profitable

Manufacturing Is Needed In US Now

admin — Mon, 08 Mar 2010 18:40:42 +0000

I have been screaming to anybody who would listen for the last few years that we need to get manufacturing going in the US again. Even if it is using computers, robots and minimal human intervention, we need to restore our manufacturing base here in the US.

Granted, there are some businesses with heavy machinery and some aircraft that are made here but those tend to be few and they don’t employ as many people as we need to get working again.

People, you need to get your Congressional leaders going to start opening up funds to create work locally in the cities and states here in the country. Unemployment is going to run out for people sooner and later and rather than the slow death of people running out of work and money, how about we start turning the beast that is our economy around now and start getting people employed.

More incentives for US citizens need to be employed and work that is in-shore and not off-shored. Don’t get me wrong, I think internationally but for the long term survival of our nation we need to rebuild nationally.

Tax time is here and the season is over in about five or so weeks. If there is anything you need worked on, I am still taking clients.

If you are interested in starting a manufacturing company, please drop me a line and let’s talk.

Thanks for your continued support for my Curio & Relics book. It is going well and for all of you who are interested in more firearm books, please drop me a line because I am taking requests from my readers (since they are ultimately my audience and critics) of what you want me to publish next.

Be safe, sane and have a great time everybody.

Mar 08 2010

Kim Greenblatt

Manufacturing Is Needed In US Now

Packing Pistols, Shotguns and National Parks

admin — Mon, 22 Feb 2010 18:48:02 +0000

Packing Pistols, Shotguns and National Parks

Here is a great Washington’s Birthday entry for you, gang.

A couple of people asked me to comment about my thoughts on the new law that is allowing guns in National Parks from a practical point of view (probably because I have a line of practical books and a book out on Curio & Relics FFL bound books).

Taking the emotional out of the decision and looking at it from the practical and profitable angle, here is a brief anecdote and my thoughts on the matter.

Back in 1979 when I first wanted to go camping up in Northern California a co-worker (a Hindi lady, not for any discrimination designation but for clarification as to the surprise on my end at her question) asked me, “Kim, do you have a gun? You shouldn’t go camping without a gun.”

The lady was a small, attractive girl who stated that she carryed a .38 when she went camping and her husband had one as well. I don’t remember her name or where she might be but the images and question still sticks with me.

Back then, people were taking firearms to National Parks with or without permission of the Federal or State government. I suspect what was true then has been true for the whole 90 some years that the park service has not allowed firearms in their parks. One did not hear in the news of dozens slain in national park gun fights or drive-bys.

People who have no respect for the law will carry firearms whether they are allowed to or not. My own take is that the Federal law regarding National Parks is now aligned with the state laws. I don’t see a mass of shootings in national parks or an increase in drunken or drug related self blasting because for the most part, the people who are licensed to carry firearms who will now be allowed to carry them will still have the same mindset they did before entering the national park.

I think park animal poaching has been going on regardless if firearms are allowed or not and the solution in my mind from a business sense is to allow national park rangers who want to be trained to carry firearms. That would eliminate the problems with rangers being in the statistical data (from what I have been told) as the law enforcement group to most likely get shot.

People who are saying that they are scared now of going into parks should stop and think practically that people were already carrying guns, drugs, booze and all sorts of contraband and quasi-legal goodies into parks and there hasn’t always been a ranger nearby to help. The key words that come to mind are deterrent and compliance with local laws.

If people are in compliance with local laws regarding purchasing firearms, have had training, I feel more comfortable knowing that there are other people in the parks who are armed who can come to my aid if things go nuts. What can go nuts? It isn’t uncommon for people to grow marijuana in hidden parts of fields, parks, etc and they tend to be possesive of their product. As shocking as it may sound, people may be hiding out from the authorities in national parks.

It comes to mind that a lot of the people doing illegal things in national parks who were carrying firearms illegally may think about moving on if they think that campers coming in might have more firepower than they have or have more armed people in their family outing. Again, these are just hypotheticals.

I would think that any threat from terrorists, from within or without, would tend not to originate from parks in the future knowing that there are people who aren’t afraid of protecting themselves while they are vacationing.

