us. Almost every family, every
taxpayer, every small business is suffering in these economic times and we
have modified our budgets in this contraction.
If we still want a government that we can not afford, then higher taxes are
the solution. We need a government that we can afford and if that means
cutting services to accommodate the shortfall ,so let it be. We can not
mortgage the future of generations to come, it is truly irresponsible and
abuse of power
PADRO & Company, P.A.
Certified Public Accountants
TEL. 305-500-9361 FAX. 305-500-9492
2520 NW 97 Av. Street. Suite 120 Miami. FL. 33172
http://www.padrocpa.com
http://www.twitter.com/padrocpa
http://www.facebook.com/padrocpa
Any tax advice included in this written or electronic communication was not
intended or written to be used and it cannot be used by the taxpayer, for
the purpose of avoiding any penalties that may be imposed on the taxpayer by
any governmental taxing authority or agency.
My Point of View on How Outsourcing is Affecting Social Security
My Point of View on How Outsourcing is Affecting Social Security.
Our Entitlement pyramid is crumbling and outsourcing is one of the culprits.
We are creating an inverse pyramid by having less employees contributing to
support the present time retirees.
The outsourcing business has a detrimental impact on U.S.
Employment, the U.S. Economy and the U.S. Treasury, because the
money is expended abroad and normally it does not come back.
The outsourcing business is growing day by day in America.
Employment (payroll) is the basis used in theory to calculate future
benefits.
When you outsource a job:
U.S. may have a unemployed american.
U.S. will not received Social Security taxes from this unemployed American.
U.S. will not receive Medicare Taxes from this unemployed american.
U.S. will not benefit from consumer spending from this unemployed american.
U.S. will have to cover the uninsured through medicaid because this
unemployed american.
U.S. will lose all the direct and indirect benefit of having that unemployed
american working.
U.S. is exporting its working capital.
U.S. must maintain quality in education so our jobs are not exported to help
other countries. We need the help ourselves.
Our social security program is in trouble Our Medicare program is in trouble
Our health insurance industry does no contain cost.
Our future retirees are in trouble.
Jose F Padro
2009
Any tax advice included in this written or electronic communication was not
intended or written to be used and it cannot be used by the taxpayer, for
the purpose of avoiding any penalties that may be imposed on the taxpayer by
any governmental taxing authority or agency.
Our Entitlement pyramid is crumbling and outsourcing is one of the culprits.
We are creating an inverse pyramid by having less employees contributing to
support the present time retirees.
The outsourcing business has a detrimental impact on U.S.
Employment, the U.S. Economy and the U.S. Treasury, because the
money is expended abroad and normally it does not come back.
The outsourcing business is growing day by day in America.
Employment (payroll) is the basis used in theory to calculate future
benefits.
When you outsource a job:
U.S. may have a unemployed american.
U.S. will not received Social Security taxes from this unemployed American.
U.S. will not receive Medicare Taxes from this unemployed american.
U.S. will not benefit from consumer spending from this unemployed american.
U.S. will have to cover the uninsured through medicaid because this
unemployed american.
U.S. will lose all the direct and indirect benefit of having that unemployed
american working.
U.S. is exporting its working capital.
U.S. must maintain quality in education so our jobs are not exported to help
other countries. We need the help ourselves.
Our social security program is in trouble Our Medicare program is in trouble
Our health insurance industry does no contain cost.
Our future retirees are in trouble.
Jose F Padro
2009
Any tax advice included in this written or electronic communication was not
intended or written to be used and it cannot be used by the taxpayer, for
the purpose of avoiding any penalties that may be imposed on the taxpayer by
any governmental taxing authority or agency.
Wednesday, September 23, 2009
Workers Compensation Law
This information was gathered from my readings in the internet. I have compiled what I consider the best narrative explanation summary of the Workers Compensation Law. I f you have any questions or situation related to this matter, please consult legal counsel.
The State of Florida in an effort to raise funds created a whistle-blower website that was launched in June 2009 and has raised over $500,000 in penalties since inception to companies not carrying workmen compensation coverage. Two stop work orders have been issued for two employers in Palm Beach County and eight in Miami-Dade County.
Workers' compensation is a state program requiring employers to have an insurance policy covering employees for work-related injuries. Should an employee be injured on the job, the employer or the insurance company will provide payments for medical care and lost wages due to the injury. Though the employer (not the employee) pays the insurance premium, the cost of workers' compensation is ultimately passed to the consumer in the form of higher prices for goods and services.
