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.
Showing posts with label doral cpa. Show all posts
Showing posts with label doral cpa. Show all posts
Sunday, October 11, 2009
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.
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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