Are parks still going to be a place to relax? Absolutely.

Will some people still get involved with shooting accidents? Absolutely but I don’t think it will be any more than statistically happen today.

If there is an issue, I respectfully submit that we issue forest rangers shotguns and beef up the ranger force in states where the expectation that there will be more crime. It will be a win-win situation because more rangers would be more employed people and visitors to Yellowstone could feel safer that there were more rangers around.

In the meantime, I suspect this will simmer down to a non-event and people need to focus on more important concerns, like getting a manufacturing base going back in America and getting us back to full employment.

Be happy, healthy, wealthy, safe and wise.

Feb 22 2010

Kim Isaac Greenblatt

Packing Pistols, Shotguns and National Parks

1099s for Interest and Dividends Are Coming Out

admin — Fri, 12 Feb 2010 19:26:51 +0000

If you were waiting for your interest statements they are coming out now. Log in and check with your banks and brokers. You should be able to complete your taxes now. For any tax help and if you want me to do your returns, please drop me a post.

Kim I. Greenblatt

1099s for Interest and Dividends Are Out

To Build Up Local Manufacturing

admin — Tue, 02 Feb 2010 19:59:27 +0000

I was reading some news articles about building up manufacturing in the United States and the secret will have to be for investors to be happy with slimmer returns until things get going again. I think that some companies are on the right track because the United States, being one of the leading consumer countries is also capable of making someone more profitable than in other places given time.

I have been saying for years that people need to invest in themselves, here in the U.S. and start their own businesses if they can.

You can also get some financial survival ideas from by book here.

Be safe people and remember it is tax time and drop me a note if you have questions or want somebody to do your return for you. I am here to help.

Kim Greenblatt

To Build Up Local Manufacturing

Tax Time – Come On In

admin — Fri, 08 Jan 2010 22:22:10 +0000

Just a quick reminder that in the next few weeks (if not now), W-2s will be coming out and for those of you that are out of work, you still need to at least look at your tax information to see if you need to file or not.

Please relax and don’t worry. I am available to help you with your tax needs.

Just drop me a line and at the very least we can talk about what is unique in your case.

I have been doing returns for a long time and I have a good idea of where you might be coming from.

Have a Great Weekend!

Kim Isaac Greenblatt

Tax Time, Come on In

Tax Changes You Need To Know for 2009, 2010 and Beyond

admin — Thu, 07 Jan 2010 22:09:13 +0000

Hi Gang. It’s me, Kim Isaac Greenblatt, with the incredibly dry (but highly accurate and useful) tax law changes that affect doing your 2009 tax returns (being done in 2010) and some other tax changes that will affect you for the upcoming years.

2009 PROVISIONS (tax year 2009—tax season 2010)

1) American Opportunity Tax Credit

Forms or Tax Laws Affected:

§25A

Form 8863

2009 and 2010

The maximum credit has been increased to $2,500 (100% of first $2,000 expenses, 25% of next $2,000 expenses). This applies to the first four years of post-secondary education and is 40% refundable unless claimed by a child subject to kiddie tax. Your phase outs are as follows: Phases out at $80,000-$90,000 MAGI ($160,000-$180,000 MFJ). Other particulars are that students in Midwest Disaster Area may instead claim an enhanced Hope credit of up to $3,600 for 2009. For this and all the other specific changes check out the irs website.

2) AMT patch

Forms or Tax Laws Affected:

§§ 55 and 26

Form 6251

For 2009 only, the AMT exemption increased to $46,700 ($70,950 MFJ). Also you will see that Nonrefundable personal credits allowed for AMT. Thank heaven for small favors, huh?

3) Bicycle commuting fringe benefit

Forms or Tax Laws Affected:

§132(f)(1)

For those of you fortunate enough to be able to bike ride to work and for their employers.

2009 and later years

Qualified tax-exempt transportation fringe benefit; NOT a tax credit-This means that it will help employers specifically.

The allowance is up to $20/month (maximum $240/year) to reimburse employees who regularly commute to work via bicycle. Keep on pedal pushing, people!