Workers' compensation is a state program requiring employers to have an insurance policy covering employees for work-related injuries. Should an employee be injured on the job, the employer or the insurance company will provide payments for medical care and lost wages due to the injury. Though the employer (not the employee) pays the insurance premium, the cost of workers' compensation is ultimately passed to the consumer in the form of higher prices for goods and services.
If the employer or the insurance carrier refuses to pay for medical care, lost wages or other matters, an injured employee should call the Division of Workers' Compensation The Division of Workers' Compensation will attempt to remedy the problem through an informal resolution process. However, if that does not work, the employee will have to file a claim for benefits. If an injured worker has not yet consulted an attorney, it would be wise to do so at this point. Properly filing a claim can be complicated and mistakes may threaten a worker's right to benefits.
If both parties refuse to settle the dispute, a hearing will be held before a judge of compensation claims. At the hearing, both sides present their cases and the judge has 30 days to render a decision. The judge has the authority to require the losing party to pay the winner's court costs, including attorneys' fees. Appeal of the compensation judge's decision must be directed to the First District Court of Appeal in Tallahassee.
Employers are prohibited from discharging or threatening any employee for asserting a valid claim for workers' compensation benefits. However, employers are not required to hold an injured employee's position until they can return to work.
A final point: filing a false claim for workers' compensation benefits is a third degree felony and has serious consequences.
José F. Padró, CPA.
padrocpa@padrocpa.com
http://www.padrocpa.com/
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
The State of Florida in an effort to raise funds created a whistle-blower website that was launched in June 2009 and has raised over $500,000 in penalties since inception to companies not carrying workmen compensation coverage. Two stop work orders have been issued for two employers in Palm Beach County and eight in Miami-Dade County.
Workers' compensation is a state program requiring employers to have an insurance policy covering employees for work-related injuries. Should an employee be injured on the job, the employer or the insurance company will provide payments for medical care and lost wages due to the injury. Though the employer (not the employee) pays the insurance premium, the cost of workers' compensation is ultimately passed to the consumer in the form of higher prices for goods and services.
Workers' compensation is a state program requiring employers to have an insurance policy covering employees for work-related injuries. Should an employee be injured on the job, the employer or the insurance company will provide payments for medical care and lost wages due to the injury. Though the employer (not the employee) pays the insurance premium, the cost of workers' compensation is ultimately passed to the consumer in the form of higher prices for goods and services.
If the employer or the insurance carrier refuses to pay for medical care, lost wages or other matters, an injured employee should call the Division of Workers' Compensation The Division of Workers' Compensation will attempt to remedy the problem through an informal resolution process. However, if that does not work, the employee will have to file a claim for benefits. If an injured worker has not yet consulted an attorney, it would be wise to do so at this point. Properly filing a claim can be complicated and mistakes may threaten a worker's right to benefits.
If both parties refuse to settle the dispute, a hearing will be held before a judge of compensation claims. At the hearing, both sides present their cases and the judge has 30 days to render a decision. The judge has the authority to require the losing party to pay the winner's court costs, including attorneys' fees. Appeal of the compensation judge's decision must be directed to the First District Court of Appeal in Tallahassee.
Employers are prohibited from discharging or threatening any employee for asserting a valid claim for workers' compensation benefits. However, employers are not required to hold an injured employee's position until they can return to work.
A final point: filing a false claim for workers' compensation benefits is a third degree felony and has serious consequences.
José F. Padró, CPA.
padrocpa@padrocpa.com
http://www.padrocpa.com/
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
Sunday, September 13, 2009
Should I invest in my Traditional IRA, this year of so much uncertainty ?
My answer is YES,YES, YES, the best provision of a Traditional IRA which is the tax-deductibility of contributions is a good reason to consider making your investment this year. Today’s shaky state of our economy and the instability of the financial markets is a consideration, your retirement plan should be based on long-term investing goals and must continue.
While in the Traditional IRA, transactions in the account, including interest, dividends, and capital gains, are not subject to tax, withdrawals from the account, are subject to federal income tax and 10% early retirement penalty, some exceptions apply.
Please remember that you have until April 15,2010 to make your IRA Contributions for the tax year ended December 31, 2009.
Perhaps in times of economic uncertainty, the Traditional IRA funds might be placed in a more conservative investment vehicle not so reliant on the volatility of the stock markets. Be sure to consult a trusted financial advisor for information based on your individual needs.