4) Casualty losses

Forms or Tax Laws Affected:

§165

Form 4684

Change for 2009 only

The $100 per casualty floor for individual casualty losses is temporarily raised to $500 per casualty. I think that is because there has been too darn many floods, hurricaines, tornadoes, etc.

5) Child Tax Credit

Forms or Tax Laws Affected:

Form 8812

2009 and 2010

The Additional Child Tax Credit (ACTC) earned income threshold decreased to $3,000 (was $8,500 in 2008). That means you have a better shot for qualifying for it if you hit all the other marks for getting ACTC.

§24

6) COBRA subsidy

Forms or Tax Laws Affected:

§§ 139C and 6432

Beginning with COBRA premiums paid after 2/16/09

COBRA premiums are 65% subsidized for up to 15 months

Jobless taxpayers who were involuntarily terminated 9/1/08 through 2/28/10

Recaptured dollar-for-dollar for taxpayers with MAGI over $125,000 ($250,000 MFJ)

7) Conversion kits

Forms or Tax Laws Affected:

§30B(a)(5)

2/18/09-12/31/11

Nonrefundable credit equal to 10% of the cost of converting to a plug-in electric drive motor vehicle. Make sure that the juice is flowing, party people.

Maximum credit is $4,000 and it may be claimed for a vehicle that also qualifies for the hybrid vehicle credit.

Depreciation

Forms or Tax Laws Affected:

179

Form 4562

For property placed in service in 2009, there is a

Generally, any original use machinery used in farming business other than grain bin, cotton ginning asset, or other land improvements qualifies.

§§168(k), 168(e)(3)(b)(vii),50% bonus depreciation extended through 2009. Enhanced §179 deduction up to $250,000 extended through 2009. Qualified farm machinery eligible for 5-year MACRS depreciation – how many of you out there are farmers? Let me see by a show of hands, one, two, three..

9) Economic Recovery Payment (ERP)

Forms or Tax Laws Affected:

2009 only

One-time payment of $250 for recipients of SS, SSI, VA, or RRB benefits paid directly by the SSA, VA or RRB

Must have received a benefit 11/2008, 12/2008, or 1/2009

Reduces the Making Work Pay Credit

IRS will not provide verification regarding whether a taxpayer received the ERP but will reject return if ERP is missing. Basically a “bad news/good news” scenario for e-filing. The bad news is your return rejected, the good news is when we refile you will be getting back more money! Whoo hoo.

10) EITC modifications

Forms or Tax Laws Affected:

§32

2009 and 2010

Higher EITC for families with three or more children

Additional marriage penalty relief (phaseout threshold for MFJ increased an additional $5,000 over the range for unmarried filers)

11) First-Time Homebuyer Credit (FTHC)

Forms or Tax Laws Affected:

§36

Form 5405 plus substantiation

—May not e-file 2009 return with FTHC, but may e-file without the credit and later amend!Changes effective 2009

Refundable credit equal to 10% of home purchase

$8,000 ($4,000 MFS) for taxpayers who did not own principal residence in previous 3 years

$6,500 ($3,250 MFS) for long-term homeowners who owned and lived in their principal residence 5 consecutive years out of 8 and who purchase a replacement home after 11/6/09

Maximum credit

No repayment unless the home is sold or not used as principal residence within 3 years of purchase

Must close on or before by 4/30/10 (or on or before 6/30/10 if there is a binding contract by 4/30/10)

Claim on current or prior year tax return

For purchases before 11/7/09—MAGI $75,000-$95,000

($150,000-$170,000 MFJ)

For purchases after 11/6/09—MAGI $125,000-$145,000

($225,000-$245,000 MFJ)

Purchase price capped at $800,000 for homes purchased after 11/6/09 only

Phaseout

Special provisions apply to military

12) Government Retiree Credit (GRC)

Forms or Tax Laws Affected:

§36A(c)

Schedule M (new)

2009 only

One-time refundable credit of $250 ($500 if both spouses eligible)

For recipients of government pension based on employment that was not covered under Social Security

May not claim if taxpayer received Economic Recovery Payment Reduces the Making Work Pay Credit

13) Home sales

Forms or Tax Laws Affected:

§121

Schedule D

2009 and later years

Gain on sale of principal residence may not be excluded for a period of

nonqualified use

Does not apply to any period before 2009

Does not apply (up to 5 years) to periods after taxpayer moves out of the home

Non-excludable gain equals the ratio of nonqualified use over total use multiplied by gain on the sale

A period in which taxpayer owns home but does not use it as principal residence (e.g. uses it as a rental or vacation home)

14) Making Work Pay Credit (MWPC)

Forms or Tax Laws Affected:

§36A

Schedule M (new)

2009 and 2010

Refundable credit equal to 6.2% of earned income

Maximum credit $400 ($800 MFJ)

Advanced to most taxpayers through reduced payroll withholding

Phases out at $75,000-$95,000 MAGI ($150,000-$190,000 MFJ)

taxpayers who both work) may be underwithheld for the year

Some taxpayers (those with more than one job, and married

Credit (GRC) reduce the MWPC – the IRS will reject returns if the taxpayer received an ERP and does not report it on Schedule M

Economic Recovery Payment (ERP) and the Government Retiree

15) Net operating loss (NOL)

Forms or Tax Laws Affected:

§172(b)(1)(H)

Form 1045 or 1040-X

New for 2008; rules

modified for 2009

provision)

NOL for year beginning or ending in 2009 may be carried back 3, 4, or 5 years instead of the default 2 years (extension of 2008

2009 election is not limited to small business

Extended carryback election is limited to one tax year

Certain NOL elections (such as waiving carryback period) may be amended

2009 NOL carried back to 5th preceding year is limited to 50% of taxable income for that year

16) Nonbusiness Energy Property Credit

Forms or Tax Laws Affected:

§25C

Form 5695

2009 and 2010

principal residence is reinstated for 2009 and 2010 (no credit for

2008)

The nonrefundable credit for energy efficient improvements to a

Credit equal to 30% of cost of improvements

o

No dollar cap for any type of improvement

Maximum credit is $1,500 for 2009 and 2010 combined

Not reduced by any previous credit claimed in 2006-2007

See www.energystar.gov for all specifications

17) Plug-in Electric Drive Motor Vehicle Credit

Forms or Tax Laws Affected:

§30D

Form 8936

New for 2009, modified

for 2010

2009 rules

o

from a battery with at least 4 kW hours of capacity and is

rechargeable from an external source

Newly purchased vehicle with which draws propulsion

o

For use on public streets or highways

o

on the gross vehicle weight rating (GVWR)

Credit maximum ranges from $7,500-$15,000 depending

o

Phaseout triggered at sale of 250,000th vehicle

Low speed vehicles (LSVs) qualify for credit in 2009, but not 2010

LSVs qualifying for credit can be found at the IRS website.

18) Plug-in Electric Vehicle Credit

Forms or Tax Laws Affected:

§30(a)

Form 8834

2/18/09-12/31/11

Nonrefundable credit equal to 10% of cost of a “neighborhood” vehicle manufactured for use on public streets

Maximum credit is $2,500

Low-speed 4-wheeled vehicles with maximum speed 25 mph

For 2009, LSVs may qualify for §30D credit plug-in electric drive motor vehicle credit

2- and 3-wheeled vehicles

Must be powered by electric motor that draws electricity from battery that is rechargeable from an external source

19) Residential Energy Efficient Property Credit (REEP)

Forms or Tax Laws Affected:

§25D

Form 5695

Available through 2016

Nonrefundable credit for residential energy and hot water generated via alternative sources

Includes certain solar, small wind, fuel cell, and geothermal energy property

Credit equal to 30% of the cost of the equipment

o

$500 per 0.5/kW of capacity for fuel cells

o

No credit caps and no credit maximum

See www.energystar.gov for all specifications

20) RMD waiver

Forms or Tax Laws Affected:

2009 only

§401(a)

2009 at taxpayer’s option

Required minimum distributions from IRAs, 401(k)s, etc. waived for

4/1/10 (but a taxpayer turning 70½ in 2008 must take the 2008

RMD by 4/1/09)

Taxpayer turning 70½ in 2009 need not take the 2009 RMD by

21) Section 529 plans

Forms or Tax Laws Affected:

§529(e)(3)(A)(iii)

2009 and 2010

Computer technology and equipment allowed as qualifying expense

22) UDC modifications

Forms or Tax Laws Affected:

§§ 152 and 24

First effective in 2009

Also see “EITC” and

“Child Tax Credit”

Age requirement modification: Qualifying child (QC) must be younger than taxpayer (exception if QC is totally and permanently disabled)

Child tax credit modification: QC must be taxpayer’s dependent (Form 8901 now obsolete) in order to claim the CTC

Tie-breaker modification: If parent is eligible to claim QC, but does not do so, another taxpayer may claim the child only if the other taxpayer’s AGI is higher than that of any parent eligible to claim QC

23) Unemployment benefits

Forms or Tax Laws Affected:

2009 only

First $2,400 of unemployment benefits paid in 2009 are tax-exempt

Form 1099-G will show gross unemployment benefits paid

24) Vehicle sales tax deduction

Forms or Tax Laws Affected:

§164(a)(6)

Schedule L (new)

2/17/09-12/31/09

Deduction for state and local sales and excise tax for new vehicles purchased 2/17/09 through 12/31/09

May be claimed as an itemized deduction or added to standard deduction

Maximum per vehicle deduction is the tax on a vehicle costing $49,500

2010 Provisions (tax year 2010—tax season 2011)

1) Estate tax repeal

Note: It is very likely that these statutes will be modified some time this year

Estate tax and generation skipping tax (GST) are scheduled to be repealed for 2010

Gift tax exemption is $1 million

Limited step-up basis (to $1.3 million)

After 2010, gift, estate, and GST rules schedule to return to pre-2001 law

2) Expiring provisions

Unless otherwise noted, all provisions expire after 12/31/09; may be extended by new legislation later this year

a) AMT patch §55

b) Casualty losses in federal disaster area not subject to 10% of AGI

limitation §165

c) Educator’s expense deduction §62(a)(2)(D)

d) Qualified charitable distributions from IRAs §408(d)(8)

e) Standard deduction for federal disaster losses §63(c)

f) Standard deduction for real property taxes §63(c)

g) State and local sales tax deduction in lieu of income tax

deduction §164

h) Tuition and fees deduction §222

i) COBRA subsidy (must be involuntarily terminated by 2/28/10)

j) Depreciation incentives (bonus depreciation and enhanced §179)

k) RMD waiver

l) Tax-free unemployment up to $2,400

m) Economic recovery payment

n) Government retirees credit

o) First-time homebuyer credit §36 (generally, expires after 4/30/10)

p) New vehicle sales tax deduction §164(a)(6)

3) Roth IRA conversions

Forms or Tax Laws Affected:

§408A(c)(3)(B)

First effective in 2010

IRA no longer applies

$100,000 MAGI limitation on converting traditional IRA to Roth

Tax on 2010 conversion is spread over a two-year period (2011-2012)

Taxpayer may elect to tax all in 2010

No other elections available

Drop me a line if you have more questions and as I get California changes I will try to get them up.

Thanks!

Kim Isaac Greenblatt

Tax Changes You Need To Know for 2009, 2010 and Beyond

Schedule L – The New Kid or One of them On the Tax Block

admin — Tue, 05 Jan 2010 21:08:29 +0000

This year, if you are filing your Fed income taxes for 2009 and you had taxes paid for new vehicles, you will see a new form. The form, Schedule L, is used to help people who are taking the standard deduction as well since they will also be able to claim the deduction for their taxes paid on their new vehicle using the form. Be aware that if you are going through another tax preparation service and not doing your tax return yourself that there may be a small charge for the form (I am thinking around five to seven bucks if that knowing how computer services are and the cost for adding programming for the new form, etc). Here are the specifics for the new form from the IRS website:

Who must use Schedule L:
You must use Schedule L to figure your standard deduction if you have any of the following:
A net disaster loss you report on Form 4684, line 18 (Form 1040 filers only).
State or local sales or excise taxes (or certain other taxes or fees in a state without a sales tax) paid after February 16,2009, for the purchase of any new motor vehicle(s).