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
While in the Traditional IRA, transactions in the account, including interest, dividends, and capital gains, are not subject to tax, withdrawals from the account, are subject to federal income tax and 10% early retirement penalty, some exceptions apply.
Please remember that you have until April 15,2010 to make your IRA Contributions for the tax year ended December 31, 2009.
Perhaps in times of economic uncertainty, the Traditional IRA funds might be placed in a more conservative investment vehicle not so reliant on the volatility of the stock markets. Be sure to consult a trusted financial advisor for information based on your individual needs.
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
My Point of view about the Banking Industry
Last week a banker friend ask me what do you think about our industry. I firmly believe the banking industry is the tool that safeguards and control the flow of money. I believe there are two different banking industries, the retail banking and the investment banking. The banking industry changed drastically after Sandy Weill and Travelers purchased Citibank and created Citigroup.
This merger joined two totally different philosophies, the safeguard of assets and the Risk of Investments. Cross-selling became a way of life, inviting banking clients to become part of the riskier philosophy of investing and facilitating also insurance industry products. This action created a new industry were greed and short term goals destroyed the confidence that the as the banking industry.
Banks should safeguard their customers money and not offer products that could, if something goes wrong, create losses that many times can not be recovered. A banker should be a banker, an Investment consultant should be an invest consultant and an insurance salesman should always be an insurance salesman. The Interest of these three industries are not the same and because of this, they should never be together.
The banking industry should recognize the safeguard of the assets and the facilitation of money as their main objective because once money is lost is gone forever. Millions of Americans have lost fortunes due to these confused and intermingling actions taken by these banks.
Reviving prudent lending practices by banks who know their borrowers is a must. In the good old days bankers knew their customers and they had hands on involvements in their clients.
I read in Forbes magazine August 2009 Publication that Mr. Paul Volcker, the revered former chairman of the Feds endorses a two-tier system that tightly regulates commercial banks that take deposits and make loans, while giving considerable leeway to security firms that engage in riskier activities such as trading.
This is a sound idea and should considered during the new banking system reform
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
This merger joined two totally different philosophies, the safeguard of assets and the Risk of Investments. Cross-selling became a way of life, inviting banking clients to become part of the riskier philosophy of investing and facilitating also insurance industry products. This action created a new industry were greed and short term goals destroyed the confidence that the as the banking industry.
Banks should safeguard their customers money and not offer products that could, if something goes wrong, create losses that many times can not be recovered. A banker should be a banker, an Investment consultant should be an invest consultant and an insurance salesman should always be an insurance salesman. The Interest of these three industries are not the same and because of this, they should never be together.
The banking industry should recognize the safeguard of the assets and the facilitation of money as their main objective because once money is lost is gone forever. Millions of Americans have lost fortunes due to these confused and intermingling actions taken by these banks.
Reviving prudent lending practices by banks who know their borrowers is a must. In the good old days bankers knew their customers and they had hands on involvements in their clients.
I read in Forbes magazine August 2009 Publication that Mr. Paul Volcker, the revered former chairman of the Feds endorses a two-tier system that tightly regulates commercial banks that take deposits and make loans, while giving considerable leeway to security firms that engage in riskier activities such as trading.
This is a sound idea and should considered during the new banking system reform
José F. Padró, CPA.
padrocpa@padrocpa.com
www.padrocpa.com
PADRO and Company, P.A.
The information at this Site has been provided by José F. Padró , CPA. for general information purposes. It does not constitute legal, accounting, tax or other professional advice or services and is presented without any representation or warranty as to the accuracy or completeness of the information.
Monday, August 24, 2009
My point of view for Cash for Clunkers Federal program
Dear friends,
The help has arrived to the people.Taxpayers are buyers and sellers, the federal program has been a success, people have responded.
In the short term it is a true injection to our economy and on the long term to our environment and our oil dependency from countries that don't like us.
We need a national conscience to lower our oil dependency, we know that oil won't last forever, what are we going to do after the oil is gone?
This program covers in essence many of these topics and they have been addressed responsibly.
But one of my issues is that we are now a global economy and helping domestic car manufacturers ( American cars) would have made a lot of sense for our country.
The reality is that U.S. manufacturers they have not improved in the miles per gallon (MPG) and foreign manufacturers will reap the benefit.
Toyota,Honda, Hyundai,and others were ready for the challenge, american manufacturers were not.
This is program is a victory for the new administration, honor when honor is deserved.
We are loosing our managerial skills and competitive advantages, the great leaders of the past have gone to sleep and the new leaders are not waking up.
Let us not forget about our American industries, they need our help and we need them to maintain ourselves as an always progressive country.
We have a complex economy that have been the envy of the world for many years and we will overcome our current failures and grow stronger learning from our past .
I know this because, I am one of those americans and millions like me, are ready to built our nation stronger than ever, a block at a time.
Please have no doubt about it, we will succeed.
Jose F Padro, P.A. CPA
The help has arrived to the people.Taxpayers are buyers and sellers, the federal program has been a success, people have responded.
In the short term it is a true injection to our economy and on the long term to our environment and our oil dependency from countries that don't like us.
We need a national conscience to lower our oil dependency, we know that oil won't last forever, what are we going to do after the oil is gone?
This program covers in essence many of these topics and they have been addressed responsibly.
But one of my issues is that we are now a global economy and helping domestic car manufacturers ( American cars) would have made a lot of sense for our country.
The reality is that U.S. manufacturers they have not improved in the miles per gallon (MPG) and foreign manufacturers will reap the benefit.
Toyota,Honda, Hyundai,and others were ready for the challenge, american manufacturers were not.
This is program is a victory for the new administration, honor when honor is deserved.
We are loosing our managerial skills and competitive advantages, the great leaders of the past have gone to sleep and the new leaders are not waking up.
Let us not forget about our American industries, they need our help and we need them to maintain ourselves as an always progressive country.
We have a complex economy that have been the envy of the world for many years and we will overcome our current failures and grow stronger learning from our past .
I know this because, I am one of those americans and millions like me, are ready to built our nation stronger than ever, a block at a time.
Please have no doubt about it, we will succeed.
Jose F Padro, P.A. CPA
Saturday, August 15, 2009
My point of view of Florida and Miami -Dade County Real Estate Taxes
Our State and local Government have grown to big to fail, but they are killing us.
So they have decided to maintain their current size and expenses with little adjustments for window dressing.
They knew the real estate bubble was going to burst, they saw it coming, they have economist on their payroll and they decided to look the other way.
In Miami- Dade the commissioners decided not to confront the anger of the people and cowardly abstained themselves from voting for the budget.
These so called commissioners, representative of our taxpayers, respond very little to our interest and respond very much to the special interests.
These commissioners,which I question their formal education are career politicians, with some exceptions of course, that would not be successful running a business in the real world are now in control of our government and a Strong Mayor than instead of being running the county like Raul Martinez did in Hialeah, has kept a county manager to run the day to day operations. So what's the purpose?
The reality is that when the economy retracts the budgets must retract. This is true and brings a reality of how common sense and professionalism is used in budgeting in our capitalist society.
Lets remember our politicians, that we are a democratic and capitalistic society and not a socialistic society in which the government can abuse society members for the benefit of the government.
We the people understand our social responsibilities but ,we are angered by our local, state and federal governments misuse of our funds, and then after those abuses they want more of our money.
No, No, No......No more taxes...Get your budget balanced...If you need to cut expenses, cut them...If you need to cut the pension, cut it...If you need to stop the abuse, stop it...If you need to cut from payroll an employee ,cut it...If you need to cut a fireman from payroll , cut it....If you need to cut a police from payroll, cut it......... I know about this, because I am a business owner and I deal with budgets every day of my life and when I can't afford an employee with my heart broken, I have to let go.
We also have limited and shrinking budgets. Do politicians and government understand, that we the taxpayers have been affected by this recession and we don't have money to spare.
Is that so difficult to understand ? Nobody is helping my business nor my employees during these harsh times and now you want us to pay more taxes, local, state and federal.
Hey, we are watching you and we will exercise our vote and we will kick you out of office if you force us,
This is no a threat, this is a fact of life.
Jose F Padro
Padro & Company, P.A.
Certified Public Accountants
http://www.padrocpa.com
So they have decided to maintain their current size and expenses with little adjustments for window dressing.
They knew the real estate bubble was going to burst, they saw it coming, they have economist on their payroll and they decided to look the other way.
In Miami- Dade the commissioners decided not to confront the anger of the people and cowardly abstained themselves from voting for the budget.
These so called commissioners, representative of our taxpayers, respond very little to our interest and respond very much to the special interests.