More information can be obtained from the IRS website or your local tax pro. Make sure that you have the form when you file please. You can bet that the IRS will be looking for it too.

Be safe and hope your New Year is going well.

Jan 05 2010
Kim Isaac Greenblatt

Schedule L – The New Kid or One of them On the Tax Block

City of Los Angeles ans State BOE Sites Are Up

admin — Tue, 05 Jan 2010 02:05:07 +0000

If you are running a business in Los Angeles or are collecting sales tax in the State of California, both the city business site and the State Board of Equalization sites are up and running. I went ahead and updated my info and paid where appropriate and you should too.

The deadline is end of February and for the city of LA business people, if you are making less than $100,000 in sales are year you don’t have to pay any city license fee – which is a decent thing. Please be sure not to put this off and remember that the city, county and state taxing authorities cross check information with one another as well as with the Fed.

I am taking on new clients and if you are interested in having me do your tax return, please drop me a post.

Have a great 2010 everybody.

Sincerely,
Kim Isaac Greenblatt

City of LA and State BOE Sites Are up

Curio and Relics FFL 03 Bound Book Out Now

admin — Sat, 12 Dec 2009 23:50:13 +0000

This is one of the best deals for anybody with a Curio & Relic Federal Firearms License ( 03FFL ). The bound book holds over 440 entries as single line entries over an entire page. Each page is sequentially numbered in compliance with the BATF. This bound book helps you comply with being a happy and legal historical firearms collector. Made in the United States of America. Part of the proceeds from all sales go to research a cure for Rett Syndrome. Rett Syndrome is a syndrome that affects one girl born worldwide every 15 minutes. Boys born with the Rett gene die at birth. Part of all sales by Kim Greenblatt Publishing go to help find a cure and better the lives of girls with Rett Syndrome and their families.
The Curio & Relics FFL 03 Bound Book published by Kim Greenblatt is out now. Click here for a larger image of the book cover. The price is a very reasonable $9.99 plus shipping and handling. California residents will have to pay sales tax. You can order the book in the United States of America here.

It is also becoming available with Amazon, Barnes and Noble and can be ordered from fine bookstores anywhere.

Drop me a line if you have any questions (email is at the bottom of the page and in the Subject section put C& R FFL03 or you will not make it through the spam filter), comments or things that you wanted to see in the book. )

***** PART OF ALL SALES GO TO RETT SYNDROME RESEARCH.*****

General Title Information
Publisher: Kim Greenblatt
Imprint: Kim Greenblatt
ISBN/SKU: 1606220047
ISBN Complete: 978-1-60622-004-7
Status: Available
Title: Curio & Relics FFL 03 Bound Book
Book Type: B&W 8.25 x 11 in or 280 x 210 mm Perfect Bound on White
Page Count: 118
Publication Date: 12/2/2009
Language: English

Subject Code Description
1: ANT016000 Antiques & Collectibles : Firearms & Weapons
2: HIS027080 History : Military – Weapons

Market Pricing United States 9.99 USD

Have a great time collecting and be safe.

Dec 12 2009

Kim Isaac Greenblatt

Curio and Relics FFL 03 Bound Book Out Now

Human Smuggling and the Occult

admin — Mon, 07 Dec 2009 17:25:46 +0000

With all the problems with human smuggling and the impact on people in the news, I wanted to call your attention to a book that I wrote, entitled, “Clean”. It is a fictional story dealing with human smuggling, slavery, crossing the border from Mexico to California and revenge. The book has received attention and praise as being a decent horror thriller that deals with the problem of human trafficking.

The story deals with a Los Angeles coroner, Dr. Brighton, her son and a sad but powerful father. For more information please follow through and check out the book, “Clean”. You can click thru and read the first few pages on the order page and get a taste of things to come. Human coyotes smuggle people across the border all the time and evil men (and women) try to get women, girls and boys into lifestyles that no child should be exposed to. Please support research into fighting human slavery and finding a cure for Rett Syndrome by purchasing this and other of my books. Proceeds go to the research and and development of a cure for Rett Syndrome.

For the link to order the book and more information please click through here.

Dec 08 2009

Kim Isaac Greenblatt

Clean, a fictional horror story about the occult and human smuggling.