These commissioners,which I question their formal education are career politicians, with some exceptions of course, that would not be successful running a business in the real world are now in control of our government and a Strong Mayor than instead of being running the county like Raul Martinez did in Hialeah, has kept a county manager to run the day to day operations. So what's the purpose?
The reality is that when the economy retracts the budgets must retract. This is true and brings a reality of how common sense and professionalism is used in budgeting in our capitalist society.
Lets remember our politicians, that we are a democratic and capitalistic society and not a socialistic society in which the government can abuse society members for the benefit of the government.
We the people understand our social responsibilities but ,we are angered by our local, state and federal governments misuse of our funds, and then after those abuses they want more of our money.
No, No, No......No more taxes...Get your budget balanced...If you need to cut expenses, cut them...If you need to cut the pension, cut it...If you need to stop the abuse, stop it...If you need to cut from payroll an employee ,cut it...If you need to cut a fireman from payroll , cut it....If you need to cut a police from payroll, cut it......... I know about this, because I am a business owner and I deal with budgets every day of my life and when I can't afford an employee with my heart broken, I have to let go.
We also have limited and shrinking budgets. Do politicians and government understand, that we the taxpayers have been affected by this recession and we don't have money to spare.
Is that so difficult to understand ? Nobody is helping my business nor my employees during these harsh times and now you want us to pay more taxes, local, state and federal.
Hey, we are watching you and we will exercise our vote and we will kick you out of office if you force us,
This is no a threat, this is a fact of life.
Jose F Padro
Padro & Company, P.A.
Certified Public Accountants
http://www.padrocpa.com
Thursday, May 14, 2009
Last year's tax breaks may bring 2009 tax savings
When it comes to your personal finances, 2008 may be a year you'd rather forget. But a little reflection on last year's tax changes could be the springboard you need to save taxes in 2009.
New tax rules for homeowners
Last October, with passage of the Emergency Economic Stabilization Act of 2008, Congress extended several important tax provisions that were set to expire. For example, a homeowner tax break in the Mortgage Forgiveness Debt Relief Act of 2007 would have ended after 2009, but instead remains in effect through 2012. This rule allows you to exclude from taxable income up to $2 million of forgiven mortgage debt, such as that resulting from home foreclosure or loan restructuring. Now there is no longer any tax-driven pressure to restructure your loan before the end of 2009.
HOME PURCHASE CREDIT. If you are looking to buy a house in 2009, there is still time to take advantage of the home buyer's tax credit. You can receive a tax credit of 10% of the purchase price (up to $8,000) if you buy your home before November 30, 2009. There are a few catches, however. There are income limits, and you cannot have owned a principal residence during the previous three years. If you own the home for 36 months, the credit does not have to be repaid to the government.
PROPERTY TAX DEDUCTION. If you already own a home, but usually do not have enough deductions to itemize on your tax return, there is good news for you, too! Congress extended through 2009 a rule allowing nonitemizers to deduct up to $1,000 ($500 for single filers) in real estate property taxes in addition to the regular standard deduction amount.
HOME SALE CHANGE. In 2009, the tax treatment changes for vacation homes converted to personal residences. Beginning this year, the popular $250,000/$500,000 taxable gain exclusion for sales of personal residences won't apply for gain attributable to periods during which the home was used as a vacation home or a rental property. The adjustment to the amount of gain that can be excluded is based on "nonqualified use periods" beginning January 1, 2009.
College and charity tax breaks
TUITION DEDUCTION. The Emergency Economic Stabilization Act of 2008 also extended the tax deduction for higher education costs. As much as $4,000 in tuition and fees incurred by the taxpayer, spouse, or a dependent can be written off from taxable income. However, if your adjusted gross income exceeds $130,000 filing jointly ($65,000 filing single), the deduction is reduced.
IRA TO CHARITY. Remember the charitable IRA rollover for taxpayers 70½ years old or older? It's back! Congress reinstated the rule that allows older taxpayers to donate to charity up to $100,000 directly from their IRA. The withdrawal is not included in taxable income, and it does not qualify as a deductible contribution to charity. However, the charitable rollover satisfies the required minimum distribution (RMD) rules, making this a tax-advantaged way to benefit your favorite charity. The RMD rules are suspended for 2009.
Businesses as well have an added incentive to make charitable contributions in 2009. Enhanced deductions will again be given to businesses that donate qualified food to charities or books and computer equipment to schools.
A silver lining to the economic downturn
CAPITAL LOSSES. Did last year's economic woes hammer your portfolio or business? Capital losses resulting from the sale of assets such as stocks and bonds can be used to offset capital gains and up to $3,000 of ordinary income per year. Any capital losses left over from 2008 can be carried forward to offset capital gains in 2009 – something to think about if the stock market rebounds this year.
NOLs. Qualifying small business owners who incurred a net operating loss (NOL) in 2008 can offset those losses against business income. In fact, a 2008 NOL can be carried back up to five years to a previous profitable year's tax return, providing a more immediate tax refund.
Incentives to go green
ENERGY. Congress reinstated several laws in 2008 and 2009 that provide tax breaks to individuals and business owners who purchase energy efficient equipment. Most taxpayers stand to benefit from the rule that provides as much as $1,500 in tax credits for energy saving home improvements such as qualified insulation, exterior windows, or doors. Businesses that invest in energy efficient commercial buildings could also reap tax savings.
The tried and true
Some solid tax-cutting strategies remain the same from one year to the next. Maximizing your 2009 retirement plan contribution is a good place to start. The annual 401(k) or 403(b) elective deferral limitation increases from $15,500 to $16,500 this year. Those who have reached age 50 by the end of 2009 may contribute an additional $5,500.
If your employer provides a health savings account or a flexible spending account, review your 2008 health or dependent care expenses to make the most of these tax-advantaged plans for 2009. Otherwise, you might be leaving money on the table.
Now is also a good time to review your income tax withholding or estimated tax payments. Anticipated changes to your dependents, income, or deductions might call for an adjustment to your tax withholding. Failure to make these changes now may result in tax penalties if you come up short, or unnecessarily tie up cash if you overpay.
Get an early start
The earlier you begin your 2009 tax planning the better. It's important that you take taxes into account before making financial decisions in your personal and business affairs this year. For tax-cutting guidance under the ever-changing rules, give us a call.
NOTE: This newsletter is issued annually to provide you with information about minimizing your taxes. Do not apply this general information to your specific situation without additional details. Be aware that the tax laws contain varying effective dates and numerous limitations and exceptions that cannot be summarized easily. For details and guidance in applying the tax rules to your individual circumstances, please contact us.
PADRO & Company, P.A.
Sunday, March 15, 2009
2009 Tax Planning Letter - PADRÓ & Company, P.A.
Dear Clients and Friends,
With an economy struggling to recover from the financial woes of 2008, we are all hoping that 2009 will be a better year. A new administration in Washington means we're certain to have more changes to the tax code in 2009, but the shape and timing of these changes will depend on our economic situation.
The financial turmoil may have you wondering whether you'll have enough money to send your children to college, to pay for your own retirement, or to meet your other financial goals. This Tax Planning Letter is intended to stimulate your thinking about tax strategies that can leave more money in your pocket to spend or invest.
Effective tax planning is a year-round, lifelong activity, and though constantly changing tax law can make planning a challenge, making it a priority will pay off with lower taxes. We are committed to working with you to find the tax strategies best suited to your individual circumstances. If you have questions about anything in this Letter or about your tax-cutting options, please call. And if you have friends or associates who might be interested in tax planning information, feel free to share this Letter with them.
Jose F. Padró, CPA
To view this letter go to:
http://www.planningtips.com/4422/default.asp?Co_ID=115183&Tip_ID=4422
With an economy struggling to recover from the financial woes of 2008, we are all hoping that 2009 will be a better year. A new administration in Washington means we're certain to have more changes to the tax code in 2009, but the shape and timing of these changes will depend on our economic situation.
The financial turmoil may have you wondering whether you'll have enough money to send your children to college, to pay for your own retirement, or to meet your other financial goals. This Tax Planning Letter is intended to stimulate your thinking about tax strategies that can leave more money in your pocket to spend or invest.
Effective tax planning is a year-round, lifelong activity, and though constantly changing tax law can make planning a challenge, making it a priority will pay off with lower taxes. We are committed to working with you to find the tax strategies best suited to your individual circumstances. If you have questions about anything in this Letter or about your tax-cutting options, please call. And if you have friends or associates who might be interested in tax planning information, feel free to share this Letter with them.
Jose F. Padró, CPA
To view this letter go to:
http://www.planningtips.com/4422/default.asp?Co_ID=115183&Tip_ID=4422
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